Opening Day: Ride-hailing startup Ryde makes public debut

Shares of the Singapore-based ride-hailing startup Ryde Group rose in their trading debut this week after pricing the IPO at the low end of the expectations.

LATEST IPOS AND DIRECT LISTINGS:

Ryde Group (RYDE) opened on March 6 at $3.70. The company, which identifies itself as “a technology company with a leading platform for mobility and quick commerce in Singapore,” had priced its initial public offering of 3M Class A ordinary shares at a price of $4.00 per share to the public.

Lucas GC (LGCL) opened on March 5 at $5. The artificial intelligence technology-driven online agent-centric human capital management service provider focused initially on targeting professionals based on Platform-as-a-Service, or PaaS, in the human resources industry had priced its upsized initial public offering of 1.5M ordinary shares at a public offering price of $4.00 per share.

SolarMax opened on Feburary 27 at $3.50. The integrated solar energy company with operations in the United States and China had priced 4.5M shares at $4.00.

PERFORMANCE:

• Ryde Group ended the week at $5.33.
• Lucas GC finished Friday at $3.20.
• SolarMax, after opening last week, ended this Friday at $7.08.

RECENT IPOS TO WATCH: Chromocell Therapeutics (CHRO) and Unusual Machines (UMAC) 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 Boundless Bio (BOLD), Reddit, Auna (AUNA), Origin Life Sciences (OLSI), and Rubrik.

Click here to see upcoming IPO calendar on TipRanks.

Boundless Bio filed with the SEC for an initial public offering of shares of common stock and noted that the company has applied to list its common stock on the Nasdaq Global Market under the symbol “BOLD.” The prospectus states that, “We are a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics that addresses the significant unmet need in patients with oncogene amplified tumors by targeting extrachromosomal DNA, or ecDNA, a root cause of oncogene amplification observed in more than 14% of cancer patients… Our lead ecDTx, BBI-355, is a novel, oral, selective inhibitor of checkpoint kinase 1, CHK1, which manages ecDNA replication and transcription in cancer cells. BBI-355 demonstrated CHK1 inhibition and tumor regressions in ecDNA-enabled preclinical cancer models and is currently being studied in a first-in-human, Phase 1/2 clinical trial in patients with oncogene amplified cancers.”

The roadshow for Reddit‘s closely watched public debut on the New York Stock Exchange will start on Monday, as it prepares to begin trading the following week in a tech listing that will set the tone for the market in 2024, the Financial Times’ Hannah Murphy and Nicholas Megaw report. Reddit plans to price its initial public offering on March 20 and start trading the following day, according to two people familiar with the matter.

Auna S.A. has filed with the SEC for a planned initial public offering and applied to have the class A shares listed on the New York Stock Exchange under the symbol “AUNA.” The prospectus filed with the SEC states in part that, “Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America. We operate hospitals and clinics in Mexico, Peru and Colombia, provide prepaid healthcare plans in Peru and provide dental and vision plans in Mexico.”

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.

Origin Life Sciences said it is offering 1.875M shares its our common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol “OLSI.” Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. “The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections,” the company said in a regulatory filing.

OTHER IPO NEWS: Klarna Bank AB, the Swedish fintech that was once Europe’s most valuable startup, is moving forward with plans for a potential US listing that could be one of the largest initial public offering this year, Bloomberg’s Dinesh Nair, Amy Or, and Swetha Gopinath report, citing people familiar with the matter.The Stockholm-based buy-now-pay-later giant has recently started having detailed discussions with investment banks to work on an initial public offering that could happen as early as the third quarter, the people said. Klarna is considering seeking a valuation of around $20B, the people said.

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