Light Friday Action (ListingTrack Daily)

Good morning!

In today’s letter: Klaviyo’s is back in the green as its stock is now trading above its IPO price, Ibotta picks its champions, Nextracker returns to the $5B club, and Elon fans are hoping Starlink’s IPO timetable is moved up after a promising report.

Yesterday’s trivia answer: Mr. Zuck. He was mentioned 128 times in Facebook’s IPO prospectus, compared to 115 Elon mentions and only 23 for Jack in Tesla and Twitter’s respective S-1 filings.

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General Market Headlines

• U.S. Stocks Open Higher After Jobs Report as Dow Attempts To Extend Winning Streak — WSJ

• Maersk cutting at least 10,000 jobs as shipping boom unravels — Reuters

• BlackRock says investors set to face 5.5% long-term borrowing costs — FT

Pricings/ Filings

IPO Pricings / Other Listings

• Lexeo Therapeutics ($LXEO) priced its IPO at $11 per share (down from its expected range of $13-$15), raising appx. $100M at an estimated initial market cap of $282M. — PR

 🗞️ IPO & Other Listing News ($1B+ / Prominent)

IPO/ Other Listing Plans & Rumors

• Ibotta Picks Goldman, Citi to Lead IPO at $2 Billion Valuation (expected next year) — Bloomberg

• Chinese Electric Truck Maker Windrose is Seeking US IPO in 2024 — Bloomberg

• The CEO of project44, a supply chain software company, advised they are on track to be profitable and are on “the right trajectory for an IPO.” — WSJ

Potential IPO Company News

• Elon Musk says SpaceX's Starlink business ‘achieved breakeven cash flow’ — CNBC

  • Snippet: SpaceX’s valuation has soared to about $150 billion, with Starlink seen as a key economic driver of the company’s goals. Two years ago, Musk emphasized that making Starlink “financially viable” required crossing “through a deep chasm of negative cash flow.”

    Musk has discussed spinning off Starlink to take it public through an initial public offering once the business was “in a smooth sailing situation.” But timing of a Starlink IPO remains uncertain. Last year, Musk told employees that taking the business public wasn’t likely until 2025 or later.

📈 2023 IPO Trading Stats

Daily Moves of the $5B+ IPO Clan

👀 Upcoming Action

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🗞️ News

Talks / Rumors and Other Potential Deals

• RedBird Weighs Sale of French Football Club

  Toulouse — Bloomberg

General M&A Commentary / Post M&A Coverage

• Elon Musk asks court to reject SEC's bid to make him testify in Twitter probe — Reuters

📈 Live Merger Trading Stats

Daily Gainers & Losers — By Daily % Chg. among the parties (Targets/Acquirers) of active mergers valued at $5B+

SPAC Action

New Deals

• Concord Acquisition III ($CNDB) & GCT Semiconductor agree to merge at a $461M enterprise value. — PR

Approvals/ Completions

• Abri SPAC I (ASPA) completed its merger with DLQ, a subsidiary of Logiq, to form Collective Audience and starts to trade under the new ticker, $CAUD, today. — PR

• Twin Ridge Capital (TRCA) closed its merger with Carbon Revolution and will begin trading under its new ticker, $CREV. — SF

🗞️ News

De-SPAC Updates

• Cano Health ($CANO) effected a 1-for-100 reverse stock split and will start trading on the split adjusted basis today. — PR

📈 De-SPAC Trading Stats

Daily De-SPAC Gainers & Losers — Top 3 & Bottom 3 (By Daily % Chg. among 2019- De-SPACs)

The People’s Takes — Memes and More from the Interwebs

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