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The flow of US IPOs remains subdued. In this holiday-shortened week, no big names have yet appeared, with most Asian companies looking to raise capital.
However, there are new rumors that hedge fund billionaire Bill Ackman is… looking at revive Pershing Square USA's initial public offering (New York Stock Exchange: PSUS) by giving more shares to early investors. In July, Ackman withdrew his IPO plans for PSUS and said he would reevaluate its structure.
Since the beginning of the year, the Renaissance IPO ETF (NYSEARCA: IPO) is up about 10.8%, underperforming the S&P 500 index, which is up about 18.4% as of Friday's close.
Upcoming IPOs/SPACs expected to price this week
- Cuprina Holdings (Cayman) (CUPR) is raising $15.0 million by offering 3.8 million shares at a price range of approximately $4.00. Description: Manufacturer of products for the care of chronic wounds.
- Galaxy Payroll Group (GLXG) is raising $8.0 million by offering 2.0 million shares at a price range of approximately $4.00. Description:Holding company.
- J-Star Holding (YMAT) is raising $5.6 million by offering 1.3 million shares at a price range of $4.00 to $5.00. Description:Holding company that operates through a subsidiary.
- Innovative Beverages Group (NASDAQ:IBG) is raising $5.6 million by offering 1.4 million shares at a price of about $4.00. Description:Developer and marketer of a beverage portfolio.
- Trident Digital technology (NASDAQ:TDTH) is raising $10.8 million by offering 1.8 million shares at a price between $5.00 and $7.00 per share. Description:Provider of business and technological solutions.
- Webus International (WETO) is raising $16.9 million by offering 3.8 million shares at a price between $4.00 and $5.00 per share. Description:Holding company.
- Powell Max Limited (NASDAQ:PMAX) is raising $8.3 million by offering 1.7 million shares at a price between $4.00 and $6.00 per share. Description:Holding company that operates through its Hong Kong unit.
Notable new introductions
- Concorde International Group (CIGL) has filed an application with the SEC to raise up to $5 million in an initial public offering. The company plans to offer 1.3 million shares at $4.00. DescriptionSingapore-based security solutions provider.
- Ribbon Acquisition (RIBBU) has filed with the SEC to raise up to $50 million in an initial public offering. The company plans to offer 5 million units at $10. Each unit contains one share and a right to receive one-ninth of a share upon completion of an initial business combination. Description:Black check company.
Terms and changes
- HUHUTECH International Group (HUHU) has set terms to raise $6 million in an initial public offering through the issuance of 1.3 million shares priced between $4.00 and $6.00 per share. Description:China-based factory system provider.
- Luda technology Group (LUD) has set terms to raise $10 million in an initial public offering through the issuance of 2.5 million shares at a price of approximately $4.00 per share. Description: Chinese manufacturer of steel products.
- APRINOIA Therapeutics (APRI) has reduced the size of the proposed offering for its upcoming initial public offering. The company now plans to raise $6 million by offering 0.5 million shares at a price between $10.00 and $14.00 per share. Description:Biotechnology of neurodegenerative diseases.
- Ruanyun Edai technology (RYET) has reduced the proposed offering size for its upcoming initial public offering. The company now plans to raise $17 million by offering 3.8 million shares priced between $4.00 and $5.00. Description:Chinese educational software provider.
- Health In tech (HIT) has set terms to raise $10 million in an initial public offering through the issuance of 2.3 million shares priced between $4.00 and $6.00 per share. Description:Stop-loss insurance market.
Expiration of the blocking period
- Lucas GC (NASDAQ:LGCL) on 2/9/2024. Price movement over the past six months as of Friday's close: -53.7%
- Ryde Group (LGCL) on 2/9/2024. Price movement over the past six months as of Friday's close: +80.5%
SA Comment
“The market opportunity for providing digital transformation services is expected to grow at a moderate pace in Singapore,” SA Investing Group leader Donovan Jones said of Trident Digital in an analysis.
“The company is likely to look to expand geographically outside Singapore to operate in larger markets in the Asia Pacific region.”