Shares of Moving iMage jumped in their market debut after the digital-cinema company raised $12.6M in its initial public offering earlier this week. Meanwhile, Authentic Brands - the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings - has filed with the SEC for an initial public offering.
LATEST IPOS AND DIRECT LISTINGS:
Sentage Holdings (SNTG) opened on July 9 at $42.99 after having priced 4M shares at $5.00. Network 1 Financial acted as sole book running manager for the offering. Sentage Holdings is a financial service provider headquartered in Shanghai that offers a range of financial services across consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China.
Transcode Therapeutics (RNAZ) opened on July 9 at $6. The company priced 6.25M shares at $4.00. ThinkEquity acted as sole book running manager for the offering. TransCode is an emerging RNA oncology company whose lead therapeutic candidate, TTX-MC138, is focused on treating metastatic cancer.
AgriFORCE Growing Systems (AGRI) opened on July 8 at $4.75. The company's IPO of 2,719,999 units, each consisting of one common share and one Series A warrant to purchase one common share, was priced at $5.00 per unit for aggregate gross proceeds of approximately $13.6M. EF Hutton, a division of Benchmark Investments, acted as sole book-running manager for the offering. AgriFORCE Growing Systems is an agriculture-focused technology company that intends to operate in the plant based pharmaceutical, nutraceutical, and other high value crop markets.
Moving iMage (MITQ) opened on July 8 at $12. The company had priced 4.2M shares at $3.00. The deal size was increased to 4.2M shares from 3.5M shares. Boustead acted as sole book running manager for the offering. Moving iMage Technologies is a manufacturer and integrator of purpose-built technology and equipment to support a variety of entertainment applications, with a focus on motion picture exhibition.
LINKDOC SHELVES IPO AMID CHINA SCRUTINY: On Thursday, Reuters' Scott Murdoch and Kane Wu reported, citing sources, that LinkDoc Technology (LDOC) has shelved plans for an IPO in the United States, becoming the first Chinese company known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global (DIDI). LinkDoc is a data-driven and AI-enabled healthcare company backed by Alibaba Health Information (BABA).
PERFORMANCE:
RECENT IPOS TO WATCH:
Cyteir Therapeutics (CYT), Femasys (FEMY), Codex DNA (DNAY), Ambryx Biopharma (AMAM), Tremor International (TRMR), Atai Life Science (ATAI), Century Therapeutics (IPSC), Verve Therapeutics (VERV), Lyell Immunopharma (LYEL), and iSpecimen (ISPC) are 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 Robinhood (HOOD), Chobani, Qiniu (QNIU), Regencell Bioscience (RGCB), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Blend Labs (BLND), Warby Parker, Perspectum Group (SCAN), Braze, VTEX (VTEX), Gambling.com (GAMB), Duolingo (DUOL), Authentic Brands (AUTH), RxSIGHT (RXST).
Robinhood, the online brokerage associated with the surge in day trading by retail investors, disclosed documents for an initial public offering on the Nasdaq under the symbol "HOOD." Goldman Sachs and J.P. Morgan are acting as lead underwriters along with Barclays, Citigroup, Wells Fargo and Mizuho Securities. "We pioneered commission-free stock trading with no account minimums, which the rest of the industry emulated, and we have continued to build relationships with our customers by introducing new products that further expand access to the financial system. We believe we have made investing culturally relevant and understandable, and that our platform is enabling our customers to become long-term investors and take greater control of their finances," the company said in an SEC filing. For the year ended December 31, 2020, as compared to the year ended December 31, 2019, its total revenue grew 245% to $959M, up from $278M, net income was $7M, compared to a net loss of $107M, and adjusted EBITDA was $155M, compared to negative $74M. "Our vision is for Robinhood to become the most trusted, lowest-cost, and most culturally relevant money app worldwide," it said.
Robinhood is targeting a valuation of $40B or more in its initial public offering, Financial Times' Madion Darbyshire and Miles Kruppa reported, citing people familiar with the matter.
