MQ - IPO Roundup: Adlai Nortye 99 Acquisition Group and more

2023-08-14 09:32:35 ET

The IPO market continues to hit the accelerator as equity markets rebound in 2023. In fact, the Renaissance IPO ETF ( IPO ) has seen a return of 33.5% so far this year, in contrast to the 16.7% rise of the benchmark S&P 500 Index.

Coming IPOs that are expected to price this week

Adlai Nortye ( ANL ) is raising $72M by offering 9M shares (3M ADS) that are expected to price between $22-$26 per ADS. Description: Cancer drug developer.

Maison Solutions ( NASDAQ: MSS ) is raising $12M by offering 3M shares that are expected to be priced at $4 per share. Description: Grocery operator.

Nature Wood Group Limited ( NWGL ) is raising $9.2M by offering 0.9M shares expected to price between $9-$11 per share. Description: Forestry company.

SIMPPLE ( SPPL ) is raising $8.9M by offering 1.6M shares at an estimated price between $5-$6 per share. Description: Singapore based property technology company.

Elephant Oil ( ELEP ) is raising $7.5M by offering 1.7M shares expected to price between $4-$5 per share. Description: African oil drilling company.

Sacks Parente Golf ( SPGC ) is raising $13.5M by offering 3M shares to be priced between $4-$5 per share. Description: Golf equipment manufacturer.

SRM Entertainment ( SRM ) is raising $6.3M by offering 1.33M shares at an estimated price of $5 per share. Description: Developer of toys and souvenirs for theme parks and entertainment venues.

99 Acquisition Group ( NNAGU ) is raising $80M by offering 8M shares expected to price at $10 per unit. Description: Special-purpose acquisition company.

Foremost Lithium Resource & Technology ( NASDAQ: FMST ) is raising $5M by offering 0.9M shares expected to price between $5-$6 per share. Description: Lithium exploration company.

Solowin Holdings ( SWIN ) is raising $10M with an expected 2.5M shares priced at $4 per share. Description: Online brokerage and investment advisory company.

Note: Many IPOs have been delayed recently, and there could be last-minute debut changes or cancellations.

New notable filings

Jinxin Technology Holding has filed for an initial public offering of up to $5M. It intends to list on the Nasdaq but has not yet chosen a symbol. Description: Educational content platform for K-9 students in China.

VS Media ( VSME ) has filed to raise up to $10M in an initial public offering that will offer 2M shares at $5 per share. It plans to list on the Nasdaq under the symbol VSME. Description: Hong Kong-based content creator-driven marketing services.

Terms and changes

Cancer drug developer Adlai Nortye ( ANL ) has downsized its proposed IPO to $72M from $115M. The company hopes to file for FDA market approval in the second half of 2024, with the potential for an accelerated approval.

Withdrawals

ev Transportation Services ( NASDAQ: EVTV ) withdrew its plans for an initial public offering, citing "adverse market conditions for smaller companies." It originally filed in September 2022 with a proposed deal size of $20M and a plan to list on the Nasdaq under the symbol EVTS.

Merqueo Holdings ( NASDAQ: MQ ) withdrew its plans for an initial public offering. The company originally filed in December 2022 with a proposed deal size of $14M and planned to list on the Nasdaq under the symbol MERQ.

Lockup period expirations

Bullfrog AI ( NASDAQ: BFRG ) on 8/14/2023. Price movement over the past six months: -43.1% .

SA commentary

"Given Adlai Nortye Ltd.'s late stage of development for its lead candidate, its numerous major pharma collaborations and its well-capitalized balance sheet, life science investors with a patient hold time frame may wish to consider the IPO at around $24.00 per ADS," writes Investing Group Leader Donovan Jones .

More on IPOs

• SoftBank in talks to buy Vision Fund's 25% stake in Arm - report
• Amazon is latest heavyweight in talks to anchor Arm IPO - report
• SPAC 10X Capital III to merge with HIV therapy developer Addimmune

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