Renaissance IPO ETF (IPO), ACTU Stock, AZI Stock, MJID Stock, ORKT Stock, WOK Stock, OSTX Stock, PGHL Stock, BRTH Stock, NIPG Stock, SDHC Stock, BCLI Stock, EHGO Stock, EURKU Stock, EEET Stock, SUNH StockJaskiran Singh,
WANAN YOSSINGKUM
As we kick off July, the IPO market remains relatively calm, without any major waves of new listings. The recent holiday-shortened week saw no significant activity, and the current calendar is light. However, a number of major companies are in the pipeline, preparing for their market debuts in the near future.
Since the start of the year, the Renaissance IPO ETF (NYSEARCA:IPO) has risen about 8.57%, underperforming the S&P 500 index, which has gained about 16.98% YTD.
Upcoming IPOs/SPACs that are expected to be priced this week
- Actuate Therapeutics (ACTU) is raising $50.0M by offering 5.6M shares, anticipated to be priced between $8.00 and $10.00 per share. Description: Clinical biotech company developing GSK-3 inhibitor drugs to treat metastatic pancreatic cancer.
- Autozi Internet Technology (AZI) is raising $11.3M by offering 2.5M shares, anticipated to be priced between $4.00 and $5.00 per share. Description: Parallel importer of cars and auto parts in China.
- Majestic Ideal Holdings (MJID) is raising $11.3M by offering 2.5M shares, anticipated to be priced between $4.00 and $5.00 per share. Description: Offers supply chain services to the apparel industry in China.
- OrangeKloud Technology (ORKT) is raising $13.8M by offering 2.8M shares, anticipated to be priced between $4.75 and $5.25 per share. Description: Singapore-based software development company.
- WORK Medical Technology Group (WOK) is raising $8.0M by offering 2.0M shares, anticipated to be priced at $4.00 per share. Description: Developer and supplier of medical devices in China.
- Ming Shing Group (MSW) is raising $9.8M by offering 1.5M shares, anticipated to be priced between $5.50 and $7.50 per share. Description: Provider of wet trades works services in Hong Kong.
- QMMM Holdings (QMMM) is raising $8.5M by offering 2.1M shares, anticipated to be priced at $4.00 per share. Description: Hong Kong-based digital media advertising services company.
- OS Therapies (OSTX) is raising $8.0M by offering 2.0M shares, anticipated to be priced at $4.00 per share. Description: Clinical stage biopharmaceutical company focused on the development of treatments for osteosarcoma and other solid tumors.
- Primega Group (PGHL) is raising $8.8M by offering 1.8M shares, anticipated to be priced between $4.00 and $6.00 per share. Description: Holding company operating in Hong Kong by its operating subsidiary.
Terms and changes
- Canadian medtech Breathe BioMedical (BRTH) has set terms to raise up to $8M in an initial public offering by issuing 1.6M shares priced between $4 and $6 per share, which would raise $8M if priced at the midpoint. In a prior filing, Breathe indicated it was interested in raising around $12M.
- Eports organization NIP Group (NIPG) has set terms to raise up to $23M in an initial public offering by issuing 2.3 ADSs at a price range of $9 and $11 per ADS.
- Property and restaurant management software provider 3 E Network Technology (EEET) lowered its proposed deal size and now has plans to raise $6M by offering 1.2M shares at a price range of $4 and $6 per share.
- Chinese marketing services provider Xuhang Holdings (SUNH) changed its book runner and has plans to raise $11M by offering 2.5M shares at a price range of $4 and $5 per share.
Lockup period expirations
- Smith Douglas Homes (NYSE:SDHC) on 7/9/2024. Price movement over the past six months: -10.92%.
SA Commentary
- With declining revenue, a swing to operating losses, and numerous risks to investors, the SA Investing Group Leader outlook on the Orangekloud Technology (ORKT) IPO is bearish (avoid).