Opening Day: Majestic Ideal opens below IPO price

Shares of Majestic Ideal made their trading debut last week below the IPO price. Robot Consulting and Aura Minerals were also among the latest companies to go public. 

LATEST IPOS AND DIRECT LISTINGS:

• Majestic Ideal (MJID) opened on July 18 at $5.39. The provider of supply chain management services in the apparel industry opened for trading at $5.39 per share after having priced its initial public offering of 2.5M ordinary shares at a price of $6.00 per share. The deal range was $6.00-$7.00. 
• Robot Consulting (LAWR) opened on July 17 at $4.00. The Japanese platform service provider focusing on human resource solutions priced its initial public offering of 3.75M American depositary shares at a public offering price of $4. The ADSs trade on the Nasdaq under the ticker symbol “LAWR.”
• Aura Minerals (AUGO) opened on July 16 at $24.50. The company priced its U.S. initial public offering of 8.1M common shares at a price of $24.25 per share. “The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the United States equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets,” Aura said in a statement. Aura’s common shares trading on the Nasdaq under the ticker symbol “AUGO”.
• K-Tech Solutions (KMRK) opened on July 16 at $4.48. The Hong Kong based toy designer priced its initial public offering of 1.6M shares at $4.00 per share. The shares are trading on the Nasdaq under the ticker symbol “KMRK.” 

RECENT SPAC IPOS: Solarius Capital Acquisition (SOCA) opened on July 16 at $10.04. The blank check company intends to focus on targets in the asset management, wealth management and financial services markets, and intends to seek businesses with enterprise values of approximately $500M to $2B.

PERFORMANCE:
Prices as of 11.30 am ET on Monday, July 21:

• Majestic Ideal – down almost 14% at $2.85;
• Robot Consulting – down over 11% at $3.30;
• Aura Minerals – up 2.5% at $24.60;
• K-Tech Solutions – down about 16% at $2.06.

RECENT IPOS TO WATCH: Jefferson Capital (JCAP) is already seeing coverage roll out as the quiet period for banks that underwrote the company’s IPO expires.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Hengguang (HGIA), Figma (FIG), Ambiq Micro (AMBQ), McGraw Hill (MH), and Center Mobile (CTMB).

Click here to see upcoming IPO calendar on TipRanks.

Hengguang has filed with the SEC for an initial public offering of its Class A ordinary shares and reserved the symbol “HGIA” for purposes of listing the Class A ordinary shares on the Nasdaq Stock Market. D. Boral Capital is acting as the underwriter. The prospectus states, “Heng Guang Cayman is a holding company incorporated in the Cayman Islands with no material operations. As a holding company with no material operations of its own, Heng Guang Cayman conducts substantially all of the operations through Heng Guang Insurance or the VIE, the operating entity established in the People’s Republic of China, which has entered into a series of the VIE Agreements with WFOE, an indirect subsidiary of Heng Guang Cayman.”

Figma has filed with the SEC for an initial public offering of shares of Class A common stock and applied to list its Class A common stock on the New York Stock Exchange under the symbol “FIG.” The prospectus states in part, “Figma is where teams come together to turn ideas into the world’s best digital products and experiences… As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025… Our revenue was $749.0M for the year ended December 31, 2024, representing 48% year-over-year growth as compared to the year ended December 31, 2023, and our revenue was $228.2M for the three months ended March 31, 2025, representing 46% year-over-year growth as compared to the three months ended March 31, 2024. Our four-year compounded annual revenue growth rate as of December 31, 2024 was 53%. For the year ended December 31, 2024 and for the three months ended March 31, 2025, we delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating margin of 17% and 18%, respectively.”

Ambiq Micro has filed with the SEC for an initial public offering of shares of common stock and intends to apply to have its common stock listed on the New York Stock Exchange under the symbol “AMBQ.” BofA Securities, UBS, Needham and Stifel are listed as underwriters. The prospectus states, “We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute – especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users where power consumption challenges are the most severe. Our leading position is built upon our hardware and software innovations that deliver two to five times lower power consumption than traditional semiconductor designs. Our products power over 270 million devices today. We shipped more than 42 million units in 2024, and we estimate that over 40% of them ran AI algorithms.” 

McGraw Hill announced that it has filed a registration statement on Form S-1 with the SEC relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering. McGraw Hill intends to list its common stock on the NYSE under the ticker symbol “MH.” Goldman Sachs & Co. is acting as book-running manager for the proposed offering and as representative of the underwriters for the proposed offering. BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities, and UBS Investment Bank are acting as bookrunners for the proposed offering. Baird, BTIG, Needham & Company, Rothschild & Co, Stifel, and William Blair are acting as co-managers for the proposed offering.

Center Mobile has filed with the SEC for a firm commitment initial public offering of ordinary shares, via which it will be offering 3.75M ordinary shares. The company has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol (CTMB). R.F. Lafferty is listed as the underwriter. Its prospectus states, “We conduct all of our operations through our subsidiary in Japan, Center Mobile Japan and its subsidiary, Pay Storage… As a mobile virtual network operator, or ‘MVNO,’ we provide mobile connectivity and wireless communications services in Japan by using the infrastructure and communication system of NTT Docomo, one of the largest Japanese mobile network operators in terms of subscription market share… Because we do not own or operate a physical network or relevant appliances and equipment, we are free from related capital expenditures and, therefore, are able to focus our resources on providing competitive prices for our services against MNOs. Furthermore, in addition to the monthly fees from our customers, we are also able to generate advertising revenue through “PLAIO,” our proprietary app.”

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