Opening Day: Pershing Square listings open soft in market debut

Pershing Square USA and Pershing Square Inc. began trading on April 29, marking the public debut of Bill Ackman’s two vehicle structure.

LATEST IPOS AND DIRECT LISTINGS:

• Seaport Therapeutics (SPTX) opened on May 1 at $21. The company priced 14.2M shares at $18.00. The deal size was increased to 14.2M shares of common stock from 11.8M shares and priced at the high-end of the $16.00-$18.00 range. Seaport Therapeutics is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety, and other neuropsychiatric disorders.
• Hemab Therapeutics (COAG) opened on May 1 at $27. The company priced 16.75M shares at $18.00. The deal size was increased to 16.75M shares from 15.0M and priced at the top end of the $16.00-$18.00 target range. Hemab Therapeutics is a clinical-stage biotechnology company developing therapies that it says “reimagine the treatment of blood coagulation disorders to sustain life and human resilience.”
• Avalyn Pharma (AVLN) opened on April 30 at $26.00. The company priced 16.67M shares at $18.00. The deal priced at the top end of its $16.00-$18.00 target range. Avalyn’s AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis.
• Silver Bow Mining (SBMT) opened on April 30 at $10.75. The company priced 5.2M shares at $11.50. The deal size was increased to 5.2M shares of common stock from 4.35M shares and the deal priced within the $10.00-$13.00 range. Silver Bow Mining is a minerals exploration company focused on developing silver, zinc, gold, lead, and copper targets in the Butte Mining District of Montana.
• Pershing Square USA, an investment company managed by Pershing Square Capital Management, and Pershing Square Inc., the parent company of PSCM, opened for trading on April 29. Pershing Square USA (PSUS) priced its IPO at $50 and opened for trading at $42, while Pershing Square Inc. (PS) opened at $24. The Pershing Square USA shares and the Pershing Square Inc. shares trade on the New York Stock Exchange under the symbols “PSUS” and “PS”, respectively.

RECENT SPAC IPOS:

• CH4 Natural Solutions (MTNE) opened on May 1 at $10.00. The blank check company intends to focus its search for a target business with a “significant real-asset footprint that may provide opportunities for attractive risk-adjusted returns and benefit from accelerated methane mitigation initiatives at scale.”
• Quantum Leap Acquisition (QLEP) opened on May 1 at $10.00. The blank check company intends to focus on target companies within the artificial intelligence, quantum computing, and blockchain technology sectors.
• General Catalyst Global Resilience Merger (GCGR) opened on April 30 at $10.05. The blank check company intends to focus on “global resilience” sectors, including aerospace and defense, national security, industrials and manufacturing.
• RRE Ventures Acquisition (RREV) opened on April 30 at $9.97. Cohen and Company Capital Markets is acting as representative of the several underwriters for the offering.
  Mountain Crest Acquisition 6 (MCAH) opened on April 30 at $10. D. Boral Capital is acting as the sole book-running manager for the offering.
• ARC Group Acquisition I (ARCL) opened on April 30 at $10.02. The blank check company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but intends to identify and acquire a business “where it believes its management teams’ and its affiliates’ expertise will provide it with a competitive advantage, including technology, healthcare and logistics industries.”
• West Enclave Merger (WENC) opened on April 30 at $10.02. The special purpose acquisition company may pursue a target in any geography or industry and intends to focus on identifying a high-quality business that operates in Latin America or a U.S. based business whose revenues, operations or strategic growth are positioned to benefit from the economic interconnection between the United States and Latin America, particularly Mexico.
• Forefront Tech Holdings Acquisition (FTHA) opened on April 30 at $9.98. BTIG is acting as sole book-running manager for the offering.
• Churchill Capital Corp XII (CXII) opened on April 28 at $10.12. The blank check company may pursue an initial business combination target in any business or industry.
• Plutonian Acquisition Corp II (PLUN) opened on April 28 at $10.03. Alliance Global Partners is acting as the sole book-running manager for the offering.

PERFORMANCE: Prices as of 11:30 am ET on Monday, May 4 – 

• Seaport Therapeutics – down over 7% at $18.13;
• Hemab Therapeutics – down almost 14% at $29.25;
• Avalyn Pharma – down about 3.5% at $28.81;
• Silver Bow Mining – down more than 6% at $10.10;
• Pershing Square USA – fractionally down at $42.56;
• Pershing Square Inc. – down almost 10% at $34.35.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Csquare, Tarsier Pharma (TARX), Quantinuum, Cerebras (CBRS), Boundless Group (BLTG), and Liftoff.

Click here to see upcoming IPO calendar on TipRanks.

• Csquare filed confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg’s Bailey Lipschultz reported. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners (BIP)-backed company joins a rush of new listings as the companies building out the backbone to support AI’s energy needs seek to raise funds, the author notes.
• Tarsier Pharma Ltd. filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol “TARX”. The prospectus stated: “Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial… Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company.”
• Honeywell (HON) announced that Quantinuum, which is majority owned by Honeywell, confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC on February 17, relating to the proposed initial public offering of Quantinuum’s 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 and other conditions and the completion of the SEC’s review process.
• Cerebras Systems announced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Cerebras intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “CBRS.” Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the proposed offering. Mizuho and TD Cowen will act as bookrunners. Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, and Academy Securities will act as co-managers.
  Boundless Group is offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.
• Liftoff Mobile announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total 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 and other conditions and the completion of the SEC’s review process.

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