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Cybersecurity company SailPoint opened for trading on Thursday, as it returned to the markets more than two years after it went private.

Latest IPOs and Direct Listings

Northpointe (NPB) opened on Feb. 14 at $14.60. The Michigan corporation and bank holding company for Northpointe Bank, a wholly-owned subsidiary and a Michigan non-member bank, had priced its initial public offering of 10,420,000 shares of its voting common stock at a price to the public of $14.50 per share, including 8,620,000 shares of common stock offered by Northpointe and 1,800,000 shares of common stock offered by certain shareholders of Northpointe.

SailPoint (SAIL) opened on Feb. 13 at $23. The company, which calls itself "a leader in unified identity security for enterprises," had priced its upsized initial public offering of 60 million shares of its common stock at a public offering price of $23.00 per share. The offering consists of 57.5 million shares of common stock to be issued and sold by SailPoint and 2.5 million shares of common stock to be sold by certain existing stockholders.

Karman (KRMN) opened on Feb. 13 at $30. The company, which specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense and space programs, had priced its initial public offering of 23 million shares of its common stock at a public offering price of $22.00 per share.

Aardvark Therapeutics (AARD) opened on Feb. 13 at $15.18. The clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases whose portfolio of programs targets biological pathways associated with alleviating hunger had priced its initial public offering of 5,888,000 shares of its common stock at a public offering price of $16.00 per share.

All of the shares are being offered by Aardvark. The deal was priced at the low end of its target range of $16.00-$18.00.

TEN Holdings (XHLD) opened on Feb. 13 at $6. The company had priced 1.67 million shares at $6.00. The deal size was decreased from 2.5 million shares to 1.67 million, and it was priced at the high end of its $4.00-$6.00 range. Bancroft is acting as sole book running manager for the offering. The company is a provider of event planning, production, and broadcasting services headquartered in Pennsylvania.

Recent SPAC IPOs

Maywood Acquisition (MAYA) opened on Feb. 13 at $10.03. The company had priced its initial public offering of 7.5 million units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right entitling its holder to receive one-fifth of one Class A ordinary share upon the company's completion of an initial business combination, subject to adjustment.

Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols "MAYA" and "MAYAR," respectively.

Artius II Acquisition (AACB) opened on Feb. 13 at $10.01. Once the Class A ordinary shares and rights comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols "AACB" and "AACBR," respectively.

Syndicate Archimedes Tech SPAC Partners II (ATII) opened on Feb. 12 at $10.03. Once the securities comprising the units begin separate trading, the ordinary shares and the warrants are expected to be traded on Nasdaq under the symbols "ATII" and "ATIIW," respectively.

End-of-the-Week Performance

• Northpointe closed the week at $14.50
• SailPoint closed the week at $24.55
• Karman closed the week at $32.00
• Aardvark Therapeutics closed the week at $13.30
• TEN Holdings closed the week at $2.10

Upcoming IPOs

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

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 recently 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 later this year and could value the company at $4 billion, the authors noted.

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