Opening Day: EquipmentShare, BitGo make public debut

Construction-tech and equipment-rental powerhouse EquipmentShare opened at $28.50 and closed its first trading day at $32.56, up 33% from the IPO price. BitGo, one of the first major crypto-custody companies to go public, had a strong debut but gave back part of those gains the following day, falling about 22% and dropping below its IPO price of $14.50.  

LATEST IPOS AND DIRECT LISTINGS:

• EquipmentShare (EQPT) opened on January 23 at $28.50. The deal priced within the $23.50-$25.50 range. EquipmentShare is a nationwide construction technology and equipment solutions provider headquartered in Columbia, Missouri.
• BitGo (BTGO) opened on January 22 at $22.43. The company priced 11.82M share initial public offering at $18.00, above the $15.00-$17.00 range. BitGo, which says it has been “a pioneer in digital asset security and regulatory compliance,” serves more than 4,900 clients across over 100 countries and supports more than 1,550 digital assets as of September 30. The company provides “secure and scalable solutions, offering self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service to investors, builders and other participants in the digital asset ecosystem,” it states.

RECENT SPAC IPOS:

• Helix Acquisition Corp. III (HLXC) opened on January 23 at $10.24. The special purpose acquisition company may pursue an initial business combination target in any business or industry, but intends to focus on opportunities in healthcare or healthcare-related industries.
• Praetorian Acquisition (PTOR) opened on January 23 at $9.97. The blank check company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but is focused on completing a business combination with an attractive target business in a traditional sector that can be transformed through the application of automation and artificial intelligence.
• Legato Merger Corp. IV (LEGO) opened on January 23 at $10.02. BTIG is acting as the sole book-running manager for the offering.
• X3 Acquisition (XCBE) opened on January 21 at $9.98. The blank check company may pursue an initial business combination target in any business, industry, sector or geographical location, although it currently intends to focus on target businesses in the financial services industry.
• FG Imperii Acquisition (FGII) opened on January 16 at $10.01. The newly organized special purpose acquisition company intends to focus its search for a target business in the financial services industry in North America.
• Infinite Eagle Acquisition (IEAG) opened on January 16 at $10.29. While the blank check company may pursue an initial business combination opportunity in any industry or sector, it “intends to capitalize on the ability of its management team to identify and combine with a business or businesses that can benefit from its management team’s established global relationships and operating experience,” it stated.
• OneIM Acquisition (OIM) opened on January 14 at $10.05. The blank check company may pursue an acquisition opportunity in any business or industry.

PERFORMANCE: Prices as of 11 am ET on Monday, January 26

• EquipmentShare – down about 6% at $30.66;
• BitGo – down 10% at $13.05.

UPCOMING IPOS: Upcoming IPO and direct listings expected include AGI Inc (AGBK), PicS N.V. (PICS), Speed Group (SPED), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

• AGI Inc, or Agibank, has filed with the SEC for an initial public offering of its Class A common shares. The company intends to apply to list its Class A common shares on the New York Stock Exchange under the symbol “AGBK.” The prospectus states, “Agibank Brazil is a privately held financial holding company and the holder of 100% of the outstanding share capital of Banco Agibank S.A., or Banco Agibank. In turn, Nuova Holding S.A., or Nuova, was a privately held, non-financial holding company controlled by our controlling shareholder, Mr. Marciano Testa… Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers.”
• PicS N.V. filed for an initial public offering of Class A common shares, which it intends to apply to list on the Nasdaq Global Select Market under the symbol “PICS.” The company said it will not seek a listing for its Class B common shares on Nasdaq or on any other exchange. The filing stated, “PicPay Netherlands, the company whose Class A common shares are being offered in this prospectus, was incorporated on December 27, 2023, as a private limited liability company under Dutch law, with its corporate seat in Amsterdam, the Netherlands, with the name ‘Picpay Holdings Netherlands B.V.’ Prior to the closing of this offering, the issuer will be converted into a public limited liability company under Dutch law with the name ‘PicS N.V.’… At PicPay, we believe financial services should be mobile, frictionless, and instantaneous. Our mission is to empower consumers and businesses across Brazil with innovative solutions to redefine the way people manage their traditional daily finances. We break down the barriers to traditional financial services and are driven by a vision of a future where financial services are accessible for all. We are committed to simplifying financial transactions, fostering economic inclusion and providing the tools and resources for people to achieve their financial goals.”  
• 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.
• 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.