Opening Day: Accelerant, McGraw Hill come public

Both Accelerant and McGraw Hill made their trading debut in a busy week for initial public offerings last week. Accelerant opened above the shares’ original public offering price.

LATEST IPOS AND DIRECT LISTINGS:

• Accelerant (ARX) opened on July 24 at $28.50. The company, which operates a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers, priced its upsized initial public offering of 34,461,152 of its Class A common shares at a price to the public of $21.00 per common share.
• McGraw Hill (MH) opened on July 24 at $17. The global provider of information solutions for education priced its initial public offering of 24.39M shares of its common stock at a public offering price of $17.00 per share.
• Linkhome (LHAI) opened on July 24 at $6.01. The company priced its upsized initial public offering of 1.5M shares of common stock at a public offering price of $4.00 per share. Linkhome describes itself as “a leading AI-powered real estate platform leveraging artificial intelligence and fintech to make homeownership simpler, faster, and more accessible for all Americans.”
• NIQ (NIQ) opened on July 23 at $20.25. The company priced its initial public offering of 50M ordinary shares at a public offering price of $21.00. NIQ, the former Nielsen Holdings unit that combined with GfK in 2023, operates a consumer intelligence platform and says its “global reach spans over 90 countries covering approximately 85% of the world’s population and more than $ 7.2 trillion in global consumer spend.”
• Carlsmed (CARL) opened on July 23 at $15, IPO priced at $15 per share. The commercial-stage medical technology company, that says it is “pioneering AI-enabled personalized spine surgery solutions” and is “focused on becoming the standard of care for spine fusion surgery,” priced 6.7M shares at $15.00.
• Dreamland (TDIC) opened on July 24 at $3.50. The Hong Kong-based event management service provider priced 2M shares at $4.00 per share. Net proceeds from the offering due to the company will be used for acquiring multi-territorial IP licenses; setting up the company’s own ticketing platform; possible strategic acquisitions; expanding the company’s marketing department and financing and administration department; upgrading the company’s enterprise resource planning system; repaying loans made by a director in connection with the payment of costs and expenses in connection with the offering and obtaining a listing of the company’s Class A ordinary shares on the Nasdaq Capital Market; and working capital and other corporate purposes. 
• Cre8 Enterprise (CRE) opened on July 24 at $4. The Hong Kong-based integrated financial printing service provider, priced 1.45M shares at $4.00.

PERFORMANCE:
Prices as of 11.30 am ET on Monday, July 28

• Accelerant – up almost 2% at $30.27;
• McGraw Hill – fractionally up at $16.87;
• Linkhome – up over 1% at $10.43;
• NIQ – down about 3% at $19.7;
• Carlsmed – down more than 1% at $14.32;
• Dreamland – up over 6% at $3.99;
• Cre8 Enterprise – down about 2% at $4.26.

RECENT IPOS TO WATCH: RECENT IPOS TO WATCH: CapsoVision (CV) and CoastalSouth (COSO) are already seeing coverage roll out, while Empro (EMPG) is among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Bullish (BLSH), Hengguang (HGIA), Figma (FIG), Ambiq Micro (AMBQ), and Center Mobile (CTMB).

Click here to see upcoming IPO calendar on TipRanks.

Bullish, the cryptocurrency exchange that counts Peter Thiel as an investor, has filed to go public on NYSE under the ticker symbol “BLSH.”

Hengguang has filed with the SEC for an initial public offering of its Class A ordinary shares and reserved the symbol “HGIA” for purposes of listing the Class A ordinary shares on the Nasdaq Stock Market. D. Boral Capital is acting as the underwriter. The prospectus states, “Heng Guang Cayman is a holding company incorporated in the Cayman Islands with no material operations. As a holding company with no material operations of its own, Heng Guang Cayman conducts substantially all of the operations through Heng Guang Insurance or the VIE, the operating entity established in the People’s Republic of China, which has entered into a series of the VIE Agreements with WFOE, an indirect subsidiary of Heng Guang Cayman.”

Figma has filed with the SEC for an initial public offering of shares of Class A common stock and applied to list its Class A common stock on the New York Stock Exchange under the symbol “FIG.” The prospectus states in part, “Figma is where teams come together to turn ideas into the world’s best digital products and experiences… As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025… Our revenue was $749.0M for the year ended December 31, 2024, representing 48% year-over-year growth as compared to the year ended December 31, 2023, and our revenue was $228.2M for the three months ended March 31, 2025, representing 46% year-over-year growth as compared to the three months ended March 31, 2024. Our four-year compounded annual revenue growth rate as of December 31, 2024 was 53%. For the year ended December 31, 2024 and for the three months ended March 31, 2025, we delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating margin of 17% and 18%, respectively.”

Ambiq Micro has filed with the SEC for an initial public offering of shares of common stock and intends to apply to have its common stock listed on the New York Stock Exchange under the symbol “AMBQ.” BofA Securities, UBS, Needham and Stifel are listed as underwriters. The prospectus states, “We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute – especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users where power consumption challenges are the most severe. Our leading position is built upon our hardware and software innovations that deliver two to five times lower power consumption than traditional semiconductor designs. Our products power over 270 million devices today. We shipped more than 42 million units in 2024, and we estimate that over 40% of them ran AI algorithms.” 

Center Mobile has filed with the SEC for a firm commitment initial public offering of ordinary shares, via which it will be offering 3.75M ordinary shares. The company has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol (CTMB). R.F. Lafferty is listed as the underwriter. Its prospectus states, “We conduct all of our operations through our subsidiary in Japan, Center Mobile Japan and its subsidiary, Pay Storage… As a mobile virtual network operator, or ‘MVNO,’ we provide mobile connectivity and wireless communications services in Japan by using the infrastructure and communication system of NTT Docomo, one of the largest Japanese mobile network operators in terms of subscription market share… Because we do not own or operate a physical network or relevant appliances and equipment, we are free from related capital expenditures and, therefore, are able to focus our resources on providing competitive prices for our services against MNOs. Furthermore, in addition to the monthly fees from our customers, we are also able to generate advertising revenue through “PLAIO,” our proprietary app.”

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