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AI Mobility provider Webus International, steel industry veteran Luda Technology, Chinese ad services provider LZ Technology, and Singapore-based med-tech Basel Medical all made their public debuts this week.

Latest IPOs and Direct Listings

Webus International (WETO) opened on Feb. 27 at $4.10. The company had priced 2 million shares at $4.00. The deal was priced at the low end of the $4.00-$5.00 range. Webus is a provider of AI-driven mobility solutions specializing in premium, customizable chauffeur services.

Luda Technology (LUD) opened on Feb. 27 at $4.15. The company had priced 2.5 million shares at $4.00. The deal was priced at the low end of the $4.00-$6.00 target range. Luda Technology is a manufacturer and trader of stainless steel and carbon steel flanges and fittings products.

LZ Technology (LZMH) opened on Feb. 27 at $5.11. The company had priced 1.8 million shares at $4.00. The deal was priced at the low end of the $4.00-$6.00 target range. LZ Technology is an information technology and advertising company operating through its subsidiaries in China whose business spans three key verticals: Smart Community, Out-of-Home Advertising, and Local Life.

Stak (STAK) opened on Feb. 26 at $3.62. The "fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment" had priced its initial public offering of 1.25 million ordinary shares at a public offering price of $4.00 per ordinary share.

Basel Medical (BMGL) opened on Feb. 25 at $4.19. The company filed for an initial public offering of 2.205 million ordinary shares. Basel Medical Group is a medical specialist provider in Singapore.

Anbio Biotechnology (NNNN) opened on Feb. 19 at $5.26. The company had priced 1.6 million shares at $5.00 per share. The deal was priced at the low end of the $5.00-$6.00 target range. AC Sunshine Securities LLC is acting as sole book running manager for the offering. Anbio is a diagnostic company that says it is "dedicated to the advancement of medical technology and the provision of in vitro diagnostics products."

Recent SPAC IPOs

• Live Oak Acquisition V (LOKV) opened on Feb. 28 at $10.02.
• Fifth Era Acquisition I (FERA) opened on Feb. 28 at $10.01.
• Rithm Acquisition (RAC) opened on Feb. 27 at $10.01.

End-of-the-Week Performance

• Webus International closed the week at $3.76;
• Luda Technology closed the week at $4.06;
• LZ Technology closed the week at $5.65;
• Stak closed the week at $3.97;
• Basel Medical closed the week at $4.17;
• Anbio Biotechnology closed the week at $6.69.

Recent IPOs to Watch

Sionna Therapeutics (SION), Titan America (TTAM), EPWK Holdings (EPWK), and Plutus Financial (PLUT) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of Everbright Digital, DailyPay, Odyssey Therapeutics, and ShipBob.

Everbright Digital filed with the SEC for an initial public offering. The company anticipates that the initial public offering price will be between $4.00 and $5.00 per ordinary share. It is offering 1.5 million ordinary shares, representing 5.66% of shares following completion of the offering. Following the offering, 5.66% of the ordinary shares will be held by public shareholders, assuming the underwriters do not exercise their over-allotment option, the filing stated. The company's prospectus stated the following: 

"We are an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, and are committed to providing one-stop digital marketing services to support businesses through every stage of their development. Under the all-in-one service, our revenue is generated by providing tailored marketing solutions that address the specific needs of our clients in the context of the ever-developing nature of new forms of media." 

Karman Holdings filed with the SEC for an initial public offering of common stock. The company is offering 8,421,053 shares of common stock, and the selling stockholders identified in its prospectus are offering an additional 12,631,579 shares of common stock. It is estimated that the initial public offering price per share will be between $18.00 and $20.00.

The company has submitted an application to list its common stock on the New York Stock Exchange under the symbol "KRMN." Citigroup and Evercore are acting as lead book-running manager of the offering. The company specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile, defense, and space programs. 

DailyPay, a financial services firm that helps workers access their pay early, has kicked off preparations for a potential U.S. stock market listing that could come as soon as the second half of the year, Reuters' David French and Milana Vinn reported, citing people familiar with the matter.

The New York-based company is in talks to hire investment bankers for its planned initial public offering that could value the company between $3-$4 billion, the sources said. DailyPay, which charges its customers a small fee for the service, counts the likes of Target (TGT), Kroger (KR), and Hilton (HLT) among its clients.

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 the following:

 "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."

ShipBob selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported last year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigroup (C) as part of the syndicate, the authors said. An initial public offering could occur as soon as late 2025 and could value the company at $4 billion, the authors noted.

Other IPO News

Cloud computing company CoreWeave has been mulling over filing publicly for an IPO in the U.S. within a week, Bloomberg's Bailey Lipschultz and Gillian Tan reported, citing people familiar with the situation. The company, one of the biggest startups in AI, has been eyeing raising roughly $4 billion from the listing and is expected to target a valuation higher than $35 billion, the authors noted.

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