Image Source: Kevin Smith on Flickr

Shares of Walmart-backed (WMT) Ibotta soared in their market debut, rising more than 30% and giving the digital marketing company a valuation of about $3.55 billion.

Latest IPOs and Direct Listings

Tungray Technologies (TRSG) opened on April 19 at $6.58. The provider of customized industrial manufacturing solutions to Original Equipment Manufacturers, or OEMs, in the semiconductors, printers, electronics, and home appliances industries priced its initial public offering of 1.25 million Class A ordinary shares at a public offering price of $4 per Class A ordinary share. The deal was priced at the low end of the $4.00-$6.00 range.

Ibotta (IBTA) opened on April 18 at $117. The company had priced 6.56 million shares at $88.00. The deal size was increased to 6.56 million shares of common stock from 5.63 million shares, and was priced above the $76.00-$84.00 range.

Ibotta describes itself as "a leading performance marketing platform allowing brands to deliver digital promotions to over 200 million consumers through a network of publishers called the Ibotta Performance Network."

CDT Environmental (CDTG) opened on April 18 at $3.50. The waste treatment company that designs, develops, manufactures, sells, installs, operates, and maintains sewage treatment systems and provides sewage treatment services in China had priced its underwritten initial public offering of 1.5 million ordinary shares at a public offering price of $4.00 per share.

Mingteng International (MTEN) opened on April 18 at $4. The automotive mold developer and supplier in China had priced its initial public offering of 1.275 million ordinary shares -- 1.05 million of which are being offered by the company, as well as 225,000 by a selling shareholder -- at a public offering price of $4.00 per ordinary share.

Serve Robotics (SERV) opened on April 18 at $4.75. The company had priced its public offering of 10 million shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, a wholly-owned subsidiary of Uber Technologies (UBER).

Serve Robotics develops sidewalk delivery robots "that endeavor to make delivery sustainable and economical." Serve was spun from Uber in 2021 as an independent company.

Centuri (CTRI) opened on April 18 at $23.75. The wholly owned subsidiary of Southwest Gas (SWX) had priced its initial public offering of 12.4 million shares of common stock at an initial public offering price of $21.00 per share. Centuri intends to use the net proceeds from the IPO and the concurrent private placement to repay amounts under Centuri's revolving credit facility and under Centuri's term loan, with the remainder for general corporate purposes.

Centuri is a strategic utility infrastructure services company that partners with regulated utilities to "build and maintain the energy network that powers millions of homes and businesses across the United States and Canada," the company says.

Junee Limited (JUNE) opened on April 17 at $4. The provider of interior design, fit-out, and maintenance services in Hong Kong had priced its initial public offering of 2 million ordinary shares at a price of $4.00 per share. Proceeds from the offering will be primarily for expanding service capacity, potential strategic investment and acquisitions, and general working capital.

Top Wealth Group (TWG) opened on April 16 at $5. The Hong Kong-based supplier of luxury caviar products had priced its initial public offering of 2 million ordinary shares at a public offering price of $4.00 per share. Proceeds from the offering will be used for expanding the company's business internationally, brand promotion and marketing, and general working capital.

End of the Week Performance

• Tungray Technologies closed the week at $5.95.
• Ibotta closed the week at $98.
• CDT Environmental closed the week at $3.75.
• Mingteng International closed the week at $3.70.
• Serve Robotics closed the week at $3.14.
• Centuri closed the week at $23.95.
• Junee Limited closed the week at $4.07.
• Top Wealth Group closed the week at $3.73.

Recent IPOs to Watch

Boundless Bio (BOLD), U-BX Technology (UBXG), and Alta Global (MMA) 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 ShipBob, Lirum Therapeutics, Lakeside Holding, Viking Holdings, Origin Life Sciences, StubHub, and Rubrik.

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.

Viking Holdings announced that it has publicly filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed initial public offering of its ordinary shares. The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined.

BofA Securities and J.P. Morgan are acting as lead underwriters and representatives for the proposed offering. UBS Investment Bank and Wells Fargo Securities are also acting as lead book-running managers. HSBC and Morgan Stanley are acting as bookrunners for the proposed offering, and Rothschild & Co and Stifel are acting as co-managers for the proposed offering.

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

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.

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