Opening Day: Crypto-focused Grayscale files for IPO on NYSE

Crypto-focused asset manager Grayscale filed its U.S. initial public offering paperwork on Thursday. Analysts expect the IPO market to restart as the longest-ever government shutdown comes to an end.

LATEST IPOS AND DIRECT LISTINGS:

• Phaos Technology (POAS) opened on November 13 at $3.70. The company priced 3.6M shares at $4.00. The deal range was $4.00-$5.00. Phaos, which is headquartered in Singapore, offers microscopy products and software solutions for sectors including manufacturing, biomedical, and research.
• Off The Hook YS (OTH) opened on November 13 at $3.50. The company priced 3.75M shares at $4.00. The deal size was reduced to 3.75M shares from 5.0M and priced at the low end of the $4.00-$6.00 range. Off The Hook YS is a wholesaler specializing in the buying and selling of yachts and boats.

RECENT SPAC IPOS:

• Alussa Energy Acquisition II (ALUB) opened on November 13 at $10.05. The blank check company may pursue an initial business combination target in any industry or geographic location, but notes that the company intends to focus its search on high potential businesses in the energy and power infrastructure sectors.
• Evolution Global Acquisition (EVOX) opened on November 11 at $10.14. While the company may pursue an initial business combination in any industry, the company intends to concentrate its search on businesses with a focus on those that own, operate, or are developing assets in the critical minerals sector that are fundamental to the economic and national security interests of the United States.

PERFORMANCE: Prices as of 10.45 am ET on Monday, November 17

• Phaos Technology – down almost 3% at $3.90;
• Off The Hook YS – down about 9% at $3.38.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Grayscale (GRAY), Klook (KLK), Speed Group (SPED), Medline (MDLN), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

• Grayscale Investments filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol “GRAY.” Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30. “Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products,” the company added.
• Klook Technology, which identifies itself as “the largest pan-regional experiences platform in Asia-Pacific” by gross transaction volume in 2024, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares. The company has applied to list the ADSs on the New York Stock Exchange under the ticker symbol “KLK”. The number of ADSs to be offered and the price range for the proposed offering have not yet been determined.
• Speed Group filed a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company’s operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports. For the years ended June 30, 2024 and 2025, Speed’s revenues were $17.9M and $22.64M, respectively.
• Medline filed a prospectus for an initial public offering on the Nasdaq under the symbol “MDLN.” Goldman Sachs, Morgan Stanley, BofA and JPMorgan are acting as the bookrunning managers. Medline calls itself the largest provider of medical-surgical products and supply chain solutions based on total net sales.
• Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol “LBZZ.” The prospectus states: “Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer’s creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.”

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