Shares of Massimo Group, which manufactures and distributes powersports vehicles and motorboats, opened for trading at $3.60, 20% below the offer price. Zhibao Technology, an InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, also made its public debut on Tuesday.
LATEST IPOS AND DIRECT LISTINGS:
Massimo (MAMO) opened on April 2nd at $3.60. The manufacturer and distributor of powersports vehicles and pontoon boats had priced its initial public offering of 1.3M shares of its common stock at a price of $4.50 per share.
Zhibao Technology (ZBAO) opened on April 2nd at $4.00. The provider of digital insurance brokerage services through its operating entities in China had priced its initial public offering of 1.5M shares at a price of $4.00 per share.
END OF THE WEEK PERFORMANCE:
- Zhibao Technology – $3.40;
- Massimo – $3.91.
UPCOMING IPOS: Upcoming IPO and direct listings expected include Lakeside Holding (LSH), Viking Holdins (VIK), Springview (SPHL), Origin Life Sciences (OLSI), and Rubrik.
Click here to see upcoming IPO calendar on TipRanks.
Lakeside Holding filed for an initial public offering of 1.25M shares of common stock with an estimated offering price of $4.00 and $5.00 per share. The company said it aspires “to become a U.S.-backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability.” Lakeside is a U.S.-based cross-border supply chain solution provider with a focus on the Asian market including China and South Korea. For the fiscal years ended June 30, 2022 and 2023 and the six months ended December 31, 2022 and 2023, the company’s revenues amounted to $9.6M, $12.9M, $5.5M and $9.1M respectively, and its gross profit amounted to $1.8M, $2.6M, $1.2M and $1.7M during the same periods, respectively.
Viking Holdings announced that it has publicly filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed initial public offering of its ordinary shares. The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined. BofA Securities and J.P. Morgan are acting as lead underwriters and representatives for the proposed offering. UBS Investment Bank and Wells Fargo Securities are also acting as lead book-running managers. HSBC and Morgan Stanley are acting as bookrunners for the proposed offering, and Rothschild & Co and Stifel are acting as co-managers for the proposed offering.
Springview Holdings filed for an initial public offering of 2M shares on the Nasdaq under the symbol “SPHL” with an expected price rang between $4.00 and $5.00 per share. Univest Securities is the underwriter of the deal. Springview designs and constructs residential and commercial buildings in Singapore. The company reported revenue of $13.53M in 2023 and $7.22M in 2022 on net income of $2.39M and $617,725, respectively.
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.
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.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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