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China-based Zeekr Intelligent Technology Holding received a warm welcome to Wall Street despite coming public on the same day that a report indicated that the Biden administration is preparing to quadruple tariffs on Chinese electric vehicles.

Meanwhile, shares of chip-design software company Silvaco jumped as much as 14% in their public debut after the IPO priced at the top of the marketed range.

Latest IPOs and Direct Listings

Zeekr Intelligent Technology (ZK) opened on May 10 after having priced 21 million American Depositary Shares at $21.00. The shares are trading on the New York Stock Exchange under the ticker symbol "ZK." The deal size was increased to 21 million shares of common stock from 17.5 million shares, and was priced at the high-end of the $18.00-$21.00 range.

Zeekr describes itself as a "fast-growing" battery electric vehicle, or "BEV," technology company that "aspires to lead the electrification, intelligentization, and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions."

Silvaco (SVCO) opened on May 9 at $21. The company had priced 6 million shares at $19.00, at the high end of the $17.00-$19.00 target range. Silvaco identifies itself as "a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation."

Proficient Auto Logistics (PAL) opened on May 9 at $15. The company had priced 14.333 million shares at $15.00. The deal priced at the midpoint of the $14.00-$16.00 target range. Proficient Auto Logistics calls itself "a leading non-union, specialized freight company focused on providing auto transportation and logistics services."

"Formed in connection with this offering through the combination of five industry-leading operating companies, we will operate one of the largest auto transportation fleets in North America," the company added.

Nano Nuclear Energy (NNE) opened on May 8 at $3.60. The company had priced 2.56 million shares at $4.00. The deal size was reduced to 2.56 million shares from 3 million, and was priced at the low end of the $4.00-$6.00 range.

Nano Nuclear's products in technical development are "ZEUS," a solid core battery reactor, and "ODIN," a low-pressure coolant reactor, "each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors," the company has stated.

Viking Holdings (VIK) opened on May 1 at $26.15. The company had priced its upsized initial public offering of an aggregate of 64.04 million ordinary shares at a public offering price of $24.00 per share. Viking "provides destination-focused journeys on rivers, oceans and lakes around the world."

Recent SPAC IPOs

• GP-Act III Acquisition (GPAT) opened on May 9 at $10.06. The blank check company intends to focus its search on high potential businesses based in the United States.
• Churchill Capital Corp IX (CCIX) opened on May 2 at $10.07.

End of the Week Performance

• Zeekr closed the week at $28.26.
• Silvaco closed the week at $18.91.
• Proficient Auto Logistics closed the week at $15.
• Nano Nuclear Energy closed the week at $4.51.
• Viking Holdings closed the week at $28.62.

Recent IPOs to Watch

Tungray Technologies (TRSG), Ibotta (IBTA), CDT Environmental (CDTG), Mingteng International (MTEN), Serve Robotics (SERV), Centuri (CTRI), Junee Limited (JUNE), and Top Wealth Group (TWG) 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 ShipBob, Lirum Therapeutics, Lakeside Holding, Origin Life Sciences, and StubHub.

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported, 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.

Lirum Therapeutics filed for an initial public offering of 2.27 million shares of common stock. Prior to this offering, there has been no public market for its common stock. Lirum Therapeutics anticipates that the initial public offering price of its shares will be between $10.00-$12.00. The company has applied to have its common stock listed on the Nasdaq Capital Market under the symbol "LRTX," and the closing of this offering is contingent upon such listing.

Lakeside Holding filed for an initial public offering of 1.25 million shares of common stock with an estimated offering price of $4.00 and $5.00 per share. The company said it aspires "to become a U.S.-backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability."

Lakeside is a U.S.-based cross-border supply chain solution provider with a focus on the Asian market including China and South Korea. For the fiscal years ended June 30, 2022 and 2023, as well as the six months ended Dec. 31, 2022 and 2023, the company's revenues amounted to $9.6 million, $12.9 million, $5.5 million, and $9.1 million, respectively, and its gross profit amounted to $1.8 million, $2.6 million, $1.2 million, and $1.7 million during the same periods, respectively.

Origin Life Sciences said it is offering 1.875 million shares of its common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol "OLSI."

Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. "The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections," the company said in a regulatory filing.

Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information's Cory Weinberg. StubHub has more than $2 billion in debt, which is "many times its estimated profits," so the company will test investors' appetite for companies with strained balance sheets while StubHub has "ambitious hopes for the valuation it would achieve," further complicating matters, the report noted.

The company would prefer to be valued in line with the $16.5 billion valuation at which it raised money during the boom of late 2021, and could call off the public listing plans if it can't get close to that number, the sources indicated.

Other IPO News 

Germany's Springer Nature is lining up investment banks to manage an initial public offering of shares as early as this year, three people familiar with the matter told Reuters. It has been leaning towards Frankfurt as its preferred listing venue, two other people said.

The investment firms that took U.S. power plant operator Calpine Corp private six years ago are exploring options that include a company sale, an initial public offering or a stake divestment at a valuation of about $30 billion, including debt, according to people familiar with the matter, says Reuters' David French.

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