Opening Day: CoastalSouth opens for trading on NYSE

Shares of CoastalSouth opened for trading last week on the NYSE in slow holiday week in the U.S.

LATEST IPOS AND DIRECT LISTINGS:

• Empro (EMPG) opened on July 2 at $4.26. The company, which identifies itself as “a rising beauty and personal care brand headquartered in Malaysia,” priced its initial public offering of 1.375M ordinary shares at a public offering price of $4.00 per share.
• CapsoVision (CV) opened on July 2 at $5. The commercial-stage medical technology company that develops advanced imaging and artificial intelligence technologies that are deployed in its capsule endoscopy solutions priced 5.5M shares at $5.00. The deal size was increased to 5.5M shares from 5.25M and priced at the low end of the $5.00-$5.50 range.
• CoastalSouth (COSO) opened on July 2 at $21.50. The Georgia corporation and the bank holding company for Coastal States Bank, a South Carolina state-chartered commercial bank, priced its initial public offering of 2.035M shares of its common stock, 1.7M of which are being sold by CoastalSouth and 335,000 of which are being sold by certain selling shareholders, at a public offering price of $21.50 per share as the company uplisted to the New York Stock Exchange.

RECENT SPAC IPOS:

• EQV Ventures Acquisition II (EVAC) opened on July 2 at $10.02. The special purpose acquisition company is sponsored by an affiliate of the EQV Group formed for the purpose of entering into a business combination with one or more businesses.
• 1RT Acquisition (ONCH) opened on July 2 at $10.20. The blank check company intends to focus on digital assets and technology-enabled businesses, particularly those in the cryptocurrency, blockchain, and fintech sectors.

PERFORMANCE:
Prices as of 11.00 am ET on Monday, July 07

• Empro – down over 18% at $3.20;
• CapsoVision – down about 8% at $4.07;
• CoastalSouth – fractional up at $21.33.

RECENT IPOS TO WATCH: Chyme (CHYM), Ategrity Specialty (ASIC) and Voyager Technologies (VOYG) are already seeing coverage roll out, while Vantage (VNTG) and Airo (AIRO) 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 Figma (FIG), Ambiq Micro (AMBW), McGraw Hill (MH), Center Mobile (CTMB), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

Figma has filed with the SEC for an initial public offering of shares of Class A common stock and applied to list its Class A common stock on the New York Stock Exchange under the symbol “FIG.” The prospectus states in part, “Figma is where teams come together to turn ideas into the world’s best digital products and experiences… As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025… Our revenue was $749.0M for the year ended December 31, 2024, representing 48% year-over-year growth as compared to the year ended December 31, 2023, and our revenue was $228.2M for the three months ended March 31, 2025, representing 46% year-over-year growth as compared to the three months ended March 31, 2024. Our four-year compounded annual revenue growth rate as of December 31, 2024 was 53%. For the year ended December 31, 2024 and for the three months ended March 31, 2025, we delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating margin of 17% and 18%, respectively.”

Ambiq Micro has filed with the SEC for an initial public offering of shares of common stock and intends to apply to have its common stock listed on the New York Stock Exchange under the symbol “AMBQ.” BofA Securities, UBS, Needham and Stifel are listed as underwriters. The prospectus states, “We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute – especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users where power consumption challenges are the most severe. Our leading position is built upon our hardware and software innovations that deliver two to five times lower power consumption than traditional semiconductor designs. Our products power over 270 million devices today. We shipped more than 42 million units in 2024, and we estimate that over 40% of them ran AI algorithms.” Reference Link

McGraw Hill announced that it has filed a registration statement on Form S-1 with the SEC relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering. McGraw Hill intends to list its common stock on the NYSE under the ticker symbol “MH.” Goldman Sachs & Co. is acting as book-running manager for the proposed offering and as representative of the underwriters for the proposed offering. BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities, and UBS Investment Bank are acting as bookrunners for the proposed offering. Baird, BTIG, Needham & Company, Rothschild & Co, Stifel, and William Blair are acting as co-managers for the proposed offering.

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.”

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.”

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