Heritage Distilling, Ming Shing and Dynamix made their public debut as the IPO market cools off ahead of Thanksgiving week in the U.S.
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LATEST IPOS AND DIRECT LISTINGS:
Heritage Distilling (CASK) opened on November 22 at $4. The craft distiller of premium brands, including whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails, had priced its initial public offering of 1,687,500 shares of common stock at an initial public offering price of $4.00 per share. The deal size was increased to 1.69M shares from 1.50M and priced below target range of $4.50-$5.50.
Ming Shing (MSW) opened on November 22 at $5.65. The Hong Kong-based company mainly engaged in wet trades works had priced its initial public offering of 1.5M ordinary shares at a public offering price of $5.50 per share.
Dynamix (DYNX) opened on November 21 at $9.97. The company had priced its initial public offering of 15M units at $10.00 per unit.
END OF THE WEEK PERFORMANCE:
- Heritage Distilling – $3.40;
- Ming Shing – $5.59;
- Dynamix – $9.96.
RECENT IPOS TO WATCH: Polyrizon (PLRZ) and Gelteq (GELS) 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 Pony AI (PONY), Infinity Natural Resources (INR), Basel Medical Group (BMGL), EPWK Holdings (EPWK), Fast Track Group (FTRK), Rivus, and ShipBob.
Click here to see upcoming IPO calendar on TipRanks.
Pony AI has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares. The company has applied to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol ” PONY.” Pony AI Inc. is a Cayman Islands holding company which does not have any substantive business operations by itself. In China, Pony AI Inc. conducts operations through its PRC subsidiaries. The prospectus filed with the SEC states: “Pony is a global leader in achieving large-scale commercialization of autonomous mobility… We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.”
Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its Class A common stock on the NYSE under the symbol “INR.” Infinity Natural Resources is an independent exploration & production company “dedicated to the Appalachian region.”
Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol “BMGL.” Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.
EPWK Holdings filed an initial public offering of 2.75M Class A ordinary shares. The company expects the initial public offering price will be between $4.00-$6.00 per Class A ordinary share, and has applied to list the shares on the Nasdaq Global Market under the symbol “EPWK.”
Fast Track Group filed for an initial public offering of 3M ordinary shares. It is currently estimated that the initial public offering price per share will be between $4.00-$5.00. The company has applied to list its shares on the Nasdaq Capital Market under the symbol “FTRK.”
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.
Rivus Pharmaceuticals, a drug developer focused on obesity treatments, is considering a US initial public offering as soon as 2024, Bloomberg’s Bailey Lipschultz reports, citing people familiar with the matter. The company is working with banks on a listing, said the people. Rivus, which counts RA Capital Management among its investors, may target raising more than $25M, one of the people said.
OTHER IPO NEWS: Design software company Canva has tapped Zoom Video’s (ZM) longtime finance boss Kelly Steckelberg as its CFO, filling a 10-month vacancy in which the company prioritizing naming an executive who had taken a rapidly-growing company public, The Information’s Cory Weinberg reports. Adobe (ADBE) is a notable publicly traded company in the design software space.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.