Food maker Chobani announced that it filed a confidential draft registration statement with the Securities and Exchange Commission on July 6, 2021 for a proposed underwritten public offering of common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. Chobani expects to commence the public offering following completion of the SEC review process, subject to market and other conditions.
Qiniu has filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itselfs as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."
Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB." Regencell Bioscience Holdings is developing formulations of traditional Chinese medicine for ADHD and ASD.
Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.
Spark Education has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares of Spark Education Limited. In the filing, Spark said that, "We are a pioneer and innovator in China's K-12 after-school tutoring, or AST, market, offering foundational learning services to K-12 students... As a result of our unique approach to learning, we have become China's largest online small-class education company in terms of gross billings in 2020 and the number of students as of December 31, 2020, according to CIC."
Sweetgreen announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
Blend Labs announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. Goldman Sachs, Allen & Company, and Wells Fargo are acting as lead book-running managers for the proposed offering.
Warby Parker announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.
Perspectum Group filed with the SEC for an initial public offering of American depositary shares. Perspectum is a commercial-stage precision health company focused on "democratizing" care globally through the use of digital technologies. The company said its software products "combine expertise in image formation, magnetic resonance image analysis and artificial intelligence to support healthcare provider diagnosis, treatment decision-making and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies and cancer, and determine whether the patient is responding to therapy."
Braze announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
VTEX filed with the SEC for an initial public offering of its Class A common shares. VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers. 84% of its ARR comes from enterprise customers, the filing noted. "Our customers transacted just under US$8 billion of GMV through our platform last year alone. We are leaders in Latin America, the fastest-growing region for ecommerce in the world in 2020. This is a region six years behind other global economies in digital commerce penetration. We know what is coming, and we are prepared to capture that growth. We learned how to scale in a complex region, comprised of multiple countries, cultures, tax systems, and local payment and logistics providers," the filing added.
Gambling.com has filed for an initial public offering. The company intends to apply to list its shares on the Nasdaq stock market under the symbol "GAMB." Jefferies, Stifel, and Truist Securities are acting as the lead underwriters for the offering.
Duolingo announced that it has publicly filed a registration statement with the U.S. SEC relating to the proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Duolingo has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "DUOL."
Authentic Brands has filed with the SEC for an initial public offering, stating that it intends to have its Class A common stock listed on the New York Stock Exchange under the symbol "AUTH." Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings. In the regulatory filing, Authentic Brands lists asset manager BlackRock (BLK), private equity firm General Atlantic and mall owner Simon Property Group (SPG) among its shareholders.
RxSIGHT has filed with the SEC for $100M initial public offering. The company expects to list its common stock on the Nasdaq Global Market under the symbol "RXST."
OTHER IPO NEWS:
App research company App Annie is exploring its strategic options, including the possibility of making an acquisition or going public, The Wall Street Journal's Alexandra Bruell reported, citing the company's chief Executive Ted Krantz. The company is also exploring a possible sale, according to people familiar with the matter.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Sentage
-13.75 (-28.65%)
Transcode Therapeutics
-0.74 (-12.33%)
AgriFORCE Growing Systems
+0.82 (+17.15%)
Moving iMage
-7.28 (-31.14%)
LinkDoc Technology
+
Symbol changed to DIDIY
+0.815 (+7.26%)
Alibaba
+6.04 (+3.02%)
Cyteir Therapeutics
+0.185 (+1.00%)
Femasys
+0.02 (+0.28%)
Telesis Bio
-0.06 (-0.35%)
Ambrx Biopharma
+0.68 (+3.24%)
Ticker changed to NEXN
+2.06 (+10.89%)
Atai Life Sciences
-1.06 (-5.39%)
Century Therapeutics
+0.69 (+2.59%)
Verve Therapeutics
-0.09 (-0.19%)
Lyell Immunopharma
+0.62 (+4.07%)
iSpecimen
+0.13 (+2.05%)
Robinhood
+
Regencell Bioscience
+
Qiniu
+
Camposol
+
Spark Education
+
Blend Labs
+
Perspectum Group
+
Vtex
+
Gambling.com
+
Duolingo
+
Authentic Brands Group
+ (+0.00%)
RxSight
+