Opening Day: Megan Holdings makes debut in slow IPO week

In a slow week for IPOs, Megan Holdings opened for trading on Friday at $4, the low end of its initial public offering price range.

LATEST IPOS AND DIRECT LISTINGS:

• Megan Holdings (MGN) opened on September 26 at $4. The Malaysia-based company principally engaged in the development, construction, and maintenance of aquaculture farms and related works priced 1.25M shares at $4.00. The IPO priced at the low end of its $4.00-$6.00 range. The company expects proceeds from the offering will be used for sales and marketing; expansion opportunities through merger and acquisition activities; development of its “Smart Farming System” and general working capital and corporate purposes.

RECENT SPAC IPOS:

• FutureCrest Acquisition (FCRS) opened on September 26 at $10.35. The blank check company may pursue an acquisition opportunity in any business or industry but expects to focus on a target in the AI, digital assets, fintech, infrastructure, robotics and communications industries.
• Emmis Acquisition (EMIS) opened on September 25 at $9.99. The blank check company will focus on industrial and business services, manufacturing, transportation, and/or distribution and/or technology sectors.
• Drugs Made In America Acquisition II (DMII) opened on September 25 at $9.98. The blank check company intends to focus its search for businesses in the pharmaceutical industry.

PERFORMANCE: Prices as of 11.45 am ET on Monday, September 29

• Megan Holdings – down over 27% at $3.50.

RECENT IPOS TO WATCH: Fitness Champs (FCHL) is among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Ethos (LIFE), Lendbuzz (LBZZ), Alliance Laundry Systems (ALH), and Sea Forres (SFTI).

Click here to see upcoming IPO calendar on TipRanks.

• Ethos, a life insurance technology company that says it is “on a mission to democratize access to life insurance,” announced that it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Ethos intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “LIFE.”
• Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol “LBZZ.” The prospectus states: “Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer’s creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.”
• Alliance Laundry Systems announced that it has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to the proposed initial public offering of its common stock. Alliance Laundry Systems intends to list its common stock on the NYSE under the ticker symbol “ALH.” BofA Securities and J.P. Morgan are acting as joint lead book-running managers. Morgan Stanley is acting as book-running manager. Baird, BDT & MSD, BMO Capital Markets, Citigroup, Goldman Sachs and Co. LLC and UBS Investment Bank are acting as passive bookrunners. CIBC Capital Markets and Fifth Third Securities are acting as co-managers.
• Sea Forrest International (SFTI) has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share. The company plans to list its Class A shares on the Nasdaq Capital Market under the symbol “SFTI”. The prospectus filed with the SEC stated in part, “The company is headquartered in Singapore and through the subsidiaries SF (Engineering) and SF (Power), are involved in engineering design and consultancy services in energy management and clean energy systems, and wholesale of marine equipment and accessories, ship and offshore structure repairs and modification while afloat, relating to offshore maintenance, repairs, and overhauling services.”

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