WANAN YOSSINGKUM
The IPO market is kicking off March with a few small issuers scheduled to price in the upcoming week and the possibility of bigger names, like Astera Labs (ALAB) and Reddit (RDDT), joining in later in the month.
Meanwhile, the Renaissance IPO ETF (NYSEARCA:IPO), which focuses on recent IPOs, is starting to narrow the gap with the S&P 500 Index. The ETF has posted a YTD gain of 5.2%, while the S&P 500 recently surpassed the 5,100-point milestone, rising 7.7% since the beginning of the year.
Here are some of the other major headlines in the IPO market:
Coming IPOs that are expected to price this week
SolarJuice (SJA) is raising $18.8M by issuing 3.8M shares at an estimated price range of $4–$6 per share. Description: A Sydney-based solar energy equipment and services provider spun out of SPI Energy.
Trident Digital Tech Holdings (TDTH) is raising up to $10.8M by issuing 1.8M shares, expected to price between $5-$7 per share. Description: Singapore-based consulting firm.
Lucas GC Limited (LGCL) is raising $6.3M by issuing 1.3M shares at an estimated price range between $4-$6 per share. Description: Recruiting services and software provider in China.
Ryde Group (RYDE) is raising $13.5M by offering 3M shares at a price range of $4 to $5. Description: A Singapore-based ride-hailing app.
Amphitrite Digital (AMDI) is raising $7M by issuing 1.8M shares at an estimated price range of $3.50-$4.50 per share. Description: A maritime tour operator in the U.S. and U.S. Virgin Islands.
Intelligent Group Limited (INTJ) is raising $9M by issuing 2M shares at an estimated price range of $4–$5 per share. Description: PR services provider to Hong Kong-listed Chinese companies.
Metros Development (MTRS) is raising $6.4M by offering 1M shares at a price of $6.4 per share. Description: A real estate consulting company based in Tokyo, Japan.
NYIAX (NYX) is raising $8.4M by issuing 2.1M shares, estimated to be priced at $4 per share. Description: An advertising contract marketplace.
Note: Delays and last-minute changes may impact IPO debuts.
New notable filings
Xuhang Holdings (SUNH) has filed with the SEC to raise $11M by offering 2.8M shares at $4. The IPO float represents only 4.5% of the basic shares outstanding. It plans to list on the Nasdaq under the symbol SUNH. Description: A Chinese marketing services provider.
APRINOIA Therapeutics (APRI) has filed with the SEC to raise $24M by offering 2M shares in a price range of $10 to $14. The company has launched a Phase 3 trial of APN-1607 in AD in mainland China, which met its target enrollment in December 2023. The company plans to list on the Nasdaq under the symbol APRI. Description: A biotech company developing diagnostics and therapies for neurodegenerative diseases.
Terms and changes
Tungray Technologies (TSRG), a Singapore-based company offering customized industrial manufacturing services, has reduced its proposed deal size by 50% for its upcoming IPO. The company now plans to raise $6M by offering 1.3M shares at a price range of $4 to $6 vs. the previously anticipated 2.5M shares at the same price range. It plans to list on the Nasdaq under the symbol TRSG.
NeOnc Technologies Holdings (NTHI), a Phase 2 biotech company, has revised its IPO terms to raise $75M by offering 6M shares at a price range of $11.25 to $13.75. The company had previously filed to offer 3.8M shares in a range of $18.75 to $20.75. The company is currently conducting a Phase 2a trial of NEO100 in recurrent malignant glioma patients and a similar trial in patients with malignant skull-based meningioma. NeOnc Technologies Holdings was founded in 2008 and plans to list on the Nasdaq under the symbol NTHI.
Raytech Holding (RAY), a Hong Kong-based company that sources and wholesales personal care electrical appliances, has reduced its proposed deal size for its upcoming IPO. The company now plans to raise $7M by offering 1.5M shares at a price range of $4 to $5, a 40% decrease from its previous filing of 2.5M shares. The company plans to list on Nasdaq under the symbol RAY.
Hong Kong-based trading platform provider mF International (MFI) has revised its share offering for its upcoming IPO, aiming to raise $7M by offering 1.6M shares at a price range of $4 to $5. This is a 12% decrease from the previous filing of 1.8M shares. It plans to list on the Nasdaq under the symbol MFI.
Alta Global Group (MMA), a martial arts and combat sport training company, has reduced its proposed deal size for its upcoming IPO. The company now plans to raise $7M by offering 1.3M shares at a price range of $4 to $6, a 35% decrease from its previous filing of 2M shares. The company plans to list on the NYSE American under the symbol MMA.
Lockup period expirations
Solowin Holdings (NASDAQ:SWIN) on 3/05/2024. Price movement over the past six months: +106%.
SA Commentary
“RDDT’s stock performance post-IPO may be challenged until the company makes a significant move toward operating breakeven,” writes SA Investing Group Leader Donovan Jones.
