Swarmer Inc. (SWMR) shares closed at $31 in its Nasdaq debut on Tuesday. The closing price represents a 520% increase from its initial offering. Swarmer originally priced its IPO at $5 per share.
The Austin-based firm raised approximately $15 million through the offering. The company sold 3 million shares to investors. This rally gave Swarmer a market valuation exceeding $380 million.
The stock opened for trading at $12.50. Shares peaked at a 700% gain during the session. Extreme volatility triggered multiple trading halts throughout the day.
Swarmer develops AI software for the autonomous coordination of defense drone swarms. Its technology has been deployed in over 100,000 combat missions in Ukraine.