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Shares of immune-oncology company MAIA Biotechnology dropped almost 15% in the company's trading debut on Thursday after the IPO was priced at the low end of expectations. On the flip side, ECB Bancorp's stock jumped over 40% in its market debut following the bank's conversion from a mutual company and an $89 million stock offering.

Latest IPOs and Direct Listings

Mobile Global Esports (MGAM) opened on July 29 at $4.50 after having priced 1.5 million shares at $4.00, at the low end of the $4.00-$5.00 range. Mobile Global Esports is a mobile esports company with an esports and social platform that includes proprietary compression technology as well as holding trademark and IP rights for collegiate esports tournaments and players in India.

ECB Bancorp (ECBK) opened on July 28 at $13.86. The regional co-operative bank in Everett, Massachusetts, raised $89 million by offering 8.9 million shares at $10.

MAIA Biotechnology (MAIA) opened on July 28 at $4.10. The company had priced 2 million shares at $5.00, at the low end of the $5.00-$7.00 range.  MAIA is a targeted therapy, immune-oncology company, focused on development of first-in-class drugs with novel mechanisms of action to treat cancer. THIO, its lead asset, is an investigational dual mechanism of action drug candidate incorporating telomere-targeting and immunogenicity.

Performance

• Mobile Global Esports finished its first trading day at $11.19.
• ECB Bancorp ended the week at $13.98.
• MAIA Technology finished Friday at $5.80.

Upcoming IPOs

Upcoming IPO and direct listings expected include Instacart, Forza X1, Starbox, GigaCloud, Triller, Reborn Coffee, Steinway, and Bitdefender.

Instacart, the grocery-delivery company that competes with offerings from Amazon (AMZN), Uber (UBER), and DoorDash (DASH), still expects to go public before year's end despite 2022 to date being "one of the slowest years for IPOs in more than a decade," The Wall Street Journal's Berber Jin, Corrie Driebusch, Jaewon Kang, and Preetika Rana reported earlier this week.

Instacart confidentially filed for an initial public offering with the SEC earlier this year and is in the process of responding to comments from the SEC on its IPO documents, sources familiar with the matter told the reporters. Instacart, which had previously leaned toward going public via a direct listing, is now considering a traditional IPO so it could raise cash that could be used for future acquisitions, the sources said.

Forza X1 has filed with the SEC for a firm commitment initial public offering of shares of common stock, according to a regulatory filing. The company intends to apply to list its shares of common stock on The Nasdaq Capital Market under the symbol 'FRZA.' The company's prospectus related to the offering states:

"Forza X1 aims to be among the first to develop and manufacture fully electric, affordable boats with mass appeal... We believe we are one of the first companies to design a fully integrated electric boat including the hull, outboard motor and control system for mass production. We believe that the boating industry will follow in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumers expectations of price, value, and run times."

Starbox Group has filed with the SEC for an initial public offering of its ordinary shares and said in its latest filing that it expects the initial public offering price of the shares to be in the range of $4.00 to $5.00 per share. The company has reserved the symbol 'STBX' and applied to list its shares on the Nasdaq Capital Market. It is a condition to the closing of the offering that the shares qualify for listing on a national securities exchange.

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 in part:

"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 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 stated: 

"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."

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

"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.

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