Opening Day: Apimeds opens for trading in slow IPO week

Inflammation drug developer Apimeds Pharmaceuticals made its public debut this week, starting trading at $4 on Friday and raising about $13.5M in gross proceeds.

LATEST IPOS AND DIRECT LISTINGS:

Apimeds Pharmaceuticals (APUS) opened on May 9 at $4. Apimeds is a clinical stage biopharmaceutical company that is in the process of developing Apitox, an intradermally administered bee venom-based toxin which potentially exhibits diverse therapeutic effects. Its initial public offering of 3.375M shares of common stock priced at $4.00 per share.

American Integrity Insurance (AII) opened on May 8 at $18.50. The company had priced 6.875M shares at $16.00, at the midpoint of the $15.00-$17.00 target range. American Integrity, headquartered in Tampa, Florida, is a provider of residential property insurance, serving more than 385,000 policyholders across Florida, Georgia, and South Carolina.

Aspen Insurance (AHL) opened on May 8 at $33.25. The company had priced 13.25M shares at $30.00. The deal size was increased to 13.25M shares of common stock from 11M shares of common stock and priced within the $29.00-$31.00 range. Aspen Insurance is a Bermuda based global provider of specialty insurance and reinsurance.

RECENT SPAC IPOS:

EGH Acquisition (EGHA) opened on May 9 at $10.02. The blank check company intends to focus its search in the “broad power market and energy transition or sustainability arena targeting industries that require reliable and cost effective power and / or innovative decarbonization solutions in order to meet critical energy supply needs or emission reduction objectives.”

Dune Acquisition II (IPOD) opened on May 7 at $10.01. While the blank check company may pursue an initial business combination target in any industry or geographic region, it intends to focus its search for an initial business combination on companies within the software as a service, artificial intelligence, medtech or asset management and consultancy sectors. Clear Street is acting as sole book-runner of the offering.

END OF THE WEEK PERFORMANCE:

• Apimeds Pharmaceuticals – down almost 38% at $2.5;
• American Integrity Insurance – down about 4% at $26.25;
• Aspen Insurance – up about 7% at $34.68.

RECENT IPOS TO WATCH: Chagee (CHA), Everbright Digital (EDHL), and Haoxin Holdings (HXHX) 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 JiaLian Technologies (JLCN), Circle (CRCL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

JiaLian Technologies has filed with the SEC for a planned initial public offering. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol “JLCN.” The prospectus states, “We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers… We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle.”

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol “CRCL.” The company’s prospectus filed with SEC states, “As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively.”

Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”

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