Weed firm Sundial Growers smoked, Kura Sushi on a roll in U.S. debut
01/08/2019 19:17
** Canadian cannabis co Sundial Growers Inc SNDL.O falls
in debut, while Japanese restaurant chain Kura Sushi USA Inc
KRUS.O sizzles
** SNDL opens flat to $13 IPO price, but then tumbles. Stock
recently down ~28%, near session low of $9.30
** Sundial prices upsized IPO of 11 mln shares (up from 10
mln) at midpoint of $12-$14 range for gross raise of $143 mln
urn:newsml:reuters.com:*:nCNW1RLbxa
** Co currently sells premium cannabis through distribution
agreements in 5 Canadian provinces, plans to enter Canadian
edibles business in Dec upon outlined regulations for that
market. Prospectus filing https://www.sec.gov/Archives/edgar/data/1766600/000119312519210209/d720415d424b4.htm
** Sundial in 3 mths ended in Mar posted EBITDA loss of $5.5
mln on rev of just $1.5 mln
** Cowen, BMO and RBC lead joint bookrunners, joined by
Barclays and CIBC as bookrunners, and co-mgr Scotiabank
** KURA opens 6% above $14 IPO price, but takes off. Stock
surges 39% to as high as $19.39, recently trading at $18.71
** Co sells 2.9 mln shares at bottom of $14-$16 filed range
for gross raise of ~$40 mln urn:newsml:reuters.com:*:nGNX7GZR1H
** Kura Sushi, which operates 22 Japanese restaurants in the
US featuring revolving sushi bars, generated $45 mln of sales in
first 9 mths ended in May, up 23% from same period last year
with declining profits. Prospectus filing https://www.sec.gov/Archives/edgar/data/1772177/000119312519206784/d616772ds1a.htm
** BMO and Stephens acted as joint bookrunners, joined by
BTIG, Roth Capital and Maxim Group
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