Image Source: Kevin Smith on Flickr

Venture Global's stock fell about 4% below its initial public offering price in its market debut on Friday, after the liquefied natural gas exporter drastically cut its estimated price range. Venture Global (VG) shares opened at $24.05, below their expected $25 per share price.

The company's IPO was priced in the middle of its revised $23-$27 range, though this was sharply lower than the earlier range of $40-$46 per share that had been indicated. The company, which is raising funds to assist in its effort to build five natural-gas liquefaction and export facilities in Louisiana, kept its dollar proceeds about in line with its original goal by increasing the number of shares offered by 20 million to 70 million.

Latest IPOs and Direct Listings

Ascentage Pharma (AAPGV) opened on Jan. 24 at $17.25 after having priced its initial public offering of 7.325 million American depositary shares at a public offering price of $17.25 per share. The ADSs were seen trading on the Nasdaq under the ticker "AAPGV" on a "when-issued" basis. On Jan. 27, shares will be listed under the ticker symbol "AAPG" for "regular-way" trading.

Ascentage is a biopharmaceutical company "engaged in discovering, developing, and commercializing therapies to address global unmet medical needs primarily in hematological malignancies." The company has also been listed on the Main Board of the Stock Exchange of Hong Kong.

Skyline Builders (SKBL) opened on Jan. 23 at $4.40. The civil engineering services provider in Hong Kong had priced its initial public offering of 1.5 million Class A ordinary shares at a public offering price of $4.00 per share.

Proceeds from the offering will be used to enhance the company's capacities in hiring additional staff, strengthen its market position in the civil engineering industry, acquire machinery to enhance its capacity, enhance the company's brand, as well as to fund working capital and for other general corporate purposes, the company stated.

Diginex (DGNX) opened on Jan. 22 at $4.26. The company had priced its initial public offering of 2.25 million ordinary shares at a public offering price of $4.10 per ordinary share.

Diginex, incorporated in the Cayman Islands, helps organizations address environmental, social, governance, climate, and sustainability issues, utilizing blockchain, machine learning, and data analysis technology "to lead change and increase transparency in corporate social responsibility and climate action."

Decent Holding (DXST) opened on Jan. 22 at $4. The deal size was reduced to 1.25 million shares from 1.50 million, and was priced at the low end of the $4.00-$4.50 target range. Decent Holding, an established wastewater treatment services provider in China, specializes in the provision of wastewater treatment through the company's subsidiary, Shandong Dingxin Ecology Environmental Co.

Toppoint (TOPP) opened on Jan. 22 at $3.88. The company had priced 2.5 million shares at $4.00, at the low end of the $4.00-$6.00 target range. Headquartered in North Wales, Pennsylvania, Toppoint specializes in the transport of wastepaper, scrap metal, and wooden logs for large waste companies, recycling centers, and commodity traders.

CTRL Group (MCTR) opened on Jan. 22 at $4. The company had priced 2 million shares at $4.00, at the low end of the $4.00-$5.00 range. Its wholly owned subsidiary and operating company, CTRL Group Limited, is an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion for the local market.

Recent SPAC IPOs

Columbus Acquisition (COLA) opened on Jan. 23 at $10.02. The blank check company, incorporated in the Cayman Islands, had priced its initial public offering of 6 million units at a price of $10.00 per unit.

End-of-the-Week Performance

• Venture Global ended the week at $24.00
• Skyline Builders ended the week at $4.10
• Diginex ended the week at $8.55
• Decent Holding ended the week at $2.04
• Toppoint ended the week at $3.05
• CTRL Group ended the week at $5.30

Recent IPOs to Watch

INLIF (INLF) and OneConstruction Group (ONEG) 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 Beta Bionics, Odyssey Therapeutics, JAJI Global, Basel Medical Group, and ShipBob.

Beta Bionics, "a pioneering leader in the development of advanced diabetes management solutions," announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock.

The number of shares to be offered and the price range for the proposed offering have not yet been determined. Beta Bionics has applied to list its common stock on the Nasdaq Global Market under the ticker symbol "BBNX."

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."

CLPS (CLPS) announced that its majority-owned subsidiary, JAJI Global, has filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed initial public offering of JAJI Global's ordinary shares. Following the offering, CLPS expects to hold a significant voting interest in JAJI Global along with a corresponding economic interest in its subsidiaries.

The number of shares to be offered and the price range for the offering have not yet been determined. JAJI Global intends to list its common stock on The Nasdaq Capital Market. According to the F-1, JAJI Global currently has a total share capital of 10 million shares, of which CLPS holds 60%. The funds raised from this IPO will primarily be used for product development, mergers and acquisitions, global expansion, and company operations to drive JAJI Global's sustained growth.

Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol "BMGL." Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.

ShipBob selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported last year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigroup (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.

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