IBTA - IPO Roundup: Rubrik Marex Group Loar Holdings and more

It's been a busy week for the IPO market, with Ibotta ( IBTA ) pricing its shares above range and recording a strong debut before slipping below its opening price . The upcoming IPO of Rubrik ( RBRK ), an enterprise data management and security platform, is also attracting attention, promising another eventful week ahead. So far in 2024, the Renaissance IPO ETF ( NYSEARCA: IPO ) has fallen about 3%, trailing the benchmark S&P 500, which is up by around 4%YTD....

Here are some of the other major headlines in the IPO market:

Coming IPOs that are expected to price this week

• Rubrik ( RBRK ) is raising $678.5M by issuing 23M shares at an estimated price range of $28–$31 per share. Description: Microsoft ( MSFT )-backed cybersecurity firm.
• Marex Group ( MRX ) is raising up to $299.9M by offering 15.4M shares at a price range of $18–$21 per share. Description: Financial trading services provider.
• Loar Holdings ( LOAR ) is raising up to $275M by offering 11M shares at a price range of $24–$26 per share. Description: Aerospace component manufacturer.
• mF International ( MFI ) is raising $7M by offering 1.6M shares at a price range of $4 to $5. This is a 12% decrease from the previous filing of 1.8M shares. Description: Hong Kong-based trading platform provider.
• FBS Global ( FBGL ) is raising up to $7.5M by issuing 1.9M shares at an estimated price of $4 per share. Description: An engineering and construction services provider in Singapore.
• Neo-Concept International Group Holdings ( NCI ) is raising $10.4M by offering 2.3M shares at a price range of $4–$5 per share. Description: A Hong Kong-based apparel retailer and supply chain services provider.
• RanMarine Technology (RMRN) is raising $7.9M by issuing 1.4M shares at a price of $5.5 per share. Description : A Dutch aquatic drone developer.
• Key Mining ( KMCM ) is raising up to $10M by issuing 4.4M shares at an estimated price of $2.25 per share. Description: A Florida-based early-stage mining company.

New notable filings

• GP-Act III Acquisition ( GPATU ) has filed with the SEC to raise up to $250M in an initial public offering. The company plans to raise $200M by offering 25M units at $10, each containing one share of common stock and one half of a warrant, exercisable at $11.50. It plans to list on the Nasdaq under the symbol GPATU. Description: A blank check company backed by GP Investments, Boxcar Partners, and a former Hain Celestial executive.
• Games Global ( GGL ) has filed with the SEC to raise up to $100M in an initial public offering. The company, which develops, distributes, and markets casino-style gaming content, has worked with 40 in-house and partnered studios to develop over 1,300 games over the past 20 years. It plans to list on the NYSE under the symbol GGL. Description: A global developer and distributor of online casino-style games.

Terms and changes

• A Chinese supplier of automotive rubber and plastic sealing strips, Rubber Leaf ( OTCPK:RLEA ), sets terms for its Nasdaq uplisting. The company, currently listed on the OTC under the symbol RLEA, plans to raise $8M by offering 1.6M shares at a price range of $4 to $6.
• Lirum Therapeutics ( LRTX ), a Phase 1 biotech company, sets IPO terms to raise $25M by offering 2.3M shares at a price range of $10 to $12. The company, founded in 2021, plans to list on Nasdaq under the symbol LRTX.

Withdrawal

• PishPosh, an online retailer of baby products, withdrew its plans for an initial public offering, filing to raise $6M by offering 1.7M shares at $3.75. The company has not updated its prospectus since July 2023. It had planned to list on the NYSE American under the symbol BABY.

Lockup period expirations

• Mach Natural Resources ( NYSE: MNR ) on 4/22/2024. Price movement over the past six months: +23.77%.
• reAlpha Tech ( NASDAQ: AIRE ) on 4/22/2024. Price movement over the past six months: -64.57%.

SA Commentary

• Investing Group Leader Donovan Jones takes a cautious stance on Rubrik, assigning it a Hold rating and stating , "Rubrik's financial results show slow overall revenue growth, high operating losses, and negative free cash flow. Management's challenge will be to continue to transition its client base to its subscription products while reducing high operating losses and increasing revenue growth.