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Health-care services provider BrightSpring, which is backed by private equity firm KKR, priced its initial public offering at $13, below a marketed range of $15 to $18 per share, before opening on Friday a dollar below that IPO price.

In addition, Morgan Stanley Direct Lending Fund was one of several other companies that went public this week, raising $103.35 million in its IPO, according to the company.

Latest IPOs and Direct Listings

BrightSpring Health Services (BTSG) opened on Jan. 26 at $12 per share. The community-based health-care services provider backed by KKR & Co. (KKR) priced 53.3 million shares at $13.00, below the $15.00-$18.00 marketed target range.

BrightSpring notes that it provides comprehensive care and clinical solutions - including pharmacy, primary care and home health care, and rehabilitation and behavioral health services - in all 50 states to over 400,000 customers, clients, and patients daily.

ArriVent Biopharma (AVBP) opened on Jan. 26 at $24 after having priced 9.72 million shares at $18.00. The deal size was increased from 8.3 million shares of common stock and priced within the $17.00-$19.00 range. ArriVent is a clinical-stage biopharmaceutical company working to identify, develop, and commercialize differentiated medicines to address the unmet medical needs of patients with cancers.

ArriVent seeks to utilize its team's "deep drug development experience" to maximize the potential of its lead development candidate, furmonertinib, and advance a pipeline of novel therapeutics, such as next-generation antibody drug conjugates, through approval and commercialization in patients suffering from cancer, with an initial focus on solid tumors, the company says.

Haoxi Health Technology (HAO) opened on Jan. 26 at $4.25 after having priced 2.4 million shares at $4.00. Haoxi Health Technology is an online marketing solution provider headquartered in Beijing, China.

CG Oncology (CGON) opened on Jan. 25 at $29 after the company priced 20 million shares at $19.00. The deal size was increased to 20 million shares from 17 million shares and priced above the high end of a $16.00-$18.00 range. CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer.

Nuveen Churchill (NCDL) opened on Jan. 25 at $17.85. The business development company externally managed by its investment adviser, Churchill DLC Advisor, and by its sub-adviser, Churchill Asset Management, had priced its initial public offering of 5.5 million shares of its common stock at $18.05 per share.

NCDL intends to use the net proceeds of this offering to pay down existing indebtedness, make investments in middle market companies in accordance with its investment strategy, and for other general corporate purposes.

Morgan Stanley Direct Lending (MSDL) opened on Jan. 24 at $20.45. The business development company externally managed by MS Capital Partners Adviser had priced its initial public offering of 5 million shares of its common stock at $20.67 per share.

J-Long Group (JL) opened on Jan. 24 at at $7.50. The established distributor in Hong Kong of reflective and non-reflective garment trims had priced its initial public offering of 1.4 million ordinary shares at a public offering price of $5.00 per ordinary share.

SU Group (SUGP) opened on Jan. 24 at $4.38. The integrated security-related engineering services company in Hong Kong had priced its initial public offering of 1.25 million ordinary shares at a price of $4.00 per share. The deal priced at the low end of its $4.00-$5.00 range.

Performance

• BrightSpring Health closed Friday at $11.
• ArriVent Biopharma finished its first day of trading at $20.
• Haoxi closed at $5.28 after opening on Friday at $4.25.
• CG Oncology ended the week at $35.03.
• Nuveen Churchill finished Friday at $17.85.
• Morgan Stanley Direct Lending ended the week at $20.45.
• J-Long Group finished Friday at $10.05.
• SU Group ended the week at $3.52.

Upcoming IPOs

Upcoming IPO and direct listings expected include Telix Pharmaceuticals, Key Mining, Auna, Amer Sports, Rubrik, and New Era.

Telix Pharmaceuticals announced that it it considering an initial public offering of American Depositary Shares, representing its ordinary shares in the U.S. and listing on the Nasdaq Global Market. Telix's ordinary shares will remain listed on the Australian Securities Exchange.

Key Mining Corp., which previously had filed related to an offering of shares of its common stock in an initial public offering, stated in an amended filing that it has applied to list its common stock on the NYSE American under the trading symbol "KMCM."

"No assurance can be given that our application will be approved. If our common stock is not approved for listing on the NYSE American, we will not consummate this offering," the filing noted. Titan Partners Group is acting as the book-running manager for the offering. The filing states the following:

"We are an exploration stage mining company focused primarily on the development of two projects, both of which are located in the Atacama Region, also known as Region III, of the Republic of Chile. Our Cerro Blanco project, or the Cerro Blanco Project, is focused primarily on exploring for rutile from which high grade titanium dioxide, or TiO2, can be processed. Our Fiel Rosita project, or the Fiel Rosita Project, is focused primarily on exploring for copper, and to a lesser extent, zinc."

Auna S.A. has filed with the SEC for a planned initial public offering and applied to have the class A shares listed on the New York Stock Exchange under the symbol "AUNA." The prospectus filed with the SEC states the following: 

"Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America. We operate hospitals and clinics in Mexico, Peru and Colombia, provide prepaid healthcare plans in Peru and provide dental and vision plans in Mexico."

Amer Sports announced it has publicly filed a registration statement with the Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Amer owns sports and outdoor brands, including Arc'teryx, Salomon, Wilson, Peak Performance, and Atomic. The company, whose vision "is to be the global leader in premium sports and outdoor brands," has over 10,800 employees globally, operations in 41 countries, and its revenue in 2022 was $3.5 billion.

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is 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-$700 million, the authors added, noting that the timing and amount to be raised is still subject to change.

New Era Cap, a supplier of major U.S. sports league headgear, has kicked off preparations for an initial public offering in New York that could value it at $4 to $5 billion, Reuters stated last year, citing people familiar with the matter.

Other IPO News

Fat Brands (FAT) could complete an IPO of sports bar chain Twin Peaks by the end of its fiscal Q1 on April 30, Axios' Richard Collings reported, citing a source familiar with the matter.

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