Shares of Malaysian e-commerce platform Treasure Global jumped as much as 144% in on Thursday following the company's $8M initial public offering, echoing recent similar surges from the likes of AMTD Digital (HKD) and Magic Empire Global (MEGL). Meanwhile, electric boatmaker Forza X1 more than doubled following its own market debut.
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Forza X1 (FRZA) opened on August 12 at $13.96. The developer of electric sport boats priced 3.0M shares at $5.00. ThinkEquity acted as sole book running manager for the offering.
Reborn Coffee (REBN) opened on August 12 at $8.80 after having priced 1.44M shares $5.00. The deal size was increased to $7.2M from $6.0M. EF Hutton acted as sole book running manager for the offering. Reborn Coffee is a California-based retailer of specialty coffee.
CorpHousing Group (CHG), a company engaged in the short-term rental of hotel units to guests across major metropolitan cities in the United States, priced 3.375M shares at $4.00 and opened on August 12 at $4.16 per share. Maxim Group acted as the lead book-running manager in connection with the offering and Joseph Gunnar & Co. acted as joint book-running manager for the offering.
Treasure Global (TGL) opened on August 11 at $6.69. The company had priced 2M shares at $4.00. The deal size was increased to 2.0M shares from 1.5M and priced at the low end of the $4.00-$6.00 range. Treasure Global operates a Malaysian e-commerce platform that it said provides "seamless payment solutions and rewards programs" for consumers and merchants.
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Virax Biolabs (VRAX) is 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 Instacart, Starbox (STBX), GigaCloud (GCT), and Bitdefender.
Instacart, the grocery-delivery company that competes with offerings from Amazon (AMZN), Uber (UBER) and DoorDash (DASH), still expects to go public before year's end despite 2022 to date being "one of the slowest years for IPOs in more than a decade," The Wall Street Journal's Berber Jin, Corrie Driebusch, Jaewon Kang and Preetika Rana reported earlier this week. Instacart confidentially filed for an initial public offering with the SEC earlier this year and is in the process of responding to comments from the SEC on its IPO documents, sources familiar with the matter told the reporters. Instacart, which had previously leaned toward going public via a direct listing, is now considering a traditional IPO so it could raise cash that could be used for future acquisitions, the sources said.
Starbox Group has filed with the SEC for an initial public offering of its ordinary shares and said in its latest filing that it expects the initial public offering price of the shares to be in the range of $4.00 to $5.00 per share. The company has reserved the symbol "STBX" for purposes of listing its ordinary shares on the Nasdaq Capital Market and have applied to list the shares on the Nasdaq Capital Market. It is a condition to the closing of the offering that the shares qualify for listing on a national securities exchange.
GigaCloud Technology has filed a preliminary prospectus with the SEC for an initial public offering of its Class A ordinary shares. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol "GCT." Aegis Capital is the sole book-running manager for the offering. In its prospectus, GigaCloud states in part, "We are a pioneer of global end-to-end B2B e-commerce solutions for large parcel merchandise. Our B2B ecommerce platform, which we refer to as the 'GigaCloud Marketplace,' integrates everything from discovery, payments and logistics tools into one easy-to-use platform... GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $190.5 million, $414.2 million and $438.1 million of gross merchandise value, or GMV, transacted in our marketplace in 2020, 2021 and the 12 months ended March 31, 2022, respectively."
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.
Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.