Opening Day: Cloud security provider Netskope files for IPO

Cloud security provider Netskope has filed for a NASDAQ initial public offering. Meanwhile, last-mile delivery service provider Elite Express and additive manufacturing technologies provider Velo3D opened for trading.

LATEST IPOS AND DIRECT LISTINGS:

• Elite Express (ETS) opened on August 21 at $4. The company priced 3.8M shares at $4.00. Elite Express is a last-mile delivery service provider based in California.
• Velo3D (VELO) opened on August 19 at $2.81 after uplisting to Nasdaq. The provider of additive manufacturing technologies for mission-critical metal parts priced a firm commitment underwritten public offering of 5,833,333 shares of its common stock at $3.00 per share. The company intends to use the net proceeds from the offering for working capital, capital expenditures and general corporate purposes.
• Yimutian (YMT) opened on August 18 at $5.88. The company, which operates an agricultural business-to-business platform in mainland China, priced its initial public offering of 5.01M American depositary shares, each representing 25 Class A ordinary shares, at a price of $4.10 per ADS. The company is offering 4.52M ADSs, and the selling shareholders are offering 488K ADSs. The company intends to use the net proceeds from the offering for the enhancement and expansion of its digital agricultural commerce services of its apps, the development of technological infrastructure and product operations in relation to its new business initiatives, the expansion of its agricultural sourcing and trading services and working capital and general corporate purposes.

PERFORMANCE:
Prices as of 10.30 am ET on Monday, August 25

• Elite Express – down over 4% at $1.41;
• Velo3D – flat at $3.89;
• Yimutian – down more than 4% at $2.36.

RECENT IPOS TO WATCH: Figma (FIG) and Ambiq Micro (AMBQ) are already seeing coverage roll out, while Avidia Bancorp (AVBC) and J.Star (YMAT) are 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 BOA Holding, Gemini (GEMI), Black Rock Coffee Bar (BRCB), Netskope (NTSK), Figure (FIGR), and Via Transportation (VIA).

Click here to see upcoming IPO calendar on TipRanks.

• BAO Holding, a Hong Kong-based provider of software development services, has filed with the SEC to raise up to $7M in an initial public offering. The company plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5.
• Gemini Space Station announced that it has publicly 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. Gemini is a global crypto platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 60 countries. “Gemini’s simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom,” the company states. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Gemini intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners. Morgan Stanley and Cantor are also acting as lead bookrunners.
• Black Rock Coffee Bar announced that it has filed a registration statement with the SEC 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. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Black Rock Coffee Bar has applied to list its Class A common stock on the Nasdaq Global Market under the ticker symbol “BRCB.” J.P. Morgan, Jefferies, Morgan Stanley and Baird will act as lead book-running managers for the proposed offering. Stifel and William Blair will act as additional book-running managers and Raymond James is acting as lead manager for the proposed offering.
• Netskope announced that it has filed a registration statement with the SEC relating to the proposed initial public offering of its Class A common stock. Netskope has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NTSK.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley and J.P. Morgan will act as lead book-running managers for the proposed offering. BMO Capital Markets, TD Cowen, Citizens Capital Markets, Mizuho, Wells Fargo Securities, and Deutsche Bank Securities will act as additional book-running managers. Oppenheimer & Co., BTIG, KeyBanc Capital Markets, Piper Sandler, William Blair, Santander, and Credit Agricole CIB will act as bookrunners.
• Figure Technology, a 7-year-old blockchain-based lending company, has filed for an IPO of its Class A common stock on Nasdaq. “Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity.”
• 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.

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