Opening Day: GrowHub, Picard Medical make public debut

The last week of August saw five companies go public in small IPOs, including Picard Medical, Easter International, GrowHub, TryHard and Curanex.

LATEST IPOS AND DIRECT LISTINGS:

• Picard Medical (PMI) opened on August 29 at $4.21. The medical technology company that manufactures and sells the SynCardia Total Artificial Heart, the only total artificial heart approved by the U.S. Food and Drug Administration and Health Canada, priced 4.25M shares of common stock at a public offering price of $4.00 per share. The deal priced at the midpoint of the $3.50-$4.50 target range.
• Eastern International (ELOG) opened on August 28 at $3.40. The provider of domestic and cross-border professional logistic services including project logistic and general logistic for company clients in mainland China, Hong Kong, Southeast Asia and Central Asia priced 1.6M shares at $4.00. The deal priced at the low end of the $4.00-$5.00 target range.
• GrowHub (TGHL) opened on August 28 at $4. The Singapore-based company specializing in enhancing product traceability and authenticity within supply chains through its proprietary blockchain technology platform priced 3.75M shares at $4.00. The deal priced at the low end of the $4.00-$5.00 target range.
• TryHard (THH) opened on August 28 at $7.25. The lifestyle entertainment company in Japan priced its initial public offering of 1.525M shares at a public offering price of $4.00 per share.
• Curanex (CURX) opened on August 26 at $3.80. The developmental stage pharmaceutical company focused on discovering and developing botanical drugs for inflammatory diseases priced its initial public offering of 3.75M shares of common stock at a public offering price of $4.00 per share. The company intends to use the proceeds from the offering for the development of its lead product candidate, Phyto-N, for the treatment of ulcerative colitis; to conduct FDA-required good laboratory practice toxicology and pharmacokinetic studies for Phyto-N in ulcerative colitis, to prepare and submit an Investigational New Drug application, and for working capital and other general corporate purposes.

RECENT SPAC IPOS:

• CSLM Digital Asset Acquisition III (KOYN) opened on August 27 at $10.03. The SPAC plans to target businesses that are “not only well-positioned for long-term, sustainable growth in the digital asset space, but also strategically positioned to capitalize on the global adoption of blockchain and distributed ledger technologies,” it stated.
• M3-Brigade Acquisition VI (MBVI) opened on August 27 at $10.03. Cantor Fitzgerald is serving as the sole book-running manager for this offering.

PERFORMANCE: Prices as of 10.30 am ET on Tuesday, September 2

• Picard Medical – up almost 13% at $5.17;
• Eastern International – down about 19% at $2.41;
• GrowHub – up about 7% at $3.67;
• TryHard – down almost 13% at $4.76;
• Curanex – down about 3% at $5.43.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Sea Forres (SFTI), Farlong Holding (AFA), Gemini (GEMI), Black Rock Coffee Bar (BRCB), and Netskope (NTSK).

Click here to see upcoming IPO calendar on TipRanks.

Sea Forrest International (SFTI) has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share. The company plans to list its Class A shares on the Nasdaq Capital Market under the symbol “SFTI”. The prospectus filed with the SEC stated in part, “The company is headquartered in Singapore and through the subsidiaries SF (Engineering) and SF (Power), are involved in engineering design and consultancy services in energy management and clean energy systems, and wholesale of marine equipment and accessories, ship and offshore structure repairs and modification while afloat, relating to offshore maintenance, repairs, and overhauling services.”

AFA Farlong Holding has filed for a firm commitment initial public offering of shares of common stock. The company has reserved the symbol “AFA” for purposes of listing its common stock on the Nasdaq Capital Market and applied to list its common stock on Nasdaq. The prospectus filed with the SEC states, “We are a science-driven healthcare and wellness company pioneering innovative solutions and personalized health approaches. Our vertically integrated brands provide actionable insights and personalized healthcare data, products, and services to help individuals proactively improve and maintain their health. We develop product formulations and engage contract manufacturers to produce our proprietary supplements, which we then market and distribute. Our brands engage in the sale of dietary supplements, encompassing herbal products through various sales arrangements.”

Gemini Space Station announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. Gemini is a global crypto platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 60 countries. “Gemini’s simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom,” the company states. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Gemini intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “GEMI.” Goldman Sachs and Citigroup are acting as lead bookrunners. Morgan Stanley and Cantor are also acting as lead bookrunners.

Black Rock Coffee Bar announced that it has filed a registration statement with the SEC relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Black Rock Coffee Bar has applied to list its Class A common stock on the Nasdaq Global Market under the ticker symbol “BRCB.” J.P. Morgan, Jefferies, Morgan Stanley and Baird will act as lead book-running managers for the proposed offering. Stifel and William Blair will act as additional book-running managers and Raymond James is acting as lead manager for the proposed offering.

Netskope announced that it has filed a registration statement with the SEC relating to the proposed initial public offering of its Class A common stock. Netskope has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NTSK.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley and J.P. Morgan will act as lead book-running managers for the proposed offering. BMO Capital Markets, TD Cowen, Citizens Capital Markets, Mizuho, Wells Fargo Securities, and Deutsche Bank Securities will act as additional book-running managers. Oppenheimer & Co., BTIG, KeyBanc Capital Markets, Piper Sandler, William Blair, Santander, and Credit Agricole CIB will act as bookrunners.

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