FB pixel

Idex Biometrics closes higher on Nasdaq than share price estimated at registration

biometric cards idex biometrics

Idex Biometrics shares closed their first day of trading on the Nasdaq at $28.20 per American Depository Share (ADS), each of which represents 75 ordinary shares in the company.

The price of Idex’ ADSs rose by roughly $1.50 as trading began, before spending most of the day in the $28 to $29 range. The 800,000 ADSs were originally planned for an aggregate offering price of $12, and then $24.75, based on the price of the ordinary shares on the Oslo Børs.

“The listing of our stock on the Nasdaq market represents a significant milestone in our growth as a publicly-traded company,” says Vince Graziani, CEO of Idex Biometrics. “We believe this dual listing will increase our visibility in the U.S. marketplace, while also improving our visibility and liquidity with a broader base of prospective shareholders. This listing also strengthens our position to further enhance market awareness of our innovative biometric products and solutions. I would like to thank our employees, directors and partners for assisting IDEX in reaching this milestone.”

Idex’ potential for revenues from the commercialization of biometric payment cards is substantial.

Zacks Analyst Lisa Thompson figures the company could reach $500 million or higher in sales by 2025, for an enterprise value of $4.75 billion. Thompson calculates that with 915.4 million shares outstanding, Idex could have 962 million fully diluted shares by then, which discounted by 30 percent per year means in today’s terms it would have an expected value of $1.66 billion or $1.73 per share. Accordingly, Zacks is starting with a conservative valuation of $1.00 per share, or $75 per ADS.

Even before the pandemic, Goode Intelligence forecast 579 million biometric payment cards will reach the market by 2023.

Related Posts

Article Topics

 |   |   |   | 

Latest Biometrics News

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Research

Biometrics White Papers

Biometrics Events

Explaining Biometrics