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Image Source: LendingMemon.com via FlickrHeritage Distilling, Ming Shing, and Dynamix all made a public debut as the IPO market has cooled off ahead of Thanksgiving week in the U.S.
Latest IPOs and Direct Listings
Heritage Distilling (CASK) opened on Nov. 22 at $4. The craft distiller of premium brands, including whiskeys, vodkas, gins, rums, and ready-to-drink canned cocktails, had priced its initial public offering of 1,687,500 shares of common stock at an initial public offering price of $4.00 per share. The deal size was increased to 1.69 million shares from 1.50 million, and was priced below target range of $4.50-$5.50.Ming Shing (MSW) opened on Nov. 22 at $5.65. The Hong Kong-based company mainly engaged in wet trades works had priced its initial public offering of 1.5 million ordinary shares at a public offering price of $5.50 per share.Dynamix (DYNX) opened on Nov. 21 at $9.97. The company had priced its initial public offering of 15 million units at $10.00 per unit.
End-of-the-Week Performance
Recent IPOs to Watch
Polyrizon (PLRZ) and Gelteq (GELS) 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, Basel Medical Group, EPWK Holdings, Fast Track 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.EPWK Holdings filed an initial public offering of 2.75 million Class A ordinary shares. The company expects the initial public offering price will be between $4.00-$6.00 per Class A ordinary share, and has applied to list the shares on the Nasdaq Global Market under the symbol “EPWK.”Fast Track Group filed for an initial public offering of 3 million ordinary shares. It is currently estimated that the initial public offering price per share will be between $4.00-$5.00. The company has applied to list its shares on the Nasdaq Capital Market under the symbol “FTRK.”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 last month, citing people familiar with the matter. The company is working with banks on a listing, said those cited. Rivus, which counts RA Capital Management among its investors, may target raising more than $25 million, one of the people added.
Other IPO News
Design software company Canva has tapped Zoom Video’s (ZM) longtime finance boss Kelly Steckelberg as its CFO, filling a 10-month vacancy in which the company prioritizing naming an executive who had taken a rapidly-growing company public, The Information’s Cory Weinberg reported earlier this month.More By This Author:Wall Street’s Top 10 Stock Calls This Week – Saturday, Nov. 23Here’s What Wall Street Experts Are Saying About Nvidia Ahead Of EarningsInvizyne Technologies Jumps After IPO
