ListingTrack Recap

Covering IPO & other listing action, public M&A updates, and more.

Author

Nick G.
September 09, 2024

Good morning!

If you received this report from a friend or chanced upon it, welcome to the ListingTrack Recap! This is our free weekly newsletter that covers new public listing activity, including IPOs and pre-IPO action, public M&A updates, and other major corporate actions and special situations.

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Now, let’s get into the recap!

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 IPO & Other Listings

IPO Pricings

  • Pheton Holdings ($PTHL), a Chinese healthcare company, and Powell Max ($PMAX), a Hong Kong-based financial communications company, priced their $9M and $6M IPOs, respectively.

  • 2 SPACs:

    • Andretti Acquisition II ($POLE-U) - $200M

    • Vine Hill Capital Investments ($VCIC-U) - $200M

Expected this week

  • Bicara Therapeutics (BCAX), a biotech backed by TPG and RA Capital, is expected to list on Friday, Sep 13, after it prices its IPO on Thurs. The company provided a roadshow presentation here.

  • NEA and Bristol Myers-Squibb backed Zenas Biopharma (ZBIO) is also expected to list on Friday. Roadshow presentation here.

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

IPO Rumors and Plans

  • HPS Investment Partners, the private credit manager carved out of JPMorgan in 2016, which confidentially filed for IPO late last year, has begun discussing a potential IPO with investors that could value the firm at $10 billion or more. — BB

  • Luggage maker Samsonite, which is traded in Hong Kong, has hired JPMorgan and Morgan Stanley for its dual listing in the US. The US listing could become its primary listing. — BB

  • Conservative media network Newsmax (NMAX) announced it filed confidentially for an IPO that could raise up to $75M. The company is seeking to raise $150M to $225M in a convertible preferred private placement ahead of the planned IPO. — PR

  • Titan Cement International hired Citi and Goldman to run the IPO of its US business, Titan America, in early 2025, which could raise at least $500M at a valuation of over $2 billion. — BB

  • Genesys Cloud Services hired Goldman, Citi, and JPMorgan to run an IPO in 2025 that could raise as much as $2 billion. — BB

  • Nium, a Singapore-based payments company that previously targeted Q2 of 2025, now says it will be ready to IPO in 2026. — BB

  • Zelis owners Bain Capital and Parthenon Capital are in talks to sell a 20% to 25% stake in a deal that values the health tech company at about $17 billion. Bain and Parthenon were considering other options, including an IPO or an outright sale, but are leaning towards only selling a minority stake to remain invested. — BB

  • Topgolf Callaway ($MODG) announces it will spin off Topgolf into a separate company. While evaluating other possibilities, the most likely option is for Topgolf to become a stand-alone public company. The companies merged in early 2021 in a deal that valued Topgolf at appx. $2 billion. — PR

  • Fortive Corp. ($FTV) announced it will spin off its precision technologies business into a separate public company. NewCo will focus on its test and measurement technologies, specialty sensors, and aerospace and defense subsystems. RemainCo will retain its portfolio of healthcare and industrial software and analytics companies. — PR / BB

See the list of Rumored IPOs and Planned IPOs

Pipeline Company Updates

  • VNG, the first Vietnamese unicorn, which withdrew its IPO plans in January, had its headquarters in Ho Chi Minh City raided by police. — Reuters

New Filings (8)

  • BioAge Labs (BIOA), an obesity-focused biopharma startup backed by Andreessen Horowitz, Eli Lilly, and Khosla Ventures files for US IPO. — S-1 / Reuters

  • KinderCare (KLC), the largest daycare operator in the US, filed for an IPO after it withdrew its 2021 IPO filing. — S-1 / BB

  • StandardAero, an aircraft maintenance services provider backed by Carlyle, filed to go public. Bloomberg reported back in April that the company was working on a sale or IPO. — S-1 / BB

  • +6 more new IPO filings last week. See all of the latest filings.

Equity Raises

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

  • Safe Superintelligence, a new AI company co-founded by OpenAI’s former chief scientist, llya Sutskever, raised $1 billion at a rumored $5 billion valuation from investors including Andreessen Horowitz and Sequoia Capital. — Reuters

  • Oyster, an HR software firm focused on remote workforces, raised its $59M Series D led by Silver Lake Waterman. The round values Oyster at $1.2 billion. — PR / TC

  • Battery developer 24M Technologies raised $87M in Series H preferred stock financing at a valuation of $1.3 billion. — PR

  • Software engineering productivity company Cortex raised $60M in Series C financing at a $470M valuation from investors, including Sequoia Capital, Y Combinator, and Stripe’s Collison brothers. — BB

  • Genome engineering startup eGenesis raised $191M in its Series D, led by Lux Capital and featuring investments from existing investors, including ARCH, Khosla, and Bayer. — PR / WSJ

  • ArsenalBio, a cell therapy biotech backed by SoftBank and Bristol-Myers Squibb, raised $325M in its Series C that included investments from ARCH Venture Partners and NVIDIA. — PR

  • Circle Pharma, an Eli Lilly-backed biotech developing cell-permeable macrocycle therapies, raised $90M in its Series D round.— PR

Public M&A Activity

Announcements

  • Verizon ($VZ) will acquire Frontier Communications ($FYBR) in an all-cash deal valued at $20 billion, including debt. FYBR shareholders will receive $38.50 per share for a total equity value of $9.6 billion. The deal is expected to close within 18 months. — PR / WSJ

  • SPAR Group ($SGRP) agreed to be acquired by Highwire Capital for $2.50 per share in cash. — PR

  • First Majestic Silver Corp. ($AG) announced it will acquire Gatos Silver ($GATO) in an all-stock deal that implies an appx. equity value of $970M for Gatos. GATO shareholders will own appx. 38% of the combined company. — PR

  • ConnectOne Bancorp ($CNOB) will acquire First of Long Island ($FLIC) in an all-stock deal valued at $284M. FLC holders will receive 0.5175 CNOB shares per FLIC share. — PR

Closings

  • GTCR closed its acquisition of AssetMark (Delisted: AMK). — PR

  • Noble Corporation ($NE) completed its acquisition of Diamond Offshore Drilling (Delisted: DO) — PR

  • The acquisition of Alimera Sciences ($ALIM) by ANI Pharmaceuticals ($ANI) is expected to close today, Sep 9, before the market opens.

