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Image Source: LendingMemon.com via FlickrShares of Signing Day Sports, a platform that connects high school athletes with college coaches and recruiters, dropped about 60% in their market debut earlier this week. Shimmick didn’t fare much better, even after downsizing its IPO, as it opened below the proposed $10-$12 range.
Latest IPOs and Direct Listings
Signing Day Sports (SGN) opened on Nov. 14 at $5. The developer of the Signing Day Sports app and platform service for high school athletes in the college recruitment process had priced its initial public offering of 1.2 million shares of common stock at a price to the public of $5.00 per share.Shimmick (SHIM) opened on Nov. 14 at $7. The company had priced 3.575 million shares at $7.00. The deal size was reduced to 3.575 million shares of common stock from 4.55 million shares of common stock, and was priced below the $10.00-$12.00 range.DDC Enterprise (DDC) opened on Nov. 17 at $8.50 per share after having priced 3.9 million shares at $8.50. The deal size was reduced to 3.9 million shares of common stock from 4.25 million shares of common stock, and was priced below the $9.50-$11.50 range.DDC Enterprise is the parent company of DayDayCook, which describes itself as “a leading content-driven consumer brand offering easy, convenient ready-to-heat, ready-to-cook and ready-to-eat products” that focuses on “innovative and healthy meal solutions with a fast-growing omnichannel sales network in China and the U.S., and a through a strong online presence globally.”Richtech Robotics (RR), a Nevada company and a provider of AI-driven service robots for the hospitality and healthcare industries, priced its upsized initial public offering of 2.1 million shares of its Class B common stock at a price of $5.00 per share. It began trading on Nov. 17 on the Nasdaq Capital Market after opening at $5.00 per share. The offering was upsized from 2 million shares.
SPAC IPOs This Week
Global Lights Acquisition (GLAC) opened on Nov. 14 at $10.18. The blank check company intends to focus its search on a target that provides solutions promoting sustainable development and focuses on environmentally sound infrastructure and industrial applications that eliminate or mitigate greenhouse gas emissions, and/or enhance resilience to climate change.
Performance
Recent IPOs to Watch
Mach Natural Resources (MNR) and Alpha Technology (ATGL) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.
Upcoming IPOs
Upcoming IPO and direct listings expected include Zeeker, Ibotta, Triller, Blue-Touch Holdings Group, Alta Global, Rubrik, and New Era.Zeeker Intelligent Technology has filed with the SEC for an initial public offering of American depositary shares, representing ordinary shares. Concurrently with this offering, Geely Automobile Holdings Limited, the company’s controlling shareholder, will have the right to purchase ordinary shares to be issued by the company in a private placement, the filing noted. Goldman Sachs, Morgan Stanley, BofA Securities, and CICC are underwriters for the offering.Digital marketing software company Ibotta has tapped advisers to help it prepare for an initial public offering that could value it at $2 billion or more, Bloomberg’s Amy Or, Ryan Gould, and Katie Roof reported earlier this year, citing people familiar with the matter.The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs and Citigroup, said those cited. The listing is expected to take place next year, though the exact timing hasn’t been decided, the report added.In a regulatory filing, Triller reported having filed a prospectus with the SEC related to the registration of the resale of shares of its Class A common stock by its stockholders identified in the prospectus. The filing stated:
“Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten by any investment bank. The Registered Stockholders may, or may not, elect to sell their shares of our Class A common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through ordinary brokerage transactions on the New York Stock Exchange, or ‘NYSE’… We will not receive any proceeds from the sale of shares of Class A common stock by the Registered Stockholders.”
Rubrik, a cloud and data security startup backed by Microsoft, is on track for an initial public offering and its investor roadshow could begin soon, Bloomberg‘s Amy Or and Katie Roof reported earlier this year, citing people familiar with the matter. The IPO could bring in $500-$700 million, the authors stated, noting that the timing and amount to be raised is still subject to change.New Era Cap, a supplier of major U.S. sports league headwear, has kicked off preparations for an initial public offering in New York that could value it at $4 to $5 billion, Reuters reported earlier this year, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB, and NBA, has invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.Alta Global, an Australian public company, filed a firm commitment initial public offering of its ordinary shares in the United States. Currently, no public market in the United States exists for the ordinary shares. Upon completion of this offering, the company expects that the ordinary shares will trade on NYSE American under the symbol “ALGG.”Blue-Touch Holdings has filed with the SEC for an initial public offering of the ordinary shares of the company and has reserved the symbol “BBCH” for purposes of listing the ordinary shares on the Nasdaq Capital Market. The prospectus states:
“The company is an offshore holding company incorporated in the Cayman Islands. The company does not conduct any substantive operations on its own but instead conducts its business operations in China through the operating entity Fujian Blue-Touch Technology Co., Ltd. The operating entity commenced its operation in 2014 and is principally engaged in designing, developing, and selling baby skincare products and toiletries, as well as household cleaning products under the Blue-Touch brand. The company, through the operating entity, aims to become a leading provider of baby skincare products and toiletries in China.”
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