Atlas Energy raised $324M this week in an initial public offering, making it the second-biggest IPO on a U.S. exchange this year following Nextracker’s (NXT) debut last month at $734M. According to data compiled by Bloomberg, this has been the slowest start to a year for new market entrants since 2016.
LATEST IPOS AND DIRECT LISTINGS:
Xiao-I (AIXI) opened on March 9 at $6.80. The Chinese cognitive artificial intelligence enterprise had priced its initial public offering of 5.7M American Depositary Shares, or "ADSs," each representing one-third of an ordinary share of the company, at a public offering price of $6.80 per ADS.
Atlas Energy (AESI) opened on March 9 at $17.50. The company had priced its initial public offering of 18M shares of its Class A common stock at $18.00 per share. Atlas acts as a provider of proppant and logistics services to customers engaged in the oil and natural gas industry within the Permian Basin of West Texas and New Mexico.
Beamr Imaging (BMR) opened on February 28 at $3.94. The company, which says that its video encoding, transcoding and optimization solutions enable "high quality, performance, and unmatched bitrate efficiency for video and images," had priced its initial public offering of 1.95M ordinary shares at a public offering price of $4.00 per share. The deal size was increased to 1.95M shares from 1.4M.
PERFORMANCE:
- Atlas Energy finished Friday at $16.50.
- Xiao-I ended the week at $6.49.
- Beamr Imaging finished Friday at $3.12.
RECENT IPOS TO WATCH:
Bullfrog AI (BFRG) and NFT Gaming (NFTG) 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 Stripe, Harden Technologies (HARD), Haoxin Holdings (HXHX), New Ruipeng Pet (RPET), and Zeekr.
Click here to see upcoming IPO calendar on TipRanks.
Stripe told employees that it has hired Goldman Sachs and JPMorgan to take it public or allow employees to sell stock within the next year, The Information’s Cory Weinberg and Becky Peterson have reported. The company is considering both a direct listing and a private-market transaction that would give employees liquidity in the next 12 months, according to an email viewed by The Information.
Stripe, trying to raise a huge sum of money from investors, has tried to craft "a compelling pitch" that it is growing faster this year than some of the biggest names in tech, has many more potential lines of revenue than just its core payments business and that it is grabbing loads of customers focused on artificial intelligence, The Information’s Kate Clark and Cory Weinberg reported. Stripe’s confidential pitch deck to investors, viewed by The Information, "shows how the company is trying to convince them to overlook a sharp slowdown in revenue last year," the latest report added.
Harden Technologies has filed with the SEC for initial public offering of 2.5M ordinary shares and said it expects the initial public offering price will be between $5.00 to $7.00 per ordinary share. The company has applied for approval of the listing of its ordinary shares on the Nasdaq Capital Market and has reserved the symbol "HARD" for such listing for the ordinary shares. The prospectus states, "Harden is a waste management and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines."
Haoxin Holdings has filed with the SEC for an initial public offering of its Class A ordinary shares. The company plans to list its Class A ordinary shares on the Nasdaq Capital Market, or Nasdaq, under the symbol "HXHX." Haoxin Holdings Limited, or Haoxin Cayman, is a holding company incorporated in Cayman Islands that conducts a substantial majority of its operations through its subsidiaries established in the PRC. Its prospectus states: "We are a provider of temperature-controlled truckload service and urban delivery services in China with over 19 years of experience in the transportation industry… As of June 30, 2022, we operate a truckload fleet with 70 tractors, 155 trailers and 61 vans, 20 tractors and 4 vans of which are under capital lease. We do not use vehicles under rental arrangement to conduct our services and we prefer to acquire new vehicles via capital lease rather than one-off cash payment."
New Ruipeng Pet Group has filed with the SEC for an initial public offering of American depositary shares, or "ADSs." The company said it intends to apply to list the ADSs on the Nasdaq Global Select Market under the symbol "RPET." The prospectus states in part, "We are the largest pet care platform in China and the second largest globally in terms of number of hospitals and revenue from pet care services in both 2020 and 2021, according to Frost & Sullivan. As of December 31, 2021, we had 23 pet hospital brands and 1,887 pet hospitals, approximately three times the sum of pet hospitals of our competitors that ranked the second through the tenth in China. By September 30, 2022, we had further increased our number of pet hospitals in China to 1,942. As of December 31, 2021, we had operations in 31 provinces and 111 cities, and we had an approximately 30% pet care market share in first-tier cities across China in 2021, according to Frost & Sullivan. As of September 30, 2022, we operated in 114 cities across China."
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.
OTHER IPO NEWS:
PishPosh Products (BABY) announced that it was advised by Boustead Securities, the company’s lead underwriter, that Boustead was postponing the company’s previously-announced underwritten public offering that priced on March 7. The company’s shares of common stock were expected to begin trading on Nasdaq Capital Market on March 8, under the symbol "BABY." The initial public offering was expected to close on or about March 10. The company’s management intends to continue to focus on pursing its initial public offering at a later date.
In a regulatory filing, XP Inc. (XP) requested the immediate withdrawal of its Registration Statement on Form F-4 initially filed with the Securities and Exchange Commission on May 3, stating that the company is requesting withdrawal "because it does not plan to pursue a public offering in the United States at this time." The filing stated: "The Registration Statement has not been declared effective and no securities of the company were sold in connection with the offering. Accordingly, the company believes that the withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by Rule 477(a) of the Securities Act."
Opening Day" is The Fly’s recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
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