Opening Day: Pitanium opens for trading in slow week for IPOs

Hong Kong beauty products retailer Pitanium made its public debut this week, opening at $4.51 after pricing its IPO at $4. Meanwhile, BlackRock reportedly plans to acquire about 10% of the shares offered in Circle Internet’s upcoming initial public offering. 

LATEST IPOS AND DIRECT LISTINGS:

Pitanium (PTNM) opened on May 30 at $4.51. The company that retails its proprietary brand focusing on beauty and personal care products priced its initial public offering of 1.75M Class A ordinary shares at $4.00 per share. The deal priced at the low end of its $4.00-$5.00 range. Pitanium said that proceeds from the offering will be used for enhancing customer experience through launching a mobile application; developing a new line of products solely for home treatment; expanding the company’s product portfolio and exploring new suppliers; further enhancing the company’s marketing strategies; and working capital and other general corporate purposes. 

RECENT SPAC IPOS:

Wintergreen Acquisition (WTG) opened on May 29 at $10. The blank check company intends to use the net proceeds from the offering to acquire a business focused on the technology, media, and telecommunications industries. Its search for a target business will focus on companies with operations or prospective operations in the Asia Pacific region, including the Greater China region, that have advanced and highly differentiated solutions.

Jena Acquisition Corp. II (JENA) opened on May 29 at $10.10. The blank check company intends to “capitalize on the ability of its management team and initially focus its search on identifying a prospective target business that can benefit from its co-founder and Chairman William P. Foley, II’s and its co-founder and Chief Executive Officer Richard N. Massey’s historical areas of business expertise.”

Kochav Defense Acquisition (KCHV) opened on May 28 at $10.00. The blank check company intends to focus on the defense and aerospace industries.

ChampionsGate Acquisition (CHPG) opened on May 28 at $10.02. The blank check company intends to focus on industries “that complement the management team’s and board of director’s background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business.”

END OF THE WEEK PERFORMANCE:

• Pitanium – up 3% at $4.12.

RECENT IPOS TO WATCH: Apimeds Pharmaceuticals (APUS), American Integrity Insurance (AII), and Aspen Insurance (AHL) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Fitness Champs (FCHL), Chime (CHYM), Circle (CRCL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

Circle Internet Group announced the launch of the initial public offering of 24M shares of its Class A common stock. Circle is offering 9.6M shares of Class A common stock and the selling stockholders are offering 14.4M shares of Class A common stock. The initial public offering price is currently expected to be between $24.00-$26.00 per share. 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 or terms of the offering. Circle has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “CRCL”. J.P. Morgan, Citigroup, and Goldman Sachs & Co. are acting as joint lead active bookrunners for the offering. Barclays, Deutsche Bank Securities and Societe Generale are acting as bookrunners; BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co. and Santander are acting as co-managers; and AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, and Roberts & Ryan are acting as junior co-managers.

BlackRock (BLK) plans to acquire about 10% of the shares offered in Circle Internet’s (CRCL) initial public offering, according to people familiar with the matter, Bloomberg’s Ryan Gould and Anthony Hughes report. The stablecoin issuer and some of its shareholders, including co-founder and Chief Executive Officer Jeremy Allaire, are seeking to raise as much as $624M in the offering, according to a U.S. Securities and Exchange Commission filing Tuesday. Cathie Wood’s Ark Investment Management has indicated an interest in buying as much as $150M of shares in the offering, the filing shows. 

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.

Chime announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Chime has applied to list its common stock on the Nasdaq under the ticker symbol “CHYM.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley, Goldman Sachs and J.P. Morgan will act as lead book-running managers for the proposed offering. Barclays will act as an additional book-running manager. Evercore ISI, UBS Investment Bank, Deutsche Bank Securities, Piper Sandler and Wolfe Nomura Alliance will act as bookrunners. William Blair, Canaccord Genuity, Keefe, Bruyette & Woods, First Citizens Capital Securities and Texas Capital Securities will act as co-managers. Chime is a financial technology company.

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.”

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