ListingTrack Recap

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/ special situations.

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Now, let’s get into the recap!

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 IPO & Other Listings

Pricings/ Listings Last Week

• MBX Biosciences ($MBX), a biotech developing therapies for metabologic disorders, is up 48% after it priced its $163M IPO. — PR

• Bicara Therapeutics ($BCAX), a biotech backed by TPG and RA Capital, is up 30% after it priced its upsized $315M IPO. — PR

• Immunology therapies developer Zenas Biopharma ($ZBIO) is up 7% after pricing its upsized $225M IPO. — PR

• Trident Digital Tech ($TDTH), a Singapore-based digital transformation firm, priced its $9M IPO and has since dropped by 26%. — PR

• XCHG ($XCHG), a German EV charging company, is up 27% after it priced its $21M IPO. — PR

• Galaxy Payroll Group ($GLXG), a Hong Kong based payroll outsourcing service, priced its $7M IPO and has risen by 11%. — PR

• FutureVision II AC ($FVNNU), a SPAC targeting TMT businesses in Greater China. — PR

Expected this week

• Legacy Education (LGCY), a post-secondary healthcare education provider in California, is expected to list on Thurs, Sep 19, after it prices its IPO on Wed. The company provided a roadshow presentation here.

• Veea (VEEA), an edge computing company, and Devvstream (DEVS), a carbon credits firm, are expected to close their SPAC mergers and list on Nasdaq this week.

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

Post-IPO Coverage and IPO Market Commentary

• Biotech IPO Shares ($BCAX, $MBX, $ZBIO) Climb in Trading Debuts After Deals Upsized — BB

• Shares of Trump Media ($DJT) shot up by more than 25% on Friday, minutes after majority owner Donald Trump said he is not selling his stake. “I have absolutely no intention of selling,” said the Republican presidential nominee, who will be free to start cashing in his nearly 57% stake in less than a week when a lockup agreement expires. Trump also laid into Nasdaq for halting the stock (due to volatility) and threatened to move the listing to NYSE “if they do it again”. — CNBC

• Rubrik ($RBRK) Shares Face Dual Test in Earnings Results, Lock-Up Expiry — BB

• Morgan Stanley expects mergers, IPOs to lag trends through 2024 — Reuters

• Citi Sees Some Tech Companies Still Weighing US IPOs This Year — BB

See the Top Performers from Listings 2019-

Listing Plans and Rumors

Plans

• The distribution record date for the spinoff of South Bow Corporation (Exp: SOBO), the liquids pipelines business of TC Energy ($TRP), is set for Sep 25. SOBO will begin regular-way trading on NYSE after its Form 40-F goes effective, which is expected to be on or around Oct 7. — PR

• MDU Resources Group ($MDU) announced that it filed its Form 10 registration statement for the spinoff of its construction services business, Everus Construction Group, and that the spinco will trade under the ticker ECG. Everus will hold an Investor Day on Oct 17 at the NYSE. — PR

• Jacobs ($J) announced that the spinoff of critical missions solutions and cyber & intelligence businesses and subsequent merger with Amentum, is expected to be completed on Sep 27. The newco, Amentum, is expected to begin when-issued trading on NYSE on Sep 24 and regular-way trading on Sep 30 under the symbol AMTM. — PR

• Czechoslovak Group (CSG) agreed to purchase $150M of shares (7.5%) of Revelyst, Vista Outdoor’s ($VSTO) outdoor products business that will be spun off as part of the company’s acquisition by CSG. The share purchase values Revelyst at $2 billion. — PR

• SITE Centers ($SITC) announced that the spin off of its convenience retail properties into a separate company named Curbline Properties is expected to be completed on Oct 1. When-issued trading is expected to begin on NYSE on Sep 26 followed by regular-way trading on Oct 1 under the symbol CURB. — PR

Rumors

• Data center operator Switch weighs IPO at about $40 billion valuation — Reuters

