Opening Day: Cross-border logistics provider Globavend debuts in quiet week

Shares of cross-border logistics provider Globavend opened for trading on Wednesday. A clinical-stage biotechnology company working on potentially curative cell therapies for cancer and an insurance company also opened up to close out another quiet week for IPOs in the U.S.

LATEST IPOS AND DIRECT LISTINGS:

Globavend (GVH) opened on November 8 at $4.29. The company had priced 1.5M shares at $4.00. The deal size was reduced to 1.5M ordinary shares from 1.875M ordinary shares and priced at low end of $4.00-$5.00 range. Globavend is an emerging e-commerce logistics provider offering end-to-end logistics solution in Hong Kong, Australia and New Zealand.

Hamilton Insurance (HG) opened on November 10 at $15.25. The company priced 15M shares at $15.00, below the $16.00-$18.00 range. The insurance company had about $1.6 billion of gross premiums written in 2022.

Cargo Therapeutics (CRGX), a clinical-stage biotechnology company looking to advance next generation, potentially curative cell therapies for cancer patients, opened on November 10 at $15.45 per share. The company had priced its initial public offering of 18.75M shares at a public offering price of $15.00 per share, at the low-end of the $15.00-$17.00 range.

SPAC IPOS THIS WEEK:

AI Transportation Acquisition (AITR) opened on November 9 at $10.10. The blank check company intends to use the net proceeds to acquire a business focused in the AI transportation industry, specifically on logistics, new energy vehicles, smart parking, on-board chips, AI algorithms, automotive services, and other types of “intelligent transportation.”

Agriculture & Natural Solutions Acquisition (ANSC) opened on November 9 at $10.05. The blank check company intends to focus its search for a target whose principal effort is developing and advancing a platform that decarbonizes the traditional agriculture sector and enhances natural capital at scale.

PERFORMANCE:

• Globavend ended the week at $1.89.
• Hamilton Insurance finished Friday at $15.
• Cargo Therapeutics ended the week at $14.54.

RECENT IPOS TO WATCH: Webuy (WBUY), Urgently (ULY), Northann (NCL), Abivax SA (ABVX), and Central Plains Bancshares (CPBI),  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 Zeeker (ZK), QMIS TBS (QMIX), Ibotta, Silynxcom (SYNX), Triller (ILLR), Rubrik, and New Era.

Click here to see upcoming IPO calendar on TipRanks.

Zeeker Intelligent Technology has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing ordinary shares. Concurrently with this offering, Geely Automobile Holdings Limited, or Geely Auto, the company’s controlling shareholder, will have the right to purchase ordinary shares to be issued by the company in a private placement, the filing noted. Goldman Sachs, Morgan Stanley, BofA Securities and CICC are underwriters for the offering.

QMIS TBS Capital Group, a diversified services company engaged in independent advisory and brokerage services, venture capital, investment research, investment banking, clean energy and biomedical devices primarily through its wholly owned subsidiaries in Hong Kong and Malaysia, has filed with the SEC for an initial public offering of common stock. The company has reserved the symbol “QMIX” for purposes of listing its common stock on the Nasdaq Capital Market. For the years ended December 31, 2022 and 2021, its total revenue amounted to approximately $1,261,771, and approximately $4,386,915, respectively, the IPO filing states.

Digital marketing software company Ibotta has tapped advisers to help it prepare for an initial public offering that could value it at $2B or more, Bloomberg’s Amy Or, Ryan Gould, and Katie Roof report, citing people familiar with the matter. The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs (GS) and Citigroup (C), said the people. The listing is expected to take place next year, though the exact timing hasn’t been decided, the people added.

Silynxcom filed with the SEC for an initial public offering of Silynxcom Ltd, via which the company is offering 2M ordinary shares of its ordinary shares. The company anticipates that the initial public offering price of its shares will be between $4.00 and $6.00.

In a recent regulatory filing, 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.

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.

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