Opening Day: Bullish has extremely bullish first day of trading

Shares of crypto exchange operator Bullish soared in a stellar debut on the New York Stock Exchange last Wednesday, opening at nearly triple the level where the IPO was being marketed. Shares of the owner of CoinDesk opened at $90 after the deal priced above the $32-$33 target range set for the offering. The stock climbed 84% to close at $68 per share after raising $1.1B in its initial public offering, the latest in a series of high-profile crypto IPOs this year. Helping to spark the enthusiasm, Bitcoin soared to a new all-time high of $124,515 last week, before pulling back slightly to a current level closer to $116,000.

LATEST IPOS AND DIRECT LISTINGS:

• Bullish (BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, opened at $90 on August 13 after having priced its upsized initial public offering of 30M ordinary shares at a public offering price of $37.00 per share. Bullish operates an exchange regulated in Germany, Hong Kong, and Gibraltar and is also the owner of CoinDesk, a digital asset market data, media and events provider. The deal priced above the $32.00-$33.00 target range.
• Nasus Pharma (NSRX) opened at $8 on August 13 after the drugmaker priced 1.25M shares at $8.00. The company intends to use the net proceeds from the initial public offering for furthering the development of its intranasal Epinephrine program, including, manufacturing scale-up and additional Phase 2 studies, and the remainder for general and administrative corporate purposes, including working capital, and capital expenditures.
• Miami International (MIAX) opened at $31.65 on August 14 after the company priced 15M shares at $23.00, above the $19.00-$21.00 target range. Miami International describes itself as “a technology-driven leader in building and operating regulated financial markets across multiple asset classes.” Miami International Holdings owns Miami International Securities Exchange, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Futures, MIAXdx, Dorman Trading, The Bermuda Stock Exchange and The International Stock Exchange.
• BUUU Group (BUUU) opened at $4 on August 14. The group priced 1.5M shares at $4.00, at the low end of the $4.00-$6.00 target range. BUUU Group is a meetings, incentives, conferences and exhibitions solutions provider based in Hong Kong.
• rYojbaba (RYOJ) opened at $3.75 on August 14. rYojbaba, a Japanese labor consulting and health services company, priced of its initial public offering of 1.25M Japanese common shares at $4.00 per share. The deal range was $4.00-$5.00.
• NusaTrip (NUTR) opened at $3.58 on August 15 after the company priced 3.75M shares at $4.00. The deal priced at the low end of the $4.00-$5.00 target range. NusaTrip, headquartered in Jakarta, Indonesia, operates “a travel ecosystem” with geographical specialization in Southeast Asia and Asia-Pacific.

PERFORMANCE:

Prices as of 11:30 am ET on Monday, August 18 –

• Bullish – down $4.73 to $64.81
• Nasus Pharma – down 8c to $8.02
• Miami International – up $3.96 to $35.08
• BUUU Group – down 3c to $4.18
• rYojbaba – down 28c to $2.61
• NusaTrip – up 14c to $4.05

UPCOMING IPOS: Upcoming IPO and direct listings expected include Via Transportation (VIA), Legence (LGN), Gifts International (GINT), Center Mobile (CTMB), Fitness Champs (FCHL) and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

• Legence Corp. announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. Legence has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “LGN.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Legence is a provider of engineering, consulting, installation, and maintenance services that specializes in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical and plumbing systems.
• Gifts International Holdings Limited filed an initial public offering of 1.5M Class A ordinary shares. It is currently estimated that the initial public offering price per Class A ordinary share will be $4.00. The company has applied to list its Class A ordinary shares on the Nasdaq Capital Market under the symbol “GINT”.
• Via Transportation filed a prospectus for an initial public offering on the New York Stock Exchange under the symbol “VIA.” Via lists its annual revenue run-rate at $429M with 34% year-over-year growth. Via “transforms antiquated and siloed public transportation systems into smart, data-driven, and efficient digital networks,” the company explains. It seeks address a “striking gap” in the $545B global public transportation market. “While billions of people across the globe rely on public transportation, this critical form of mobility has yet to meaningfully benefit from recent advances in technology. Buses still follow fixed routes and schedules planned years, if not decades ago, regardless of actual demand for their service,” the company says.
• 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”. 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.”
• Fitness Champs filed an initial public offering of 2M ordinary shares, with selling shareholders offering an additional 1.75M shares. The company intends to apply to list its shares on the Nasdaq under the symbol “FCHL.” The company anticipates the initial public offering price will be between $4.00-$5.00 per share.
• 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.”

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