IPO - IPO Roundup: Adlai Nortye Jyong Biotech and more

2023-08-21 11:09:18 ET

The IPO market continues to expand, with many notable names reportedly seeking September debuts. Arm Holdings, Birkenstock Group and Instacart, have all shown interest in going public within the next month. This year, the Renaissance IPO ETF ( NYSEARCA: IPO ) has also increased 27%, above the benchmark S&P 500 Index's 14.3% growth.

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

SIMPPLE ( NASDAQ: SPPL ) is raising $9.3M by offering 1.6M shares at an estimated price between $5.25-$6.25 per share. Description: Singapore based property technology company.

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

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

Gamer Pakistan ( GPAK ) is raising $8M by offering 1.7M shares expected to be priced between $4-$5 per share. Description: E-sports event promotion and product marketing company.

RoyaLand ( NASDAQ: RLND ) is raising $6.3M by offering 1.3M shares expected to be priced at $5 per share. Description: Royalty-themed video game developer.

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

New notable filings

Jyong Biotech ( JYB ) filed with the SEC to raise up to $40M in an initial public offering. The company focuses on developing plant-derived drugs for urinary system diseases, targeting the US, EU, and Asia markets. The lead candidate, MCS-2, is a softgel containing carotenoid chylomicrons for benign prostate hyperplasia/lower urinary tract symptoms. Jyong Biotech filed an NDA for MCS-2 in December 2021 and plans to list on the Nasdaq under the symbol JYB. Description: Taiwan-based biotech company developing urinary disease therapies.

Terms and changes

Primech Holdings ( PMEC ) has reduced the proposed transaction size for its upcoming IPO from 5M to 3M shares at a price range of $4 to $5. It intends to trade on the Nasdaq under the ticker symbol PMEC.

Withdrawals

Lafayette Energy ( LEC ) has withdrawn its plans for an initial public offering, which it filed in March 2023 to raise $7M by selling 1.2M shares at a price range of $5 to $7 per share. The company, which had no revenue-generating operations, intended to list on the Nasdaq under the symbol LEC.

PROTONIQ Acquisition ( PROQU ), a fintech blank check company targeting the APAC region, withdrew its initial public offering plans for $100M. The company filed in July 2022 to raise $100M by offering 10M units at $10 each. Each unit would receive one-tenth of a share and half of a warrant. It had planned to list on the Nasdaq under the symbol PROQU.

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