Image Source: Kevin Smith on Flickr

Shares of AN2 Therapeutics rose over 15% in its trading debut on Friday following an upsized initial public offering, priced at the midpoint of expectations. This was only the second initial public offering this month, as the IPO market seems to be on pause due to the war in Ukraine and because inflation has raised expectations that the Fed will raise interest rates repeatedly.

This year, only half a dozen biotech companies - usually one of the busiest sectors for IPOs - listed their shares, including Vigil Neuroscience (VIGL), Amylyx Pharmaceuticals (AMLX), CinCor Pharma (CINC), Hillstream BioPharma (HILS), Arcellx (ACLX), and Nuvectis Pharma (NVCT).

Latest IPOs and Direct Listings

AN2 Therapeutics (ANTX) opened on March 25 at $16.85 after having priced 4.6 million shares at $15.00. The deal size was increased to 4.6 million shares from 4 million shares, and it was priced in the middle of the $14.00-$16.00 range. Cowen, SVB Leerink, Evercore ISI, and Oppenheimer acted as joint book running managers for the offering.

AN2 Therapeutics is a clinical-stage biopharmaceutical company developing epetraborole, a once-daily oral treatment for patients with NTM lung disease, a rare, chronic, and progressive infectious disease caused by bacteria known as mycobacteria.

Australian Software-as-a-Service company Locafy Limited (LCFY) opened on March 25 at $3.34 per share and Locafy warrants stock opened at 60c. The company priced its initial public offering of units at a public offering price of $4.125 per unit. Each unit is comprised of one ordinary share and one warrant to purchase one ordinary share at an exercise price of $4.125 per ordinary share with a term of five years.

H.C. Wainwright is acting as sole book-running manager for the offering. Locafy Limited is focused on commercializing its Software-as-a-Service, or SaaS, online publishing technology platform.

Performance

• AN2 Therapeutics ended Friday at $15.40.
• Locafy finished its first day of U.S. trading at $3.34.

Upcoming IPOs

Upcoming IPO and direct listings expected include Solta Medical, Bitdefender, Phoenix Motor, FreeCast, and Samba TV.

Bausch Health Companies (BHC) announced that its wholly owned subsidiary, Solta Medical, has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of Solta's common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Solta has applied to list its common shares on the Nasdaq Global Select Market under the symbol 'SLTA.' Bausch Health has completed all internal procedural steps and is fully prepared to launch both the Solta and Bausch + Lomb Corporation IPOs, subject to receipt of regulatory, stock exchange, and other approvals.

Samba TV has filed with the SEC for an initial public offering of shares of Class A common stock. The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol 'SMBA.' In its prospectus, Samba TV stated: 

"We are transforming internet Connected TVs - CTVs - into a platform for our customers, which are comprised of brands, agencies, content programmers, publishers and measurement and advertising vendors, to build attentive, engaged audiences. Our AI-driven content identification software is embedded in CTVs sold by leading original equipment manufacturer - OEM - brands across the globe.

"Through our software, we form direct relationships with millions of viewers, who provide us consent to collect their viewership data... We are active in six countries today, with ambitions to expand into the more than 100 countries where CTVs integrated with our technology are sold."

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.

Phoenix Motor filed for an initial public offering on the Nasdaq under symbol 'PEV.' Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI).

Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles, and it also markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford E-450.

FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol 'CAST.' FreeCast is an entertainment-based content discovery, aggregation, and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television guide.