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The Partners Group-backed KinderCare sold 24 million shares for $24 each this past Tuesday. At the IPO price, the childhood education company had a market value of around $2.74 billion, based on the outstanding shares. Sky Quarry, Click Holdings, and SKK Holdings also opened for trading this week.

Meanwhile, a new trio of biotech companies' shares came to market on Friday, as Upstream Bio, CeriBell, and Camp4 Therapeutics each made their public debut. In mid-September, Bicara Therapeutics (BCAX), MBX Biosciences (MBX), and Zenas BioPharma (ZBIO) similarly came public on a Friday in their respective initial public offerings.

Latest IPOs and Direct Listings

Camp4 Therapeutics (CAMP) opened on Oct. 11 at $11.16. The company had priced 6.82 million shares at $11.00. The deal size was increased to 6.82 million shares from 5.0 million, and it was priced below the target range of $14.00-$16.00.

Camp4 is a clinical-stage biotechnology company developing a pipeline of regulatory RNA-targeting therapeutics designed to upregulate gene expression, with the goal of restoring healthy protein levels across a range of genetic diseases.

CeriBell (CBLL) opened on Oct. 11 at $23.26. The company had priced 10.6 million shares at $17.00, at the high-end of the revised $16.00-$17.00 range. CeriBell is a commercial-stage medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions.

Upstream Bio (UPB) opened on Oct. 11 at $21.50. The company had priced 15 million shares at $17.00. The deal size was increased to 15 million shares from 12.5 million, and it was priced at the high end of the $15.00-$17.00 range. Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders.

Star Fashion Culture Holdings (STFS) opened on Oct. 11 at $3.75. The company priced its initial public offering of an aggregate of 2.15 million shares of its Class A ordinary shares at $4.00 per share. Star Fashion is a content marketing solutions services provider that says it "assists customers in enhancing the effectiveness of their marketing activities and the value of their brand and products through our variety of services offered."

Sky Quarry (SKYQ) opened on Oct. 10 at $5.49. The company had priced 1,118,005 shares of its Common Stock priced at $6.00 per share. Sky Quarry and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils.

KinderCare Learning (KLC) opened on Oct. 9 at $27. The company, which identifies itself as "the nation's largest private provider of high-quality early childhood education by center capacity," had priced its initial public offering of 24 million shares of its common stock at a public offering price of $24.00 per share. The deal was priced inside the $23.00-$27.00 range.

Click Holdings (CLIK) opened on Oct. 9 at $4. The company had priced 1.4 million shares at $4.00. The deal size was reduced to 1.4 million shares from 1.5 million. Click Holdings is a Hong Kong-based human resources solutions provider primarily focusing on talent sourcing and the provision of temporary and permanent personnel to customers, including accounting and professional firms, Hong Kong-listed companies, nursing homes, individual patients, logistics companies, and warehouses.

SKK Holdings (SKK) opened on Oct. 8 at $4.50. The company had priced 2.5 million shares at $4.00, the low end of the $4.00-$5.00 range. SKK Holdings is a civil engineering service provider that specializes in subsurface utility works in Singapore.

Recent SPAC IPOs

Rising Dragon Acquisition (RDAC) opened on Oct. 11 at $10.01. The blank check company, which was incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, says its efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

Cohen Circle Acquisition I (CCIR) opened on Oct. 11 at $9.99. The blank check company says it may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The company's primary focus, however, will be to identify companies in the financial services technology, or fintech, sector and fintech adjacent sectors that "power transformation and innovation."

Launch Two Acquisition (LPBB) opened on Oct. 8 at $9.98. The blank check company's primary focus will be on technology and software infrastructure companies "whose products and services target financial services, real estate and asset management companies."

End-of-the-Week Performance

• CeriBell closed the week at $25;
• Upstream Bio closed the week at $22;
• Camp4 Therapeutics closed the week at $10.72;
• Star Fashion Culture closed the week at $3.26;
• Sky Quarry closed the week at $3.58;
• KinderCare Learning closed the week at $28.42;
• Click Holdings closed the week at $1.60;
• SKK Holdings closed the week at $2.80.

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of Infinity Natural Resources, Basel Medical Group, Megan Holdings, Rivus, ShipBob, and Trustly.

Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its stock on the NYSE under the symbol "INR." Infinity Natural Resources is an independent exploration & production company that is "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.

Megan Holdings filed with the SEC for an initial public offering of 1.25 million ordinary shares of Megan Holdings Limited, a Cayman Islands exempted company, which is being conducted on a firm commitment basis.

"We expect that the offering price of our Ordinary Shares in this offering will be between US$4.00 and US$6.00 per share. Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol 'MGN'," the filing stated.

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported earlier this 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 later this year and could value the company at $4 billion, the authors noted.

Rivus Pharmaceuticals, a drug developer focused on obesity treatments, is considering a US initial public offering as soon as 2024, Bloomberg's Bailey Lipschultz reported earlier this month, citing people familiar with the matter. The company is working with banks on a listing, said the people. Rivus, which counts RA Capital Management among its investors, may target raising more than $25 million, one of the people said. 

Private equity firm Nordic Capital is exploring options for Swedish digital payments company Trustly Group AB, including a potential sale or initial public offering, people familiar with the matter told Bloomberg's Vinicy Chan, Jan-Henrik Foerster, and Swetha Gopinath.

The firm has held initial talks about the divestment strategy for Trustly, which could be worth about $10 billion in any deal, according to the report. Nordic Capital would likely seek to list the company in the US if it decides to pursue an IPO, but considerations are preliminary and a transaction is unlikely to take place before next year, the report added.

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