Image Source: via Shares of StandardAero jumped 36% in the company’s trading debut as the aircraft maintenance services provider raised $1.44 billion in its IPO.
Latest IPOs and Direct Listings
BingEx () opened on Oct. 5 at $16.50. The company had priced its initial public offering of 4 million American Depositary Shares, or ADSs, at $16.50. BingEx Limited is an on-demand dedicated courier services provider in China branded as “FlashEx.”Chain Bridge Bancorp () opened on Oct. 5 at $22. The bank holding company for Chain Bridge Bank, National Association, had offered 1.85 million shares of its Class A common stock at a public offering price of $22.00 per share.StandardAero () opened on Oct. 2 at $31.00. The company had priced 60 million shares at $24.00, above the target range of $20.00-$23.00. StandardAero is an independent pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military, and business aviation end markets. StandardAero is majority owned by investment firm Carlyle ().FrontView REIT () opened on Oct. 2 at $18.25. The company had priced 13.2 million shares at $19.00, within the $17.00-$21.00 range.FrontView, an internally-managed net-lease REIT that acquires, owns, and manages primarily outparcel properties that are net leased on a long-term basis to a diversified group of tenants, says it intends to use the net proceeds from the offering to repay borrowings outstanding under its revolving credit facility and term loan credit facility.Following such uses, the company says it expects to use any remaining net proceeds for general business and working capital purposes, including potential future acquisitions.Wellchange () opened on Oct. 2 at $3.90. The enterprise software solution services provider headquartered in Hong Kong had priced its initial public offering of 2 million shares at a public offering price of $4.00.ZenaTech () opened on Oct. 1 at $10.00 following its direct listing on the Nasdaq. ZenaTech is a technology company specializing in Artificial Intelligence drone and enterprise Software-as-a-Service, or SaaS, solutions for mission-critical business applications.HomesToLife () opened on Oct. 1 at $4.51. The company had priced 1.25 million shares at $4.00. Syndicate’s wholly owned subsidiary and operating company, HomesToLife Singapore, is a home furniture retailers that offers and sells customized furniture solutions in Singapore.
End-of-the-Week Performance
Recent IPOs to Watch
Bicara Therapeutics (), MBX Biosciences (), Zenas BioPharma (), Galaxy Payroll (), Trident Digital (), and XCHG () 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 the likes of Infinity Natural Resources, Upstream Bio, Basel Medical Group, Megan Holdings, and ShipBob.Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its stock on the NYSE under the symbol “INR.” Infinity Natural Resources is an independent exploration & production company that is “dedicated to the Appalachian region.”Upstream Bio has filed for an initial public offering of shares of its common stock. The prospectus filed with the SEC stated:
“We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin, or ‘TSLP,’ a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases.
“Preclinical and clinical data to date demonstrate verekitug’s highly potent inhibition of the TSLP receptor, which we believe will translate to a differentiated product profile, including improved clinical outcomes, substantially extended dosing intervals and the potential to treat a broad spectrum of patients.
“We have advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps and plan to initiate development in chronic obstructive pulmonary disease, or ‘COPD’… Verekitug is, to our knowledge, the only monoclonal antibody currently in clinical development that targets and inhibits the TSLP receptor.”
Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol “BMGL.” Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.Megan Holdings filed with the SEC for an initial public offering of 1.25 million ordinary shares of Megan Holdings Limited, a Cayman Islands exempted company, which is being conducted on a firm commitment basis.”We expect that the offering price of our Ordinary Shares in this offering will be between US$4.00 and US$6.00 per share. Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol ‘MGN’,” the filing stated.ShipBob has selected JPMorgan () to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould earlier this year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigroup () as part of the syndicate, the authors said. An initial public offering could occur as soon as later this year and could value the company at $4 billion, the authors noted.
