Shares of China-based phone maker UTime rose almost 900% above its $4 initial public offering price on Tuesday as the stock opened for trading on the Nasdaq. Meanwhile, Coinbase is expected to open for trading on April 14, and Apploving and TuSimple are scheduled to list the following day. Agilon Health is also scheduled to make its debut this coming week, on Thursday.
LATEST IPOS:
Reneo Pharmaceuticals (RPHM) opened on April 9 at $15. The company had priced 6.25M shares at $15.00, at the low end of the $15.00-$17.00 target range. Jefferies, SVB Leerink and Piper Sandler acted as joint book running managers for the offering. Reneo is developing therapies for patients with genetic mitochondrial diseases, which occurs when structures that are supposed to produce energy for a cell don’t work.
VectivBio (VECT) opened on April 9 at $23. The company had priced 7.5M shares at $17.00, at the midpoint of $16.00-$18.00 target range. BofA, SVB Leerink and Credit Suisse acted as joint book running managers for the offering. Pfizer (PFE) acquired Therachon Holding in 2019 and spun off VectivBio into a separate company. The latter is developing treatments for rare gastrointestinal disorders.
UTime (UTME) opened on April 6 at $11. The company had priced its initial public offering of 3.75M shares of its ordinary shares at a price of $4.00 per share. Boustead Securities, acted as the lead underwriter for the offering, with Brilliant Norton Securities Company Limited and Fosun Hani Securities Limited serving as co-underwriters. UTime is a mobile device manufacturing company.
PERFORMANCE:
- Reneo ended the week at $13.89.
- After opening at $23, VectivBio finished Friday $24.23.
- UTime ended the week at $49.05.
UPCOMING IPOS: Among the upcoming IPOs are Coinbase (COIN), Agilon Health (AGL), Save Foods (SVFD), Regencell Bioscience (RGCB), Latham Group (SWIM), and Endeavor Group (EDR).
In addition, Bloomberg reported on Friday that China's Didi Chuxing has filed confidentially for a U.S. IPO. The Chinese ridesharing company could seek a valuation of $70B to $100B, according to Bloomberg. Other U.S.-listed ridesharing companies include Uber (UBER) and Lyft (LYFT).
The largest domestic cryptocurrency exchange, Coinbase Global, is planning to debut its shares with a direct listing near April 14, Bloomberg reported. A reference price will be disclosed the night before the company, which is reportedly valued at approximately $90B, goes public, Bloomberg said.
Sprinklr announced the confidential submission of draft registration statement for proposed initial public offering. With the filing, Sprinklr is the latest high-profile start-up to seek an IPO. Sprinklr is a customer experience company.
Agilon Health has filed with the SEC for the initial public offering of shares of its common stock and intends to apply to list its common stock on the New York Stock Exchange under the symbol "AGL." Agilon Health is a senior-focused healthcare platform.
Save Foods has filed with the SEC for an initial public offering and applied to list its common stock on the Nasdaq Capital Market under the symbol "SVFD." The common stock is currently traded on the OTC Markets, Pink Open Market, under the symbol "SAFO." Save Foods develops products to improve the food safety and shelf life of fresh produce.
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.
Latham Group announced it has filed a registration statement on Form S-1 with the U.S. SEC relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Latham Group is a leading designer and manufacturer of in-ground residential swimming pools.
Endeavor Group has filed with the SEC for an initial public offering of shares of Class A common stock of being offered for sale by the company. Endeavor is "a premium intellectual property, content, events, and experiences company" that owns and operates sports properties, including the UFC, produces and distributes sports and entertainment content, owns and manages exclusive live events and experiences, and represents top sports and entertainment talent.
Meanwhile, Intermedia Cloud (INTM) delayed its IPO due to challenging conditions. The company's CEO Michael Gold said that, "Due to challenging current conditions in the market for initial public offerings, especially for technology companies, we have decided to postpone our planned initial public offering. While we received strong interest and engagement from the broader institutional investor market, we are seeing adverse conditions in the current IPO market that we believe would limit the opportunity of our IPO at this time. The current adverse conditions may be short-lived, and we will continue to monitor the market for more stable and favorable IPO conditions."
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
