Hot dog restaurant chain Portillo's jumped as much as 50% on its first trading day on Thursday. Meanwhile, coconut beverage maker Vita Coco priced its initial public offering below a marketed range.

LATEST IPOS AND DIRECT LISTINGS:

Minerva Surgical (UTRS) opened on October 22 at $9.66. The company had priced 6.25M shares at $12.00, below the $15.00-$17.00 range. JPMorgan and Piper Sandler acted as joint book running managers for the offering. Minerva Surgical is a commercial-stage women's health company focused on the treatment of Abnormal Uterine Bleeding, or AUB.

Aris Water Solutions (ARIS) opened on October 22 at $15.85. The company had priced 17.65M shares at $13.00, below the $16.00-$18.00 range. Goldman Sachs and Citi acted as joint book running managers for the offering. Aris is an environmental infrastructure company that delivers full-cycle water handling and recycling solutions.

Xilio Therapeutics (XLO) opened on October 22 at $15. The company had priced 7.35M shares at $16.00. The deal range was $16.00-$18.00. Morgan Stanley, Cowen and Guggenheim acted as joint book running managers for the offering. Xilio is a biotechnology company developing tumor-selective immuno-oncology therapies for patients with cancer.

Runway Growth Finance (RWAY) opened on October 21 at $12.85. The company had priced its initial public offering of 6.85M shares of its common stock at $14.60 per share. J.P. Morgan, Morgan Stanley, Wells Fargo Securities and UBS acted as joint book-running managers for the offering. Runway is a specialty finance company focused on providing capital solutions to late-stage and growth companies seeking an alternative to raising equity.

P10 (PX) opened on October 21 at $12.02. The company had priced 20M shares at $12.00, below the $14.00-$16.00 range. Morgan Stanley, JPMorgan, Barclays and UBS acted as joint book running managers for the offering. P10 is a multi-asset class private markets solutions provider in the alternative asset management industry.

Ventyx Biosciences (VTYX) opened on October 21 at $18.65. The company had priced 9.47M shares at $16.00. The deal size was increased to 9.47M from 7.81M shares and priced at the midpoint of the $15.00-$17.00 range. Jefferies, Evercore ISI and Piper Sandler acted as joint book running managers for the offering. Ventyx Biosciences is a clinical-stage biopharmaceutical company focused on advancing new therapies for patients living with inflammatory diseases and autoimmune disorders.

Enfusion (ENFN) opened on October 21 at $20. The company had priced 18.75M shares at $17.00, at the high end of the $15.00-$17.00 range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. Enfusion is a provider of cloud-based investment management software and services.

Vita Coco (COCO) opened on October 21 at $15.37. The company had priced 11.5M shares at $15.00, below the $18.00-$21.00 range. Goldman Sachs, BofA, Credit Suisse and Evercore ISI acted as joint book running managers for the offering. Vita Coco's "better-for-you brands" include the coconut water, Vita Coco; clean energy drink, Runa; sustainable enhanced water, Ever & Ever; and protein-infused water, PWR LIFT.

Portillo's (PTLO) opened on October 21 at $26. The company had priced 20.27M shares at $20.00. The deal priced at the high end of the $17.00-$20.00 range. Jefferies, Morgan Stanley, BofA, Piper Sandler, Baird, UBS and William Blair acted as joint book running managers for the offering. Portillo's is a fast-casual restaurant concept known for its menu of Chicago-style hot dogs, Italian beef sandwiches, and burgers.

Context Therapeutics (CNTX) opened on October 20 at $4.44. The company had priced 5M shares at $5.00. ThinkEquity acted as sole book running manager for the offering. Context Therapeutics is a women's oncology company developing advanced small molecule and immunotherapy treatments for hormone-driven breast and gynecological cancers. Lead candidate onapristone extended release is being studied in three Phase 2 clinical trials and one Phase 1b/2 clinical trial in hormone-driven breast, ovarian and endometrial cancer.

Cyngn (CYN) opened on October 20 at $8.01. The company had priced 3.5M shares at $7.50. Aegis acted as sole book running manager for the offering. Cyngn is a developer of autonomous driving software solutions for industrial and commercial enterprises. The company notes it has been operating autonomous vehicles in production environments since 2017.

