Opening Day: Alliance Laundry makes strong NYSE debut

Alliance Laundry raised $826M in its initial public offering. The shares jumped 11.4% in their debut on Thursday, valuing the company at nearly $4.83B.

LATEST IPOS AND DIRECT LISTINGS:

• Alliance Laundry (ALH) opened on October 9 at $24.50. The company priced its upsized initial public offering of 37.51M shares at a public offering price of $22.00 per share. Alliance Laundry is a provider of commercial laundry systems.
• Phoenix Education (PXED) opened on October 9 at $38. The parent company of The University of Phoenix priced 4.25M shares at $32.00.
• One and One Green Tech (YDDL) opened on October 9 at $5.75. The waste materials and scrap metal recycling company in the Philippines priced its initial public offering of 2M class A ordinary shares at a public offering price of $5.00 per Class A ordinary share. The deal size was reduced to 2M shares from 2.5M shares and the deal priced at the mid-point of its $4.00-$6.00 range.
• Leifras (LFS) opened on October 9 at $3.50. The sports and social business company dedicated to youth sports and community engagement priced its initial public offering of 1.25M American Depositary Shares at a public offering price of $4.00 per ADS. Each ADS represents one ordinary share of the company.

RECENT SPAC IPOS: Lake Superior Acquisition (LKSP) opened on October 7 at $10.01.

PERFORMANCE: Prices as of 11 am ET on Monday, October 13

• Alliance Laundry – down a little over 1% at $24.69;
• Phoenix Education – flat at $36.02;
• One and One Green Tech – down over 24% at $4.97;
• Leifras – down more than 13% at $3.64.

RECENT IPOS TO WATCH: Netskope (NTSK), StubHub (STUB) and WaterBridge Infrastructure (WBI) are already seeing coverage roll out, while Pattern Group (PTRN), Platinum Analytics (PLTS) and ChowChow Cloud (CHOW) are among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Evommune (EVMN), Central Bancompany (CBC), Ethos (LIFE), Lendbuzz (LBZZ), and Sea Forres (SFTI).

Click here to see upcoming IPO calendar on TipRanks.

• Evommune has filed for an initial public offering and applied to list its common stock on the New York Stock Exchange under the symbol “EVMN”. The prospectus filed with the SEC states, “Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria, atopic dermatitis and ulcerative colitis… Our mission is to improve patients’ daily lives and prevent the long-term effects of uncontrolled inflammation that are a consequence of the limitations of existing therapies. To achieve this, we are advancing a portfolio of differentiated product candidates that target key drivers of chronic inflammation.”
• Central Bancompany announced its filing of a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. Central Bancompany has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “CBC.” In connection with the proposed initial public offering, the Board of Directors of Central Bancompany approved a 50-for-1 stock split in the form of a stock dividend, whereby each shareholder of record as of the October 20 record date will receive 49 shares of Class A common stock for each share owned as of the record date.
• Ethos, a life insurance technology company that says it is “on a mission to democratize access to life insurance,” announced that it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Ethos intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “LIFE.” Goldman Sachs and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, Barclays, Citigroup, and Deutsche Bank Securities are acting as additional book-running managers. Citizens Capital Markets, William Blair, and Baird are acting as co-managers.
• Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol “LBZZ.” The prospectus states: “Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer’s creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.”
• Sea Forrest International (SFTI) has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share. The company plans to list its Class A shares on the Nasdaq Capital Market under the symbol “SFTI”. The prospectus filed with the SEC stated in part, “The company is headquartered in Singapore and through the subsidiaries SF (Engineering) and SF (Power), are involved in engineering design and consultancy services in energy management and clean energy systems, and wholesale of marine equipment and accessories, ship and offshore structure repairs and modification while afloat, relating to offshore maintenance, repairs, and overhauling services.”

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