Renaissance IPO ETF (IPO), SBXD.U Stock, AGH Stock, FVNNU Stock, ZJK Stock, ARDT Stock, NB Stock, LB Stock, WBTN Stock, OSTX Stock, LSH Stock, WOK Stock, ICON Stock, GLE Stock, ACTU Stock, MJID Stock, NB:CA StockNiloofer Shaikh,
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After a quiet holiday week with no major IPO pricing, the summer IPO market is starting to bubble. While the official end of Q2 looms, at least a few sizable deals are expected to heat things up before the quarter’s close. Investors can expect to see established companies listing their shares in new markets (cross-listings) alongside offerings from businesses selling off portions of themselves (carve-outs). Additionally, the first energy company of the year is also set to go public. The Renaissance IPO ETF (NYSEARCA:IPO) has gained 4.9% YTD, trailing the 14.6% return of the S&P 500.
Here are some of the other major headlines in the IPO market:
Coming IPOs/SPACs that are expected to be priced this week
- Actuate Therapeutics (ACTU) is raising $50.4M by offering 5.6M shares at a price range of $8 to $10. Description: A biotech company focusing on developing in-licensed inhibitor therapies for difficult-to-treat cancer.
- Hong Kong-based Majestic Ideal Holdings (MJID) is raising $11.3M by issuing 2.5M shares at an estimated price range between $4 and $5 per share. Description: A provider of supply chain management services for the apparel industry.
- Global Engine Group Holding (GLE) is raising $13.5M by offering 3M shares, anticipated to price between $4 and $5 per share. Description: Integrated ICT solutions and services provider.
- Icon Energy (ICON) is raising $6.3M by issuing 1.3M shares at an anticipated price between $4 and $6 apiece. Description: An international shipping company.
- WORK Medical Technology Group (WOK) is raising $8M by issuing 2M shares at an estimated price of $4 per share. Description: A medical device maker based in China.
- Lakeside Holding (LSH) is raising $5.9M by offering 1.3M shares at an estimated price range of $4.5 to $5 per share. Description: A customized cross-border ocean-freight and air-freight solutions provider.
- OS Therapies (OSTX) is raising $8M by offering 2M shares at $4 per share. Description: An oncology drug developer.
- Australia’s Tamboran Resources (OTCPK:TBNRL) is raising $165.8M by offering 6.5M common shares at the price range of $24-$27 per share. Description: The early-stage natural gas exploration and production company.
- WEBTOON Entertainment (WBTN) is raising $292.5M by offering 15M shares at a price range of $18 to $21 per share. Description: A global online cartoon platform carved out of South Korea’s NAVER.
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LandBridge (LB) is raising $297.3M by offering 14.5M shares priced between $19 and $22 each. Description: A landowner in the oil-rich Permian Basin.
New notable filings
- Ardent Health (ARDT) has filed with the SEC to raise up to $100M in an initial public offering. The company operates in eight mid-sized urban markets across six states, with 30 acute care hospitals, over 200 sites of care, and over 1,700 providers. It plans to list on the NYSE under the symbol ARDT. No pricing terms were disclosed. Description: Hospitals and health care clinics operator.
- Black Spade Acquisition II (BSIIU) has filed with the SEC to raise up to $150M in an initial public offering. The SPAC, led by CEOs Dennis Tam, Kester Ng, and Richard Taylor, plans to offer 15M units at $10 each, each containing one share of common stock and one-third of a warrant, exercisable at $11.50. Black Spade Acquisition II plans to list on the Nasdaq under the symbol BSIIU. Description: A blank check company targeting the entertainment, lifestyle, and tech industries.
- Linkhome Holdings (LHAI) has filed with the SEC to raise up to $12M in an initial public offering. It plans to list on the Nasdaq under the symbol LHAI. Description: A real estate buying and selling platform.
- Future Vision II Acquisition (FVNNU) has filed with the SEC to raise up to $50M by offering 5M units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. The SPAC plans to list the company on the Nasdaq under the symbol FVNNU. Description: A blank check company targeting the TMT industry in the Greater China region.
- SilverBox IV (SBXD.U) has filed with the SEC to raise up to $200M in an initial public offering. The Austin-based company plans to offer 20M units at $10, each containing one share of common stock and one-third of a warrant, exercisable at $11.50. The SPAC intends to acquire businesses with an aggregate enterprise value exceeding $750M. SilverBox IV plans to list on the NYSE under the symbol SBXD.U. Description: A fourth blank check company formed by SilverBox Capital members.
Terms and changes
- ZjK Industrial (ZJK), a Chinese manufacturer of precision fasteners and electronic device parts, plans to raise up to $5M in an initial public offering by offering 1M shares at a price range of $4 to $6. ZJK Industrial specializes in manufacturing and selling precision fasteners, structural parts, and other precision metal products for new energy vehicles and intelligent electronic equipment. The company plans to list on the Nasdaq under the symbol ZJK.
- Aureus Greenway Holdings (AGH), a Florida-based company that owns and operates two public golf country clubs, set terms to raise up to $19M in an initial public offering. The company plans to offer 3.8M shares (20% secondary) at a price range of $4 to $6. It plans to list on the Nasdaq under the symbol AGH.
Lockup period expirations
- NB Bancorp (NBBK) on 06/25/2024. Price movement over the past six months: +6.75%.
SA Commentary
- “Webtoon Entertainment needs to improve its growth trajectory and faces competition from new AI tools and platforms in the digital content creation market,” writes Investing Group Leader Donovan Jones.