Shares of the operator of post-acute care facilities Pacs Group rose almost 10% in their trading debut following an upsized initial public offering. Meanwhile, the upcoming week will be a big one for recent high-profile dealmakers Reddit and Astera Labs as Monday marks the first business day after a customary 25-day quiet period for firms that participated in the IPOs. Investors can expects initiations of the social media network operator and semiconductor connectivity company from analysts at Wall Street firms that took part in their IPOs. Reddit made its public debut on March 21, a day after Astera’s first session.
LATEST IPOS AND DIRECT LISTINGS:
Pacs Group (PACS) opened on April 11th at $23. The company priced 21.4M shares at $21.00. The deal size was increased to 21.4M shares from 19.05M shares and priced within the $20.00-$22.00 range. PACS is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. PACS identifies itself as “one of the largest post-acute platforms in the United States,” reporting that its independent subsidiaries operate over 200 post-acute care facilities across nine states serving over 20,000 patients daily.
Mobile-health Network Solutions (MNDR) opened on April 10th at $4.79. The company had priced 2.25M shares at $4.00. The deal range was $4.00-$5.00. Mobile-health Network Solutions is a telehealth solutions provider in Singapore that provides services on its “MaNaDr” platform, which is accessible via a mobile application and website.
UL Solutions (ULS) opened on April 12 at $34.23. The company hadpriced 33.8M shares at $28.00. The deal size was increased to 33.8M shares of common stock from 28M shares of common stock and the range was $26.00-$29.00. UL Solutions, which refers to itself as “a global leader in applied safety science,” delivers testing, inspection and certification services, together with software products and advisory offerings.
END OF THE WEEK PERFORMANCE:
- Pacs Group – $24;
- Mobile-health Network Solutions – $15;
- UL Solutions – $34.94.
RECENT IPOS TO WATCH: Reddit (RDDT), Astera Labs (ALAB), Lobo EV (LOBO) and Intellient Group (INTJ) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.
UPCOMING IPOS: Upcoming IPO and direct listings expected include Lakeside Holding (LSH), Viking Holdings (VIK), Springview (SPHL), Origin Life Sciences (OLSI), StubHub, Rubrik and Key Mining (KMCM).
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 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.
Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information‘s Cory Weinberg. StubHub has more than $2B in debt, which is “many times its estimated profits,” so the company will test investors’ appetite for companies with strained balance sheets while StubHub has “ambitious hopes for the valuation it would achieve,” further complicating matters, the report noted. The company would prefer to be valued in line with the $16.5B valuation at which it raised money during the boom of late 2021 and could call off the public listing plans if it can’t get close to that number, the sources indicated.
Spanish fragrance, skincare and fashion conglomerate Puig, which is behind brands such as Jean Paul Gaultier and Rabanne, is targeting a valuation of roughly $15B in a planned IPO in Spain, people familiar with the matter told The Wall Street Journal‘s Ben Dummett and Corrie Driebusch. Puig announced plans for an initial public offering earlier this month, but didn’t give a target valuation or say how much stock would be sold, noted The Wall Street Journal, which previously reported that Puig and existing investors plan to raise $3.25B or more in what would be the largest IPO globally so far this year.
Key Mining reduced the size of its initial public offering to 4.44M shares from 7.5M. The company estimates that the initial public offering price per share will be $2.25. EF Hutton is the sole book-running manager for the offering. Key Mining is an exploration stage mining company focused primarily on the development of two projects, both of which are located in the Atacama Region of the Republic of Chile.
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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