Opening Day: DNA test maker BillionToOne raises $314M in IPO

Shares of BillionToOne opened for trading last week, with the molecular diagnostics company raising $314M in the DNA test maker’s upsized initial public offering.

LATEST IPOS AND DIRECT LISTINGS:

• BillionToOne (BLLN) opened on November 6 at $100. The molecular diagnostics company priced its upsized initial public offering of 4.55M shares at a public offering price of $60.00 per share. BillionToOne says its mission is to “create powerful and accurate tests that are accessible to all.” The company’s Quantitative Counting Templates molecular counting platform “is the only multiplex technology that can accurately count DNA molecules at the single-molecule level,” it adds.
• Evommune (EVMN) opened on November6 at $17.25. The clinical-stage biotechnology company developing therapies that target the drivers of chronic inflammatory diseases priced of its initial public offering of 9.375M shares at an initial public offering price of $16.00 per share.
• Grupo Aeromexico (AERO) opened on November 6 at $19.16. The company priced 11.727M shares at $19.00, within the $18.00-$19.00 range. The Mexico-based airline provides service that connects Mexico with the rest of the world.
• Exzeo (XZO) opened on November 5 at $21. HCI Group’s (HCI) majority owned subsidiary, Exzeo Group, delivers a suite of digital tools and services for property and casualty insurance carriers, with a focus on the homeowners insurance market.
• Elauwit Connection (ELWT) opened on November 5 at $8.75. The provider of broadband internet networks for multifamily and student housing priced an aggregate of 1,667,000 shares of its common stock at $9.00 per share. Elauwit intends to use the net proceeds from the offering for debt repayment, project deployments, sales and marketing organizational development, payment of deferred compensation, working capital and general corporate purposes.
• BETA Technologies (BETA) opened on November 4 at $34. The aerospace company designing, manufacturing and selling electric aircraft, advanced electric propulsion systems, components and charging systems priced its upsized initial public offering of 29,852,941 shares of its Class A common stock at a price to the public of $34.00 per share.

RECENT SPAC IPOS:

• Tailwind 2.0 Acquisition (TDWD) opened at $10.04. The blank check company expects to focus its efforts on companies building the intelligence layer of energy and compute infrastructure, specifically solving structural inefficiencies in energy routing, compute optimization and grid intelligence.
• Cantor Equity Partners V (CEPV) opened on November 4 at $10.28. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, but the company intends to focus on a target in an industry where it believes the company’s management teams’ and affiliates’ expertise will provide the company with a competitive advantage, including the financial services, digital assets, healthcare, real estate services, technology and software industries. Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

PERFORMANCE: Prices as of 11 am ET on Monday, November 10 – 

• BillionToOne – up almost 2% at $101.62;
• Evommune – down about 4% at $17.74;
• Grupo Aeromexico – down almost 2% at $19.02;
• Exzeo – up about 2% at $19.70;
• Elauwit Connection – up over 9% at $7.75;
• BETA Technologies – up more than 4% at $33.40.

RECENT IPOS TO WATCH: Acco (ACCL), OBOOK Holdings (OWLS), TechCreate (TCGL), Smart Logistics Global (SLGB), Republic Power Group (RPGL) and Aptera Motors (SEV) 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 Speed Group (SPED), Medline (MDLN), Central Bancompany (CBC), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

• 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.
• Central Bancompany announced its filing of a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. Central Bancompany has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “CBC.” In connection with the proposed initial public offering, the Board of Directors of Central Bancompany approved a 50-for-1 stock split in the form of a stock dividend, whereby each shareholder of record as of the October 20 record date will receive 49 shares of Class A common stock for each share owned as of the record date.
• 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.