IPO - IPO Roundup: Arm Holdings Vitro Biopharma and more
2023-09-11 10:30:13 ET
Terms and changes
Japanese medical and relaxation salon chain ZEROSPO ( ZRSP ) has reduced its proposed deal size for its upcoming IPO from 3.75M shares to 1.5M shares at the same estimated price range of $4 to $5. The company plans to list on Nasdaq under the symbol ZRSP.
Medical device developer, EMulate Therapeutics ( EMTX ) has reduced its proposed deal size by 8% ahead of its IPO. The company now plans to raise $12M by offering 2.3M shares (reduced from prior offering of 2.5M shares) at a price range of $4 to $6. The company plans to list on Nasdaq under the symbol EMTX.
Hong Kong-based financial services firm Garden Stage ( WIN ) has reduced its deal size for its upcoming U.S. IPO by 40%. The company now plans to raise $9M by offering 2M shares at a price range of $4 to $5. It had previously filed to offer 3.8M shares (40% secondary) at $4. The company, which provides underwriting and brokerage services, securities dealing and brokerage services, and asset management services in Hong Kong, is aiming to list on the Nasdaq under the symbol WIN.
Withdrawals
A blank check company, Forest Acquisition (FOACU) withdrew its plans for an initial public offering. The SPAC, led by former Greencity Acquisition CEO Ming Zhang, aimed to raise $66M by offering 6.6M units at $10 each, targeting opportunities with enterprise values between $200M and $500M. It had planned to list on the Nasdaq under the symbol FOACU.
Lockup period expirations
ICZOOM Group ( NASDAQ: IZM ) on 9/11/2023. Price movement over the past six months: +150.5% .
Intchains Group ( NASDAQ: ICG ) on 9/12/2023. Price movement over the past six months: -15% .
SA commentary
"The upcoming ARM IPO comes at a time of high investor demand for chip companies, but the valuation is too high for its growth prospects," writes SA contributor MM Research.
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IPO Roundup: Arm Holdings, Vitro Biopharma and more