Opening Day: Figma sees record IPO surge

Shares of Figma saw a big surge in their market debut last week, with the stock more than tripling following the initial public offering on Thursday. 

LATEST IPOS AND DIRECT LISTINGS:

• Figma (FIG) opened on July 31 at $85. The operator of a design and product development platform priced 36.94M shares at $33.00. The deal priced above the $30.00-$32.00 target range. 
• Avidia Bancorp (AVBC) opened on August 1 at $14. The stock holding company of Avidia Bank closed of its initial public offering in connection with the mutual-to-stock conversion of Assabet Valley Bancorp, the former mutual holding company of Avidia Bank, effective as of the close of business today.
• Ambiq Micro (AMBQ) opened on July 30 at $38. The provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute, priced 4M shares at $24.00. The deal size was increased to 4M shares of common stock from 3.4M shares of common stock and priced within the $22.00-$25.00 range. BofA and UBS acted as joint book running managers for the offering.
• J-Star (YMAT) opened on July 30 at $4.49. The provider of carbon fiber and composite solutions with operations conducted through subsidiaries in Taiwan, Hong Kong, and Samoa priced its public offering of an aggregate 1.25M ordinary shares at $4.00 per share.

RECENT SPAC IPOS:

• D. Boral ARC Acquisition I (BCAR) opened on July 31 at $10.
• A Paradise Acquisition (APAD) opened on July 30 at $10.01. The blank check company intends to focus on businesses in the leisure and entertainment sector.

PERFORMANCE:
Prices as of 11.00 am ET on Monday, August 4:

• Avidia Bancorp – fractionally down at $14.60;
• Figma – down over 20% at $97;
• Ambiq Micro – down more than 4% at $37.79;
• J-Star – down over 4% at $4.30.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Black Rock Coffee, Bullish (BLSH), Hengguang (HGIA), and Center Mobile (CTMB).

Click here to see upcoming IPO calendar on TipRanks.

Black Rock Coffee Bar has filed confidentially for an initial public offering in New York that could value the cafe chain at more than $1B, according to four people familiar with the matter, Reuters’ Abigail Summerville and Echo Wang report. Smaller coffee chains with loyal customers have been taking share from larger players such as Starbucks, the authors note. Another regional chain, Scooter’s Coffee, is exploring a sale that could value it at close to $1B, Reuters reported this month. 

Bullish, the cryptocurrency exchange that counts Peter Thiel as an investor, has filed to go public on NYSE under the ticker symbol “BLSH.”

Hengguang has filed with the SEC for an initial public offering of its Class A ordinary shares and reserved the symbol “HGIA” for purposes of listing the Class A ordinary shares on the Nasdaq Stock Market. D. Boral Capital is acting as the underwriter. The prospectus states, “Heng Guang Cayman is a holding company incorporated in the Cayman Islands with no material operations. As a holding company with no material operations of its own, Heng Guang Cayman conducts substantially all of the operations through Heng Guang Insurance or the VIE, the operating entity established in the People’s Republic of China, which has entered into a series of the VIE Agreements with WFOE, an indirect subsidiary of Heng Guang Cayman.”

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.”

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