Shares of self-driving car technology company Mobileye jumped almost 40% in their return to the public market earlier this week. The company was publicly traded before Intel bought it back in 2017 for $15.3B.
LATEST IPOS AND DIRECT LISTINGS:
Mobileye (MBLY) opened on October 26 at $26.71. The unit of Intel (INTC) whose portfolio of advanced driver-assistance systems, or ADAS, and autonomous driving technologies and solutions is built upon a suite of purpose-built software and hardware technologies had priced 41M shares of its Class A common stock at an initial public offering price of $21.00 per share. The deal priced above the $18.00-$20.00 target range. "A significant portion of the net proceeds from this offering will be used for repayment on a note owed to Mobileye's parent company, Intel Corporation, and Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes," Mobileye has stated.
Prime Medicine (PRME) opened on October 20 at $18.97. The biotechnology company developing a gene editing technology that it hopes to use to create "one-time, curative genetic therapies to address the widest spectrum of diseases" had priced its upsized initial public offering of 10,294,118 shares of its common stock at a price to the public of $17.00 per share.
PERFORMANCE:
UPCOMING IPOS:
Upcoming IPO and direct listings expected include Prestige Wealth (PWM), AgiiPlus (AGII), and CBL International (BANL).
Prestige Wealth has filed with the SEC for an offering of 2.5M ordinary shares. "This is the initial public offering of our Ordinary Shares. Prior to this offering, there has been no public market for Ordinary Shares. We expect the initial public offering price of the Ordinary Shares will be in the range of $5.50 to $6.50 per share. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol 'PWM'," the filing with the SEC stated. "Through our subsidiaries, we are a wealth management and asset management services provider based in Hong Kong, with the majority of our subsidiaries' operations in Hong Kong. Our subsidiaries assist their clients in identifying and purchasing well matched wealth management products and global asset management products. Our subsidiaries' clients for both wealth management and asset management services are primarily high net worth and ultra-high net worth individuals in Asia, and a majority of our subsidiaries' clients reside in mainland China or Hong Kong... In the fiscal year ended September 30, 2021, our subsidiaries' wealth management services and asset management services contributed to approximately 0.07% and 99.93% of our total revenue, respectively. In the six months ended March 31, 2022, our subsidiaries' wealth management services and asset management services contributed to approximately 98.64% and 1.36% of our total revenue, respectively," the filing noted.
AgiiPlus has filed with the SEC for an initial public offering of its Class A ordinary shares and has reserved the symbol "AGII" for purposes of listing its Class A ordinary shares on the Nasdaq Stock Market. The filing stated that, "AgiiPlus is not an operating company but a Cayman Islands holding company with operations conducted by its subsidiaries, including subsidiaries in China... On May 20, 2022, Tangtangjia Business Consulting Co., Ltd., a PRC subsidiary of AgiiPlus Inc., terminated the contractual arrangements with Shanghai Tangtangjia Information Technology Co., Ltd., or the VIE, and AgiiPlus Inc. unwound its VIE structure... On May 20, 2022, Shanghai Huiying Real Estate Agency Co., a PRC subsidiary of AgiiPlus, entered into a business cooperation agreement with Shanghai Zhiban, pursuant to which Shanghai Zhiban agreed to provide website operations and maintenance services for the Maxoffice website to Shanghai Huiying as a third-party service provider, and authorize AgiiPlus to advertise its services under Tangtang through publishing posts on the Maxoffice website. Under the brand 'Tangtang,' AgiiPlus' subsidiaries offer flexible workspaces leasing and enterprise services through digital platforms, including the Maxoffice website."
CBL International has filed with the SEC for an initial public offering in the United States of its ordinary shares. CBL is offering 3.75M ordinary shares on a firm commitment basis and expects that the initial public offering price will be between $4.00 and $4.80 per ordinary share. The company will apply to have its ordinary shares listed on the Nasdaq Capital Market under the symbol "BANL."
OTHER IPO NEWS:
Tesla's (TSLA) Elon Musk could spin Starlink off from SpaceX and carry out an initial public offering by 2025, CNBC's Arjun Kharpal reported, citing a report by tech analyst firm CCS Insight. Starlink uses satellite to provide broadband internet to users and is part of Musk’s space exploration company. CCS Insight releases an annual report of predictions across the tech sector. In this year’s edition, the analyst firm said that as Starlink’s “revenue becomes more predictable and it gains more and more users, the company is spun off to raise capital to expand its constellation of satellites” to meet growing demand for its services, the publication noted. “We think it makes perfect sense,” Ben Wood, chief of research at CCS Insight, told CNBC in an interview. “Starlink is going to need to invest heavily.”
Instacart CEO Fidji Simo told employees in a memo that tumultuous market conditions are making an IPO for the grocery delivery company "highly unlikely" in 2022, The Wall Street Journal's Jaewon Kang reported. "The markets still remain closed for new IPOs, which is why there has not been a tech IPO in the last 10 months," Simo wrote, adding that it has been the longest drought in the tech IPO market in the past 25 years. "We do not need a perfect market, we're just looking for an open market window." Instacart competes with offerings from Amazon (AMZN), Uber (UBER) and DoorDash (DASH).
Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Intel
+2.825 (+10.76%)
Mobileye
-0.41 (-1.50%)
Prime Medicine
+1.11 (+6.43%)
Prestige Wealth
+
AgiiPlus
+
CBL International
+
Tesla
+3.52 (+1.56%)
Amazon.com
-7.53 (-6.79%)
Uber
-0.3 (-1.08%)
DoorDash
+0.67 (+1.45%)