Image Source: Kevin Smith on Flickr

Shares of AMTD Digital jumped out of the gate on Friday as the digital platform and controlled subsidiary of AMTD IDEA Group raised almost $125 million in its initial public offering.

The IPO of AMTD Digital represents "the second unicorn under AMTD Group to be successfully listed on NYSE, subsequent to the successful listing of the company in 2019 being the first Hong Kong home-grown unicorn to successfully list on NYSE at that time," the company stated.

Latest IPOs and Direct Listings

AMTD Digital (HKD) opened on July 15 at $13. AMTD IDEA Group (AMTD), a subsidiary of AMTD Group Company Limited, announced earlier that its controlled subsidiary AMTD Digital, a one-stop digital solutions platforms in Asia, had successfully priced its initial public offering of 16 million American depositary shares, or "ADSs," with every five ADSs representing two Class A ordinary shares of AMTD Digital, at a price to the public of $7.80 per ADS.

Intelligent Living Application Group (ILAG) opened on July 14 at $22.01. The lockset manufacturer in Hong Kong had priced its initial public offering of 5.06 million ordinary shares at a price of $4.00 per share. Network 1 Financial Securities acted as sole book running manager for the offering.

Nano Labs (NA) opened on July 13 at $7.61. The fabless integrated circuit design company and product solution provider in China had priced its initial public offering of 1.77 million American Depositary Shares at a price to public of $11.50 per ADS. Each ADS represents two Class A ordinary shares of the company. The deal priced at top end of the $9.50-$11.50 range. AMTD, Tiger Brokers, and Maxim acted as joint book running managers for the offering.

Performance

• AMTD Digital ended Friday at $16.21.
• Intelligent Living Application Group finished the week at $2.25.
• Nano Labs ended Friday at $6.80.

Recent IPOs to Watch

Golden Sun Education Group (GSUN) is 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 GigaCloud, Triller, Reborn Coffee, Instacart, Steinway, and Bitdefender.

GigaCloud Technology has filed a preliminary prospectus with the SEC for an initial public offering of its Class A ordinary shares. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol 'GCT.' Aegis Capital is the sole book-running manager for the offering. In its prospectus, GigaCloud states: 

"We are a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise. Our B2B ecommerce platform, which we refer to as the 'GigaCloud Marketplace,' integrates everything from discovery, payments and logistics tools into one easy-to-use platform...

"GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $190.5 million, $414.2 million and $438.1 million of gross merchandise value, or GMV, transacted in our marketplace in 2020, 2021 and the 12 months ended March 31, 2022, respectively."

Triller Inc. announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

Previously, on June 14, SeaChange International (SEAC) and Triller Hold Co announced that they had mutually agreed to terminate their proposed merger that was contemplated by the agreement and plan of merger they had signed on Dec. 22, 2021.

Reborn Coffee announced it has filed for an initial public offering of shares of common stock and that the company intends to apply to list its common stock on the Nasdaq Capital Market under the symbol 'REBN.' The prospectus states: 

"Reborn Coffee is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks and cafes... As of December 31, 2021, all of our 7 locations were company-operated. As of the day of this prospectus, we have opened 2 new company-owned locations and expect to open a third one by 2022 year-end...

"In 2021, we generated approximately $2.3 million of revenue, $3.4 million of net loss, and approximately -$2.4 million of Adjusted EBITDA... In 2020, we generated approximately $793,000 of revenue, $1.1 million of net loss, and approximately -$915,000 of Adjusted EBITDA."

An Instacart listing could happen as soon as this year, though the timing may slip, people familiar with the matter told Bloomberg's Crystal Tse after the online grocery delivery platform said it confidentially filed documents for an IPO. Instacart is working with banks including Goldman Sachs (GS) and JPMorgan (JPM) on an offering, Tse's sources say. Instacart competes with offerings from Amazon (AMZN), Uber (UBER), and DoorDash (DASH).

Meanwhile, The Wall Street Journal's Jaewon Kang and Corrie Driebusch noted that Instacart confidentially filed for an initial public offering less than two months after cutting its valuation by nearly 40%. By filing confidentially now, Instacart is positioning itself to go public as early as September, people familiar with the offering told the Journal.

Steinway Musical Instruments has filed for an initial public offering of shares of its Class A common stock. The prospectus for the offering states:

"We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide. Steinway is one of the longest-lasting and most storied brands in the music industry and beyond... We operate in two reporting segments, Piano, or 'Steinway & Sons,' and Band, or 'Conn-Selmer.'

"In fiscal year 2021, our Piano and Band segments generated net sales of $406.6 million and $131.7 million, respectively, up from $317.4 million and $98.4 million, respectively, in the prior fiscal year. In fiscal year 2021, our Piano and Band segments generated Adjusted EBITDA of $106.8 million and $10.7 million, respectively, up from $72.1 million and $4.9 million, respectively, in the prior fiscal year." 

Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States.

"The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.

More By This Author: