SpaceX Sets $135 Share Price for June 12 Nasdaq IPO, Allocates Up to 30% to Retail Investors
SpaceX will allocate up to 30 percent of its IPO to retail investors, far above the typical 5-10 percent range. The offering is scheduled for June 12 on the Nasdaq.
The IndependentSpaceX set a price of $135 per share for its initial public offering scheduled for June 12 on the Nasdaq under the ticker symbol SPCX. The company is allocating up to 30 percent of the offering to retail investors, compared with the 5 percent to 10 percent typical for most IPOs, according to Fidelity.
Retail investors will be able to participate through Charles Schwab, Fidelity, Robinhood, SoFi, and E-Trade.
The lead underwriters are Goldman Sachs, Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley. Elon Musk and other SpaceX executives agreed to a lockup period of 366 days, longer than the standard 90 or 180 days. The company also included an over-allotment provision that allows underwriters to sell additional shares if demand exceeds the initial plan.
SpaceX bypassed the usual price-range stage and set the $135 price directly. The price-discovery process normally takes longer when investor interest is high. The company will file a prospectus, also known as an S-1, that details its business plan, finances, and operations.
A roadshow of presentations to potential investors is part of the standard IPO sequence before shares begin trading. SpaceX is a rocket company founded by Elon Musk. Its chosen ticker SPCX is close to SPCE, the symbol used by Virgin Galactic Holdings.
