Opening Day: Smart Digital, Yuanbao make debuts

In a busy SPAC week, digital marketing service provider Smart Digital and online distributor of insurance policies Yuanbao opened for trading.

LATEST IPOS AND DIRECT LISTINGS:

Smart Digital (SDM) opened on May 2 at $5.45. The digital marketing service provider in Singapore announced the pricing of its initial public offering of 1.5M ordinary shares at a public offering price of $4.00 per share.

Yuanbao (YB) opened on April 30 at $21.66. The online distributor of insurance policies in China raised $30M by offering 2M American depositary shares at $15, at the high end of the range of $13-$15.

RECENT SPAC IPOS:

Gores Holdings X (GTEN) opened on May 2 at $10.10. The blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, priced its initial public offering of 31.2M units at a price of $10.00 per unit.

Cantor Equity Partners II (CEPT) opened on May 2 at $11.00. The blank check company intends to focus on a target in an industry where the company’s “management teams’ and affiliates’ expertise will provide the Company with a competitive advantage, including the financial services, healthcare, real estate services, technology and software industries.”

Syndicate Cartesian Growth Corporation III (CGTU) opened on May 2 at $10.07. The blank check company’s acquisition strategy is to “identify and combine with an established high-growth company that can benefit from both a constructive combination and continued value-creation by the Company’s management.”

Republic Digital Acquisition (RDAG) opened on May 1 at $10.15. The blank check company may pursue an acquisition opportunity in any business or industry but expects to focus on a target in fintech, software and cryptocurrency industries.

Copley Acquisition (COPL) opened on May 1 at $10.02. The blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses. It intends to focus its search for businesses in either the technology or lifestyle sectors.

Berto Acquisition (TACO) opened on April 30 at $10.10. The ninth special purpose acquisition company sponsored by Harry You had priced its initial public offering of 26.1M units at $10.00 per unit.  The company may pursue an acquisition opportunity in any industry or sector, it will be examining opportunities in artificial intelligence as well as in the “rapidly growing wellness, longevity and aesthetics areas.”

Lakeshore Acquisition III (LCCC) opened on April 30 at $10.02. The blank check company incorporated in the Cayman Islands as an exempted company had priced its initial public offering of 6M units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share and one right to receive one-sixth of one ordinary share upon the consummation of an initial business combination.

Real Asset Acquisition (RAAQ) opened on April 29 at $10.05. While the company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the quantum computing, metals/mining, rare earth and infrastructure sectors.

Digital Asset Acquisition (DAAQ) opened on April 29 at $10.07. While the company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the digital asset and cryptocurrency sectors.

END OF THE WEEK PERFORMANCE:

• Smart Digital – up almost 54% at $6.15;
• Yuanbao – fractionally up at $15.03.

RECENT IPOS TO WATCH: Masterbeef (MB), Cuprina Holdings (CUPR), Aether (ATHR), iO Three (IOTR), and FatPiper (FATN) 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 American Integrity (AII), JiaLian Technologies (JLCN), Circle (CRCL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

American Integrity Insurance has filed with the SEC for an initial public offering of its common stock and applied to list its common stock on the New York Stock Exchange under the symbol “AII.” The prospectus states in part, “We are a profitable and growing insurance group headquartered in Tampa, Florida. Through our insurance carrier subsidiary, American Integrity Insurance Company of Florida, Inc., we provide personal residential property insurance for single-family homeowners and condominium owners as well as coverage for vacant dwellings and investment properties, predominantly in Florida.”

JiaLian Technologies has filed with the SEC for a planned initial public offering. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol “JLCN.” The prospectus states, “We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers… We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle.”

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol “CRCL.” The company’s prospectus filed with SEC states, “As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively.”

Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”

OTHER NOTABLE NEWS: Ripple has proposed a takeover of rival stablecoin provider Circle Internet Group for $4B-$5B, but that bid that was rejected as too low, people familiar with the matter told Bloomberg‘s Matthew Monks and Ryan Gould. Ripple remains interested in Circle, but hasn’t decided whether to make another offer, said the sources. Circle is focused on following through on an initial public offering that it filed for earlier this month, with a spokesperson for Circle having stated: “We do not comment on market rumors. As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.”

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