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Shares of electric vehicle maker Phoenix Motor dropped below their offer price in their first trading day, sliding more than 45% on Wednesday. The new issues market remains slow, with just 45 companies having listed their shares using a traditional IPO this year, raising $4.6 billion, according to Dealogic.

Latest IPOs and Direct Listings

Phoenix Motor (PEV) opened on June 8 at $7.50. The company had priced 2.1 million shares at $7.50, inside the $7.00-$9.00 target range. Prime Number acted as sole book running manager for the offering. Phoenix Motor is a California-based company that designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles.

Performance

• Phoenix Motor ended the week at $3.22.

Upcoming IPOs

Upcoming IPO and direct listings expected include Instacart, Steinway, and Bitdefender.

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.

Other Notable Syndicate News

Alibaba's (BABA) shares were under pressure earlier this week after finance affiliate Ant Group said it currently has no plans to revive an IPO, and a key regulator said it had not conducted an evaluation on a potential listing, CNBC's Arjun Kharpal reported.

The planned IPO of Ant Group, which is controlled by billionaire Alibaba founder Jack Ma, was pulled in November 2020 after regulators flagged concerns with the company. The dual listing in Hong Kong and Shanghai would have been the biggest IPO in history.