IPO round up: Arm Holdings, Instacart, Klaviyo and more (NASDAQ:ANL)

chinahouston August 28, 2023

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.

Klaviyo with the SEC to raise up to $100M in an initial public offering. Similar to the other offerings, the deal is likely a placeholder for a deal estimated to raise over $750M. It plans to list on the NYSE under the symbol (KVYO). Description: A digital marketing campaign automation platform.

Quetta Acquisition filed with the SEC to raise up to $60M by offering 6M units at $10 each, each containing one share of common stock and a right to receive one-tenth of a share upon completion of an initial business combination. The blank check company plans to list on the Nasdaq under the symbol (QETAU). Description: SPAC targeting fintech sector in Asia.

Mission Control Acquisition with the SEC to raise up to $100M by offering 10M units at $10 each, with each unit consisting of one share of common stock and half of a warrant. The SPAC plans to list on the NYSE under the symbol (MISNU). Description: A blank check company targeting aerospace and defense services.

Neumora Therapeutics filed with the SEC to raise up to $100M in an initial public offering. It plans to list on the Nasdaq under the symbol (NMRA). Description: A Phase 3 biotech company developing therapies for brain diseases.

Haoxi Health Technology filed to raise up to $14M in an initial public offering by offering 3M shares at a price range of $4 to $5. It plans to list on the Nasdaq under the symbol (HAO). Description: Online marketing solution provider in China,

VNG filed to raise up to $100M in an initial public offering. It plans to list on the Nasdaq under the symbol (VNG). Description: A gaming and media platform in Vietnam.

RayzeBio filed with the SEC to raise up to $100M in an initial public offering. The company plans to list on the Nasdaq under the symbol (RYZB). Description: A Phase 3 biotech company developing radiopharmaceutical therapies for cancer.

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%.

SA commentary

“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.

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