China-based Zeekr Intelligent Technology Holding received a warm welcome to Wall Street despite coming public on the same day that a report indicated that the Biden administration is preparing to quadruple tariffs on Chinese electric vehicles.
Meanwhile, shares of chip-design software company Silvaco jumped as much as 14% in their public debut after the IPO priced at the top of the marketed range.
LATEST IPOS AND DIRECT LISTINGS:
Zeekr Intelligent Technology (ZK) opened on May 10 after having priced 21M American Depositary Shares at $21.00. The ADSs are trading on the New York Stock Exchange under the ticker symbol “ZK.” The deal size was increased to 21M shares of common stock from 17.5M shares of common stock and priced at the high-end of the $18.00-$21.00 range. Zeekr describes itself as a “fast-growing” battery electric vehicle, or “BEV,” technology company that “aspires to lead the electrification, intelligentization, and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions.”
Silvaco (SVCO) opened on May 9 at $21. The company had priced 6M shares at $19.00, at the high end of the $17.00-$19.00 target range. Silvaco identifies itself as “a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation.”
Proficient Auto Logistics (PAL) opened on May 9 at $15. The company had priced 14.333M shares at $15.00. The deal priced at the midpoint of the $14.00-$16.00 target range. Proficient Auto Logistics calls itself “a leading non-union, specialized freight company focused on providing auto transportation and logistics services.” “Formed in connection with this offering through the combination of five industry-leading operating companies, we will operate one of the largest auto transportation fleets in North America,” the company added.
Nano Nuclear Energy (NNE) opened on May 8 at $3.60. The company had priced 2.56M shares at $4.00. The deal size was reduced to 2.56M shares from 3.0M and priced at the low end of the $4.00-$6.00 range. Nano Nuclear’s products in technical development are “ZEUS,” a solid core battery reactor, and “ODIN,” a low-pressure coolant reactor, “each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors,” the company has stated.
Viking Holdings (VIK) opened on May 1 at $26.15. The company had priced its upsized initial public offering of an aggregate of 64.04M ordinary shares at a public offering price of $24.00 per share. Viking “provides destination-focused journeys on rivers, oceans and lakes around the world.”
RECENT SPAC IPOS:
- GP-Act III Acquisition (GPAT) opened on May 9th at $10.06. The blank check company intends to focus its search on high potential businesses based in the United States.
- Churchill Capital Corp IX (CCIX) opened on May 2nd at $10.07.
END OF THE WEEK PERFORMANCE:
- Zeekr – $28.26;
- Silvaco – $18.91;
- Proficient Auto Logistics – $15;
- Nano Nuclear Energy – $4.51;
- Viking Holdings – $28.62.
RECENT IPOS TO WATCH: Tungray Technologies (TRSG), Ibotta (IBTA), CDT Environmental (CDTG), Mingteng International (MTEN), Serve Robotics (SERV), Centuri (CTRI), Junee Limited (JUNE), and Top Wealth Group (TWG) 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 ShipBob, Lirum Therapeutics (LRTX), Lakeside Holding (LSH), Origin Life Sciences (OLSI), and StubHub.
Click here to see upcoming IPO calendar on TipRanks.
ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.
Lirum Therapeutics filed for an initial public offering of 2.27M shares of common stock. Prior to this offering, there has been no public market for its common stock. Lirum Therapeutics anticipates that the initial public offering price of its shares will be between $10.00-$12.00. The company has applied to have its common stock listed on the Nasdaq Capital Market under the symbol “LRTX”, and the closing of this offering is contingent upon such listing.
Lakeside Holding filed for an initial public offering of 1.25M shares of common stock with an estimated offering price of $4.00 and $5.00 per share. The company said it aspires “to become a U.S.-backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability.” Lakeside is a U.S.-based cross-border supply chain solution provider with a focus on the Asian market including China and South Korea. For the fiscal years ended June 30, 2022 and 2023 and the six months ended December 31, 2022 and 2023, the company’s revenues amounted to $9.6M, $12.9M, $5.5M and $9.1M respectively, and its gross profit amounted to $1.8M, $2.6M, $1.2M and $1.7M during the same periods, respectively.
Origin Life Sciences said it is offering 1.875M shares its our common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol “OLSI.” Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. “The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections,” the company said in a regulatory filing.
Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information‘s Cory Weinberg. StubHub has more than $2B in debt, which is “many times its estimated profits,” so the company will test investors’ appetite for companies with strained balance sheets while StubHub has “ambitious hopes for the valuation it would achieve,” further complicating matters, the report noted. The company would prefer to be valued in line with the $16.5B valuation at which it raised money during the boom of late 2021 and could call off the public listing plans if it can’t get close to that number, the sources indicated.
OTHER IPO NEWS: Germany’s Springer Nature is lining up investment banks to manage an initial public offering of shares as early as this year, three people familiar with the matter told Reuters. It has been leaning towards Frankfurt as its preferred listing venue, two other people said.
The investment firms that took U.S. power plant operator Calpine Corp private six years ago are exploring options that include a company sale, an initial public offering or a stake divestment at a valuation of about $30B, including debt, according to people familiar with the matter, says Reuters’ David French.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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