Property tech startup Ohmyhome started trading on the Nasdaq on Tuesday, making it the first company headquartered in Singapore to list in the U.S. in 2023. According to the company’s filing with the Securities and Exchange Commission, Ohmyhome plans to allocate 30% of its proceeds to expand in the Southeast Asian region, 10% to the research and development of its products and another 10% to repaying loans.
LATEST IPOS AND DIRECT LISTINGS:
CBL International (BANL) opened on March 23 at $4.21. The marine fuel logistic company currently focusing on the Asia Pacific region had priced its initial public offering of 3.325M shares at a price to public of $4.
Ohmyhome (OMH) opened on March 21 at $3.80. Ohmyhome identifies itself as "a data-driven property technology company based in Singapore," and had priced its initial public offering of 3.775M ordinary shares at a price of $4.00 per share.
Mangoceuticals (MGRX) opened on March 21 at $4.20. Mangoceuticals, or MangoRx, is focused on developing, marketing and selling a variety of men’s health and wellness products via a secure telemedicine platform, including its uniquely formulated erectile dysfunction, or ED, drug branded "Mango."
SPAC IPOS THIS WEEK:
Oak Woods Acquisition (OAKUO) opened on March 24 at $10.19 after having priced its initial public offering of 5M units at $10.00 per unit. Oak Woods intends to focus on businesses that have primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region.
PERFORMANCE:
- CBL International ended the week at $4.41.
- Ohmyhome finished Friday at $4.29.
- Mangoceuticals ended the week at $2.48.
RECENT IPOS TO WATCH:
Beamr Imaging (BMR) is 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 Cortigent, CCSC Technology (CCTG), Stripe, Harden Technologies (HARD), and Zeekr.
Click here to see upcoming IPO calendar on TipRanks.
Vivani Medical (VANI) announced the filing of a Registration Statement on Form S-1 with the U.S. SEC for the proposed initial public offering of Cortigent. Cortigent, currently a wholly-owned subsidiary of Vivani, was formed for the purpose of advancing the business of Vivani’s neuromodulation division and will continue to be controlled by Vivani following the initial public offering.
CCSC Technology has filed with the SEC for an initial public offering of its ordinary shares. The company said it expects the initial public offering price to be in the range of $4.00 to $6.00 per ordinary share and that it has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "CCTG." The prospectus filed with the SEC states in part, "We are a holding company incorporated in the Cayman Islands. As a holding company with no material operations of its own, we conduct our operations through our operating subsidiaries established in Hong Kong, mainland China, and the Netherlands, primarily in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses. As of the date of this prospectus, we have a diversified global customer base located in more than 25 countries throughout Asia, Europe and the Americas… We produce both OEM, or ‘original equipment manufacturer,’ and ODM, or ‘original design manufacture, interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services, or ‘EMS,’ companies, who procure and assemble products on behalf of such manufacturing companies. OEM products refer to products we manufacture based on design and specifications provided by customers, while ODM products refer to those products that we design, develop and manufacture based on the specifications provided by customers."
Stripe told employees that it has hired Goldman Sachs and JPMorgan to take it public or allow employees to sell stock within the next year, The Information’s Cory Weinberg and Becky Peterson have reported. The company is considering both a direct listing and a private-market transaction that would give employees liquidity in the next 12 months, according to an email viewed by The Information.
Stripe, trying to raise a huge sum of money from investors, has tried to craft "a compelling pitch" that it is growing faster this year than some of the biggest names in tech, has many more potential lines of revenue than just its core payments business and that it is grabbing loads of customers focused on artificial intelligence, The Information’s Kate Clark and Cory Weinberg reported this week. Stripe’s confidential pitch deck to investors, viewed by The Information, "shows how the company is trying to convince them to overlook a sharp slowdown in revenue last year," the latest report added.
Harden Technologies has filed with the SEC for initial public offering of 2.5M ordinary shares and said it expects the initial public offering price will be between $5.00 to $7.00 per ordinary share. The company has applied for approval of the listing of its ordinary shares on the Nasdaq Capital Market and has reserved the symbol "HARD" for such listing for the ordinary shares. The prospectus states, "Harden is a waste management and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines."
Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), has confidentially filed for a U.S. initial public offering that values the company at more than $10B, reports Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. "The plans come as the brand, which competes with Tesla (TSLA) and Chinese peer Nio (NIO), sets its sights on marketing its 001 crossover" in Europe for 2023, added the Reuters story.
Opening Day" is The Fly’s recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
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