Image Source: www.gotcredit.com via Flickr

Hong Kong restaurant group Masterbeef raised $8 million in its IPO earlier this week. Shares of the investment research platform Aether also made their public debut on Thursday.

Latest IPOs and Direct Listings

Masterbeef (MB) opened on April 10 at $3.80. The full-service restaurant group in Hong Kong specializing in Taiwanese hotpot and Taiwanese barbecue priced its initial public offering of 2 million ordinary shares at a public offering price of $4.00 per ordinary share. The deal was priced at the low end of its $4.00-$5.00 range.

Cuprina Holdings (CUPR) opened on April 10 at $4.40. The company priced 3 million of its Class A ordinary shares at a public offering price of $4.00 per share. Cuprina is a biomedical and biotechnology company that says it is dedicated to the development and commercialization of products for the management of chronic wounds, as well as cosmeceuticals for the health and beauty sector.

Aether (ATHR) opened on April 10 at $5.25. The "emerging financial technology holding company offering software, data, and artificial intelligence technology to institutional and self-directed investors" priced its initial public offering of 1.8 million shares of its common stock at $4.30 per share. The deal was in the $4.00-$5.00 range.

iOThree (IOTR) opened on April 10 at $3.60. The provider of maritime digital technologies, including satellite connectivity and digitalization solutions in Singapore, had priced its initial public offering of an aggregate of 2.1 million ordinary shares at a public offering price of $4.00 per share, with 1.65 million ordinary shares offered by the company and 450,000 ordinary shares offered by the selling shareholders of the company. The deal size was reduced to 2.1 million shares from 2.63 million, and it was priced at the low end of the $4.00-$6.00 range.

FatPipe (FATN) opened on April 8 at $6.50. The company priced 695,656 shares at $5.75 per share. FatPipe describes itself as "a pioneer in enterprise-class, application-aware, secure software-defined wide area network solutions for organizations, including enterprises, communication service providers, security service providers, government organizations, and middle-market companies."

Recent SPAC IPOs

Titan Acquisition opened on April 9 at $9.99. The units are listed on the Nasdaq and trade under the ticker symbol "TACHU."

End-of-the-Week Performance

• Masterbeef ended the week at $3.20
• Cuprina Holdings ended the week at $4.48
• Aether ended the week at $5.50
• iOThree ended the week at $3.39
• FatPipe ended the week at $6.36

Upcoming IPOs 

Upcoming IPO and direct listings expected include the likes of JiaLian Technologies, Circle, Happy City, and Odyssey Therapeutics.

JiaLian Technologies filed with the SEC for a planned initial public offering. The company applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol "JLCN." The company's prospectus states the following: 

"We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers...

"We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle."

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 the 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.

Odyssey Therapeutics 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."

More By This Author: