Image Source: Kevin Smith on Flickr

Several companies have delayed their upcoming initial public offerings or have been considering doing so as President Trump's aggressive tariffs continued to roil global financial markets. Examples include the specialty lending and online payments provider Klarna, ticketing marketplace StubHub, fintech company Chime, physical therapy startup Hinge Health, and private equity-backed surgical products company Medline.

Latest IPOs and Direct Listings

BeLive Holdings (BLIV) opened on April 4 at $4.00. The company priced its 2.45 million share initial public offering at $4.00 per share. BeLive provides a video commerce platform for retail and e-commerce businesses.

Lianhe Sowell (LHSW) opened on April 3 at $5.30. The provider of machine vision products and solutions applied in a range of businesses across industries in China priced its initial public offering of 2 million ordinary shares at a public offering price of $4.00 per share.

Waton Financial (WTF) opened on April 1 at $4.29. The British Virgin Islands-incorporated holding company that provides of securities brokerage and financial technology services primarily through its Hong Kong subsidiaries, Waton Securities International Limited and Waton Technology International Limited, priced its initial public offering of an aggregate of 4.375 million ordinary shares at a public offering price of $4.00 per share.

Energys Group (ENGS) opened on April 1 at $4.96. The company had priced 2.25 million shares at $4.50. The deal was priced at the low end of the $4.50-$6.50 target range. Energys Group is a vertically integrated energy efficiency and decarbonization solutions provider for the environment.

WF International (WXM) opened on April 1 at $4.20. The company priced 1.4 million shares at $4.00. The deal was priced at the low end of the $4.00-$6.00 target range.

Recent SPAC IPOs

Soulpower Acquisition (SOULU) opened on April 2 at $10. The blank check company targeting businesses in insurance services and retirement savings raised $220 million by offering 22 million units at $10 per unit.

Siddhi Acquisition (SDHI) opened on April 1 at $10.03. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols "SDHI" and "SDHIR", respectively.

End-of-the-Week Performance

• BeLive Holdings ended the week at $3.54;
• Lianhe Sowell ended the week at $2.92;
• Waton Financial ended the week at $6.46;
• Energys Group ended the week at $4.51;
• WF International ended the week at $1.86. 

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of Circle, Happy City, MNTN, Everbright Digital, and Odyssey Therapeutics.

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 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.

MNTN has filed with the SEC for a planned initial public offering. After pricing the offering, the company expects that the shares will trade on the New York Stock Exchange under the symbol "MNTN." MNTN operates a connected TV advertising platform and has Ryan Reynolds as its Chief Creative Officer.

Everbright Digital filed with the SEC for an initial public offering. The company anticipates that the initial public offering price will be between $4.00 and $5.00 per ordinary share. It is offering 1.5 million ordinary shares, representing 5.66% of shares following completion of the offering.

Following the offering, 5.66% of the ordinary shares will be held by public shareholders, assuming the underwriters do not exercise their over-allotment option, the filing stated. The company's prospectus stated the following: 

"We are an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, and are committed to providing one-stop digital marketing services to support businesses through every stage of their development. Under the all-in-one service, our revenue is generated by providing tailored marketing solutions that address the specific needs of our clients in the context of the ever-developing nature of new forms of media." 

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."

Other IPO News

Several companies have delayed their upcoming initial public offerings or have been considering doing so as President Trump's aggressive tariffs continued to roil global financial markets.

Klarna, the specialty lending and online payments provider, has halted its planned initial public offering, the latest IPO casualty in the wake of the Trump administration's sweeping tariff announcement, The Wall Street Journal's Ben Dummett and Joe Wallace reported.

The Sweden-based company was set to launch marketing shares for the offering Monday, but decided this week to postpone, people familiar with the matter said. Ticketing marketplace StubHub has also delayed its IPO plans. Like Klarna, it had planned to launch a pitch to investors next week. StubHub and its advisers worried investors might not have time to meet them, so the roadshow was nixed.

Fintech company Chime decided to delay its IPO, The Wall Street Journal's Corrie Driebusch and Angel Au-Yeung reported, citing people familiar with the matter.

Physical therapy startup Hinge Health has been considering delaying its IPO as the public markets plunged in response to President Trump's tariff plans, Business Insider reported.

Private equity-backed surgical products company Medline intended to go public, but those plans have now been put on hold due to market turbulence, sources said, the Financial Times' Akila Quinio and Arash Massoudi in London and Oliver Barnes and George Steer in New York reported.

Medline, which is backed by Blackstone (BX) and Carlyle (CG), planned to file publicly earlier in the week week, aiming at a valuation around $50 billion, but the listing has been delayed indefinitely.

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