Hempacco stock debuts at more than 6 times the IPO price

Shares of Hempacco Co. Inc.
HPCO,
-34.32%
blasted out of the gate Tuesday, as they opened more than 6 times the initial public offering price. The San Diego-based maker of herb, spice and cannabinoid smokeables and rolling paper said before the open that it raised $6 million as its one million-share IPO priced at $6 a share. The first trade on the Nasdaq exchange was at $38.00, or 533.3% above the IPO price. The stock was last up 470.0% at $34.20, to make it the biggest gainer among those listed on major U.S. exchanges. The lone underwriter of the IPO was Boustead Securities LLC. The company recorded a loss of $96,000 on revenue of $1.88 million during the second quarter, compared with a loss of $494,961 on revenue of $348,521 in the year-ago period. The company has gone public at a time that the Renaissance IPO ETF
IPO,
-0.22%
has gained 0.5% over the past three months while the S&P 500
SPX,
-0.78%
has slipped 4.4%.