Reddit, Inc. (RDDT) Stock, ALAB Stock, DJT Stock, IPO, MAMO Stock, ZBAO Stock, MNDR Stock, CTNM Stock, RITR Stock, PACS Stock, YAAS Stock, OPHV Stock, INAI Stock, MSS StockNiloofer Shaikh,
WANAN YOSSINGKUM
There has been a lot of action in the IPO market in recent weeks as things begin to heat up. Meme stocks like Reddit (NYSE:RDDT) and Trump Media & Technology (NASDAQ:DJT) have seen big gains and losses since their debut as volatility continues to plague the so-called meme stocks. Meanwhile, new chip play Astera Labs (NASDAQ:ALAB) has surfed the AI boom, with the stock soaring 97% since listing on the NASDAQ. As the market enters the second quarter, the Renaissance International IPO Index (NYSEARCA:IPO) is up 8.6% YTD, closely tracking the S&P 500’s 9.9% gain.
Here are some of the other major headlines in the IPO market:
Coming IPOs that are expected to price this week
- Massimo Group (MAMO) is raising $5.9M by issuing 1.3M shares at an estimated price range between $4-$5 per share. Description: A powersport vehicle and motor boat maker.
- Zhibao Technology (ZBAO) is raising $6M by issuing 1.2M shares at an estimated price range between $4-$6 per share. Description: A Chinese digital insurance brokerage platform.
- Mobile-health Network Solutions (MNDR) is raising up to $10.1M by offering 2.3M shares at a price range of $4 to $5 per share. Description: A Singapore-based company offering telehealth and healthcare services.
- Contineum Therapeutics (CTNM) is raising $149.6M by issuing 8.8M shares at an estimated price range of $16–$18 per share. Description: A clinical-stage biopharmaceutical company.
- Harden Technologies (HAHA) is raising $6M by offering 1M shares at an estimated price range of $5–$7 per share. Description: A waste management and recycling equipment manufacturer in China.
New notable filings
- Microsoft backed Rubrik (RBRK) has filed with the SEC to raise up to $100M in an initial public offering. It plans to list on the NYSE under the symbol RBRK. Description: A hybrid cloud and on-premise data management platform for enterprises
Terms and changes
- Hong Kong-based Reitar Logtech Holdings (RITR) sets terms for its upcoming IPO. The company plans to raise up to $11M in an initial public offering (IPO) by offering 2.5M shares at a price range of $4 to $5. It plans to list on the Nasdaq under the symbol RITR.
- PACS Group (PACS), a post-acute care provider with over 200 facilities in the US, has announced terms for its IPO. The company plans to raise $400M by offering 19.1M shares at a price range of $20 to $22. The deal is expected to be priced during the week of April 8, 2024. It plans to list on the NYSE under the symbol PACS.
- Youxin Technology (YAAS), a Chinese provider of digital transformation software and services for retailers, has raised its proposed deal size for its upcoming IPO. The company now plans to raise $9M by offering 2.3M shares at $4, a 15% increase from the previous filing of 2M shares at the same price. Selling shareholders have registered 1.9M shares via a separate resale prospectus. The company plans to list on Nasdaq under the symbol YAAS.
Withdrawal
- Opti-Harvest (NASDAQ:OPHV), a company that produces sunlight optimization products for agriculture, has withdrawn its initial public offering plans. The company, which had filed in August 2022, had initially planned to raise $11M by offering 2.7M units at $4.15. The company was set to list on Nasdaq under OPHV.
- Invea Therapeutics (INAI), a preclinical biotech company using AI to develop small molecules for inflammatory diseases, withdrew its plans for an initial public offering, originally filed in October 2023, with a proposed deal size of $75M. The company, founded in 2021, was set to list on Nasdaq under the symbol INAI.
Lockup period expirations
- Nature Wood Group (NASDAQ:MSS) on 4/2/2024. Price movement over the past six months: +8.4%.
SA Commentary
- “Trump Media (DJT) shares slumped over 20% on Monday, erasing the gains seen since the social media network merged with SPAC Digital World Acquisition Corp. Donald Trump, its biggest shareholder, beneficially held around 57.3% of its outstanding shares, meaning the plunge slashed his stake by $1B. SA analyst On the Pulse last week recommended investors sell and take profits on DJT, adding that Trump Media’s present market valuation of $6.6B “appears wildly inflated.”