Opening Day: Rubrik jumps 20% in market debut

Shares of the data management company Rubrik outperformed in their market debut. The Microsoft-backed (MSFT) company opened at $38.60, above the expected price range of $28-$31. One of Rubrik’s main products is the Rubrik Security Cloud, which helps analyze and protect data across the cloud, enterprise, and SaaS.

LATEST IPOS AND DIRECT LISTINGS:

Rubrik (RBRK) opened on April 25 at $38.60. The company had priced  its upsized initial public offering of 23.5M shares at a public offering price of $32.00 per share. Rubrik says it helps organizations “achieve business resilience against cyberattacks, malicious insiders, and operational disruptions.”

Marex Group (MRX) opened on April 25 at $19.50. The company, which identifies itself as a “diversified global financial services platform,” had priced its initial public offering at $19.00 per share. A total of 15,384,615 ordinary shares are being offered, of which 3,846,153 shares are being offered by Marex and 11,538,462 shares are being offered by certain selling shareholders. Marex will not receive any proceeds from any sale of shares by the Selling Shareholders. The deal priced within the $18.00-$21.00 range.

Loar Holdings (LOAR) opened on April 25 at $45. The company which specializes in the design, manufacture, and sale of niche aerospace and defense components, had priced 11M shares at $28.00 per share. The deal priced above the $24.00-$26.00 range.

Neo-Concept (NCI) opened on April 23 at $4.35. The company, which describes itself as “a one-stop apparel solution services provider,” had priced its initial public offering of 2.32M ordinary shares at a price of $4.00 per share.

YY Group (YYGH) opened on April 22 at $3.88. The company, which identifies itself as “a trusted and experienced manpower supplier in the traditional recruitment industry,” priced its initial public offering of 1.125M Class A Ordinary Shares at a public offering price of $4.00 per share. The net proceeds from the initial public offering are expected to be used for geographical business expansion, marketing and promotion campaigns, product research and development on YY Apps, team expansion by recruiting more IT and marketing teams, and working capital and general corporate purposes.

CleanCore Solutions (ZONE) opened on April 26 at $4.01. CleanCore, which identifies itself as the “developer of the patented aqueous ozone technology that works as an all-purpose cleaner,” priced its initial public offering of 1.25M shares of common stock at a price to the public of $4.00 per share and began trading on the NYSE American stock exchange.

END OF THE WEEK PERFORMANCE:

• Rubrik – $38
• Marex Group – $19
• Loar Holdings – $49.71
• Neo-Concept – $1.88
• YY Group – $2.94
• CleanCore Solutions – $3.50

RECENT IPOS TO WATCH: Massimo (MAMO) and Zhibao Technology (ZBAO) 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 ShipBob, Lirum Therapeutics (LRTX), Lakeside Holding (LSH), Viking Holdings (VIK), Origin Life Sciences (OLSI), StubHub and Solera.

Click here to see upcoming IPO calendar on TipRanks.

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.

Lirum Therapeutics filed for an initial public offering of 2.27M shares of common stock. Prior to this offering, there has been no public market for its common stock. Lirum Therapeutics anticipates that the initial public offering price of its shares will be between $10.00-$12.00. The company has applied to have its common stock listed on the Nasdaq Capital Market under the symbol “LRTX”, and the closing of this offering is contingent upon such listing.

Lakeside Holding filed for an initial public offering of 1.25M shares of common stock with an estimated offering price of $4.00 and $5.00 per share. The company said it aspires “to become a U.S.-backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability.” Lakeside is a U.S.-based cross-border supply chain solution provider with a focus on the Asian market including China and South Korea. For the fiscal years ended June 30, 2022 and 2023 and the six months ended December 31, 2022 and 2023, the company’s revenues amounted to $9.6M, $12.9M, $5.5M and $9.1M respectively, and its gross profit amounted to $1.8M, $2.6M, $1.2M and $1.7M during the same periods, respectively.

Viking Holdings announced that it has publicly filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed initial public offering of its ordinary shares. Viking sees 44M shares pricing in a range of $21.00-$25.00. Viking is offering 11M shares and its existing shareholders, Canada Pension Plan Investment Board and TPG, the rest. The cruise operator intends to list its ordinary shares on the New York Stock Exchange under the ticker symbol “VIK.”

Origin Life Sciences said it is offering 1.875M shares its our common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol “OLSI.” Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. “The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections,” the company said in a regulatory filing.

Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information‘s Cory Weinberg. StubHub has more than $2B in debt, which is “many times its estimated profits,” so the company will test investors’ appetite for companies with strained balance sheets while StubHub has “ambitious hopes for the valuation it would achieve,” further complicating matters, the report noted. The company would prefer to be valued in line with the $16.5B valuation at which it raised money during the boom of late 2021 and could call off the public listing plans if it can’t get close to that number, the sources indicated.

Automotive data and software services provider Solera is weighing an initial public offering that may raise over $1B and has picked banks including Goldman Sachs (GS) and Morgan Stanley (MS) to work on the offering, people familiar with the matter told Bloomberg‘s Amy Or and Ryan Gould. Solera could launch an offering as soon as in July, the sources noted.

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.