Chromocell Therapeutics and Unusual Machines opened for trading in another slow week for the U.S. IPO market in 2024.
LATEST IPOS AND DIRECT LISTINGS:
Chromocell Therapeutics (CHRO) opened on February 16 at $6. The clinical-stage biotech company focused on developing and commercializing new, non-opioid therapeutics to alleviate pain had priced its initial public offering of 1.1M shares of common stock at a public offering price of $6.00 per share.
Unusual Machines (UMAC) opened on February 14 at $4. The “emerging leader in first-person view drone technology,” as the company describes itself, had priced its initial public offering of 1.25M shares of common stock at a public offering price of $4.00 per share.
PERFORMANCE:
- Chromocell Therapeutics finished the week at $4.80.
- Unusual Machines ended Friday at $2.99.
RECENT IPOS TO WATCH: BrightSpring Health Services (BTSG) ArriVent BioPharma (AVBP), Haoxi Health Technology (HAO), CG Oncology (CGON), Nuveen Churchill (NCDL), Morgan Stanley Direct Lending (MSDL), J-Long Group (JL), and SU Group (SUGP) 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 Reddit, Auna (AUNA), Origin Life Sciences (OLSI), Rubrik and New Era.
Click here to see upcoming IPO calendar on TipRanks.
Reddit, which confidentially filed initial public offering paperwork in 2021, is expected to unveil the filing as soon as later this month and name the New York Stock Exchange as its listing exchange, people familiar with the matter told The Wall Street Journal‘s Corrie Driebusch. Winning one of this year’s most anticipated IPOs is a coup for the IntercontinentalExchange (ICE) unit, which competes against the rival Nasdaq (NDAQ) for the biggest IPOs, the report noted.
Auna S.A. has filed with the SEC for a planned initial public offering and applied to have the class A shares listed on the New York Stock Exchange under the symbol “AUNA.” The prospectus filed with the SEC states in part that, “Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America. We operate hospitals and clinics in Mexico, Peru and Colombia, provide prepaid healthcare plans in Peru and provide dental and vision plans in Mexico.”
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.
New Era Cap, a supplier of major U.S. sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4B to $5B, Reuters says, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB and NBA, has invited investment banks and law firms to pitch this month for roles in its stock market debut, the sources said.
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.
OTHER IPO NEWS: Viking Cruises is considering a U.S. initial public offering that could raise $500M or more, Bloomberg‘s Gillian Tan, Amy Or, Ryan Gould, and Paula Sambo report, citing people familiar with the matter. The travel company is working with Bank of America (BAC), JPMorgan (JPM), UBS (UBS) and Wells Fargo (WFC) on the potential listing, the people said. An IPO may come as soon as the second quarter, they added. The company is backed by private equity firm TPG and the Canada Pension Plan Investment Board, which together invested about $500M in additional capital in November 2020, after first investing in 2016, the authors note.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