• Thoma Bravo has begun discussions with banks for a possible IPO of Sailpoint Technologies, the company it took private in 2022 at a $6.9 billion valuation. — BB

See the list of Planned IPOs and Rumored IPOs

Planned/ Rumored IPO Company News

• Northvolt, previously rumored to IPO in 2025, is cutting staff and pausing some production at its flagship factory in Sweden on the back of lower EV demand. — BB

• Cloud-computing firm CoreWeave, which is considering an IPO next year, is in talks for a shareholder tender at a $23 billion valuation — BB

New IPO/ Direct Listing Filings (7)

• US: Chain Bridge Bancorp (CBNA) and Cloudastructure (Direct Listing) (CSAI)

• APAC: BingEx (FLX), Basel Medical Group (BMGL), BrilliA (BRIA), Diginex (DGNX), Fitness Champs (FCHL)

See all of the latest IPO Filings

 IPO Candidate/ Prominent Startup News

• SpaceX performs historic first spacewalk with Polaris Dawn crew — CNBC

• OpenAI is in talks to raise $6.5 billion of equity at a $150 billion valuation and is also in talks with banks for a $5 billion credit line. — BB

• TikTok and its parent ByteDance face crucial court hearing that could decide fate in US — Reuters

• eToro to shut down nearly all crypto trading in settlement with US SEC — Reuters

Equity Raises

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

• Glean, an enterprise AI platform , raised $260M at a $4.6 billion valuation in its Series E. The round was led by Altimeter and DST Global and included investments from new investors SoftBank, Sapphire Ventures, and Craft Ventures. — PR

• Viome, a gut and oral health DTC diagnostics company, raised $25M in its Series D from investors, including Khosla Ventures and Marc Benioff. — PR

• 6K, a developer of plasma for lithium-ion batteries, raised $82M as part of its Series E led by insiders and including investments from Anzu Partners and Energy Impact Partners. — PR

• CSA Medical, a cryotherapy medical device company, raised a $53M Series D. — PR

• Fiber-to-the-home provider, Race Communications, raised $375M in an equity round from its majority investor, Oak Hill Capital. — PR

• Inflammatix, a Khosla Ventures-backed molecular diognostics firm, raised a $57M Series E. — PR

• World Labs, a spacial intelligence AI startup valued at over $1 billion, emerged from stealth with $230M in funding from Investors including Andreessen Horowitz, Adobe, NVIDIA, AMD, and Databricks. — TC

• Sedgwick, a Caryle-owned claims management provider, brought on a new PE investor, Atlas Partners, in a deal that gives the company a $13.2 billion enterprise value. Atlas has committed to invest $1 billion of equity. — PR / Reuters

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

Public M&A Activity

Announcements

• Another mid-size bank acquisition: NBT Bancorp ($NBTB) announced it will acquire Evans Bancorp ($EVBN) in an all-stock deal. The transaction values Evans at appx. $236M based on NBT’s closing price on Sep 6. Evans’ holders will receive 0.91 NBTB shares per EVBN share. — PR / Reuters

• Manitex International ($MNTX), a US truck crane maker, agreed to be acquired by Tadano, a Japanese truck crane maker, in an all-cash deal valued at $123M ($223M including debt) or $5.80 per share. — PR

Closings

• SAP ($SAP) closed its $1.5 billion acquisition of WalkMe. — PR

• Pharmacosmos Therapeutics acquisition of G1 Therapeutics ($GTHX) is expected to close prior to market open on Sep 18, after the tender offer expires on Sep 17.

