Opening Day: Apogee, Sagimet debut this week in first big IPOs of summer

Sagimet and Apogee made their trading debut this week, raising cash for their clinical trials after upsizing their IPOs. Inflammation and immunology biotech Apogee had the larger of the two IPOs as it raised $300M.  

LATEST IPOS AND DIRECT LISTINGS:

Sagimet Biosciences (SGMT) opened on July 14 at $15.50. The company had priced 5.31M shares at $16.00. The deal size was increased from 4.7M and priced at the midpoint of the $15.00-$17.00 target range. Sagimet is a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic pathways.

Apogee Therapeutics (APGE) opened on July 14 at $21.50. The company had priced 17.65M shares at $17.00. The deal size was increased to 17.65M shares of common stock from 15.62M shares of common stock and priced at the high-end of the $15.00-$17.00 range. Apogee is a biotechnology company advancing differentiated biologics for the treatment of atopic dermatitis, chronic obstructive pulmonary disease, and other inflammatory and immunology indications.

SPAC IPOS THIS WEEK:

Nabors Energy Transition II (NETD) opened on July 14 at $10.10. The blanck check company intends to “identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally.”

Bowen Acquisition (BOWN) opened on July 12 at $10.11. The company has said the company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

PERFORMANCE:

• Sagiment finished the week at $15.95.
• Apogee ended Friday at $21.23.

UPCOMING IPOS:

Upcoming IPO and direct listings expected include Northann (NCL), Surf Air Mobility (SRFM), Simpple (SPPL), Pixie Dust (PXDT), SoftBank’s Arm, Alibaba’s Freshippo, and Zeekr.

Click here to see upcoming IPO calendar on TipRanks.

Northann has filed with the SEC for an initial public offering of 3M shares of common stock on a firm commitment basis. “We expect that the initial public offering price will be between $3.00 and $5.00 per share. Prior to this offering, there has been no public market for our common stock. We intend to list our common stock on the NYSE American under the symbol ‘NCL’,” the filing stated.

Surf Air Mobility, a regional air travel company aiming to sustainably connect the world’s communities,  announced that it anticipates its common stock will begin trading on the New York Stock Exchange under the ticker symbol “SRFM” during the week of July 24, 2023.

Simpple filed an initial public offering of 1.625M ordinary shares. The estimated initial public offering price is expected to be between $4.00-$5.00 per share. The company has applied to list its shares on the Nasdaq Capital Market under the symbol “SPPL.”

Pixie Dust filed an initial public offering of its common shares, represented by American Depositary Shares, ADSs. Each ADS represents one common share, and the company is offering 2M ADSs. Pixie Dust currently expects the initial public offering price to be between $9.00-$10.00 per ADS. Prior to this offering, there has been no public market for Pixie Dust common shares or ADSs. Pixie Dust intends to apply to list the ADSs on the Nasdaq Capital Market under the symbol “PXDT.”

SoftBank Group (SFTBY), which said in March it planned to list chip maker Arm Ltd in the U.S. stock market, has filed with regulators confidentially for a U.S. stock market listing, people familiar with the matter told Reuters‘ Anirban Sen and Echo Wang. Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8B and $10B, setting the stage for this year’s largest initial public offering, the sources said. SoftBank has been targeting a listing for Arm, which competes with Intel (INTC) and others, since its deal to sell the semi chip designer to Nvidia (NVDA) for $40B collapsed last year because of objections from antitrust regulators, the report noted.

Freshippo, the Alibaba (BABA) grocery chain known for selling cooked lobsters and grouper freshly chosen from fish-tanks in the store, has started preparations for a Hong Kong initial public offering, Bloomberg’s Pei Li and Manuel Baigorri report, citing people familiar with the matter.

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.

Instacart has been priming for a public market debut, but a potential IPO of the food and grocery delivery company may be delayed by a slowdown in growth as Instacart saw its gross order volume grow between 5% and 10% compared to the same period last year in the first quarter, down from the 16% growth rate seen for all of 2022, people briefed on the matter told The Information‘s Cory Weinberg. Instacart competes in the same space as public companies that include Uber (UBER) and DoorDash (DASH).

OTHER IPO NEWS:

Kim Kardashian’s Skims is in the midst of a round of fundraising that is set to value the fast-growing innerwear business at close $4B, multiple sources told WWD. While the round has not yet closed, Boston-based mutual funds and family offices are said to be investing in what would be a pre-IPO fundraiser, setting the company’s value anew ahead of potential offering over the next six to 12 months, WWD’s Evan Clark and Kathryn Hopkins write.

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