Opening Day: Fenbo Holdings debuts in another slow week for IPOs

Fenbo Holdings made its trading debut on Thursday in another slow IPO week in the U.S. Entering the last month of 2023, the outlook for 2024 market debuts looks better, as it would be difficult to be any worse.

LATEST IPOS AND DIRECT LISTINGS:

Garden Stage Limited (GSIW), a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; and asset management services, priced its initial public offering of 2.5M ordinary shares at a public offering price of $4.00 per ordinary share. The ordinary shares have been approved for listing opened for trading on the Nasdaq Capital Market on December 1 at $4.45 per share under the ticker symbol “GSIW.”

Fenbo Holdings (FEBO) opened on November 30 at $4.99. The company had priced 1M shares at $5.00. The deal priced at the midpoint of a $4.00-$6.00 target range. Fenbo, a Cayman Islands holding company, produces personal care electric appliances, principally electrical hair styling products, and toy products to overseas markets.

Elevai Labs (ELAB) opened on November 21 at $4.00 per share. The medical aesthetic company specializing in physician-dispensed skincare had priced its initial public offering of 1.5M shares of common stock at a public offering price of $4.00 per share.

PERFORMANCE:

• Fenbo Holdings ended the week at $5.01.
• Elevai Labs finished Friday at $2.86.
• Garden Stage closed its first day of trading at $10.20.

RECENT IPOS TO WATCH: Globavend (GVH), Hamilton Insurance (HG), and Cargo Therapeutics (CRGX) 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 Panera Brands, Reddit, Lineage Logistics, Ibotta, Rubrik and New Era.

Click here to see upcoming IPO calendar on TipRanks.

Panera Brands, the casual dining group owned by investment group JAB, has filed confidential paperwork for an initial public offering in the U.S., according to people familiar with the matter, Financial Times’ Arash Massoudi, James Fontanella-Khan and Nicholas Megaw report. The group is aiming to go public next year, in the latest sign that the market for new openings could regain momentum after a two-year slowdown.

Reddit is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings, Bloomberg’s Amy Or, Ryan Gould, Katie Roof, and Gillian Tan report. The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said.

Lineage Logistics is targeting a valuation of more than $30B in an initial public offering, in what could be one of next year’s largest listings, Bloomberg’s Ryan Gould and Gillian Tan report, citing people familiar with the matter. The temperature-controlled storage and logistics giant and its advisers are talking to potential investors about supporting an IPO that may take place as soon as the first half of 2024, according to the people.

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.

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, and upcoming IPOs.