By Tom Zanki (October 20, 2021, 3:00 PM EDT) — Alternative energy bitcoin miner Stronghold Digital Mining Inc. soared in debut trading Wednesday after it raised $127 million in an initial public offering that priced above range, guided by Vinson & Elkins LLP and underwriters counsel Nelson Mullins Riley & Scarborough LLP
New York-based Stronghold sold nearly 6.7 million shares priced at $19 each, topping its stated range of $16 to $18 a share. Companies sometimes price beyond their intended ranges if investor demand exceeds expectations. Stronghold also sold 804,953 more shares than originally planned.
Its shares subsequently rose $11.10, or 58%, to $30.10 in afternoon Nasdaq trading Wednesday.