Opening Day: Boyd Group Services, Navan make public debut

Boyd Group Services and Navan began trading late last week, as the IPO market seems to be cooling off ahead of the holiday season. 

LATEST IPOS AND DIRECT LISTINGS:

• Boyd Group Services (BGSI) opened on October 31 at $157.50. The company entered into an agreement with a syndicate of underwriters led by RBC Capital, CIBC, National Bank and TD Securities, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 5.53M common shares of BGSI at a price of $141.00 per share. The common shares will be offered to the public in Canada and the United States, representing BGSI’s initial public offering in the United StatesBoyd Group Services is an operator of non-franchised collision repair centers in North America.
• Navan (NAVN) opened on October 30 at $22. The company priced its initial public offering of 36.9M shares at a public offering price of $25.00 per share. Navan operates an expense management platform for travelers. “From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on,” the company says.

RECENT SPAC IPOS:

• Viking Acquisition I (VACI) opened on October 31 at $10.05, with IPO priced at $10 per unit. The units are listed on the New York Stock Exchange and trade under the ticker symbol “VACI.U”. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NYSE under the symbols “VACI” and “VACI WS,” respectively.
• Dynamix Corporation III (DNMX) opened on October 30 at $10.12. The blank check company priced its initial public offering of 17.5M units at $10.00 per unit. The units will be listed on the Nasdaq Global Market under the symbol “DNMXU.” Once the securities constituting the units begin separate trading, the company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “DNMX” and “DNMXW,” respectively.
• Insight Digital Partners II (DYOR) opened on October 29 at $10.11. The blank check company priced its initial public offering of 15M units at a price of $10.00 per unit. The units will be listed on the Nasdaq and trade under the ticker symbol “DYORU.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “DYOR” and “DYORW,” respectively.
• LaFayette Acquisition (LAFA) opened on October 24 at $9.99. The blank check company priced its initial public offering of 10M units, at a price of $10.00 per unit.
• Miluna Acquisition (MMTX) opened on October 23 at $10. The blank check company may pursue a business combination with a target in any industry or geographic region that it believes can benefit from the expertise and capabilities of its management team, except that the company will not pursue a prospective target company based in or having the majority of its operations in the People’s Republic of China.
• Harvard Ave Acquisition (HAVA) opened on October 23 at $10. The blank check company incorporated as an exempted company under the laws of the Cayman Islands may pursue an acquisition opportunity in any business, industry, sector or geographical location, but intends to focus on industries or sectors that complement the management team’s background.

PERFORMANCE: Prices as of 11 am ET on Monday, November 3:

• Boyd Group Services – fractionally up at $158.20;
• Navan – down almost 9% at $18.54.

RECENT IPOS TO WATCH: Alliance Laundry (ALH) and Phoenix Education (PXED) are already seeing coverage roll out, while One and One Green Tech (YDDL) and Leifras (LFS) 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 Medline (MDLN), Evommune (EVMN), Central Bancompany (CBC), Ethos (LIFE), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

• Medline Medline filed a prospectus for an initial public offering on the Nasdaq under the symbol “MDLN.” Goldman Sachs, Morgan Stanley, BofA and JPMorgan are acting as the bookrunning managers. Medline calls itself the largest provider of medical-surgical products and supply chain solutions based on total net sales.
• 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.”

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