Stronghold Digital Mining (SDIG) opened on October 20 at $27. The company had priced 6.69M shares at $19.00. The deal size was increased to 6.69M shares from 5.88M and priced above the $16.00-$18.00 range. B. Riley and Cowen acted as joint book running managers for the offering. Stronghold is a vertically integrated Bitcoin mining company with "an emphasis on environmentally beneficial operations" that houses its miners at its wholly owned and operated Scrubgrass Plant facility in Pennsylvania.


PERFORMANCE:

• After opening at $9.66, Minerva Surgical finished Friday at $9.
• Aris Water Solutions ended the week at $14.30.
• After opening at $15, Xilio Therapeutics ended the week at $16.
• Runway Growth Finance finished Friday at $12.53.
• P10 ended the week at $12.
• After opening at $18.65, Ventyx Biosciences finished Friday at $18.65.
• Enfusion ended the week at $19.92.
• Vita Coco finished Friday at $13.95.
• After opening at $26, Portillo's ended the week at $37.43.
• Context Therapeutics finished Friday at $6.99.
• Cyng ended the week at $7.45.
• After opening at $27, Stronghold Digital Mining finished Friday at $25.36.

RECENT IPOS TO WATCH:

First Watch Restaurant Group (FWRG), TDCX (TDCX), Exscientia (EXAI), Olaplex Holdings (OLPX), Volcon (VLCN) and Nuvei (NVEI) 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 Sono Motors (SEV), Jupiter Neurosciences (JUNS), MDxHealth (MDXH), Lulu's Fashion Lounge (LVLU), Rivian, Qiniu (QNIU), and Authentic Brands (AUTH).

Sono Group N.V., the parent company to Sono Motors, announced that it has publicly filed a registration statement on Form F-1 with the Securities and Exchange Commission for an initial public offering for its common shares in the U.S. Sono Motors says it is developing "the world's first solar electric vehicle - SEV - for the masses, the Sion." Sono Motors says it has amassed more than 14,000 reservations with advance payments for the Sion. These vehicles will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023.

Jupiter Neurosciences has filed with the SEC for a firm commitment initial public offering of unit consisting of one share of its common stock and one warrant to purchase one share of its common stock. The company intends to apply to list its common stock and warrants on the Nasdaq Capital Market under the symbols "JUNS" and "JUNSW" respectively. In its prospectus, Jupiter stated in part that, "Jupiter Neurosciences is a clinical stage research and development pharmaceutical company located in Jupiter, Florida... The company has developed a unique resveratrol platform product targeting treatment of neuro-inflammation. The product, called Jotrol, has many potential indications of use for rare diseases, which of we primarily are targeting Mucopolysaccharidoses Type 1, Friedreich's Ataxia, and MELAS as well as ALS which is in an early development stage. In the larger disease areas, we are primarily targeting Mild Cognitive Impairment/early Alzheimer's disease with TBI/concussions and Covid-19 in early development stages."

MDxHealth has filed with the SEC for an initial public offering of American Depositary Shares in the United States. The company's ordinary shares are listed on the regulated market of Euronext in Belgium under the symbol "MDXH.BR." The company has applied to list the ADSs on the Nasdaq Capital Market under the symbol "MDXH." MDxHealth stated in its prospectus that, "We are a commercial-stage precision diagnostics company committed to providing non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care. Our novel prostate cancer genomic testing solutions, SelectMDx and ConfirmMDx, provide physicians with a clear clinical pathway to accurately identify clinically significant prostate cancer while minimizing the use of invasive procedures that are prone to complications... While MDxHealth is domiciled and listed as a public company in Belgium, our primary commercial focus is in the United States, where over 95% of our tests are performed and revenues are generated."

Lulu's Fashion Lounge Holdings filed for its initial public offering. The company intends to apply to list its common stock on the Nasdaq Global Market under the symbol "LVLU." The underwriters for the offering include Goldman Sachs, BofA Securities, Jefferies, Baird, Cowen, KeyBanc, Piper Sandler, and Telsey Advisory Group.

Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutionaL shareholder with a 17.7% stake.

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.

"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.