Image Source: Kevin Smith on Flickr

Shares of Ardent Health slipped in their trading debut on Thursday after the hospital operator reduced its initial public offering from its proposed size and priced below the marketed range.

Latest IPOs and Direct Listings

Artiva Biotherapeutics (ARTV) opened on July 19 at $16 after having priced 13.92 million shares at $12.00. Artiva is a clinical-stage biotechnology company whose lead program, AlloNK, is an allogeneic, off-the-shelf, non-genetically modified, cryopreserved NK cell therapy candidate designed to enhance the antibody-dependent cellular cytotoxicity effect of monoclonal antibodies to drive B-cell depletion.

QMMM Holdings (QMMM) opened on July 19 at $3. QMMM Holdings priced 2.125 million shares at $4.00, at the bottom of the $4.00-$6.00 range. The Hong Kong-based company offers digital media advertising services as well as virtual avatar and virtual apparel technology services through operating subsidiaries ManyMany Creations and Quantum Matrix.

Ardent Health (ARDT) opened on July 18 at $15. The provider of healthcare that delivers care through a system of 30 acute care hospitals and more than 200 sites of care with over 1,700 providers across six states had priced its initial public offering of 12 million shares at a price to the public of $16 per share. The deal size was reduced to 12 million shares of common stock from 14.3 million shares, and it was priced below the $20.00-$22.00 range.

TWFG, Inc. (TWFG) opened on July 18 at $22. The independent distribution platform for personal and commercial insurance in the United States had priced 11 million shares at $17.00, above the $14.00-$16.00 target range.

End of the Week Performance

• Artiva Biotherapeutics finished the week at $12.
• QMMM Holdings finished the week at $4.07.
• Ardent Health closed the week at $17.30.
• TWFG, Inc. ended the week at $22.61.

Recent IPOs to Watch

Alumis (ALMS), LandBridge (LB), Lakeside Holdings (LSH), Webtoon (WBTN), and Tamboran Resources (TBN) 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 Clario, OneStream, YXT.com, Pershing Square USA, Solera, ShipBob, and StubHub.

Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, Bloomberg's Michelle F Davis, Dinesh Nair, and Ryan Gould reported last month, citing people familiar with the matter.

OneStream says it delivers a unified, artificial intelligence-enabled and extensible software platform - the Digital Finance Cloud - "that modernizes and increases the strategic impact of the Office of the CFO." OneStream had 1,423 customers as of March 31, 2024, increasing from 1,148 customers as of Dec. 31, 2022.

"Our customers are in a broad range of industries, including industrials and manufacturing, healthcare and life sciences, consumer and retail, financial services, construction and real estate, government and education, as well as technology, media and communications," it said.

For 2022 and 2023, OneStream's software revenue was $245.5 million and $343.4 million, respectively, representing year-over-year growth of 40%. The company's ARR was $335.9 million and $460.4 million as of Dec. 31, 2022 and 2023, respectively, representing year-over-year growth of 37%.

YXT.com has filed with the SEC for an initial public offering of American depositary shares, or ADSs. The prospectus states: 

"We are a leader and disruptor of the digital corporate learning industry in China, a market with massive rigid-demand and a total size of RMB126.0 billion in 2023, according to Frost & Sullivan. We have innovated a SaaS model that integrates software and content, effectively assisting customers in the digital transformation of corporate learning. According to Frost & Sullivan, we are the largest digital corporate learning solution provider in China in terms of total revenue, subscription revenue and number of subscription customers in 2023. With our software, we help customers efficiently deploy cloud-based learning platforms at scale. We also offer a broad range of high-quality content, covering the entire corporate learning process of our customers."

Bill Ackman's Pershing Square USA, a newly-organized closed-end management investment company, set its initial public offering price at $50 per share. The fund will seek to achieve its investment objective by investing principally in common stocks its investment adviser, Pershing Square Capital Management.

Solera has filed for an initial public offering on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, BofA, and Jefferies are among the lead underwriters. The company says it is a global provider of software-as-a-service solutions to the vehicle lifecycle ecosystem, providing asset intelligence.

For the 2024 fiscal year, 90% of its total revenues were recurring. In 2024 fiscal year, Solera generated revenue of $2.4 billion, operating income of $591.7 million, operating cash flow of $203.9 million, a net loss of $486.3 million, adjusted EBITDA of $1.0 billion, and free cash flow of $93.5 million.

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 Citigorup (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.

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