Opening Day: Polyrizon, Gelteq debut in quiet IPO week

Polyrizon and Gelteq made their public debut on Tuesday in a quiet Halloween week for the IPO market.

LATEST IPOS AND DIRECT LISTINGS:

Polyrizon (PLRZ) opened on October 29 at $1.64. The company had priced 958,903 units at a combined public offering price of $4.38 per unit, with each unit each consisting of one ordinary share and three warrants to purchase one ordinary share per warrant, with an initial exercise price of $4.38 per share. Polyrizon is a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which the company says “form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue.”

Gelteq (GELS) opened on October 29 at $4.00. The biotechnology company that specializes in the formulation, development, and manufacturing of ingestible gel technology had priced its initial public offering of 1.3M ordinary shares at a price of $4.00 per share.

END OF THE WEEK PERFORMANCE:

• Polyrizon – $1.17;
• Gelteq – $2.48.

RECENT IPOS TO WATCH: Camp4 Therapeutics (CAMP), Ceribell (CBLL), Upstream Bio (UPB), Star Fashion Culture Holdings (STFS), Sky Quarry (SKYQ), KinderCare Learning (KLC), Click Holdings (CLIK), and SKK Holdings (SKK) 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), 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.