  • SAP’s acquisition of WalkMe Ltd. ($WKME) is scheduled to close before market open on Wednesday, Sep 11.

Public M&A News

Talks / Rumors and Other Potential Deals

  • Nordstrom ($JWN) founders offer $23 per share to take department store private — Reuters

  • Sandy Spring Bancorp ($SASR) Works With Adviser to Entertain Sale Talks — BB

  • Vista and Blackstone in talks to acquire software maker Smartsheet ($SMAR) — Reuters

Deal Coverage and Updates

  • Nippon Steel & U.S. Steel ($X) merger coverage:

    • Mon: Nippon Steel Says Americans to Make Up Most of US Steel Board — Bloomberg

    • U.S. Steel’s ($X) CEO said the company would close steel mills if its merger with Nippon Steel collapses, after Biden moves closer to blocking the deal. — WSJ

  • Grifols’ ($GRFS) board postponed its capital markets day as Brookfield Asset Management carries out due diligence on a potential takeover offer. — Bloomberg

  • Larry Ellison will control Paramount after Skydance Media (a group led by his son David Ellison) acquires the controlling shareholder, National Amusements, from the Redstone family. — BB

  • Bitfarms’ ($BTIF) largest shareholder, Riot Platforms, issued an open letter to other shareholders questioning the timing and price of the Stronghold acquisition, raising concerns over governance.

  • Elis ($ELIS), a French workplace supplies company, approached US uniform supplier Vestis ($VSTS) about a potential acquisition — Reuters

  • Kroger ($KR) CEO told a federal judge on Wednesday that the merger with Albertsons ($ACI) would counter the growth of Amazon and Walmart. — BB

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

  • Starboard files a proposal at News Corp ($NWS) to scrap the dual-class structure that allows Rupert Murdoch to control the company. — Reuters

  • Elliott Investment Management, the activist hedge fund that has called for the ouster of Southwest Airlines’ ($LUV) CEO and Chairman, now holds 10% of the company’s common stock, which is enough to call a special meeting. — Reuters 

  • Super Micro Computer’s ($SMCI) CEO issued a shareholder letter in response to Hindenburg Research’s short report stating that the report contained false or inaccurate statements that the company intends to address “in due course.” Per the letter, the Annual Report is delayed due to a Board committee review of the company’s internal controls, although it is expected that there will be no material changes to the financial results. — SMCI Letter / Reuters

  • Norway's wealth fund, Nike’s ($NKE) 9th largest shareholder, will back a shareholder proposal on workers' rights — Reuters

Spin-offs, Restructurings, and Other Special Sits

  • Lyft ($LYFT) to Dispose Some Bike Assets, Cut Jobs in Overhaul — BB

  • Intel ($INTC) Saga Continues:

    • Intel Is Exploring Sale of Part of Stake in Mobileye ($MBLY) — BB

    • Qualcomm ($QCOM) explores acquiring pieces of Intel ($INTC) chip-design business — Reuters

  • Nvidia ($NVDA) denied reports that it had received a subpoena from the Department of Justice over antitrust concerns. — CNBC

  • Allbirds ($BIRD) and The Container Store ($TCS) are two of the latest high-profile companies to implement a reverse stock split in bids to comply with the $1 minimum price requirement and remain listed on Nasdaq.

Bankruptcies/ Delistings

  • Big Lots ($BIG) sells business to Nexus Capital as it begins bankruptcy proceedings — Reuters

  • US pharmacy chain Rite Aid (RADCQ) will operate as a private company as it emerges from bankruptcy. The company’s existing shares were canceled. — Reuters

  • Downlisted to OTC:

    • Hempacco ($HPCO), a hemp cigarette and rolling paper company.

    • Adamas One ($JEWL), a lab-grown diamond maker.

    • SPACs: Spree AC (SHAP —> $SACQF), Zalatoris AC ($TCOA), Iris AC ($IRAA), Clover Leaf ($CLOE), Concord AC II ($CNDA)

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

SPAC Activity

New Deals

  • Denali Capital ($DECA) & Semnur Pharmaceuticals (Scilex subsidiary), a clinical-stage pharma company developing pain therapies. — PR

  • Keen Vision ($KVAC) & clinical-stage biopharma company focusing on cardiovascular diseases, Medera. — PR

  • Evergreen ($EVGR) & AI-driven IT consulting firm, Forekast Limited — PR

  • Compass Digital ($CDAQ) & EEW Renewables, a global renewable energy project developer. — PR / IP

Check out The Weekly SPAC Review newsletter for a more robust summary of the SPAC activity.

See the SPAC Hub on ListingTrack.io. If you are interested in more SPAC content, ListingTrack Pro users get access to our daily SPAC update newsletter.

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,

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.