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Amer Sports, the maker of Wilson tennis rackets and a host of other sports equipment, raised about $1.37 billion in its recent initial public offering, which was priced below the previously expected $16-$18 range. This was yet another disappointing IPO that could discourage other IPO hopefuls as the market seeks to recover after two years of diminished activity.

According to a report by Reuters, sources participating in the IPO said earlier on Wednesday that, despite the company's growth, some potential investors were concerned about Amer Sports' fortunes being intertwined with China's economy.

Latest IPOs and Direct Listings

Amer Sports (AS) opened on Feb. 1 at $13.40. The company had priced 105 million shares at $13.00. The deal size was increased to 105 million shares from 100 million, and was priced below the $16.00-$18.00 range.

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.

Alto Neuroscience (ANRO) opened on Feb. 2 at $22 after having priced 8.04 million shares at $16.00. The deal size was increased to 8.04 million shares from 6.7 million shares, and was priced at the top end of the $14.00-$16.00 range. Alto is a clinical-stage biopharmaceutical company whose pipeline includes novel drug candidates in depression, PTSD, schizophrenia, and other mental health conditions.

Fractyl Health (GUTS), a metabolic therapeutics company focused on pioneering new approaches to the treatment of metabolic diseases, including T2D and obesity, priced 7.333 million shares at $15.00 and opened on Feb. 2 at $13.75. The deal was priced at the midpoint of the $14.00-$16.00 target range.

Autonomix (AMIX) opened on Jan. 29 at $7.60. The medical device company, which is focused on advancing innovative technologies to revolutionize how diseases involving the nervous system are diagnosed and treated, began trading on the Nasdaq. Lori Bisson, CEO of Autonomix, commented the following:

"The successful closing of our IPO and trading on NASDAQ is a momentous milestone and the first step toward strengthening our market position. NASDAQ provides a platform of enhanced visibility, liquidity and expanded shareholder base that we believe will play a key factor for the Company moving forward. We are dedicated to dramatically improving the quality of millions of lives by empowering the nerve-directed treatments of tomorrow and we have positioned the Company to achieve transformational corporate and development milestones in 2024. We are committed to building shareholder value and look forward to providing additional updates on our development progress."

Performance

• Amer Sports ended the week at $14.95.
• Alto Neuroscience closed its first day of trading at $20.70.
• Fractyl Health ended its first trading day at $12.85.
• Autonomix finished Friday at 45.94.

Recent IPOs to Watch 

Roma Green Finance (ROMA), Smith Douglas Homes (SDHC), and Silynxcom (SYNX) 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 Reddit, Telix Pharmaceuticals, Key Mining, Auna, Origin Life Sciences, Rubrik, and New Era.

Reddit, which confidentially filed initial public offering paperwork in 2021, is expected to unveil the filing as soon as later this month and name the New York Stock Exchange as its listing exchange, people familiar with the matter recently told The Wall Street Journal's Corrie Driebusch.

Winning one of this year's most anticipated IPOs is a coup for the IntercontinentalExchange (ICE) unit, which competes against the rival Nasdaq (NDAQ) for the biggest IPOs, the report noted.

Telix Pharmaceuticals announced that it is 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 and said it had applied to list its common stock on the Nasdaq Capital Market under the trading symbol "KMCM," stated in an amended filing that it has applied to list its common stock on the NYSE American under the same trading symbol. The filing stated 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 stated 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."

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-$700 million, the authors said, noting that the timing and amount to be raised could be subject to change.

New Era Cap, a supplier of major U.S. sports league headwear, had 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. New Era, which makes caps affiliated with the NFL, MLB, and NBA, had invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.

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.

Other IPO News

A little-known startup that sells crucial data center components to consumers like Amazon Web Services (AMZN) and Microsoft is aiming to become one of the first companies to go public off the back of the boom in generative artificial intelligence, The Information's Cory Weinberg and Anissa Gardizy reported recently. 

Astera Labs, backed by Sutter Hill Ventures and Intel (INTC), has been meeting with prospective investors ahead of a potential March initial public offering led by Morgan Stanley (MS) and JPMorgan (JPM), people familiar with the matter said.

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