These are the upcoming IPOs (initial public offerings) for the week of July 15 to July 19, based on TipRanks’ IPO Calendar. An IPO refers to the public market debut of a private company. Following the IPO, the company’s shares become available for trade (sale/buy) on the stock exchange.
There are several advantages and disadvantages of a company going public. The plusses include gaining the ability to raise capital, greater liquidity, and improved brand recognition. On the other hand, a publicly traded company faces stringent financial reporting norms, is constantly in the public eye and answerable to shareholders, and experiences high costs related to maintaining compliance with regulatory requirements.
The IPO market is gaining more traction this year, with challenges such as elevated inflation and interest rates showing signs of moderation. As per data from Bloomberg, companies raised over $20 billion through IPOs in the first half of 2024, with more expected to join the IPO surge in the second half. With this background in mind, let’s look at the upcoming IPOs for this week.
ZenaTech, Inc.
ZenaTech is an American hardware and software solutions provider that supports various industries and organizations. ZenaTech caters to multiple sectors by providing business software solutions, including healthcare, education, finance, law, government, business, and the private sector. ZenaTech has several companies under its umbrella, including ZenaDrone, Pace+, WorkAware, Zinergy, and SystemView.
ZenaTech is expected to be listed on the Nasdaq Capital Market stock exchange under the ticker symbol “ZENA” on July 16, 2024. The company is set to issue 102,481,427 shares, resulting in $7.10 million in proceeds.
For ZenaTech, this is a resale of common stock by existing stockholders, which means ZenaTech will not receive any proceeds from the sale. The company will bear certain offering expenses for the listing.
Actuate Therapeutics, Inc.
Actuate Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for cancer diseases. Its lead product candidate, Elraglusib, is a novel glycogen synthase kinase-3β (GSK-3β) inhibitor that has shown massive potential to treat cancers, on its own or combined with other cancer therapies.
Actuate Therapies seeks to issue 5.56 million common shares on July 18 at an offering price range of between $8 and $10 apiece. The stock is expected to be listed on the NASDAQ Capital Market exchange under the ticker symbol “ACTU.”
The company intends to raise $52.4 million in net proceeds (considering full overallotment by underwriters) from the offering, at the midpoint price of $9 per share. The net proceeds will be used for ongoing research, development, and clinical trials of Elraglusib, as well as other working capital needs.
TWFG, Inc.
TWFG Inc. operates through TWFG Holding Company, LLC, and its subsidiaries, which provide personal and commercial insurance solutions. Following the IPO, TWFG Inc. will hold 24.2% of the outstanding LLC units of TWFG Holding Company, LLC, while the remaining 75.8% will be held by the pre-IPO LLC Members.
TWFG, Inc. seeks to list its Class A common stock on the Nasdaq Global Select Market exchange on the estimated date of July 18, under the ticker symbol “TWFG.” The company is set to issue 11 million shares of Class A common stock at an offering price range of between $14 and $16 per share.
The company hopes to raise $177.4 million in net proceeds (assuming full overallotment by underwriters) from the offering, at the midpoint price of $15 per share. TWFG intends to use the proceeds to purchase additional newly issued LLC units of TWFG Holding Company, LLC, based on certain conditions. Furthermore, it plans to use the proceeds to cover offering fees, repay outstanding debt, and potentially fund strategic acquisitions and technology investments.
Ardent Health Partners, LLC
Ardent Health Partners is a healthcare services provider in the U.S. Following the IPO, the company will be incorporated as Ardent Health Partners, Inc.
Ardent seeks to issue 14.3 million shares of its common stock on the New York Stock Exchange, on the estimated date of July 18, under the symbol “ARDT.” The shares are priced between $20 and $22 each.
Ardent expects to raise $316.9 million in net proceeds (considering full overallotment by underwriters) at the midpoint of the price band of $21 per share. The company intends to use the proceeds toward working capital requirements, the acquisition of complementary businesses or technologies, and general corporate purposes.
