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Fenbo Holdings made its trading debut on Thursday in another slow IPO week in the US. Entering the last month of 2023, the outlook for 2024 market debuts looks better, as it would be difficult to be any worse.

Latest IPOs and Direct Listings

Garden Stage Limited (GSIW), a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; and asset management services, priced its initial public offering of 2.5 million ordinary shares at a public offering price of $4.00 per ordinary share. The ordinary shares have been approved for listing opened for trading on the Nasdaq Capital Market on Dec. 1 at $4.45 per share.

Fenbo Holdings (FEBO) opened on Nov. 30 at $4.99. The company had priced 1 million shares at $5.00. The deal priced at the midpoint of a $4.00-$6.00 target range. Fenbo, a Cayman Islands holding company, produces personal care electric appliances, principally electrical hair styling products, and toy products to overseas markets.

Elevai Labs (ELAB) opened on Nov. 21 at $4.00 per share. The medical aesthetic company specializing in physician-dispensed skincare had priced its initial public offering of 1.5 million shares of common stock at a public offering price of $4.00 per share.

Performance

• Fenbo Holdings ended the week at $5.01.
• Elevai Labs finished Friday at $2.86.
• Garden Stage closed its first day of trading at $10.20.

Recent IPOs to Watch

Globavend (GVH), Hamilton Insurance (HG), and Cargo Therapeutics (CRGX) are among the 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 Panera Brands, Reddit, Lineage Logistics, Ibotta, Rubrik, and New Era.

Panera Brands, the casual dining group owned by investment group JAB, has filed confidential paperwork for an initial public offering in the US, according to people familiar with the matter, Financial Times' Arash Massoudi, James Fontanella-Khan, and Nicholas Megaw reported. The group is aiming to go public next year, in the latest sign that the market for new openings could regain momentum after a two-year slowdown.

Reddit is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings, Bloomberg's Amy Or, Ryan Gould, Katie Roof, and Gillian Tan reported. The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people cited said.

Lineage Logistics is targeting a valuation of more than $30 billion in an initial public offering, in what could be one of next year's largest listings, Bloomberg's Ryan Gould and Gillian Tan reported, citing people familiar with the matter. The temperature-controlled storage and logistics giant and its advisers are talking to potential investors about supporting an IPO that may take place as soon as the first half of 2024, according to those cited.

Digital marketing software company Ibotta has tapped advisers to help it prepare for an initial public offering that could value it at $2 billion or more, Bloomberg's Amy Or, Ryan Gould, and Katie Roof reported earlier this year, citing people familiar with the matter.

The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs and Citigroup, according to the people cited. The listing is expected to take place next year, though the exact timing hasn't been decided, the report added.

Rubrik, a cloud and data security startup backed by Microsoft, is on track for an initial public offering, Bloomberg's Amy Or and Katie Roof reported earlier this year, citing people familiar with the matter. The IPO could bring in $500-$700 million, the authors said, noting that the timing and amount to be raised is still subject to change.

New Era Cap, a supplier of major US sports league headwear, kicked off preparations for an initial public offering in New York that could value it at $4 to $5 billion, Reuters reported earlier this year, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB, and NBA, has invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.

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