Opening Day: Signing Day Sports slides in public debut

Shares of Signing Day Sports, a platform that connects high school athletes with college coaches and recruiters, dropped about 60% in their market debut earlier this week. Shimmick didn’t fare much better, even after downsizing its IPO, as it opened below the proposed $10-$12 range.

LATEST IPOS AND DIRECT LISTINGS:

Signing Day Sports (SGN) opened on November 14 at $5. The developer of the Signing Day Sports app and platform service for high school athletes in the college recruitment process had priced its initial public offering of 1.2M shares of common stock at a price to the public of $5.00 per share.

Shimmick (SHIM) opened on November 14 at $7. The company had priced 3.575M shares at $7.00. The deal size was reduced to 3.575M shares of common stock from 4.55M shares of common stock and priced below the $10.00-$12.00 range.

DDC Enterprise (DDC) opened on November 17 at $8.50 per share after having priced 3.9M shares at $8.50. The deal size was reduced to 3.9M shares of common stock from 4.25M shares of common stock and priced below the $9.50-$11.50 range. DDC Enterprise is the parent company of DayDayCook, which describes itself as “a leading content-driven consumer brand offering easy, convenient ready-to-heat, ready-to-cook and ready-to-eat products” that focuses on “innovative and healthy meal solutions with a fast-growing omnichannel sales network in China and the U.S., and a through a strong online presence globally.”

Richtech Robotics (RR), a Nevada company and a provider of AI-driven service robots for the hospitality and healthcare industries, priced its upsized initial public offering of 2.1M shares of its Class B common stock at a price of $5.00 per share and began trading on November 17 on the Nasdaq Capital Market after opening at $5.00 per share. The offering was upsized from 2M shares.

SPAC IPOS THIS WEEK:

Global Lights Acquisition (GLAC) opened on November 14 at $10.18. The blanck check company intends to focus its search on a target that provides solutions promoting sustainable development and focuses on environmentally sound infrastructure and industrial applications that eliminate or mitigate greenhouse gas emissions, and/or enhance resilience to climate change.

PERFORMANCE:

• Signing Day Sports finished Friday at $1.60.
• Shimmick ended the week at $6.70.
• DDC Enterprise closed the week at $6.21.
• Richtech Robotics finished its first day of public trading at $5.25.

RECENT IPOS TO WATCH: Mach Natural Resources (MNR) and Alpha Technology (ATGL) 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 Zeeker (ZK), Ibotta, Triller (ILLR), Blue-Touch Holdings Group (BBHC), Alta Global (ALGG), Rubrik and New Era.

Click here to see upcoming IPO calendar on TipRanks.

Zeeker Intelligent Technology has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing ordinary shares. Concurrently with this offering, Geely Automobile Holdings Limited, or Geely Auto, the company’s controlling shareholder, will have the right to purchase ordinary shares to be issued by the company in a private placement, the filing noted. Goldman Sachs, Morgan Stanley, BofA Securities and CICC are underwriters for the offering.

Digital marketing software company Ibotta has tapped advisers to help it prepare for an initial public offering that could value it at $2B or more, Bloomberg‘s Amy Or, Ryan Gould, and Katie Roof report, citing people familiar with the matter. The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs (GS) and Citigroup (C), said the people. The listing is expected to take place next year, though the exact timing hasn’t been decided, the people added. Reference Link

In a recent regulatory filing, Triller reported having filed a prospectus with the SEC related to the registration of the resale of shares of its Class A common stock by its stockholders identified in the prospectus. “Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten by any investment bank. The Registered Stockholders may, or may not, elect to sell their shares of our Class A common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through ordinary brokerage transactions on the New York Stock Exchange, or ‘NYSE’… We will not receive any proceeds from the sale of shares of Class A common stock by the Registered Stockholders,” the filing stated.

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.

New Era Cap, a supplier of major U.S. sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4B to $5B, Reuters says, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB and NBA, has invited investment banks and law firms to pitch this month for roles in its stock market debut, the sources said.

Alta Global, an Australian public company, filed a firm commitment initial public offering of its ordinary shares in the United States. Currently, no public market in the United States exists for the ordinary shares. Upon completion of this offering, the company expects that the ordinary shares will trade on NYSE American under the symbol “ALGG.”

Blue-Touch Holdings has filed with the SEC for an initial public offering of the ordinary shares of the company and has reserved the symbol “BBCH” for purposes of listing the ordinary shares on the Nasdaq Capital Market. The prospectus states: “The company is an offshore holding company incorporated in the Cayman Islands. The company does not conduct any substantive operations on its own but instead conducts its business operations in China through the operating entity Fujian Blue-Touch Technology Co., Ltd. The operating entity commenced its operation in 2014 and is principally engaged in designing, developing, and selling baby skincare products and toiletries, as well as household cleaning products under the Blue-Touch brand. The company, through the operating entity, aims to become a leading provider of baby skincare products and toiletries in China.”

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