IPOs & Other Initial Public Listings

IPO/ Listing Action

IPO & Other Listings

Pricings/ Listings Last Week

• 4 new sub-$10M IPOs: Impact BioMedical ($IBO), Kairos Pharma ($KAPA), Global Engines ($GLE), Healthy Choice Wellness ($HCWC)

• 2 SPACs: YHN Acquisition I ($YHNA-U) and Cayson Acquisition Corp ($CAPN-U)

• Veea ($VEEA) and SBC Medical Group ($SBC) closed their SPAC mergers with Plum Acquisition I (PLMI) and Pono Capital Two (PTWO), respectively, and began trading.

Expected this week

• BioAge Labs (BIOA), a biotech startup backed by Andreessen Horowitz, Eli Lilly, and Khosla Ventures, developing therapies for aging. Roadshow presentation here.

• BKV Corporation (BKV), a vertically integrated natural gas company. Roadshow presentation here.

• Guardian Pharmacy Services (GRDN), a pharmacy provider for long-term care facilities. Roadshow presentation here.

• FBS Global (FBGL), a Singapore-based green building contractor.

• Legacy Education (LGCY), a post-secondary healthcare education provider in California, is expected to list on Thurs, Sep 26, after it prices its IPO on Wed. The company provided a roadshow presentation here.

Head to ListingTrack.io to see all of the Latest IPOs and Latest Listings

Post-IPO Coverage and IPO Market Commentary

• BofA Bankers Bullish on Prospects for Tech IPOs and M&A — Bloomberg

See the Top Performers from Listings 2019-

New Listing Pipeline

Listing Plans and Rumors

Plans

• SPAC Horizon Space I ($HSPO) to merge with Chinese brand marketing firm, Squirrel Enlivened at a $200M pre-money equity valuation. — PR

• SPAC Chenghe II ($CHEB) will merge with Indonesian B2B online grocery platform, Polibeli at a $3.6 billion pre-money equity valuation. — SF

• SPAC FutureTech II ($FTII) announced a combination with Longevity Biomedical, a biotech roll-up developing life-span-extending technologies at a $100M equity valuation. The company was involved in another SPAC merger that was called off back in June. — PR / IP

Rumors

• Carlyle Group has hired Barclays and Goldman to prepare an IPO for the specialty chemicals producer it owns, Nouryon. The IPO could take place as early as early 2025 and could value the firm at as much as $14.5 billion. — BB

• Rappi expects to be ready to launch an IPO in 12 months, with New York being the likely venue, co-founder Simon Borrero said in a press conference. — BB

• Blockdaemon may pursue an IPO in 2026, its founder Richter said. Hong Kong is the preferred venue at this time due to the regulatory environment for crypto, but this could change. — BB

See the list of Planned IPOs and Rumored IPOs

See the SPAC Hub for all our SPAC coverage

Planned/ Rumored IPO Major Corporate News

• Oracle-Backed Chipmaker Ampere, which filed confidential IPO paperwork in 2022, Explores Potential Sale — BB

New IPO Filings

• US: Spirits Capital, Upstream Bio, CAMP4 Therapeutics, and 3 SPACs: Roman DBDR II, Cohen Circle I, Bold Eagle 

• Other: Moove Lubricants (Brazil), Empro Group (Malaysia), Yuanbao (China)

See all of the latest IPO Filings

IPO Candidates

IPO Candidate/ Prominent Startup News

• Musk Vows Legal Action After FAA Urges Fines Against SpaceX — WSJ

• Warburg-Backed Princeton Digital Weighs $1 Billion Funding Round — BB

• OpenAI to Decide Which Backers to Let Into $6.5 Billion Funding — BB

• Revolut Joins PayPal In The Stable Of Stablecoins — Forbes

• Waymo in talks with Hyundai Motor to produce self-driving taxis, media report says — Reuters

Equity Raises

Prominent Startups, Series D+, and Private Equity Rounds:

• Serán Bioscience, a contract development and manufacturing organization for pharma and biotech companies, raised $200M in a round led by Bain Capital Life Sciences. — PR

See our list of IPO Candidates and the most recent prominent rounds here.

Public M&A

Public M&A Activity

Announcements

• Sterling Bancorp ($SBT) to be acquired by EverBank Financial Corp for $261M. — PR

Closings

• Alaska Airlines ($ALK) completes $1.9 billion acquisition of Hawaiian (Fmr: HA) — Reuters / PR

• Pharmacosmos Group and G1 Therapeutics (Fmr: GTHX) Announce Successful Closing of Tender Offer — PR

• ANI Pharmaceuticals ($ANIP) closed its acquisition of Alimera Sciences (Fmr: ALIM). — PR

• Boston Scientific ($BSX) closed its acquisition of Silk Road Medical (Fmr: SILK) — PR

Public M&A News

Talks / Rumors and Other Potential Deals

• Vista Equity Partners and Blackstone are in advanced talks to acquire Smartsheet in a deal that could value the company at around $8 billion or $56 per share. — Reuters

• Enfusion, a software provider for asset managers, is in talks with banks to evaluate options that could include a potential sale after receiving takeover interest from potential suitors, including private equity firms. — Reuters

