Image Source: Kevin Smith on Flickr

Fast Track Group recently filed to withdraw the company's planned U.S. IPO, the latest to do so amid macro uncertainty.

Latest IPOs and Direct Listings

Chagee (CHA) opened on April 17 at $33.75. The company had priced 14.68 million shares at $28.00. The deal was priced at the high-end of the $26.00-$28.00 range. Chagee describes itself as "a premium tea drinks brand serving healthy and delicious freshly-made tea drinks."

Everbright Digital (EDHL) opened on April 17 at $4.60. The company priced 1.5 million shares at $4.00. The deal was priced within a range of $4.00-$5.00. Everbright is an integrated marketing solutions provider headquartered in Hong Kong.

Haoxin Holdings (HXHX) opened on April 15 at $4.75. The company priced 1.75 million shares at $4.00. The deal was priced at the low end of the $4.00-$6.00 range. Haoxin is a provider of temperature-controlled truckload services and urban delivery services in China.

End-of-the-Week Performance

• Chagee closed the week at $32.44
• Everbright Digital closed the week at $4.20
• Haoxin Holdings closed the week at $2.10

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of American Integrity, JiaLian Technologies, Circle, Happy City, and Odyssey Therapeutics.

American Integrity Insurance filed with the SEC for an initial public offering of its common stock and applied to list its common stock on the New York Stock Exchange under the symbol "AII." The company's prospectus states the following: 

"We are a profitable and growing insurance group headquartered in Tampa, Florida. Through our insurance carrier subsidiary, American Integrity Insurance Company of Florida, Inc., we provide personal residential property insurance for single-family homeowners and condominium owners as well as coverage for vacant dwellings and investment properties, predominantly in Florida."

JiaLian Technologies filed with the SEC for a planned initial public offering. The company applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol "JLCN." The company's prospectus states the following: 

"We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers...

"We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle."

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol "CRCL." The company's prospectus filed with the SEC states the following:

"As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively."

Happy City filed with the SEC for an initial public offering of 1 million Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects that the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol "HCHL" for the purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics 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."

Other IPO News

In a regulatory filing, Fast Track Group stated the following:

"Pursuant to Rule 477 under the Securities Act, the Company hereby requests that the Commission consent to the withdrawal of the above-referenced registration statement on Form F-1 originally filed on September 6, 2024, including all exhibits filed therein with all amendments thereto, be withdrawn, effective as of the date hereof. The Company has determined not to proceed at this time with the proposed offering and sale of the securities proposed to be covered by the F-1 Registration Statement."

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