Opening Day: Beauty brand owner Oddity soars in debut

Shares of Il Makiage parent Oddity Tech soared almost 40% in the company’s first trading day after its IPO priced above the proposed range. The Israeli digital consumer technology platform for the beauty and wellness market plans to use the proceeds from the deal to develop new products and expand into additional markets.

LATEST IPOS AND DIRECT LISTINGS:

Oddity (ODD) opened on July 19 at $49.10. The company had priced 12.1M shares at $35.00. The deal size was increased to 12.1M shares of common stock from 10.52M shares and priced above the revised $32.00-$34.00 range. Oddity describes itself as “the consumer tech platform behind IL MAKIAGE and SpoiledChild that is built to transform the global beauty and wellness market.”

BioNexus Gene Lab (BGLC) 0 at $3.50. The company had priced 1.25M shares of common stock at $4.00 per share. BioNexus is developing non-invasive liquid biopsy tests for the early detection of disease risks in the Southeast Asia region. BioNexus’ $5M public offering was made in conjunction with its uplisting to the Nasdaq Capital Market.

Turnstone Biologics (TSBX) opened on July 21 at $11.40 after having priced 6.67M shares at $12.00. The deal size was increased to 6.67M shares of common stock from 5.8M shares and priced at the low-end of the $12.00-$14.00 range. Turnstone is a clinical-stage biotechnology company developing new medicines to treat and cure solid tumors by pioneering a differentiated approach to tumor-infiltrating lymphocyte, or TIL, therapy.

PERFORMANCE:

• Oddity ended the week at $52.56.
• BioNexus Gene Lab finished Friday at $5.95.
• Turnstone closed its first day of trading at $11.

RECENT IPOS TO WATCH:

Fidelis Insurance Holdings (FIHL), Kodiak Gas Services (KGS), Savers Value Village (SVV), GEN Restaurant Group (GENK), Vesta (VTMX), Intensity Therapeutics (INTS) 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 Northann (NCL), Surf Air Mobility (SRFM), Simpple (SPPL), Pixie Dust (PXDT), SR Bancorp (SRBK), Janover (JNVR), 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.”

Somerset Savings Bank announced that SR Bancorp, the proposed holding company for the bank, is commencing its stock offering in connection with the conversion of the bank from mutual to stock form. The bank also announced that the registration statement for the sale of the company’s common stock has been declared effective by the Securities and Exchange Commission and that the approvals required to commence the offering have been received. Following the completion of the conversion and related stock offering, Regal Bancorp will merge with and into the company. Immediately following the merger, Regal Bank will merge with and into Somerset Savings Bank, which will convert to a commercial bank charter and be renamed Somerset Regal Bank. The company is offering for sale up to 9.2M shares of common stock at a purchase price of $10.00 per share. The company’s common stock is expected to be listed on the Nasdaq under the symbol “SRBK.”

Janover filed for a downsized 1.25M share IPO with a price range of $4.00-$6.00 per share. The company previously indicated it planned a 2.375M share offering in the same price range. Janover operates a B2B fintech marketplace connecting commercial property borrowers and lenders. “We seek to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few,” Janover has said.

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).

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