Opening Day: SoftBank-owned Arm jumps 20% in market debut

British chip designer Arm made its public debut on Thursday, with the shares jumping 10% right as the stock opened for trading and climbing 20% not long after. Arm’s was the most high-profile Nasdaq IPO in the last few years, with the market relatively quiet since the onset of the COVID pandemic.

LATEST IPOS AND DIRECT LISTINGS:

Arm (ARM), the chip designer owned by SoftBank Group (SFTBY), opened on September 14 at $56.10 after pricing 95.5M shares at $51.00. The deal priced at the high end of its $47.00-$51.00 range. Previously, Arm has said that Advanced Micro Devices (AMD), Apple (AAPL), Cadence Design Systems (CDNS), Google (GOOGL), Intel (INTC), MediaTek’s affiliated entities, Nvidia (NVDA), Samsung Electronics (SSNLF), Synopsys (SNPS) and TSMC Partners (TSM) – collectively, the “Cornerstone Investors” – have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $735M of the ADSs offered in this offering at the initial public offering price and on the same terms and conditions as the other purchasers in this offering.

Simpple (SPPL) opened on September 13 at $4.90. The company had priced 1.6M shares at $5.25, at the low end of the $5.25-$6.25 range. Simpple describes itself as “an advanced technology solution provider in the emerging property-technology, or ‘PropTech,’ space.”

RayzeBio (RYZB) opened on September 15 at $25 after having priced 17.28M shares at $18.00. The deal size was increased to 17.28M shares from 14.40M shares and priced at top end of $16.00-$18.00 range. RayzeBio is a targeted radiopharmaceutical company that says it is developing “an innovative pipeline against validated solid tumor targets” and believe it has “established a leadership position in the emerging radiopharmaceutical therapeutics modality.”

Neumora Therapeutics (NMRA) opened on September 15 at $16.50. The company priced 14.71M shares at $17.00, the  midpoint of the $16.00-$18.00 range. Neumora is a clinical-stage biopharmaceutical company that says it is “redefining neuroscience drug development.”

PERFORMANCE:

• Arm ended the week at $60.75.
• Simpple finished Friday at $4.89.
• RayzeBio closed its first day of trading at $24.
• Neumora finished Friday at $16.25.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Instacart (CART),
Pineapple Financial (PAPL), Rubrik, Richtech Robotics (RR), New Era, and Haoxi Health Technology (HAO).

Click here to see upcoming IPO calendar on TipRanks.

Maplebear, owner of Instacart, filed for an initial public offering on the Nasdaq under symbol “CART.” Instacart partners with more than 1,400 national, regional, and local retail banners across more than 80,000 stores that represent more than 85% of the U.S. grocery industry, the company said in a regulatory filing.

Instacart is targeting a valuation of roughly $8.6B to $9.3B in its imminent IPO, a fraction of what the grocery-delivery company was previously worth, in the latest sign of diminished investor enthusiasm for private growth companies, The Wall Street Journal’s Corrie Driebusch and Jaewon Kang report. Instacart is set to start marketing its long-anticipated initial public offering to investors as early as Monday, and plans to disclose the expected valuation range then, according to people familiar with the matter.

Pineapple Financial has filed with the SEC for an initial public offering of 875,000 shares. No public market currently exists for the company’s shares. Pineapple Financial anticipates that the initial public offering price of its common shares will be between $4-$6 per share.

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.

Richtech Robotics has filed with the SEC for an initial public offering of 3M shares of Class B common stock on a firm commitment basis. “Prior to this offering, there has been no public market for our Class B common stock. The initial public offering price per share is expected to be between $4.00 and $6.00. We have applied to list our Class B common stock on the Nasdaq Capital Market under the symbol “RR” and the listing of our Class B common stock on the Nasdaq Capital Market is a condition to the underwriters’ obligation to close. In addition to the offering by us, nine selling stockholders are offering an aggregate of 1,000,000 shares of Class B common stock, which they may sell at the initial public offering price of the underwritten offering until such time as our Class B common stock is listed on the Nasdaq Capital Market, at which time they may sell such shares from time to time at prevailing market prices or at negotiated prices,” the company stated in its IPO filing.

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.

Haoxi Health Technology filed for an initial public offering of 3M shares on the Nasdaq under symbol “HAO.” The company expects the IPO price to be in the range of $4.00 to $5.00 per share. Haoxi Health is online marketing solution provider in China, with an advertiser client base mainly in the healthcare industry.

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