This year has started much like the previous ended, with few IPOs. This week four new issues came to market - Brera Holdings, TXO Energy Partners, Genelux and QuantaSing Group - with each receiving lukewarm receptions.

LATEST IPOS AND DIRECT LISTINGS:

Brera Holdings (BREA) opened on January 27 at $5 after having priced its initial public offering of 1.5M Class B ordinary shares at a price to the public of $5 per share. Revere Securities acted as the underwriter for the offering. Brera Holdings is an Irish holding company that says it is focused on expanding "social impact football," or American soccer, by developing a global portfolio of emerging football clubs. The company seeks to build on the legacy and brand of Brera FC, an amateur football association and the first football club that was acquired by the company.

Brera's debut marks the second soccer-related IPO on Nasdaq in 2023, with the first for MGO Global (MGOL), operators of The Messi Store, taking place January 13.

TXO Energy Partners (TXO) priced 5M common units at $20, in the middle of its estimated range of $19-$21, and opened on January 27 at $22 per unit. TXO Energy is a specialist in conventional oil and natural gas production in the Permian Basin of West Texas and the San Juan basin of New Mexico.

Genelux (GNLX) opened on January 26 at $6. The clinical-stage immunotherapy company focused on developing a pipeline of next-generation oncolytic viral immunotherapies for patients suffering from aggressive and/or difficult-to-treat solid tumor types had priced its initial public offering of 2.5M shares of its common stock at a price to the public of $6.00 per share. The deal priced at the low end of the $6.00-$7.00 range.

QuantaSing Group (QSG) opened on January 25 at $13.70. The provider of online adult learning services in China, priced 3.25M shares at $12.50. The deal priced within the $11.50-$13.50 range.

PERFORMANCE:

Brera Holdings closed Friday at $4.82
TXO Energy Partners finished the week at $22
Genelux ended Friday at $6.01
QuantaSing Group finished the week at $12.60

UPCOMING IPOS:

Upcoming IPO and direct listings expected include Mineralys Therapeutics (MYLS), Lottomatica, New Ruipeng Pet (RPET), Zeekr, and VinFast (VFS).

Mineralys Therapeutics has filed with the SEC for an initial public offering and has applied for approval to list its common stock on the Nasdaq Global Market under the symbol "MLYS." The prospectus states in part, "We are a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. Our product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor that we are initially developing for the treatment of patients with uncontrolled hypertension, uHTN."

Italian gaming company Lottomatica is working with UniCredit, Goldman Sachs, Barclays, Deutsche Bank and JPMorgan on a possible stock market listing, two people close to the matter told Reuters. Lottomatica is considering an initial public offering in the first half of the year depending on market conditions, one of the people and a third source said.

New Ruipeng Pet Group has filed with the SEC for an initial public offering of American depositary shares, or "ADSs." The company said it intends to apply to list the ADSs on the Nasdaq Global Select Market under the symbol "RPET." The prospectus states in part, "We are the largest pet care platform in China and the second largest globally in terms of number of hospitals and revenue from pet care services in both 2020 and 2021, according to Frost & Sullivan. As of December 31, 2021, we had 23 pet hospital brands and 1,887 pet hospitals, approximately three times the sum of pet hospitals of our competitors that ranked the second through the tenth in China. By September 30, 2022, we had further increased our number of pet hospitals in China to 1,942. As of December 31, 2021, we had operations in 31 provinces and 111 cities, and we had an approximately 30% pet care market share in first-tier cities across China in 2021, according to Frost & Sullivan. As of September 30, 2022, we operated in 114 cities across China."

Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), has confidentially filed for a U.S. initial public offering that values the company at more than $10B, reports Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. "The plans come as the brand, which competes with Tesla (TSLA) and Chinese peer Nio (NIO), sets its sights on marketing its 001 crossover" in Europe for 2023, added the Reuters story.

VinFast Trading & Investment announced that it has publicly filed a registration statement on Form F-1 with the Securities and Exchange Commission or SEC, relating to the proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. VinFast intends to list its ordinary shares on the Nasdaq Global Select Market under the symbol "VFS."

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