Opening Day: Instacart makes debut as IPO market continues to thaw

Shares of Instacart finished their first trading day up 12% from the IPO price of $30 per share. The grocery-delivery company’s IPO was one of the most awaited of 2023, alongside British chip designer Arm (ARM), after being in the works for years. Meanwhile, Shopify (SHOP)-backed Klaviyo fell from an opening jump to close its first trading day still up about 9%. ‘

LATEST IPOS AND DIRECT LISTINGS:

Instacart (CART) opened on September 19 at $42. The company had priced its initial public offering of 22M shares at a public offering price of $30.00 per share, at the top end of the $28-$30 range. Instacart is a grocery technology company in North America. It partners with more than 1,400 retailers to facilitate online shopping, delivery and pickup services from more than 80,000 stores across North America on the Instacart Marketplace.

Klaviyo (KVYO) opened on September 20 at $36.75. The company had priced 19.2M shares at $30.00. The deal priced above the revised $27.00-29.00 range. Klaviyo says it “powers smarter digital relationships” with its SaaS platform, which “enables business users of any skill level to harness their first-party data from more than 300 integrations to send the right message at the right time across email, SMS, and push notifications.

MDB Capital (MDBH) opened on September 21 at $16. The company which identifies itself as “a public venture platform with the objective of growing the public venture marketplace and optimizing the way meaningful technologies are financed and built,” announced it raised $19,999,992 through the sale of 1,666,666 of its Class A Common Shares representing limited liability company interests priced at $12.00 per share.

SR Bancorp (SRBK) opened on September 20 at $10 after a conversion, IPO and merger. SR Bancorp, the holding company for Somerset Regal Bank, announced that it closed its conversion of the Bank from the mutual to stock form of organization, related stock offering by SR Bancorp and acquisition of Regal Bancorp on September 19. SR Bancorp sold 9,055,172 shares of its common stock at a price of $10.00 per share, which included 760,364 shares sold to Somerset Savings Bank’s Employee Stock Ownership Plan. Upon the completion of the conversion and offering, 9,507,930 shares of SR Bancorp common stock are outstanding.

Davis Commodities (DTCK) opened on September 19 at $5.50. Davis, an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products, had priced its initial public offering of 1,087,500 ordinary shares at a public offering price of $4.00 per ordinary share.

Turbo Energy (TURB) opened on September 22 at $6.89 after having priced its initial public offering of 1M American depositary shares, representing 5M ordinary shares, at a price of $5.00 per ADS. Turbo Energy is a designer, developer, and manufacturer of equipment for the generation, management, and storage of photovoltaic energy.

PERFORMANCE:

• Instacart finished Friday at $30.
• MDB Capital ended the week at $10.51.
• Klaviyo finished Friday at $33.39.
• SR Bancorp ended the week at $9.15.
• Turbo Energy closed at $5.01 after opening for trade on Friday morning.
• Davis Commodities ended Friday at $5.05.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Pineapple Financial (PAPL), Rubrik, Richtech Robotics (RR), New Era, and Haoxi Health Technology (HAO).

Click here to see upcoming IPO calendar on TipRanks.

Pineapple Financial has filed with the SEC for an initial public offering of 875,000 shares. No public market currently exists for the company’s shares. Pineapple Financial anticipates that the initial public offering price of its common shares will be between $4-$6 per share.

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is on track for an initial public offering in 2023 and its investor roadshow could begin as soon as next month, Bloomberg’s Amy Or and Katie Roof report, citing people familiar with the matter. The IPO could bring in $500M-$700M, the authors say, noting that the timing and amount to be raised is still subject to change.

Richtech Robotics has filed with the SEC for an initial public offering of 3M shares of Class B common stock on a firm commitment basis. “Prior to this offering, there has been no public market for our Class B common stock. The initial public offering price per share is expected to be between $4.00 and $6.00. We have applied to list our Class B common stock on the Nasdaq Capital Market under the symbol “RR” and the listing of our Class B common stock on the Nasdaq Capital Market is a condition to the underwriters’ obligation to close. In addition to the offering by us, nine selling stockholders are offering an aggregate of 1,000,000 shares of Class B common stock, which they may sell at the initial public offering price of the underwritten offering until such time as our Class B common stock is listed on the Nasdaq Capital Market, at which time they may sell such shares from time to time at prevailing market prices or at negotiated prices,” the company stated in its IPO filing.

New Era Cap, a supplier of major U.S. sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4B to $5B, Reuters says, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB and NBA, has invited investment banks and law firms to pitch this month for roles in its stock market debut, the sources said.

Haoxi Health Technology filed for an initial public offering of 3M shares on the Nasdaq under symbol “HAO.” The company expects the IPO price to be in the range of $4.00 to $5.00 per share. Haoxi Health is online marketing solution provider in China, with an advertiser client base mainly in the healthcare industry.

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