Public M&A News

Talks / Rumors and Other Potential Deals

• Vista and Blackstone, who are in talks to acquire Smartsheet, are asking private credit lenders for a $3.2 billion debt package for the proposed acquisition. — BB

• Some large Grifols ($GRFS) shareholders are increasing pressure on the Spanish blood plasma firm to seek a substantial premium in talks with suitor Brookfield Asset Management ($BAM). — BB

• Singular Genomics ($OMIC) reported that Deerfield, one of the company’s major investors, submitted a non-binding proposal to acquire the company for $10 per share in cash. Deerfield will invite other major investors and management to rollover their shares — it expects over 50% of the holders to do so. — SF

• 23andMe ($ME) CEO Wojcicki open to third-party takeover proposals for firm, filing shows — Reuters

Deal Coverage and Updates

• Alimera Sciences ($ALIM), which was scheduled to close its acquisition by ANI Pharmaceuticals ($ANI) on Monday, announced on Tuesday that it filed a lawsuit in Delaware Chancery to force ANI to close the merger. ANI responded that it is “working in good faith” to close the acquisition, but any delay is due to discussions around closing conditions which it expects to resolve promptly. The following day, the companies jointly stated that the merger is scheduled to close on Mon, Sep 16.

• Permira agreed to increase the offer price to acquire Squarespace ($SQSP) from $6.9 billion to $7.2 billion after proxy advisory firm ISS recommended shareholders vote against the earlier proposal. — PR / Reuters

• Hewlett Packard Enterprise ($HPE) announced a $1.35 billion mandatory convertible preferred stock offering to fund its acquisition of Juniper Networks ($JNPR). — Reuters

• Tapestry ($TPR) and Capri ($CPRI) went to court this week to defend the Capri acquisition against the FTC. The FTC urged a federal judge in New York on Monday to block the acquisition, arguing it will eliminate competition in the "accessible luxury" market. — Reuters

• Nippon Steel Corp. is mounting a last-ditch push to muster support for its $14.1 billion takeover of US Steel Corp. ($X), a deal opposed by President Joe Biden, Vice President Kamala Harris and ex-President Donald Trump. — BB

  • The United Steelworkers union chief responded with a memo to the White House, saying, “In its desperate attempt to save a doomed deal, US Steel executives have turned to one of the oldest tricks in the book: attempting to divide USW members and retirees to distract us from the multi-million-dollar payoffs they stand to gain personally” and “We will not be bullied into going backward and accepting a bad deal. Our commitment has never been more clear: Keep US Steel US-owned.” — BB

• RBC launches $1.76 billion loan for Envestnet’s $4.5 billion acquisition by Bain Capital and Reverence Capital Partners — BB

• Vista Outdoor ($VSTO), which is to be acquired by Czechoslovak Group (CSG), announced that CSG agreed to buy shares in Revelyst, Vista’s outdoor products business that will be spun off as part of the transaction. The $150M share purchase will be returned to VSTO holders increasing the cash consideration of the acquisition from $24 to $28 per share. — 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

• Amid Elliott’s activist campaign against Southwest Airlines’ ($LUV) management, the company announced Executive Chairman Gary Kelly will step down next year and 6 other directors intend to retire in November with 4 of those being replaced in the near future. Southwest will consider filling as many as 3 of those open spots with candidates presented by Elliott. — WSJ

Bankruptcies/ Delistings

• BurgerFi ($BFI) filed for Chapter 11 bankruptcy. — PR

• Digital Media Solutions (OTC: $DMSL) filed for Chapter 11 bankruptcy and entered into an asset sale with its existing lenders. — PR

• Edgio ($EGIO), a provider of media content and cyber-security solutions, files for Chapter 11. — BB

• 2U Inc.’s (TWOUQ) shares were canceled as the EdTech company’s bankruptcy plan was implemented.

• Downlisted to OTC:

  • Discount chain, Big Lots (BIG —> $BIGGQ)

  • Velo3D (VLD —> $VLDX), a 3D printing company.

  • Singlepoint ($SING), a holding co focused on renewable energy.

  • Vocodia ($VHAI), a customer service AI software firm.

  • SPACs: Newbury Street ($NBST)

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

SPAC Activity

New Deals

• Southport Acquisition Corp (OTC: $PORT) announced it will merge with mission-driven film studio Angel Studios at a pre-money equity value of $1.5 billion. — PR / IP

• Alpha Star ($ALSA) & Estonia-based software developer, XDATA, at a $180M equity value. — PR

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, 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.