Opening Day: Masterbeef, Aether make trading debut

Hong Kong restaurant group Masterbeef raised $8M in its IPO earlier this week. Shares of the investment research platform Aether also made their public debut on Thursday.

LATEST IPOS AND DIRECT LISTINGS:

Masterbeef (MB) opened on April 10 at $3.80. The full-service restaurant group in Hong Kong specializing in Taiwanese hotpot and Taiwanese barbecue priced its initial public offering of 2M ordinary shares at a public offering price of $4.00 per ordinary share. The deal priced at the low end of its $4.00-$5.00 range.

Cuprina Holdings (CUPR) opened on April 10 at $4.40. The company priced its firm commitment initial public offering of an aggregate 3M shares of its Class A ordinary shares, all of which are being offered by Cuprina at a public offering price of $4.00 per share. Cuprina is a biomedical and biotechnology company that says it is dedicated to the development and commercialization of products for the management of chronic wounds as well as cosmeceuticals for the health and beauty sector.

Aether (ATHR) opened on April 10 at $5.25. The “emerging financial technology holding company offering software, data, and artificial intelligence technology to institutional and self-directed investors” priced its initial public offering of 1.8M shares of its common stock at a price to the public of $4.30 per share. The deal range was $4.00-$5.00.

iOThree (IOTR) opened on April 10 at $3.60. The provider of maritime digital technologies including satellite connectivity and digitalization solutions in Singapore with a focus on facilitating the maritime industry towards digital transformation priced its initial public offering of an aggregate of 2.1M ordinary shares at a public offering price of $4.00 per share, of which 1.65M ordinary shares are offered by the company and 450,000 ordinary shares are offered by the selling shareholders of the company. The deal size was reduced to 2.1M shares from 2.63M and priced at the low end of the $4.00-$6.00 range.

FatPipe (FATN) opened on April 8 at $6.50. The company priced 695,656 shares at $5.75 per share. FatPipe describes itself as “a pioneer in enterprise-class, application-aware, secure software-defined wide area network solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and middle-market companies.”

RECENT SPAC IPOS:

Titan Acquisition (TACH) opened on April 9 at $9.99. The units are listed on the Nasdaq and trade under the ticker symbol “TACHU.”

FRIDAY PERFORMANCE:

• Masterbeef- down 20% at $3.30; 
• Cuprina Holdings – up 5% at $4.36;
• Aether – down 3.5% at $5.55;
• iOThree – up 2% at $3.62;
• FatPipe – down 2% at $6.12.

UPCOMING IPOS: Upcoming IPO and direct listings expected include JiaLian Technologies (JLCN), Circle (CRCL), Happy City (HCHL) and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

JiaLian Technologies has filed with the SEC for a planned initial public offering. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol “JLCN.” The prospectus states, “We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers… We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle.”

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol “CRCL.” The company’s prospectus filed with SEC states, “As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively.”

Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”

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