Opening Day: Aptera, OBOOK Holdings under pressure

Aptera Motors and OBOOK Holdings are both sliding on Monday after going public on Thursday via Nasdaq uplisting.

Meanwhile, Blockchain.com has recently held talks about going public in the U.S. via a special purpose acquisition company listing, according to two people with knowledge of the matter, Coindesk‘s Will Canny writes. The company appointed Cohen & Company Capital Markets to advise on a potential SPAC deal, one of the people said. It’s unclear if any talks are ongoing at present.

LATEST IPOS AND DIRECT LISTINGS:

• Acco (ACCL) opened on October 17 at $4.05. The corporate services provider headquartered in Hong Kong priced its initial public offering of 1.4M ordinary shares at the price of $4.00 per share. The company intends to use the net proceeds from the offering for expanding the corporate service business, incorporating generative artificial intelligence features into the business modules, building up the presence in the United States market by setting up branch offices in the United States, promoting and enhancing the company’s brand globally, and general working capital purposes.
• Aptera Motors (SEV) opened on October 16 at $19.99. The solar mobility company focused on developing “highly efficient vehicles” received approval to list its Class B common stock on Nasdaq. Chris Anthony, Co-CEO of Aptera, said, “Listing on Nasdaq represents a pivotal chapter in our journey and is a testament to the dedication of our team and the passion of our global community. We believe this step will help us accelerate our mission to deliver a solar-powered future and support the continued development of our first production vehicle for our reservation holders.”
• OBOOK Holdings (OWLS) opened on October 16 at $68. The blockchain technology company operating as the OwlTing Group received approval to direct-list on Nasdaq. Darren Wang, Founder and CEO at OwlTing Group, said, “Becoming a publicly traded company on Nasdaq is a landmark achievement for OwlTing. From pioneering blockchain applications in food traceability and hospitality to scaling OwlPay into a trusted enterprise-grade stablecoin payment platform, our journey has always been defined by meeting real-world needs with a compliance-first mindset.”
• TechCreate (TCGL) opened on October 15 at $4.50. The company priced 2.55M shares at $4.00. TechCreate is a technology consultancy and advanced software solutions provider headquartered in Singapore specializing in payment solutions, cybersecurity, and digital services.
• Smart Logistics Global (SLGB) opened on October 15 at $5.40. The deal priced at the low end of its $5.00-$6.00 range. Smart Logistics is a Hong Kong-based business-to-business contract logistics solution provider.
• Republic Power Group (RPGL) opened on October 14 at $4.20. The provider of customized enterprise resource planning software solutions, consulting and technical support services, and peripheral hardware priced its initial public offering of 2.12M Class A ordinary shares, 1,250,000 of which are being offered by the company and 870,000 by selling shareholders, at a price to the public of $4.00 per Class A ordinary share.

PERFORMANCE: Prices as of 11 am ET on Monday, October 20

• Acco – up more than 2% at $3.89;
• Aptera Motors – down almost 10% at $5.27;
• OBOOK Holdings – down over 28% at $28.42;
• TechCreate –up almost 4% at $4.50;
• Smart Logistics Global –down more than 23% at $2.65;
• Republic Power Group –down over 8% at $1.45.

RECENT IPOS TO WATCH: Megan Holdings (MGN) 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 Evommune (EVMN), Central Bancompany (CBC), Ethos (LIFE), Lendbuzz (LBZZ), and Sea Forres (SFTI).

Click here to see upcoming IPO calendar on TipRanks.

• Evommune has filed for an initial public offering and applied to list its common stock on the New York Stock Exchange under the symbol “EVMN”. The prospectus filed with the SEC states, “Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria, atopic dermatitis and ulcerative colitis… Our mission is to improve patients’ daily lives and prevent the long-term effects of uncontrolled inflammation that are a consequence of the limitations of existing therapies. To achieve this, we are advancing a portfolio of differentiated product candidates that target key drivers of chronic inflammation.”
• Central Bancompany announced its filing of a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. Central Bancompany has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “CBC.” In connection with the proposed initial public offering, the Board of Directors of Central Bancompany approved a 50-for-1 stock split in the form of a stock dividend, whereby each shareholder of record as of the October 20 record date will receive 49 shares of Class A common stock for each share owned as of the record date.
• Ethos, a life insurance technology company that says it is “on a mission to democratize access to life insurance,” announced that it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Ethos intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “LIFE.” Goldman Sachs and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, Barclays, Citigroup, and Deutsche Bank Securities are acting as additional book-running managers. Citizens Capital Markets, William Blair, and Baird are acting as co-managers.
• Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol “LBZZ.” The prospectus states: “Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer’s creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.”
• Sea Forrest International (SFTI) has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share. The company plans to list its Class A shares on the Nasdaq Capital Market under the symbol “SFTI”. The prospectus filed with the SEC stated in part, “The company is headquartered in Singapore and through the subsidiaries SF (Engineering) and SF (Power), are involved in engineering design and consultancy services in energy management and clean energy systems, and wholesale of marine equipment and accessories, ship and offshore structure repairs and modification while afloat, relating to offshore maintenance, repairs, and overhauling services.”

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