Jefferson Capital opened for trading on Thursday at $19 after pricing its shares at $15. The first full week of Summer was a slow one for the IPO market. After going public earlier this month, Circle started seeing some coverage roll out this morning. Citi, Barclays, Bernstein and Needham initiated the name with Buy-equivalent ratings, while JPMorgan started coverage with an Underweight.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
LATEST IPOS AND DIRECT LISTINGS:
- Jefferson Capital (JCAP) opened on June 26 at $19. The company, which describes itself as an “analytically driven” purchaser and manager of charged-off and insolvency consumer accounts, priced 10M shares at $15.00 per share.
RECENT SPAC IPOS:
- Yorkville Acquisition (YORK) opened on June 27 at $10.50. Clear Street is acting as the sole book-running manager in the offering.
- FIGX Capital Acquisition (FIGX) opened on June 27 at $10.02. The blank check company intends to concentrate its efforts in identifying businesses in the financial industry group.
- Oxley Bridge Acquisition (OBA) opened on June 25 at $10.02. The blank check company’s primary focus will be to “search globally for a target with operations or prospects focusing on global consumer and technology sectors with disruptive growth potential through the use of technology that can benefit from operations in Asia, excluding the People’s Republic of China, Hong Kong and Macau.”
PERFORMANCE:
Prices as of 10.30 ET on Monday, June 30
- Jefferson Capital – down over 1% at $18.76.
RECENT IPOS TO WATCH: Circle (CRCL) is already seeing coverage roll out, while Omada Health (OMDA) is 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 McGraw Hill (MH), Center Mobile (CTMB), Fitness Champs (FCHL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).
Click here to see upcoming IPO calendar on TipRanks.
McGraw Hill announced that it has filed a registration statement on Form S-1 with the SEC relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering. McGraw Hill intends to list its common stock on the NYSE under the ticker symbol “MH.” Goldman Sachs & Co. is acting as book-running manager for the proposed offering and as representative of the underwriters for the proposed offering. BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities, and UBS Investment Bank are acting as bookrunners for the proposed offering. Baird, BTIG, Needham & Company, Rothschild & Co, Stifel, and William Blair are acting as co-managers for the proposed offering.
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.”
Fitness Champs filed an initial public offering of 2M ordinary shares, with selling shareholders offering an additional 1.75M shares. The company intends to apply to list its shares on the Nasdaq under the symbol “FCHL.” The company anticipates the initial public offering price will be between $4.00-$5.00 per share. Bancroft Capital is acting as the underwriter.
Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.
Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”
OTHER IPO NEWS: Walmart’s (WMT) PhonePe, India’s largest provider of digital payments, is preparing to file preliminary documents for an initial public offering that may raise as much as $1.5B, according to people familiar with the matter, Bloomberg’s Rajesh Mascarenhas and Baiju Kalesh report. The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, the people said.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.