Image Source: www.gotcredit.com via FlickrIngram Micro and its private equity owner, Platinum Equity, sold 18.6 million shares at $22 each as the technology distributor returned to public trading in a busy week for the IPO market.
Latest IPOs and Direct Listings
Ingram Micro (INGM) opened on Oct. 24 at $25.28. The company had priced 18.6 million shares at $22.00. The deal size was increased to 18.6 million shares from 11.6 million and priced inside the $20.00-$23.00 range. Ingram Micro describes itself as “one of the world’s largest technology distributors by revenue and/or by global footprint,” with more than 1,500 vendor partners to a broad array of customers, operations in 57 countries and 134 logistics and service centers worldwide.WeRide (WRD) opened on Oct. 25 at $15.50. The company had priced 7.74 million American depositary shares, or ADSs, at $15.50. The deal size was increased to 7.74 million shares of common stock from 6.45 million shares of common stock and priced at the low-end of the $15.50-$18.50 range. WeRide describes itself as “a global leader and a first mover in the autonomous driving industry,” whose WeRide One platform provides autonomous driving products and services from L2 to L4.Septerna (SEPN) opened on Oct. 25 at $23.50. The company had priced 16 million shares at $18.00. The deal size was increased to 16 million shares of common stock from 15.27 million shares of common stock and priced at the upwardly revised price of $18.00.Septerna is a clinical-stage biotechnology company that says it is “pioneering a new era” of G protein-coupled receptor, or GPCR, oral small molecule drug discovery. The company’s pipeline of product candidates is focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases.SAG Holdings (SAG) opened on Oct. 23 at $6.01. The Singapore-based provider of Original Equipment Manufacturer, third-party branded and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines had priced its initial public offering of 875,000 ordinary shares at a price of $8.00 per share to the public. The deal size was reduced to 875,000 shares of common stock from 1 million shares of common stock.Synergy CHC (SNYR) opened on Oct. 23 at $9 after Nasdaq uplisting. The provider of consumer health care, beauty, and lifestyle products had priced its initial public offering of 1.15 million shares of its common stock at $9.00 per share.Synergy’s current brand portfolio consists of two “marquee brands,” FOCUSfactor, a clinically-tested brain health supplement, and Flat Tummy, a lifestyle and wellness brand that provides a suite of nutritional products to help women achieve their weight management goals, the company notes. The company’s stock previously had been listed on the OTC markets.High Roller Technologies (ROLR) opened on Oct. 23 at $7.00. The operator of online gaming sites HighRoller.com and Fruta.com had priced its initial public offering of 1.25 million shares of common stock at a public offering price of $8.00.FB Bancorp (FBLA) opened on Oct. 23 at $12.25 after bank’s conversion. The proposed holding company for Fidelity Bank had previously announced that all regulatory approvals have been received to complete the bank’s conversion from the mutual form of organization to the stock form of organization and the company’s related initial public offering and that the bank’s members approved the transaction at a Special Meeting of Members held on Oct. 9.Founder Group (FGL) opened on Oct. 23 at $5. The pure-play, end-to-end engineering, procurement, construction and commissioning, or EPCC, solutions provider for solar PV facilities in Malaysia had priced its initial public offering of an aggregate 1,218,750 ordinary shares at a public offering price of $4.00 per share.Li Bang (LBGJ) opened on Oct. 23 at $4.70. The company engaged in designing, developing, producing, and selling stainless steel commercial kitchen equipment in China had priced its initial public offering of 1.52 million shares at a public offering price of $4.00.Huhutech (HUHU) opened on Oct. 23 at $4. The professional provider of factory facility management and monitoring systems had priced its initial public offering of 1.05 million ordinary shares at a public offering price of $4.00 per ordinary share.
Recent SPAC IPOs
Charlton Aria Acquisition (CHAR) opened on Oct. 24 at $9.95. The blank check company intends to focus on industries that “complement the management team’s and board of director’s background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business.”Bold Eagle Acquisition (BEAG) opened on Oct. 24 at $9.96. The blank check company intends to “capitalize on the ability of its management team to identify and combine with a business or businesses that can benefit from its management team’s established global relationships and operating experience.”Oaktree Acquisition III Life Sciences (OACC) opened on Oct. 24 at $10. Additionally, Aldel Financial II (ALDF) opened on Oct. 22 at $9.99.
End-of-the-Week Performance
Recent IPOs to Watch
BingEx (FLX), Chain Bridge Bancorp (CBNA), StandardAero (SARO), FrontView REIT (FVR), Wellchange (WCT), ZenaTEch (ZENA), and HomesToLife (HTLM) 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 the likes of Pony AI, Infinity Natural Resources, Upstream Bio, Basel Medical Group, Rivus, and ShipBob.Pony.ai has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares. The company has applied to list the shares on the Nasdaq Global Select Market under the symbol ” PONY.” Pony.ai is a Cayman Islands holding company which does not have any substantive business operations by itself. In China, Pony.ai conducts operations through its PRC subsidiaries.The prospectus filed with the SEC states: “Pony is a global leader in achieving large-scale commercialization of autonomous mobility… We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.”Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its stock on the NYSE under the symbol “INR.” Infinity Natural Resources is an independent exploration & production company that is “dedicated to the Appalachian region.”Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol “BMGL.” Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould reported earlier this year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigroup (C) as part of the syndicate, the authors said. An initial public offering could occur as soon as later this year and could value the company at $4 billion, the authors noted.Rivus Pharmaceuticals, a drug developer focused on obesity treatments, is considering a US initial public offering as soon as 2024, Bloomberg’s Bailey Lipschultz reported earlier this month, citing people familiar with the matter. The company is working with banks on a listing, said the people. Rivus, which counts RA Capital Management among its investors, may target raising more than $25 million, one of the people said.More By This Author:Wall Street’s Top 10 Stock Calls This Week – Saturday, Oct. 26Here’s What Wall St. Experts Are Saying About Tesla Ahead Of EarningsHere’s What Wall Street Is Saying About IBM Ahead Of Earnings
