IPO - IPO Roundup: Richtech Robotics Triller and more

2023-08-07 08:47:57 ET

The Renaissance IPO ETF ( NYSEARCA: IPO ) has stood out this year, with a dynamic growth trend and return of 42% YTD. This impressive gain stands in contrast to the 17% rise of the benchmark S&P 500 Index during the same time period, demonstrating the IPO market's strong performance and capacity to capitalize on market opportunities.

Coming IPOs (and de-SPACs) that are expected to price this week

Shareholders of Black Spade Acquisition ( NYSE: BSAQ ) will vote on whether to approve the proposed merger with VinFast on August 10. The EV company had submitted a Nasdaq listing application in December but later withdrew it due to the situation of the market. If approved, the combined company would have an estimated value of $27.1B, making it the largest de-SPAC of the year and the third-largest during the previous five years. Black Spade's stock reached a settlement price of $10.60 as of 8/3/23, which is slightly over the trust value of $10 per share at redemption and 6% higher than the transaction price.

Fitell ( NASDAQ: FTEL ) is raising $16.5M with an expected 3M shares priced between $5-$6 per share. Description: Australian gym equipment retailer.

Foremost Lithium Resource & Technology ( NASDAQ: FMST ) will be raising $8M by offering 1.5M shares priced between $5-$6 per share. Description: Canada-based resource exploration company.

LQR House ( LQR ) is raising $5M by offering 1M shares priced between $4-$6 per share. Description: Alcoholic beverage marketing company.

Vitro Biopharma ( VTRO ) is raising $10M with an expected 1.8M shares priced in the range of $5-$6 per share. Description: Biotechnology company.

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

Richtech Robotics filed with the SEC to raise up to $22M in an initial public offering. It plans to list on the Nasdaq under the symbol ( RR ). Description: e-commerce platform for grocery and travel.

Triller has filed to go public through direct listing on the NYSE under the ticker ( ILLR ). The company will not raise any additional funds through the listing, and existing owners will sell the listed Class A shares. The company hasn't yet provided information about the initial trading float, a reference price, or when it plans to list its securities. Description: Video sharing platform.

Vittoria filed with the SEC to raise up to $15M in an initial public offering. It plans to list on the Nasdaq under the symbol ( VITT ). Description: Hong-Kong based financial services firm.

Terms and changes

WeBuy reduced the proposed deal size for its upcoming IPO from 4M shares to 3.5M shares at a price range of $4.00 to $4.50. The company is expected to list on the Nasdaq under the symbol ( WBUY ).

SinglePoint has upsized its IPO offering to raise $8M from $6M. The company now plans to offer 1.6M shares (upsized from 1M shares) at $5. The company is currently listed on the OTC under the symbol (SING) and intends to uplist on the Nasdaq under the same symbol.

Inspire Veterinary Partners now plans to raise $31M by offering 6.2M shares (76% secondary) at a price range of $4 to $6. The company had most recently filed to offer 5.7M shares (83% secondary) at the same range.

Nature Wood Group plans to raise $9M by offering 0.9M ADSs at a price range of $9 to $11. It plans to list on the Nasdaq under the symbol ( NWGL ).

Withdrawals

EOM Pharmaceutical Holdings withdrew its plans for an initial public offering. It originally filed in June 2022 with a proposed deal size of $25M. The company is currently listed on the OTC Pink under the ticker ( OTCPK:IMUC ) and had planned to list on the Nasdaq under the symbol ( EOM ).

Lockup period expirations

Hesai Group ( NASDAQ: HSAI ) on 8/8/2023. Price movement over the past six months: -41.16% .

Lucy Scientific Discovery ( NASDAQ: LSDI ) on 8/8/2023. Price movement over the past six months: -62.88% .

Nextracker ( NASDAQ: NXT ) on 8/8/2023. Price movement over the past six months: +34.21% .

Enlight Renewable Energy ( NASDAQ: ENLT ) on 8/9/2023. Price movement over the past six months: +4% .

Mineralys Therapeutics ( NASDAQ: MLYS ) on 8/9/2023. Price movement over the past six months: -27.87% .

SA commentary

"For a platform (Triller) whose topline revenue growth rate is dropping and that's generating very high operating losses and burning cash at a substantial rate in a high cost of capital environment, my opinion on the direct listing is Neutral (Hold)," writes Investing Group Leader Donovan Jones .

More on IPOs

U.S. IPO Weekly Recap: SharkNinja Completes Listing As Wave Of Small IPOs Continues

Black Spade Acquisition Co: Sell The VinFast Listing

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