These are the upcoming IPOs (initial public offerings) for the week of July 22 to July 26, 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.
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There are several advantages and disadvantages of a company going public. The positives 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. According to Bloomberg, companies raised over $20 billion through IPOs in the first half of 2024, with more firms expected to join the IPO market’s revival in the second half. With this background in mind, let’s look at the upcoming IPOs for this week.
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 2.78 million common shares on the estimated date of July 24, at an offering price 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 $25.3 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.
OneStream, Inc.
OneStream is an enterprise finance platform that unifies financial and operational data, backed by the power of AI (artificial intelligence). The company’s platform is specifically targeted at empowering CFOs to become vital drivers of their enterprises’ business strategies and executions.
OneStream is offering 24.5 million shares of its Class A common stock for an offering price in the range of $17 to $19 apiece. Of the total shares, 18.05 million mark a fresh issue of common shares and the remaining 6.45 million will be offered by existing stockholders. The shares are expected to be listed on the Nasdaq Global Select Market exchange under the ticker symbol “OS” on the estimated date of July 24.
OneStream expects to raise $362.6 million in net proceeds from the fresh offering (considering full over-allotment by underwriters), assuming the midpoint price of $18 per share. The company intends to use a part of the net proceeds from the sale of 15,048,296 shares, to purchase an equal number of newly issued LLC Units of OneStream Software LLC. Plus, the net proceeds from the sale of an additional 3,006,037 shares will be used to purchase an equal number of issued and outstanding LLC Units from KKR (KKR) and certain other continuing members in a “synthetic secondary” transaction.
Concentra Group Holdings Parent, Inc.
Concentra Group Holdings Parent is one of the largest providers of occupational medicine, urgent care, physical therapy, drug screening, and physical exams in the U.S. The company currently operates through 540 medical centers and 140 onsite clinics at employer locations, and
telemedicine for work-related illnesses and injuries.
Concentra Group is a wholly owned subsidiary of Select Medical Holdings Corporation (SEM) and was spun off for the purpose of the listing. Concentra is offering 22.5 million of its common stock, of which roughly 80.09% will be held by Select Medical and the remaining will be available for common shareholders. By virtue of this arrangement, Concentra will remain a “controlled company.”
Concentra seeks to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol “CON” at a price band of $23 to $26 per share. The initial listing is expected to be done on July 25. Concentra intends to use the net proceeds to repay $470 million of the intercompany note held by SMC and another $43.6 million of the principal amount of a promissory note issued to SMC as a dividend immediately prior to the completion of this offering.
Lineage, Inc.
Lineage operates one of the world’s largest temperature-controlled warehouse REITs (real estate investment trusts). Its facilities, located across North America, Europe, and Asia-Pacific, offer end-to-end supply chain solutions and technology. Lineage’s services enable producers, retailers, and distributors to increase distribution efficiency, advance sustainability, and minimize supply chain waste.
Lineage is offering 47 million common shares at an initial listing price range of between $70 and $82 per share. The company’s shares are expected to be listed on the Nasdaq Global Select Market exchange under the symbol “LINE” on the estimated date of July 25.
Lineage expects to raise $3.9 billion in net proceeds from the offering (considering full overallotment of shares) at the midpoint of $76 per share. The proceeds will be directed toward Lineage’s operating partnership (OP) in exchange for OP units. Accordingly, the partnership will use the proceeds to repay outstanding borrowings, redeem preferred stock, and in transaction expenses.
