AeroClean Technologies (AERC) IPO: How to buy the stock?

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  • AeroClean Technologies is expected to start trading on Nasdaq today under the ticker symbol "AERC".

  • It is expected that the firm would offer 2.5 million shares of its common stock.

  • The price range of the proposed offering is US$10 to US$12 per share.

Air purification firm AeroClean Technologies has filed for IPO with the US Securities and Exchange Commission (SEC) on September 21 and hopes to raise US$28 million in the initial public offering.

AeroClean Technologies is an interior space air purification technology firm founded in 2011. It claims to have incorporated its proprietary and patented UV-C LED technology in instruments and devices to protect the occupants of interior spaces like hospitals, schools, etc.

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Share offerings and pricing of IPO:

In its SEC filings, the Palm Beach, Florida-based company stated that it plans to raise US$28 million in the initial public offering. It is expected to offer 2.5 million shares of its common stock to investors. In addition, it is expected to offer an additional 375,000 shares of its common stocks for the underwriters.

The expected price range for the IPO is US$10 to US$12 per share. The firm would command a market valuation of about US$152 million at the midpoint of the proposed offering price range. AeroClean is expected to debut in Nasdaq on November 23 under the ticker symbol "AERC".

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Company financials:

In the latest quarter, the company had cash and cash equivalents of US$1.77 million. Its total assets are valued at US$4.73 million. AeroClean reported a net loss of US$4.65 million.

According to its SEC filing, all the financial states are for the most recent period. The Benchmark Company, LLC and HCFP/Capital Markets LLC are the joint book-runners for the proposed offering.

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A flurry of IPOs this year reflects the businesses’ growing confidence in the economy. Meanwhile, the investors also cheered the IPOs and pushed various companies higher after their IPO. According to analysts, AeroClean's air sanitization product PÅ«rgo is expected to attract more investors and it could be a major revenue creator in the coming months.



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