Shares of Hesai, a developer of sensor technologies used in self-driving cars, jumped as much as 29% in its first trading day, making the listing the largest by a Chinese issuer in the U.S. since Didi Global.
LATEST IPOS AND DIRECT LISTINGS:
Nextracker (NXT) opened on February 9 at $30.31. The company had priced 26.6M shares at $24.00. The deal size was increased to 26.6M shares from 23.26M and priced above the $20.00-$23.00 target range. Nextracker, a provider of solar tracker and software solutions used in utility-scale and distributed generation solar power plants, is a subsidiary of Flex Ltd. (FLEX).
Hesai (HSAI) opened on February 9 at $23.75. The lidar maker had priced 10M shares at $19.00. The deal size was increased to 10M shares of common stock from 9M shares of common stock and priced at the high-end of the $17.00-$19.00 range.
Lucy Scientific Discovery (LSDI) opened on February 9 at $4. The early-stage psychotropics contract manufacturing company "focused on becoming the premier contract research, development, and manufacturing organization for the emerging psychotropics-based medicines industry" had priced its initial public offering of 1.875M common shares at a public offering price of $4.00 per share.
Lichen China (LICN) opened on February 6 at $3.90. The financial and taxation service provider in China had priced 4M shares at $4.00 per share.
Mineralys Therapeutics (MLYS) opened on February 10 at $21.10. The clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone had priced 12M shares at $16.00.
Enlight Renewable Energy (ENLT) opened on February 10 at $17.90 after having priced 14M shares at $18.00. Enlight Renewable, which was founded in 2008 and has been publicly traded on the Tel Aviv Stock Exchange since 2010, develops, finances, constructs, owns and operates utility-scale renewable energy projects across the three largest renewable segments of solar, wind and energy storage. Enlight operates in the United States, Israel and 9 European countries.
PERFORMANCE:
- Nextracker ended the week at $31.01
- Hesai finished Friday at $22.20
- Lucy Scientific Discovery ended Friday at $2.84
- Lichen China finished the week at $4.10
- Mineralys Therapeutics closed on Friday at $18.44
- Enlight finished its first day of U.S. trading at $17.75
UPCOMING IPOS: Upcoming IPO and direct listings expected include Stripe, Lottomatica, New Ruipeng Pet (RPET), and Zeekr.
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 report. 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.
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."
Italian gaming company Lottomatica is working with UniCredit, Goldman Sachs, Barclays, Deutsche Bank and JPMorgan on a possible stock market listing, two people close to the matter told Reuters. Lottomatica is considering an initial public offering in the first half of the year depending on market conditions, one of the people and a third source said.
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.
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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