: Laser Photonics stock soars after Navy contract, but was still 39% below recent IPO pricing

Shares of Laser Photonics Corp. LASE blasted 62.1% higher in very active afternoon trading Tuesday, after the laser cleaning announced an order from the U.S. Navy. The rally was enough to make the stock the second-biggest gainer trading on major U.S. exchanges, but not enough to recapture where the recent initial public offering priced. Trading volume spiked to 56.6 million shares, making it the seventh-most active stock. The company said before Tuesday’s open that the U.S. Navy ordered for delivery in October a LPC-1000CTH CleanTech Laser Blasting System, with a water chiller for submarine maintenance and repair. Financial terms of the order were not disclosed. Laser Photonics went public on Sept. 30, as the company raised $15.0 million by offering 3.0 million shares in the IPO, which priced at $5 a share. The stock was headed for the highest close since the IPO, but was still 39.2% below its IPO price. Meanwhile, the Renaissance IPO ETF IPO slumped 0.8% in afternoon trading while the S&P 500 SPX jumped 0.6%.

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