Opening Day: several small IPOs hit market

A total of six companies went public last week. Globa Terra Acquisition, a blank check company with a focus on businesses within the agribusiness and water sectors, also opened for trading.

LATEST IPOS AND DIRECT LISTINGS:

• Bluemount (BMHL) opened on July 11 at $4.20. The Hong Kong-based consulting and advisory and financial services provider priced its initial public offering of 1.375M shares at a public offering price of $4.00 per share.
• Delixy (DLXY) opened on July 9 at $4.00. The company priced its initial public offering of 2M shares at a public offering price of $4.00. Delixy is a Singapore-based company principally engaged in the trading of oil-related products.
• Ten-League (TLIH) opened on July 8 at $3.87. The company priced its initial public offering of 2.24M ordinary shares, 1,607,840 of which are being offered by Ten-League and 632,160 by selling shareholders, at a public offering price of $4.00 per ordinary share. Ten-League is a Singapore-based provider of turnkey project solutions.
• Masonglory (MSGY) opened on July 8 at $4.28. The Hong Kong based subcontractor providing wet trades and related ancillary services to private and public sectors priced 1.5M shares at $4.00. The deal priced at the low end of the $4.00-$6.00 range.
• Rich Sparkle (ANPA) opened on July 8 at $3.60. The financial printing and corporate services provider, which specializes in designing and printing financial print materials in Hong Kong, priced its initial public offering of 1.25M ordinary shares at a public offering price of $4.00 per share.
• MaxsMaking (MAMK) opened on July 7 at $4. The manufacturer of customized consumer goods headquartered in Shanghai priced its initial public offering of 1.625M shares at a public offering price of $4.00 per share.

RECENT SPAC IPOS:

• Globa Terra Acquisition (GTER) opened on July 9 at $10.04. The blank check company intends to focus its search on target businesses within the agribusiness and water sectors.

PERFORMANCE:
Prices as of 11.00 am ET on Monday, July 14

• Bluemount – down almost 2% at $3.93;
• Delixy – down about 1% at $4.13;
• Ten-League – up almost 1% at $4.93;
• Masonglory – down over 1% at $4.45;
• Rich Sparkle – down more than 9% at $3.18;
• MaxsMaking – down about 1% at $3.35.

RECENT IPOS TO WATCH: Caris Life Sciences (CAI) and Slide Insurance (SLDE) are already seeing coverage roll out, while Enigmatic (EGG) and Jyong Biotech (MENS) are 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 Hengguang (HGIA), Figma (FIG), Ambiq Micro (AMBW), McGraw Hill (MH), and Center Mobile (CTMB).

Click here to see upcoming IPO calendar on TipRanks.

Hengguang has filed with the SEC for an initial public offering of its Class A ordinary shares and reserved the symbol “HGIA” for purposes of listing the Class A ordinary shares on the Nasdaq Stock Market. D. Boral Capital is acting as the underwriter. The prospectus states, “Heng Guang Cayman is a holding company incorporated in the Cayman Islands with no material operations. As a holding company with no material operations of its own, Heng Guang Cayman conducts substantially all of the operations through Heng Guang Insurance or the VIE, the operating entity established in the People’s Republic of China, which has entered into a series of the VIE Agreements with WFOE, an indirect subsidiary of Heng Guang Cayman.”

Figma has filed with the SEC for an initial public offering of shares of Class A common stock and applied to list its Class A common stock on the New York Stock Exchange under the symbol “FIG.” The prospectus states in part, “Figma is where teams come together to turn ideas into the world’s best digital products and experiences… As AI makes software much easier to create, and as organizations across industries and geographies continue to invest heavily in digital transformation, better-designed digital products and experiences have become even more critical to a company’s success. That’s why 95% of the Fortune 500 and 78% of the Forbes Global 2000 used Figma in March 2025… Our revenue was $749.0M for the year ended December 31, 2024, representing 48% year-over-year growth as compared to the year ended December 31, 2023, and our revenue was $228.2M for the three months ended March 31, 2025, representing 46% year-over-year growth as compared to the three months ended March 31, 2024. Our four-year compounded annual revenue growth rate as of December 31, 2024 was 53%. For the year ended December 31, 2024 and for the three months ended March 31, 2025, we delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating margin of 17% and 18%, respectively.”

Ambiq Micro has filed with the SEC for an initial public offering of shares of common stock and intends to apply to have its common stock listed on the New York Stock Exchange under the symbol “AMBQ.” BofA Securities, UBS, Needham and Stifel are listed as underwriters. The prospectus states, “We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute – especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users where power consumption challenges are the most severe. Our leading position is built upon our hardware and software innovations that deliver two to five times lower power consumption than traditional semiconductor designs. Our products power over 270 million devices today. We shipped more than 42 million units in 2024, and we estimate that over 40% of them ran AI algorithms.”

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.”

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