Coming IPOs that are expected to price this week
Adlai Nortye (NASDAQ:ANL) is raising $72M by offering 9M shares (3M ADS) that are expected to price between $22-$26 per ADS. Description: Cancer drug developer.
Maison Solutions (MSS) is raising $12M by offering 3M shares that are expected to be priced at $4 per share. Description: Grocery operator.
SIMPPLE (SPPL) is raising $9.3M by offering 1.6M shares at an estimated price between $5.25-$6.25 per share. Description: A Singapore-based property technology company.
Solowin Holdings (SWIN) is raising $10M with an expected 2.5M shares priced at $4 per share. Description: An online brokerage and investment advisory company.
Inspire Veterinary Partners (IVP) is raising $8M by offering 1.6M shares expected to be priced between $4-$5 per share. Description: A veterinary hospital operator in the United States.
Lead Real Estate (LRE) is raising $9.1M by offering 1.1M shares at an estimated price between $7-$9 per share. Description: Luxury real estate developer for sale and rent in Japan.
Note: Many IPOs have been delayed recently, and there could be last-minute debut changes or cancellations.
New notable filings
Arm Holdings filed with the SEC to raise up to $100M in an initial public offering. However, this is likely a placeholder for a deal estimated to raise up to $6B. The company plans to list on the Nasdaq under the symbol (ARM). Description: The British chip design maker owned by Japanese tech conglomerate SoftBank (OTCPK:SFTBY).
Instacart filed to raise up to $100M in an initial public offering. It is also likely a placeholder for a deal that is expected to raise up to $1B. It plans to list on the Nasdaq under the symbol (CART). Description: Grocery delivery platform.
Terms and changes
Agape ATP has upsized the proposed deal size for its upcoming IPO and now plans to raise $7M by offering 1.1M shares at a price range of $5.50 to $6.50 vs. a prior offering of 0.7M shares at the same range, raising 51% more in proceeds than anticipated and commanding a market value of $459M. The company is expected to list on the Nasdaq under the symbol (ATPC).
Prospect Energy Holdings has reduced its proposed deal size for its upcoming IPO from 30M units to 7.5M units at $10 each, with each unit containing one share of common stock and one warrant. The revised deal size will raise 75% less in proceeds than anticipated, with a market value of $95M. The company plans to list on Nasdaq under the symbol (AMGSU).
LeeWay Services raised the proposed deal size for its upcoming IPO from 1.6M shares to 3M shares at a $5 price. The revised terms increase the company’s proceeds by 88% and command a market value of $45M. The company is expected to list on the NYSE under the symbol (LEWY).
Lockup period expirations
Biomed Realty Trust (BMR) on 8/28/2023. Price movement over the past six months: -53.5%.
“Arm’s performance as a listed company will be an important factor for SoftBank’s overall valuation,” writes SA author Christoph Liu.
“Arm’s recent capital spending history indicates it has spent lightly on capital expenditures as a percentage of its operating cash flow,” added Investing Group Leader Donovan Jones.