Opening Day: Bayer-backed Boundless Bio falls after IPO

Shares of Boundless Bio fell almost 10% after raising about $100M in the company’s initial public offering. Bayer (BAYRY) is one of the cancer therapeutics maker biggest investors.

LATEST IPOS AND DIRECT LISTINGS:

Boundless Bio (BOLD) opened on March 28th at $16. The company had priced 6.25M shares at $16.00, at the midpoint of the $15.00-$17.00 target range. Boundless Bio is a clinical stage oncology company interrogating extrachromosomal DNA, or ecDNA, biology to deliver therapies to patients with previously intractable oncogene amplified cancers.

U-BX Technology (UBXG) opened on March 28th at $5. The company had priced 2M shares at $5.00 per share. U-BX Technology is an artificial intelligence-driven value-added services and products provider to insurance carriers.

Alta Global (MMA) opened on March 28th at $4.75. The company had priced 1.3M shares at $5.00. The deal priced at the midpoint of target $4.00-$6.00 range. Alta Global describes itself as “a technology company that is enabling the global martial arts and combat sports industry to maximize the monetization opportunities available to the sector by increasing consumer participation in the sport and building upon existing community offerings within the sector.”

SPAC IPOS THIS WEEK:

• IB Acquisition (IBAC) opened on March 26th at $10.01. The blanck check company intends to focus its initial search on target businesses in North America, Europe, or Asia, with an enterprise value of approximately $500M. The proceeds of the offering will be used to fund such business combination.

END OF THE WEEK PERFORMANCE:

• Boundless Bio – $14.25;
• U-BX Technology – $4.10;
• Alta Global – $4.18.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Origin Life Sciences (OLSI), Chime Financial, and Rubrik.

Click here to see upcoming IPO calendar on TipRanks.

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is on track for an initial public offering in 2023 and its investor roadshow could begin as soon as next month, Bloomberg’s Amy Or and Katie Roof report, citing people familiar with the matter. The IPO could bring in $500M-$700M, the authors say, noting that the timing and amount to be raised is still subject to change.

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.

Chime Financial, a financial technology, or “fintech,” company that has been a closely watched IPO candidate for a few years, is planning to list in the U.S. next year, a person familiar with the matter told Bloomberg‘s Paige Smith. Chime has yet to engage banks on the expected initial public offering, the report added.

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