Opening Day: Smith Douglas valued at $1.21B in strong debut

Smith Douglas valued at $1.21B following a strong debut on Thursday as the stock jumped almost 12% in its first trading day.  

LATEST IPOS AND DIRECT LISTINGS:

Roma Green Finance (ROMA) opened on January 9 at $10. The company had priced it public offering of 2,449,943 of its ordinary shares at a public offering price of $4.00 per share. Additionally, in connection with the initial public offering, a selling shareholder is selling 625,517 ordinary shares at $4.00 per share. Roma Green Finance will not receive any of the proceeds from the sale by the selling shareholder. The company, which is based in Hong Kong, is principally engaged in the provision of ESG, corporate governance and risk management as well as sustainability and climate change related advisory services.

Smith Douglas Homes (SDHC) opened on January 11 at $23.50. The company, which identifies itself as “one of the nation’s fastest growing private homebuilders by number of closings,” had priced its initial public offering of 7,692,308 shares of its Class A common stock at a price to the public of $21.00 per share. The deal priced at the high-end of the $18.00-$21.00 range. Smith Douglas communities are primarily targeted to entry-level and empty-nest homebuyers looking to purchase a new home priced below the FHA loan limit in the metro areas of Atlanta, Birmingham, Charlotte, Houston, Huntsville, Nashville, and Raleigh.

Silynxcom (SYNX) opened on January 12 at $3.99. The company, a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, had priced its initial public offering of 1.25M ordinary shares at a price to the public of $4.00 per share. The deal size was increased to 1.25M shares of common stock from 1.075M shares of common stock and priced at the bottom of the $4.00-$6.00 range. The company intends to use the proceeds for marketing, business development, research and development, working capital and general corporate purposes.

PERFORMANCE:

• Roma Green Finance ended the week at $4.03.
• Smith Douglas Homes finished Friday at $9.96.
• Silynxcom ended the week at $3.61.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Key Mining (KMCM), Auna (AUNA), Amer Sports (AS), Going International (GIT), Rubrik and New Era.

Click here to see upcoming IPO calendar on TipRanks.

Key Mining Corp., which previously had filed related to an offering of shares of its common stock in an initial public offering and said it had applied to list its common stock on the Nasdaq Capital Market under the trading symbol “KMCM,” stated in an amended filing that it has applied to list its common stock on the NYSE American under the trading symbol “KMCM.” “No assurance can be given that our application will be approved. If our common stock is not approved for listing on the NYSE American, we will not consummate this offering,” the filing noted. Titan Partners Group is acting as the book-running manager for the offering.

The filing states, “We are an exploration stage mining company focused primarily on the development of two projects, both of which are located in the Atacama Region, also known as Region III, of the Republic of Chile. Our Cerro Blanco project, or the Cerro Blanco Project, is focused primarily on exploring for rutile from which high grade titanium dioxide, or TiO2, can be processed. Our Fiel Rosita project, or the Fiel Rosita Project, is focused primarily on exploring for copper, and to a lesser extent, zinc.”

Auna S.A. has filed with the SEC for a planned initial public offering and applied to have the class A shares listed on the New York Stock Exchange under the symbol “AUNA.” The prospectus filed with the SEC states in part that, “Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America. We operate hospitals and clinics in Mexico, Peru and Colombia, provide prepaid healthcare plans in Peru and provide dental and vision plans in Mexico.”

Amer Sports announced it has publicly filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Amer owns sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic. The company, whose vision “is to be the global leader in premium sports and outdoor brands,” has over 10,800 employees globally, operations in 41 countries, and its revenue in 2022 was $3.5B.

Going International Holding Company Limited has filed with the SEC for an initial public offering. The prospectus states that, “Investors in our ordinary shares are not purchasing equity securities of our subsidiaries that have substantive business operations in China but instead are purchasing equity securities of a Cayman Islands holding company. Going International Holding Company Limited is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries in China… We specialize in offering high-performance back-testing solutions to the financial community, particularly those engaged in quantitative trading strategies development and related services. Our back-testing services include cloud-based SaaS solutions, as well as customized back-testing system development. Additionally, we cater to the needs of small and medium-sized enterprises by offering enterprise management SaaS solutions.”

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.

OTHER IPO NEWS: The Securities and Exchange Commission has yet to respond in writing to China-founded Shein, which is now based in Singapore, two months after the fast-fashion retailer confidentially filed for a U.S. initial public offering, though the reasons for the SEC’s silence aren’t clear and the delay is “highly unusual,” said The Wall Street Journal’s Shen Lu, Corrie Driebusch and Rebecca Feng, citing sources. Shein’s application represents the first big test of how U.S. and Chinese regulators will view a U.S. listing of a high-profile company with roots in China since the ill-fated IPO of ride-hailing giant Didi Global in 2021, the report noted. Other U.S.-listed companies with roots or primary operations in China include Alibaba (BABA), JD.com (JD), Baidu (BIDU) and PPD (PPD).

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