Opening Day: Chime jumps on first trading day

Shares of Chime went public last week, jumping as much as 59% above the original $27 offering price in their trading debut. The IPO follows other strong debuts by fintech companies Circle (CRCL) and eToro (ETOR). 

LATEST IPOS AND DIRECT LISTINGS:

Chime (CHYM) opened on June 12 at $43.00. The company priced 32M shares at $27.00 per share. The deal priced above the $24.00-$26.00 target range. Chime is a consumer financial technology company that says it was “founded on the premise that core banking services should be helpful, easy, and free.”

Voyager Technologies (VOYG) opened on June 11 at $69.75. The company priced 12.35M shares at $31.00. Voyager is a defense and space technology company that says it is “committed to advancing and delivering transformative, mission-critical solutions.”

Vantage (VNTG) opened on June 12 at $4.39. The company priced 3.25M shares at $4.00 per share. The deal  range was $4.00-$5.00. Vantage is a shipbroking company providing services including brokerage, consultancy, and operational support in the tanker market.

AIRO (AIRO) opened on June 13 at $12.90. The company priced its initial public offering of 6M shares of its common stock at a public offering price of $10.00 per share. Airo, which specializes in advanced aerospace and defense technologies, is organized into four operating segments: Drones, Avionics, Training, and Electric Air Mobility. The deal size was increased to 6M shares from 5M shares and priced below the target range of $14.00-$16.00. 

Ategrity Specialty (ASIC) opened on June 11 at $23.65. The company priced its initial public offering of 6,666,667 shares of common stock at a public offering price of $17.00 per share. The deal priced above the $14.00-$16.00 target range. Ategrity Specialty describes itself as “a profitable and growing specialty insurance company dedicated to providing excess and surplus products to small to medium-sized businesses across the United States.”

RECENT SPAC IPOS:

Best Spac I Acquisition (BSAA) opened on June 13 at $10.01. The blank check company intends to focus on businesses in the consumer goods sector.

Blue Acquisition (BACC) opened on June 13 at $10.03. The blank check company intends to focus on identifying a business combination target “within a manufacturing company or data center that aligns with green energy initiatives and sustainable industrial practices, as well as software development in emerging technologies like AI, Cybersecurity and energy management,” it stated.

PERFORMANCE:

• AIRO – up almost 34% at $32.01;
• Chime – up  5% at $36.53;
• Vantage – down about 3.5% at $4.15;
• Ategrity Specialty – fractionally down at $23.60;
• Voyager Technologies – down more than 5% at $51.60.

RECENT IPOS TO WATCH: Fast Track Group (FTRK), Hinge Health (HNGE), MNTN (MNTN), and OFA Group (OFAL) are among stocks that could see new coverage roll out this  week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Center Mobile (CTMB), Fitness Champs (FCHL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

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.” 

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. Bancroft Capital is acting as the underwriter.

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.”

OTHER IPO NEWS: Crypto billionaire Justin Sun’s digital asset platform Tron is set to go public in the U.S., four months after market regulators agreed to pause a fraud investigation into several of his companies, Financial Times’ George Steer and Philip Stafford report. Tron will go public in a reverse merger with Nasdaq-listed SRM Entertainment (SRM) in a deal orchestrated by Dominari Securities, a New York-based boutique investment bank with ties to Donald Trump Jr and Eric Trump, according to two people briefed on the matter. The new venture will buy and hold the Tron token, mimicking the tactics of Strategy, formerly MicroStrategy (MSTR), which founder Michael Saylor has turned into a leveraged bitcoin vehicle, one of the people said.

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