Opening Day: Webuy shares soar in market debut

Shares of e-commerce retailer Webuy soared in their trading debut after the IPO was priced at the low end of the $4.00-$4.50 per share range. The company said it expects to use the proceeds from its initial public offering for marketing, development and expansion of business, and working capital and general corporate purposes.
 

LATEST IPOS AND DIRECT LISTINGS:

Webuy (WBUY) opened on October 19 at $7.75. The company had priced 3.8M shares at $4.00. The deal size was increased to 3.8M shares from 3.5M shares and priced at the low end of the $4.00-$4.50 per share range. Webuy is a Southeast Asian community e-commerce retailer that says its mission is “to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient, cost-saving purchasing model.”

Urgently (ULY) opened on October 19 at $12. The U.S.-based leading provider of digital roadside and mobility assistance technology and services announced the closing of its acquisition of Otonomo Technologies. In addition, Urgently’s registration statement on Form S-1 has been declared effective by the U.S. Securities and Exchange Commission.

Northann (NCL) opened on October 19 at $5. The company specializing in 3D-printed flooring solutions had priced of its initial public offering of 1.2M shares at a public offering price of $5 per share. The offering is being conducted on a firm commitment basis.

Abivax SA (ABVX) opened on October 20 at $11.60 after having priced 20.3M American Depositary Shares at $11.60 in its initial public offering on the Nasdaq Global Market. The deal size was increased to 20.M shares of common stock from 18.7M shares of common stock. Morgan Stanley and Leerink acted as joint book running managers for the offering. Abivax is a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to modulate the immune response in patients with chronic inflammatory diseases. Abivax ordinary shares trade on Euronext in Paris.

Central Plains Bancshares (CPBI) completed its initial public offering and opened on October 20 at $8.25 as the bank holding company converts from a mutual organization to a publicly-traded company. The holding company for Home Federal Savings and Loan Association of Grand Island sold 4.13M shares of common stock for $10 per share.

PERFORMANCE:

• Webuy ended the week at $3.15.
• Urgently finished Friday at $5.32.
• Northann ended the week at $6.
• Abivax closed Friday trading in New York at $8.30.
• Central Plains Bancshares finished its first day as a publicly-traded company at $9.10.

RECENT IPOS TO WATCH:
Adlai Norty (ANL) and Syra Health (SYRA) 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 Invea Therapeutics (INAI), Triller (ILLR), Pineapple Financial (PAPL), Rubrik, Richtech Robotics (RR), and New Era.

Click here to see upcoming IPO calendar on TipRanks.

Invea Therapeutics has filed for an initial public offering and has applied to list its common stock on the Nasdaq Global Market under the symbol “INAI.” The filing lists BofA Securities, Citigroup and Truist Securities as joint book-running managers. The prospectus states, “We are a biotechnology company developing small molecule oral therapeutics for immune-mediated inflammatory diseases, or IMIDs. Our aim is to develop oral, safe and effective small molecule therapies that control inflammation, prevent tissue damage, improve quality of life and achieve long-term disease remission… We currently have two product candidates, INVA8001, which we plan to progress into Phase 2b of clinical development, and INVA8003, which is in early stage preclinical development. We believe that our product candidates, INVA8001 and INVA8003, if approved, can potentially transform the treatment of several IMIDs, such as atopic dermatitis, or AD, and chronic urticaria, or CU, which are characterized by limited or no available therapeutic options or patient populations that are unresponsive, partially responsive or develop resistance to currently available therapies.”

In a regulatory filing on Friday, 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.

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.

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