• Qualcomm ($QCOM) made a takeover approach to Intel in recent days — WSJ

• Singular Genomics ($OMIC) announced that it received another non-solicited non-binding bid to acquire the company from Concentra Biosciences (led by Tang Capital) for $12 per share in cash. This comes a week after Deerfield proposed an acquisition at $10 per share in cash. — PR

• Steel Connect reiterates its proposal to acquire DMC Global ($BOOM) for $16.50 per share in cash and issues a public letter to shareholders calling the company to engage in discussions. — PR

• Grifols ($GRFS) minority shareholders holding a combined 7.7% stake in the company team up to ask for a board seat and want to make sure any takeover offer would include "a price that is fair for all shareholders" — Reuters

Deal Coverage and Updates

• McGrath RentCorp ($MGRC) announced that it mutually terminated its $3.8 billion acquisition by WillScot Holdings Corporation. McGrath will receive a termination fee of $180M. — PR

• Chesapeake Energy says deal for Southwestern Energy to close early in 4Q — Reuters

• A US security panel has granted Nippon Steel permission to refile its plans to purchase US Steel, for $14.1 billion, likely pushing a decision on the politically contentious takeover past the US elections in November. — BB

• Vista Outdoor ($VSTO) rejected the latest proposal from MNC Capital to acquire the entire company (Kinetic Group & Revelyst businesses) for $43 per share in all cash. MNC responded, stating that it’s not withdrawing its offer and warning shareholders that they have no reason to believe Revelyst will be acquired if the CSG acquisition of Kinetic Group goes through. — PR

Quick break to introduce ListingTrack.io!

Our new platform, ListingTrack.io, is now live! It is a follow-up to our former site, SPAC Track. ListingTrack features a radically improved user experience and access to a significantly broader dataset covering public listing events, including IPOs, SPACs, Spinoffs, and pre-IPO companies. There is also much more coverage in the pipeline, including Public M&A.

Here's a quick rundown of the site's coverage: Our Listing Hub covers all initial public listings (IPOs, Spinoffs, de-SPACs, and more) and delistings. The IPO Hub drills into IPOs and is the hub for our pre-IPO coverage. The SPAC Hub is the new and improved home for SPAC Track’s SPAC and De-SPAC data.

We plan to ship new updates to ListingTrack constantly and will highlight our frequent website updates in this newsletter section going forward.

Activism, Shorts, & Other Special Situations

Activism & Shorts

• Activist investor Politan won the two board seats it was seeking at Masimo ($MASI), defeating founder Joe Kiani and another director at the shareholder vote. — CNBC

• Starboard Value submitted a non-binding proposal for consideration to News Corp ($NWSA) stockholders at the company’s upcoming 2024 annual stockholders meeting, seeking to eliminate News Corp’s dual-class capital structure. — WSJ

• Short seller Wolfpack Research publishes a short report on SWVL ($SWVL) titled, ‘SWVL, a “Transportation-as-a-Service” Start-up Appears to Be a Few Breaths Away from Bankruptcy’. The stock is down X% since the publish date. — Wolfpack Report

• Culper Research published a short report on Kaspi.kz, a financial institution in Kazakhstan that IPO’d in January, titled ‘The NASDAQ-Listed Fintech Moving Money for Criminals and Kleptocrats’. The stock is down X% since the publish date. — Culper Report

• Activist investor Elliott Investment Management told one of Southwest Airlines' top unions it still wants to replace CEO Robert Jordan — Reuters

Separations, Restructurings, and Other Special Sits

• Store operator Arko ($ARKO) is planning to divest its convenience store operations in a deal that could be valued at around $2 billion — Reuters

• Bausch Health Companies ($BHC) is working with Jefferies Financial Group to explore refinancing some of its debt to aid a long-planned spinoff of its stake in the eye-care company Bausch + Lomb — BB

• All of the independent directors of 23andMe ($ME) resigned from the Board of the company in a joint statement due to the CEO Wojcicki not submitting “an actionable'“ proposal to take the company private 5 months after she put the initial take-private proposal forward. (PR). Wojcicki then responded in a memo to employees saying she was committed to taking the company private. — BB

Bankruptcies/ Delistings

• Bird Global’s (BRDSQ) existing shares were canceled worthless as its bankruptcy plan became effective.

• Tupperware filed for Chapter 11 Bankruptcy (TUP —> $TUPBQ) and was delisted by NYSE. — PR

• Silvergate Capital (SICP —> $SICPQ) entered bankruptcy after crypto bank's shutdown — Reuters

• Others downlisted to OTC:

  • BurgerFi (BFI —> $BFICQ), Kineta ($KANT), Bright Green Corp ($BGXX), Smart For Life ($SMFL), Edgio ($EGIOQ), Dunxin ($DXFFY), Altisource Asset Mgmt ($AAMCF), Arogo Capital ($AOGO)

Click here to view the Delisted & Downlisted companies that launched their initial public listings in 2020.

Thanks for reading,

The team at ListingTrack

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Market Data and Coverage: All market data presented is based on the stock prices at the close of the previous trading day. We cover the US market only at this time.
Abbreviations: PR: Press Release, SF: Company SEC filing, IP: Investor Presentation, BB: Bloomberg.

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. ListingTrack and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the ListingTrack website.