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Shares of digital gaming company Snail opened for trading more than 50% lower at $2.20 after pricing shares of its Class A common stock at $5, then followed its first day on the market with a buyback announcement that jolted the stock higher. Meanwhile, ASP Isotopes also dropped 32% in its trading debut, but China's Atour Lyfestyle fared better after the owner of hotel brands came public in the U.S. 

Latest IPOs and Direct Listings

Snail (SNAL) opened on Nov. 10 at $2.20. The independent developer and publisher of interactive digital entertainment for use on a variety of platforms, including consoles, PCs, and mobile devices, priced its initial public offering of 3 million shares of its Class A common stock at a price to the public of $5.00 per share.

After the market close on Nov. 10, Snail announced that its board of directors has authorized a share repurchase program under which Snail may repurchase up to $5 million in outstanding shares of its Class A common stock, subject to ongoing compliance with Nasdaq listing rules.

ASP Isotopes (ASPI) opened on Nov. 10 at $3.22. The company had priced its initial public offering of 1.25 million shares of its common stock at a public offering price of $4.00 per share.

ASPI calls itself an "advanced materials company dedicated to the development of technology and processes that will allow for the production of isotopes that may be used in several industries." It added that it has "an exclusive license to use proprietary technology, the Aerodynamic Separation Process for the production, distribution, marketing, and sale of all isotopes."

Atour Lyfestyle (ATAT) opened on Nov. 11 at $15.50. The hospitality and lifestyle company in China with a portfolio of upper mid-scale hotel brands priced 4.75 million American Depositary Shares, or ADSs, at $11.00, at the low-end of the $11.00-$13.00 range.

SPAC IPOs This Week

Plutuonian Acquisiton (PLTN) opened on Nov. 10 at $10. The SPAC intends to focus its search for a target business on companies engaged in metaverse technologies, tourism, and e-commerce related industries in the Asia-Pacific, or APAC, region.

Performance

• Snail finished the week at $3.
• ASP Isotopes ended Friday at $2.80.
• Atour Lyfestyle closed at $12.88.

Recent IPOs to Watch

Prime Medicine (PRME) 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 Elate Group, Prestige Wealth, AgiiPlus, and CBL International.

Elate Group has filed with the SEC for an initial public offering, via which the company is offering 1,333,334 units, each Common Unit consisting of one share of its Class A common stock and two warrants, with each whole warrant exercisable to purchase one share of Class A common stock. According to the prospectus:

"This is our initial public offering and no public market exists for our securities. We anticipate that the initial public offering price of our Common Units will be between $5.25 and $7.25 per Common Unit, with an assumed offering price of $6.25 per Common Unit, the midpoint of the price range of Common Units. We have applied to list our Class A common stock and Warrants for trading on the Nasdaq Stock Market under the symbols 'ELGP' and 'ELGPW,' respectively."

"Founded in 2013, we are a high-touch, best-in-class moving and storage company providing domestic concierge services and international relocation solutions for residential, commercial, and government clients in the United States and Canada. We are presently focused on seven metro markets along the east coast of the U.S. "

Prestige Wealth has filed with the SEC for an offering of 2.5 million ordinary shares. According to the filing with the SEC:

"This is the initial public offering of our Ordinary Shares. Prior to this offering, there has been no public market for Ordinary Shares. We expect the initial public offering price of the Ordinary Shares will be in the range of $5.50 to $6.50 per share. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol 'PWM'."

"Through our subsidiaries, we are a wealth management and asset management services provider based in Hong Kong, with the majority of our subsidiaries' operations in Hong Kong. Our subsidiaries assist their clients in identifying and purchasing well matched wealth management products and global asset management products. Our subsidiaries' clients for both wealth management and asset management services are primarily high net worth and ultra-high net worth individuals in Asia, and a majority of our subsidiaries' clients reside in mainland China or Hong Kong... 

"In the fiscal year ended September 30, 2021, our subsidiaries' wealth management services and asset management services contributed to approximately 0.07% and 99.93% of our total revenue, respectively. In the six months ended March 31, 2022, our subsidiaries' wealth management services and asset management services contributed to approximately 98.64% and 1.36% of our total revenue, respectively."

AgiiPlus has filed with the SEC for an initial public offering of its Class A ordinary shares and has reserved the symbol 'AGII' for purposes of listing its Class A ordinary shares on the Nasdaq Stock Market. The filing stated:

"AgiiPlus is not an operating company but a Cayman Islands holding company with operations conducted by its subsidiaries, including subsidiaries in China... On May 20, 2022, Tangtangjia Business Consulting Co., Ltd., a PRC subsidiary of AgiiPlus Inc., terminated the contractual arrangements with Shanghai Tangtangjia Information Technology Co., Ltd., or the VIE, and AgiiPlus Inc. unwound its VIE structure...

"On May 20, 2022, Shanghai Huiying Real Estate Agency Co., a PRC subsidiary of AgiiPlus, entered into a business cooperation agreement with Shanghai Zhiban, pursuant to which Shanghai Zhiban agreed to provide website operations and maintenance services for the Maxoffice website to Shanghai Huiying as a third-party service provider, and authorize AgiiPlus to advertise its services under Tangtang through publishing posts on the Maxoffice website. Under the brand 'Tangtang,' AgiiPlus' subsidiaries offer flexible workspaces leasing and enterprise services through digital platforms, including the Maxoffice website."

CBL International has filed with the SEC for an initial public offering in the United States of its ordinary shares. CBL is offering 3.75 million ordinary shares on a firm commitment basis and expects that the initial public offering price will be between $4.00 and $4.80 per ordinary share. The company will apply to have its ordinary shares listed on the Nasdaq Capital Market under the symbol 'BANL.'

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