2023-07-10 09:33:48 ET
Things are starting to defrost for the IPO market after being frozen for much of the past year and a half. In June, investors witnessed the notable IPOs of Vesta Real Estate ( VTMX ), Kodiak Gas Services ( KGS ), Savers Value Village ( SVV ) and Fidelis ( FIHL ), which each raised over $250M. Outsized IPO returns have also been recorded this year, with the Renaissance IPO ETF ( IPO ) climbing 34.7% YTD, compared to the 15% gain of the benchmark S&P 500 Index.
Coming IPOs (and direct listings) that are expected to price this week
Maison Solutions ( NASDAQ: MSS ) is raising $15M, with an expected 3.8M shares priced at $4.00. Description: Specialty Asian grocery retailer.
Pineapple Financial ( NYSEMKT: PAPL ) is raising $6.3M, with an expected 1.3M shares priced between $4.00-$6.00. Description: Canadian mortgage brokerage.
Surf Air Mobility ( SRFM ) is raising $223M, with an expected 18.8M 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 (including SPACs)
SPAC Spark I Acquisition filed for a $100M IPO, targeting late-stage tech in Asia. It plans to list on the Nasdaq under the symbol ( SPKLU ).
Autozi Internet Technology filed to raise up to $29M in an IPO. It plans to list on the Nasdaq under the symbol (AZI). Description: Parallel importer of cars and auto parts in China.
SPAC Haymaker Acquisition 4 , the fourth blank check company led by Steven and Andrew Heyer, filed for an up to $200M IPO aimed at consumer businesses. It plans to list on the NYSE under the symbol (HYAC.U). Previously, IPO Haymaker Acquisition III merged with hormone optimization center Biote ( BTMD ) in 2022.
Lockup period expirations
MGO Global ( MGOL ) on 7/12/2023. Price movement over the past six months: -46.2% .
Skyward Specialty Insurance Group ( SKWD ) on 7/12/2023. Price movement over the past six months: +34.3% .
SA commentary
"Surf Air Mobility intends to combine with Southern Airways to provide regional air transportation via small turboprop aircraft for underserved U.S. markets," writes Investing Group Leader Donovan Jones. "Given Surf Air Mobility's history of high operating losses, inherent risks in its business plan of transitioning to hybrid and electric aircraft, and likely significant overhang of stock supply after the listing, my opinion on the direct listing is Sell."
More on IPOs
- Yahoo eyes comeback to public markets
- Best and worst performing healthcare IPOs of 2023, so far
- FC Barcelona in talks to take its digital business public through SPAC
For further details see:
IPO Roundup: Surf Air Mobility to become first direct listing of 2023