These are the upcoming IPOs (initial public offerings) for the week of June 24 to June 28, based on the 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 merits and demerits for a company going public. The merits 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 displaying greater traction this year, with challenges such as elevated inflation and interest rates showing signs of moderation. With this background in mind, let’s look at the upcoming IPOs for this week.
Tamboran Resources Corporation
Australia-based Tamboran Resources Corporation is a natural gas exploration and production company. It has the largest acreage in the Beetaloo basin in Northern Australia. The company’s vision is to support the net zero CO2 transition in Australia and the Asia Pacific by developing low-carbon CO2 unconventional gas resources. The company is already listed on the Australian stock exchange under the symbol “TBN.”
Tamboran Resources is expected to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol “TBN”, on the estimated date of June 27, 2024. The company is set to issue 6.5 million shares at the offering price of between $24 and $27 apiece. Tamboran expects to raise net proceeds of approximately $155 million (after deducting underwriting discounts and commissions) from the IPO (offering price of $25.50 per share at the midpoint). The proceeds would be utilized for funding the upcoming six wells in the Beetaloo Basin and for general corporate purposes.
Webtoon Entertainment Inc.
South Korea-based Webtoon Entertainment is a global storytelling platform that enables creators and readers to discover, create, and share stories online. Webtoon is known as the pioneer of the mobile-friendly webcomic format.
Webtoon is expected to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol “WBTN” on the estimated date of June 27. The company is offering 15 million common shares at an offering price of $18 to $21 per share. The IPO will help Webtoon raise roughly $303.4 million in net proceeds, considering full overallotment by underwriters at the midpoint of the price range. The company intends to utilize the proceeds for working capital, operating expenses, and capital expenditures.
OS Therapies Inc.
OS Therapies is a clinical-stage biopharmaceutical company focused on identifying and developing lead candidates for treating Osteosarcoma (OS) and other solid tumors. The company currently has six drugs in its pipeline in different stages of clinical studies.
OS Therapies seeks to issue 2 million common shares on June 27 at an offer price of $4 apiece. The stock is expected to be listed on the NYSE American stock exchange under the ticker symbol “OSTX”.
The company intends to raise $7.84 million in net proceeds (considering full overallotment by underwriters) from the offering. OS Therapies will use roughly $4.2 million from the proceeds in the clinical development of its Osteosarcoma drug, OST-HER2. Another $1.2 million will be used for the advancement of OST-tADC for ovarian cancer. The remaining funds will be allocated toward identifying new drug candidates and general corporate purposes.
LandBridge Company LLC
LandBridge Company is engaged in the acquisition of underutilized, strategically located surface positions in the heart of the Delaware Basin, which is considered the most active region for oil and gas exploration and development in the U.S. The company owns approximately 220,000 surface acres in and around the Delaware sub-basin in the prolific Permian Basin.
LandBridge is estimated to list 14.50 million shares of its Class A common stock on the NYSE, under the ticker symbol “LB” on the estimated date of June 28. The company’s price band for the listing is set between $19 and $22 per share. The net proceeds from the IPO are expected to be roughly $313 million (considering full overallotment at the midpoint price), all of which will be used to repay the existing debt and toward distribution to existing owners.
