Shares of oilfield services provider Flowco jumped in their market debut on Thursday, as they opened for trading 21% above their IPO price.
LATEST IPOS AND DIRECT LISTINGS:
Flowco (FLOC) opened on January 16 at $29.00. The provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry had priced its initial public offering of 17.8M shares of its Class A common stock at a public offering price of $24.00 per share.
PicoCELA (PCLA) opened on January 16 at $4. The Tokyo-based provider of enterprise wireless mesh solutions had priced its initial public offering of 1.75M American Depositary Shares at a public offering price of $4.00 per ADS. Each ADS represents one common share of the company. The deal size was reduced to 1.75M shares in common stock from 2M shares of common stock and priced at the low-end of the $4.00-$6.00 range.
Hong Kong Pharma (HKPD) opened on January 15 at $3.50. The provider of OTC pharmaceutical cross-border e-commerce supply chain services in Hong Kong had priced its initial public offering of an aggregate of 1,403,685 ordinary shares at a public offering price of $4.00 per share, of which 1M shares are offered by Hong Kong Pharma and 403,685 shares are offered by the selling shareholders of the company.
Uni-Fuels (UFG) opened on January 14 at $4.59. The company had priced 2.1M shares at a public offering price of $4.00 per share. Uni-Fuels is a provider of marine fuel solutions for shipping companies headquartered in Singapore.
RECENT SPAC IPOS:
Plum Acquisition IV (PLMK) opened on June 15 at $10.04. The blank check company had priced its initial public offering of 15M units at a price of $10.00 per unit.
Ribbon Acquisition (RIBB) opened on June 15 at $10.02. The blank check company incorporated in the Cayman Islands as an exempted company had priced its initial public offering of 5M units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one right to receive one-seventh of one Class A ordinary share upon the consummation of an initial business combination.
END OF THE WEEK PERFORMANCE:
UPCOMING IPOS: Upcoming IPO and direct listings expected include Odyssey Therapeutics (ODTX), JAJI Global, Infinity Natural Resources (INR), Basel Medical Group (BMGL), and ShipBob.
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Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”
CLPS (CLPS) announced that its majority-owned subsidiary, JAJI Global, has filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed initial public offering of JAJI’s ordinary shares. Following the offering, CLPS expects to hold a significant voting interest in JAJI along with a corresponding economic interest in its subsidiaries. The number of shares to be offered and the price range for the offering have not yet been determined. JAJI intends to list its common stock on The Nasdaq Capital Market. According to the F-1, JAJI currently has a total share capital of 10M shares, of which CLPS holds 60%. The funds raised from this IPO will primarily be used for product development, mergers and acquisitions, global expansion, and company operations to drive JAJI’s sustained growth.
Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its Class A common stock on the NYSE under the symbol “INR.” Infinity Natural Resources is an independent exploration & production company “dedicated to the Appalachian region.”
Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol “BMGL.” Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.
ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.
Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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