ShipBob and StubHub among in-focus, expected IPOs Both Icon Energy and EShallGo made their public debut this week as StubHub is said to be delaying its IPO launch due to choppy market conditions.
LATEST IPOS AND DIRECT LISTINGS:
Icon Energy (ICON) opened on July 12 at $3.80. The international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes had priced its initial public offering of 1.25M shares of the company's common stock at an offering price of $4.00 per share.
EShallGo (EHGO) opened on July 8 at $4. The company had priced 1.25M shares at $4.00, the low end of the $4.00-$6.00 target range. EShallGo is an office solution providers in China focusing on two sectors: office supply sale and leasing, and after-sale maintenance and repair.
RECENT SPAC IPOS:
END OF THE WEEK PERFORMANCE:
UPCOMING IPOS: Upcoming IPO and direct listings expected include Clario, OneStream (OS), YXT.com (YXT), Pershing Square USA (PSUS), Solera (SLRA), ShipBob, and StubHub.
Click here to see upcoming IPO calendar on TipRanks.
Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, Bloomberg's Michelle F Davis, Dinesh Nair, and Ryan Gould report, citing people familiar with the matter.
OneStream says it delivers a unified, artificial intelligence-enabled and extensible software platform - the Digital Finance Cloud - "that modernizes and increases the strategic impact of the Office of the CFO." OneStream had 1,423 customers as of March 31, 2024, increasing from 1,148 customers as of December 31, 2022. "Our customers are in a broad range of industries, including industrials and manufacturing, healthcare and life sciences, consumer and retail, financial services, construction and real estate, government and education, as well as technology, media and communications," it said. For 2022 and 2023, OneStream's software revenue was $245.5M and $343.4M, respectively, representing year-over-year growth of 40%. The company's ARR was $335.9M and $460.4M as of December 31, 2022 and 2023, respectively, representing year-over-year growth of 37%.
YXT.com has filed with the SEC for an initial public offering of American depositary shares, or ADSs. The prospectus states in part, "We are a leader and disruptor of the digital corporate learning industry in China, a market with massive rigid-demand and a total size of RMB126.0 billion in 2023, according to Frost & Sullivan. We have innovated a SaaS model that integrates software and content, effectively assisting customers in the digital transformation of corporate learning. According to Frost & Sullivan, we are the largest digital corporate learning solution provider in China in terms of total revenue, subscription revenue and number of subscription customers in 2023. With our software, we help customers efficiently deploy cloud-based learning platforms at scale. We also offer a broad range of high-quality content, covering the entire corporate learning process of our customers."
Bill Ackman's Pershing Square USA, a newly-organized closed-end management investment company, set its initial public offering price at $50 per share. The fund will seek to achieve its investment objective by investing principally in common stocks its investment adviser, Pershing Square Capital Management.
Solera has filed for an initial public offering on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, BofA and Jefferies are among the lead underwriters. The company says it is a global provider of software-as-a-service solutions to the vehicle lifecycle ecosystem, providing asset intelligence. For the 2024 fiscal year, 90% of its total revenues were recurring. In 2024 fiscal year, Solera generated revenue of $2.4B, operating income of $591.7M, operating cash flow of $203.9M, a net loss of ($486.3M), adjusted EBITDA of $1.0B and free cash flow of $93.5M.
ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.
OTHER IPO NEWS: StubHub is pushing back the launch of its initial public offering until at least September, Corrie Driebusch of Wall Street Journal reports, citing a person familiar with the matter. StubHub, which was eyeing a valuation of about $16.5B, had planned to make its IPO paperwork public by the end of the week, but the timing has now shifted, the person said. The company is delaying the deal until after Labor Day due to current market conditions, the source added. It is a "tricky time" for IPOs, a person close to the deal told the Journal. Live Nation Entertainment (LYV) is a publicly traded competitor in the event ticketing space.
This comes as luxury sneaker maker Golden Goose also postponed planned IPO. According to Bloomberg's Swetha Gopinath and Dinesh Nair, Golden Goose Group has postponed its Milan listing at the last minute on concerns that the stock would fall on its debut, even after it tempered its valuation expectations.
Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
