Opening Day: Netskope rises, StubHub slides after public debuts

Shares of Netskope jumped on Friday as they continued their post-IPO gains. On the flip side, StubHub’s stock slid in the three days following its public debut as it dropped an additional 10% on Friday.

LATEST IPOS AND DIRECT LISTINGS:

• Netskope (NTSK) opened on September 18 at $23. The company priced its initial public offering of 47.8M shares at a public offering price of $19.00 per share. Netskope provides security and networking services for the cloud.
• StubHub (STUB) opened on September 17 at $25.35. The secondary ticketing marketplace for live events priced its initial public offering of 34M shares at a public offering price of $23.50 per share.
• Pattern Group (PTRN) opened on September 19 at $13.50. The company priced its initial public offering of 10.71M shares at a public offering price of $14.00. Pattern helps brands with their e-commerce growth, including advertising, content management, logistics and fulfillment, pricing, forecasting and customer service.
• Platinum Analytics (PLTS) opened on September 19 at $4.60. The software developer specializing in currency trading software development solutions priced its initial public offering of 2M shares at public offering price of $4.00.
• WaterBridge Infrastructure (WBI) opened on September 17 at $25.00. The company priced its initial public offering of 31.7M shares at a price to the public of $20.00. WaterBridge is a water infrastructure company with operations predominantly in the Delaware Basin.
• ChowChow Cloud (CHOW) opened on September 16 at $8.00. The technology company providing one-stop cloud solutions in Hong Kong priced of its initial public offering of 2.6M shares at a price of $4.00 per share.

RECENT SPAC IPOS:

• Galata Acquisition Corp. II (LATA) opened on September 19 at $10. The blank check company intends to focus on target businesses in the energy, financial technology, real estate, and technology sectors.
• Chenghe Acquisition III (CHEC) opened on September 16 at $10.00. The special purpose acquisition company intends to focus its search on growing companies in Asian markets or global companies with a presence or focus in Asia.

PERFORMANCE:
Prices as of 11.15 am ET on Monday, September 22

• Netskope – up over 6% at $16.28;
• StubHub – down almost 3% at $17.96;
• Pattern Group – down about 8% at $14.42;
• Platinum Analytics – up more than 23% at $8.80;
• WaterBridge Infrastructure – up almost 2% at $23.50;
• ChowChow Cloud – up over 13% at $5.60.

RECENT IPOS TO WATCH: Picard Medical (PMI), Eastern International (ELOG), GrowHub (TGHL), TryHard (THH), and Curanex (CURX) are 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 Lendbuzz (LBZZ), Alliance Laundry Systems (ALH), and Sea Forres (SFTI).

Click here to see upcoming IPO calendar on TipRanks.

• 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.