In a quiet week for IPOs, DLT ASA announced that Rhodium Enterprises has postponed its planned initial public offering, which had been scheduled for January 20. The deal was reportedly postponed due to market conditions. Meanwhile, an initial public offering for Samsara Vision is now reportedly expected to price on January 27. The IPO of the medical device company had previously been expected to price on Thursday and debut on Friday.
LATEST IPOS AND DIRECT LISTINGS:
NSTS Bancorp (NSTS) opened on January 19 at $12.75 after conversion into a stock holding company. The company sold 5.29M shares of common stock, which includes 431,836 shares sold to the North Shore Trust and Savings Employee Stock Ownership Plan, at a price of $10.00 per share, in its subscription offering. Keefe, Bruyette & Woods, a Stifel company, acted as marketing agent for the company in connection with the stock offering.
Yoshitsu (TKLF) opened on January 18 at $40.99, after pricing its initial public offering of 6.25M American Depositary Shares, or "ADSs," at $4.00 per ADS, which included 250,000 ADSs issued pursuant to the partial exercise of the underwriters' over-allotment option by Yoshitsu Co. The company, a retailer and wholesaler of Japanese beauty and health products, received aggregate gross proceeds of $25M from the offering, before deducting underwriting discounts and other related expenses, and said proceeds from the offering will be used for opening new directly-operated physical stores and adding franchise stores, brand marketing, improving distribution centers and logistics systems, and talent acquisition and retention. Univest Securities acted as the sole book runner.
Upcoming IPO and direct listings expected include Reddit, Chime, Bitdefender, Phoenix Motor (PEV), Nuvo Group (NUVO), Chobani (CHO), FreeCast (CAST) and Samba TV (SMBA).
Samba TV has filed with the SEC for an initial public offering of shares of Class A common stock. The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol (SMBA). In its prospectus, Samba TV stated in part, "We are transforming internet Connected TVs - CTVs - into a platform for our customers, which are comprised of brands, agencies, content programmers, publishers and measurement and advertising vendors, to build attentive, engaged audiences. Our AI-driven content identification software is embedded in CTVs sold by leading original equipment manufacturer - OEM - brands across the globe. Through our software, we form direct relationships with millions of viewers, who provide us consent to collect their viewership data. Using the data we collect, as well as data we license, we provide customers with critical tools to optimize how they plan, buy and measure their advertising campaigns to reach their preferred audiences. We are active in six countries today, with ambitions to expand into the more than 100 countries where CTVs integrated with our technology are sold."
Reddit, the social media company that helped fuel 2021’s meme stock frenzy, is working with Morgan Stanley and Goldman Sachs to go public as soon as March, Bloomberg's Katie Roof and Crystal Tse report, citing people familiar with the matter. Reddit could be valued at as much as $15 billion in an initial public offering, the people said.
Chime Financial has asked Goldman Sachs (GS) to help it with preparations for an initial public offering, according to Reuters' Krystal Hu, Anirban Sen and David French, citing people familiar with the matter. The financial technology startup, which competes with other digital banking services such as Revolut, Current and Varo, could aim for a valuation of nearly $40B and will likely be valued at a "substantial premium" to the valuation of $25B it was assigned in a funding round led by Sequoia Capital this past August, the sources said.
Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States. "The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.
Phoenix Motor filed for an initial public offering on the Nasdaq under symbol (PEV). Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI). Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford (F) E-450.
Nuvo Group has filed with the SEC for an initial public offering of ordinary shares and has applied to list its ordinary shares on the New York Stock Exchange under the symbol (NUVO). The company's prospectus stated that, "We believe we are the most advanced data-driven remote healthcare solution focused exclusively on pregnancy care. Our business model today consists of a hardware/software hybrid platform that provides remote access to medical-grade data to all key participants in the pregnancy care ecosystem. Our solution, which we refer to as our INVU platform, is at the core of our business model and provides connected pregnancy care management both at home and in the clinic."
Chobani has filed with the SEC for an initial public offering, stating that it expects that the shares of its Class A common stock will trade on the Nasdaq Global Select Market under the symbol (CHO). In its prospectus, Chobani stated that, "At Chobani, we are an anti-traditional consumer packaged goods company... We currently sell our products in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the United States... Chobani also has an international presence through the operation of a manufacturing facility in Melbourne, Australia and participates in certain international export markets, such as Mexico and Canada. "
FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol (CAST). FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television, or TV, guide.
OTHER NOTABLE SYNDICATE NEWS:
DLT ASA (DLTXF) announced that Rhodium Enterprises (RHDM) has postponed its planned initial public offering, scheduled for January 20. The bitcoin miner had filed to raise $100M by offering 7.7M shares at a price range of $12 to $14. The deal was postponed due to market conditions," a person familiar with the situation told Barron's. B. Riley Securities and Cowen are acting as joint book-running managers, Needham is acting as lead manager, and D.A. Davidson & Co. and Northland Capital Markets are acting as co-managers for the offering. Rhodium says it is an "industrial-scale digital asset technology company utilizing its proprietary technologies to mine bitcoin."
Meanwhile, an initial public offering for Samsara Vision (SMSA), a specialty medical device company engaged in the research, development, manufacture, and marketing of proprietary implantable ophthalmic devices and technologies to assist individuals with untreatable retinal disorders, is now expected to price on January 27, according to Bloomberg. The IPO of the medical device company had previously been expected to price on Thursday and debut on Friday.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.