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The U.S. IPO pipeline continues to see moderate traffic ahead. For the holiday shortened week, no major names have yet surfaced, with mostly companies from Asia looking to raise some capital.
Nevertheless, there is new chatter that hedge fund billionaire Bill Ackman is looking to revive the initial public offering of Pershing Square USA (NYSE:PSUS) by giving early investors more shares. In July, Ackman withdrew his IPO plans for PSUS commenting that he would reevaluate its structure.
Since the start of the year, the Renaissance IPO ETF (NYSEARCA:IPO) has risen about 10.8%, underperforming the S&P 500 index, which has gained about 18.4% as of Friday’s close.
Upcoming IPOs/SPACs that are expected to be priced this week
- Cuprina Holdings (Cayman) (CUPR) is raising $15.0M by offering 3.8M shares at a price range of about $4.00. Description: Chronic wound care products maker.
- Galaxy Payroll Group (GLXG) is raising $8.0M by offering 2.0M shares at a price range of about $4.00. Description: Holding company.
- J-Star Holding (YMAT) is raising $5.6M by offering 1.3M shares at a price range between $4.00 to $5.00. Description: Holding company operating via subsidiary.
- Innovation Beverage Group (NASDAQ:IBG) is raising $5.6M by offering 1.4M shares at a price range of about $4.00. Description: Developer and retailer of a beverage portfolio.
- Trident Digital Tech (NASDAQ:TDTH) is raising $10.8M by offering 1.8M shares to be priced between $5.00 and $7.00 per share. Description: Business and technology solutions provider.
- Webus International (WETO) is raising $16.9M by offering 3.8M shares to be priced between $4.00 and $5.00 per share. Description: Holding company.
- Powell Max Limited (NASDAQ:PMAX) is raising $8.3M by offering 1.7M shares to be priced between $4.00 and $6.00 per share. Description: Holding company conducting operations via its unit in Hong Kong.
New notable filings
- Concorde International Group (CIGL) has filed with the SEC to raise up to $5M in an initial public offering. The company plans to offer 1.3M shares at $4.00. Description: Singapore-based security solutions provider.
- Ribbon Acquisition (RIBBU) has filed with the SEC to raise up to $50M in an initial public offering. The company plans to offer 5M units at $10. Each unit contains one share and one right to receive one-ninth of a share upon completion of an initial business combination. Description: Black check company.
Terms and changes
- HUHUTECH International Group (HUHU) has set terms to raise $6M in an initial public offering by issuing 1.3M shares priced between $4.00 to $6.00 per share. Description: China-based factory systems provider.
- Luda Technology Group (LUD) has set terms to raise $10M in an initial public offering by issuing 2.5M shares priced at about $4.00 per share. Description: Chinese steel products manufacturer.
- APRINOIA Therapeutics (APRI) has reduced the proposed deal size for its upcoming initial public offering. The company now plans to raise $6M by offering 0.5M shares priced between $10.00 to $14.00 per share. Description: Neurodegenerative disease biotech.
- Ruanyun Edai Technology (RYET) has reduced the proposed deal size for its upcoming initial public offering. The company now plans to raise $17M by offering 17M by offering 3.8M shares priced between $4.00 to $5.00. Description: Chinese education software provider.
- Health In Tech (HIT) has set terms to raise $10M in an initial public offering by issuing 2.3M shares priced between $4.00 to $6.00 per share. Description: Stop-loss insurance marketplace.
Lock up period expirations
- Lucas GC (NASDAQ:LGCL) on 9/2/2024. Price movement over the past six months as of Friday’s close: -53.7%
- Ryde Group (LGCL) on 9/2/2024. Price movement over the past six months as of Friday’s close: +80.5%
SA Commentary
“The market opportunity for providing digital transformation services is expected to grow at a moderate rate of growth in Singapore,” said SA Investing Group Leader Donovan Jones about Trident Digital in an analysis.
“The company will likely seek to expand geographically outside of Singapore to operate in larger markets in the Asia Pacific region.”
