Opening Day: Ingram Micro returns to trading in busy week

Ingram Micro and its private equity owner, Platinum Equity, sold 18.6M shares at $22 each as the technology distributor returned to public trading in a busy week for the IPO market.

LATEST IPOS AND DIRECT LISTINGS:

Ingram Micro (INGM) opened on October 24 at $25.28. The company had priced 18.6M shares at $22.00. The deal size was increased to 18.6M shares from 11.6M and priced inside the $20.00-$23.00 range. Ingram Micro describes itself as “one of the world’s largest technology distributors by revenue and/or by global footprint,” with more than 1,500 vendor partners to a broad array of customers, operations in 57 countries and 134 logistics and service centers worldwide.

WeRide (WRD) opened on October 25 at $15.50. The company had priced 7.74M American depositary shares, or ADSs, at $15.50. The deal size was increased to 7.74M shares of common stock from 6.45M shares of common stock and priced at the low-end of the $15.50-$18.50 range. WeRide describes itself as “a global leader and a first mover in the autonomous driving industry” whose WeRide One platform provides autonomous driving products and services from L2 to L4.

Septerna (SEPN) opened on October 25 at $23.50. The company had  priced 16M shares at $18.00. The deal size was increased to 16M shares of common stock from 15.27M shares of common stock and priced at the upwardly revised price of $18.00. Septerna is a clinical-stage biotechnology company that says it is “pioneering a new era” of G protein-coupled receptor, or GPCR, oral small molecule drug discovery. The company’s pipeline of product candidates is focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases.

SAG Holdings (SAG) opened on October 23 at $6.01. The Singapore-based provider of Original Equipment Manufacturer, third-party branded and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines had priced its initial public offering of 875K ordinary shares at a price of $8.00 per share to the public. The deal size was reduced to 875K shares of common stock from 1M shares of common stock.

Synergy CHC (SNYR) opened on October 23 at $9 after Nasdaq uplisting. The provider of consumer health care, beauty, and lifestyle products had priced its initial public offering of 1.15M shares of its common stock at $9.00 per share. Synergy’s current brand portfolio consists of two “marquee brands,” FOCUSfactor, a clinically-tested brain health supplement, and Flat Tummy, a lifestyle and wellness brand that provides a suite of nutritional products to help women achieve their weight management goals, the company notes. The company’s stock previously had been listed on the OTC markets.

High Roller Technologies (ROLR) opened on October 23 at $7.00. The operator of online gaming sites www.HighRoller.com and www.Fruta.com had priced its initial public offering of 1.25M shares of common stock at a public offering price of $8.00.

FB Bancorp (FBLA) opened on October 23 at $12.25 after bank’s conversion. The  proposed holding company for Fidelity Bank had previously announced that all regulatory approvals have been received to complete the bank’s conversion from the mutual form of organization to the stock form of organization and the company’s related initial public offering and that the bank’s members approved the transaction at a Special Meeting of Members held on Oct. 9.

Founder Group (FGL) opened on October 23 at $5. The pure-play, end-to-end engineering, procurement, construction and commissioning, or EPCC, solutions provider for solar PV facilities in Malaysia had priced its initial public offering of an aggregate 1,218,750 ordinary shares at a public offering price of $4.00 per share.

Li Bang (LBGJ) opened on October 23 at $4.70. The company engaged in designing, developing, producing, and selling stainless steel commercial kitchen equipment in China had priced its initial public offering of 1.52M shares at a public offering price of $4.00.

Huhutech (HUHU) opened on October 23 at $4. The professional provider of factory facility management and monitoring systems had priced its initial public offering of 1.05M ordinary shares at a public offering price of $4.00 per ordinary share.

RECENT SPAC IPOS:

Charlton Aria Acquisition (CHAR) opened on October 24 at $9.95. The blank check company intends to focus on industries that “complement the management team’s and board of director’s background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business.”

Bold Eagle Acquisition (BEAG) opened on October 24 at $9.96. The blank check company intends to “capitalize on the ability of its management team to identify and combine with a business or businesses that can benefit from its management team’s established global relationships and operating experience.”

Oaktree Acquisition III Life Sciences (OACC) opened on October 24 at $10.

Aldel Financial II (ALDF) opened on October 22 at $9.99.

END OF THE WEEK PERFORMANCE:

1. Ingram Micro – $24.25;
2. SAG Holdings – $6;
3. Synergy CHC – $8.40;
4. High Roller Technologies – $7.75;
5. FB Bancorp – $11.66;
6. Founder Group – $3.42;
7. Li Bang – $3.81;
8. Huhutech – $4.12.

RECENT IPOS TO WATCH: BingEx (FLX), Chain Bridge Bancorp (CBNA), StandardAero (SARO), FrontView REIT (FVR), Wellchange (WCT), ZenaTEch (ZENA), and HomesToLife (HTLM) 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), Upstream Bio (UPB), Basel Medical Group (BMGL), 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.

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. 

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