Logistics services company Armlogi, beauty appliance supplier Raytech and Chinese education support services provider Jiade opened for trading this week.
LATEST IPOS AND DIRECT LISTINGS:
Jiade (JDZG) opened on May 15th at $4.80. The company, which says it specializes in “providing one-stop comprehensive education supporting services to adult education institutions,” primarily offered through the Kebiao Technology Educational Administration Platform, had priced its initial public offering of 2M ordinary shares at a public offering price of $4.00 per ordinary share.
Raytech (RAY) opened on May 15th at $5.05. The Hong Kong-headquartered company that specializes in design, sourcing and wholesale of personal care electrical appliances for international brand owners, priced 1.5M shares at $4.00 per share.
Armlogi Holding (BTOC) opened on May 14th at $5. The company had priced 1.6M shares at $5.00 per share. Armlogi is a U.S.-based warehousing and logistics service provider that offers supply-chain solutions related to warehouse management and order fulfillment. The company says it “caters to cross-border e-commerce merchants looking to establish overseas warehouses in the U.S. market.”
RECENT SPAC IPOS:
- RF Acquisition Corp II (RFAI) opened on May 17th at $10.07. The blank check company has not selected any specific business combination target.
END OF THE WEEK PERFORMANCE:
- Jiade – $11.68;
- Raytech – $4.19;
- Armlogi Holding – $4.93.
RECENT IPOS TO WATCH: Rubrik (RBRK), Marex Group (MRX), Loar Holdings (LOAR), Neo-Concept (NCI), YY Group (YYGH), and CleanCore Solutions (ZONE) 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 ShipBob, Lirum Therapeutics (LRTX), Lakeside Holding (LSH), Origin Life Sciences (OLSI), and StubHub.
Click here to see upcoming IPO calendar on TipRanks.
ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.
Lirum Therapeutics filed for an initial public offering of 2.27M shares of common stock. Prior to this offering, there has been no public market for its common stock. Lirum Therapeutics anticipates that the initial public offering price of its shares will be between $10.00-$12.00. The company has applied to have its common stock listed on the Nasdaq Capital Market under the symbol “LRTX”, and the closing of this offering is contingent upon such listing.
Lakeside Holding filed for an initial public offering of 1.25M shares of common stock with an estimated offering price of $4.00 and $5.00 per share. The company said it aspires “to become a U.S.-backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability.” Lakeside is a U.S.-based cross-border supply chain solution provider with a focus on the Asian market including China and South Korea. For the fiscal years ended June 30, 2022 and 2023 and the six months ended December 31, 2022 and 2023, the company’s revenues amounted to $9.6M, $12.9M, $5.5M and $9.1M respectively, and its gross profit amounted to $1.8M, $2.6M, $1.2M and $1.7M during the same periods, respectively.
Origin Life Sciences said it is offering 1.875M shares its our common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol “OLSI.” Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. “The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections,” the company said in a regulatory filing.
Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information‘s Cory Weinberg. StubHub has more than $2B in debt, which is “many times its estimated profits,” so the company will test investors’ appetite for companies with strained balance sheets while StubHub has “ambitious hopes for the valuation it would achieve,” further complicating matters, the report noted. The company would prefer to be valued in line with the $16.5B valuation at which it raised money during the boom of late 2021 and could call off the public listing plans if it can’t get close to that number, the sources indicated.
OTHER IPO NEWS: Healthcare-payments company Waystar is eyeing an initial public offering in early June, The Wall Street Journal’s Corrie Driebusch and Laura Cooper report, citing people familiar with the matter. The company, backed by private-equity firm EQT (EQT) originally hoped to initiate an IPO late last year but pushed off those plans due to choppy markets. It now expects to launch its roadshow pitch to investors later this month and make its stock-market debut in early June, the authors say.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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