Shares of Hanover Bancorp dropped below the company's IPO offer price in the first day of trading. The stock had initially jumped over 4% but gave back those gains as the day progressed. Hanover Bancorp's debut comes during a slow time in the new issues market, with less than 40 companies coming public via traditional offerings as of May 6, to raise only $4B, according to Dealogic. Meanwhile, fracking services provider ProFrac closed out the week with a deal that priced below its targeted range.
LATEST IPOS AND DIRECT LISTINGS:
Actelis Networks (ASNS) opened on May 13 at $3.90. The company priced 3.75M shares of its common stock at a public offering price of $4.00 per share. Boustead Securities acted as the sole underwriter for the offering. Actelis Networks markets a cyber-hardened, hybrid fiber-copper networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications.
ProFrac Holding (PFHC) opened on May 13 at $17.60 after having priced 16M shares at $18.00, below the target range of $21.00-$24.00. JPMorgan, Piper Sandler and Morgan Stanley acted as joint book running managers for the offering. ProFrac is a vertically integrated energy services company providing hydraulic fracturing, completion services and other complementary products and services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.
Hanover Bancorp (HNVR) opened on May 11 at $21.44. The parent company of metro-New York area Hanover Community Bank had priced 1.275M shares at $21.00. The deal size was lowered to 1.275M shares from 1.36M and priced at the low end of the $21.00-$23.00 range. Stephens and Piper Sandler acted as joint book running managers for the offering.
Upcoming IPO and direct listings expected include Instacart, Solta Medical (SLTA), Steinway (STWY), Bitdefender, and Phoenix Motor (PEV).
An Instacart listing could happen as soon as this year, though the timing may slip, people familiar with the matter told Bloomberg's Crystal Tse after the online grocery delivery platform said it confidentially filed documents for an IPO. Instacart is working with banks including Goldman Sachs (GS) and JPMorgan (JPM) on an offering, Tse's sources say. Instacart competes with offerings from Amazon (AMZN), Uber (UBER) and DoorDash (DASH).
Meanwhile, The Wall Street Journal's Jaewon Kang and Corrie Driebusch noted that Instacart said late Wednesday that it confidentially filed for an initial public offering less than two months after cutting its valuation by nearly 40%. By filing confidentially now, Instacart is positioning itself to go public as early as September, people familiar with the offering told the Journal.
The filing comes at a challenging time for Instacart as fast-growing unprofitable companies have faced steep drops in their public market prices and private market valuations.
Bausch Health previously announced that its wholly owned subsidiary, Solta Medical, has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of Solta's common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Solta has applied to list its common shares on the Nasdaq Global Select Market under the symbol (SLTA). Bausch Health has completed all internal procedural steps and is fully prepared to launch the Solta IPO, subject to receipt of regulatory, stock exchange and other approvals, the company has said.
Steinway Musical Instruments has filed for an initial public offering of shares of its Class A common stock. The prospectus for the offering states in part, "We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide. Steinway is one of the longest-lasting and most storied brands in the music industry and beyond... We operate in two reporting segments, Piano, or 'Steinway & Sons,' and Band, or 'Conn-Selmer.' In fiscal year 2021, our Piano and Band segments generated net sales of $406.6 million and $131.7 million, respectively, up from $317.4 million and $98.4 million, respectively, in the prior fiscal year. In fiscal year 2021, our Piano and Band segments generated Adjusted EBITDA of $106.8 million and $10.7 million, respectively, up from $72.1 million and $4.9 million, respectively, in the prior fiscal year."
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.
Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.