IPO - IPO Roundup: Surf Air Mobility Opti-Harvest and more

2023-07-24 11:17:48 ET

The first tech IPO since December 2021 has injected more enthusiasm into the IPO market after remaining frozen for much of the past year and a half. Oddity Tech ( NASDAQ: ODD ) has turned lower to start the week, but has seen gains of 45% since pricing at $35 last Wednesday. Taking a broader view, the Renaissance IPO ETF ( NYSEARCA: IPO ) is up 43.5% YTD, compared to the 18.6% gain of the benchmark S&P 500 Index.

Coming IPOs (and direct listings) that are expected to price this week

Opti-Harvest ( NASDAQ: OPHV ) is raising $7.9M, with an expected 1.9M shares priced at $4.15. Description: Commercial crop equipment supplier.

Janover (JNVR) is raising $6.5M, with an expected 1.3M shares priced between $4.00-$6.00. Description: B2B fintech marketplace.

Keen Vision Acquisition Corp. ( KVACU ) is raising $130M, with an expected 13M shares priced at $10. Description: SPAC targeting biotech, consumer goods or agriculture.

SRM Entertainment ( SRM ) is raising $6.5M, with an expected 1.3 shares priced at $5.00. Description: Toy and souvenir designer (see below).

Warrantee ( WRNT ) is raising $11.2M, with an expected 2.8 shares priced at $4.00. Description: Toy and souvenir designer.

Surf Air Mobility ( NYSE: SRFM ) is raising $280M, with an expected 23.6M shares priced at $11.86. Description: Electric aviation company.

Fitell Corp. ( FTEL ) is raising $15M, with an expected 3M shares priced between $4.00-$6.00. Description: Australian gym equipment retailer

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

New notable filings

Creative Global Technology filed to raise $18M in an IPO. It plans to offer 4M shares at a price range of $4 to $5, and list on the Nasdaq under the ticker symbol ( CGTH ). Description: Hong Kong-based seller of pre-owned consumer electronics.

Flewber Global filed to raise up to $8M in an IPO. It plans to list on the Nasdaq under the ticker symbol ( FLYF ). Description: Private charter flight booking provider.

Terms and changes

SRM Entertainment, a toy and souvenir designer, lowered its coming offering by 31%. It now intends to offer 1.3M shares instead of 1.8M. At an expected price of $5/share (from a range of $4.50-$5.50), the IPO would raise $6M, with plans to list on the Nasdaq under ticker symbol ( SRM ).

MIRA Pharmaceuticals, a biotech focused on a new molecular synthetic THC analog, raised its coming offering by 20%. It now intends to offer 1.2M shares instead of 1M. At an expected price of $4.00-$6.00 per share, the IPO would raise $8.4M, with plans to list on the Nasdaq under ticker symbol ( MIRA ).

SolarMax Technology, a 3D printer company, cut its coming offering by 36%. It now intends to offer 1.6M shares instead of 2M. At an expected price of $4/share (down from a range of $4.00-$6.00), the IPO would raise $6.4M, with plans to list on the Nasdaq under ticker symbol ( XJET ).

Advanced Biomed plans to raise $113M by offering 25M shares at a price range of $4-$5. Description: Taiwan-based equipment provider for early cancer screening.

Withdrawals

Aleph Group withdrew plans for an IPO. The company had estimated its deal size at $300M and planned to list on the Nasdaq under ticker symbol ( ALEF ). Description: Ad services provider in emerging countries.

Uplistings

Uplisting from the OTC to Nasdaq, BioNexus Gene Lab ( BGLC ), an Asian raw material and blood test supplier, announced the public offering of 1.25M common shares at $4/share for total proceeds of $5M.

Lockup period expirations

QuantaSing Group (QSQ) on 7/24/2023. Price movement over the past six months: -40.7% .

Genelux ( GNLX ) on 7/25/2023. Price movement over the past six months: +221% .

Brera ( BREA ) on 7/26/2023. Price movement over the past six months: -53.3% .

TXO Partners ( TXO ) on 7/26/2023. Price movement over the past six months: -5.1% .

SA commentary

"After scrapping plans for a SPAC merger in 2022, aviation company Surf Air Mobility ( SRFM ) is slated to begin trading on the NYSE in the first direct listing of 2023," wrote Renaissance Capital in its U.S. IPO Weekly . "Surf Air provides a regional air mobility platform and intends to develop powertrain technology to electrify existing fleets with its commercial partners, though it does not yet have FAA approval for its hybrid and electric planes. Together with Southern Airways (pending merger), the company's footprint covers 44 cities, serving over 99,000 passengers with over 18,000 departures in the 1Q23. Surf Air is currently highly unprofitable, with a going concern warning."

More on IPOs

• J&J could reportedly launch Kenvue exchange offer in 'coming days'
• Filament Health to merge with SPAC Jupiter Acquisition Corp.

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