Opening Day: Starbox, Jianzhi Jump In Debuts As IPOs Face Worst Year In Decades

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IPO stock photo | by lendingmemo_com

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Starbox stock soared over 1000% following the company's market debut, opening at $27 and rising to as high as $46.01 in its first trading day after pricing its IPO at $4 per share. This comes as the IPO market faces its worst year in decades, with traditional IPOs raising just $5.1 billion so far in 2022, according to Dealogic data. Typically, traditional IPOs would have raised about $33 billion at this point in the year, the data shows.


Latest IPOs and Direct Listings

Starbox Group (STBX) opened on Aug. 23 at $27. The provider of cash rebates, digital advertising, and payment solutions services had priced its initial public offering of 5 million ordinary shares at a public offering price of $4.00. Proceeds from the offering will be used for expanding the company's business into other countries in Southeast Asia, upgrading its software and systems, and promoting its brands in Malaysia.

Mobilicom (MOB) opened on Aug. 25 at $4.00 per share. The provider of cybersecurity and smart solutions for drones, robotics, and autonomous platforms had priced an underwritten U.S. initial public offering of 2,858,000 units, each consisting of one American Depositary Share and one warrant to purchase one ADS, at a price to the public of $4.13 per unit.

The warrants will have a per ADS exercise price of $5.00, are exercisable immediately, and expire five years from the date of issuance. The ADSs and warrants that are part of the units can only be purchased together in the offering but will be issued separately.

Jianzhi Education Technology (JZ) opened on Aug. 26 at $126 after having priced 5 million American Depositary Shares at $5.00. Jianzhi Education is a provider of digital educational content in China.

Onfolio Holdings, Inc. (ONFO), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, opened on Aug. 26 at $3.35. The company had priced 2,753,750 units, each consisting of one share of common stock and two warrants, each to purchase one share of common stock, at a public offering price of $5.00 per unit, for aggregate gross proceeds of approximately $13.7 million.

Jeffs' Brands (JFBR) opened on Aug. 26 at $3.00 per share. The data-driven e-commerce company operating on the Amazon Marketplace priced its initial public offering of 3,717,473 units, with each unit being offered at a public offering price per unit of $4.16. Each unit consists of one ordinary share and one warrant to purchase one ordinary share, with an initial exercise price of $4.04 per share.

PaxMedica (PXMD), a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies for the treatment of disorders with intractable neurologic symptoms, priced 1.545 million shares at $5.25 and opened on Aug. 26 at $6.50.


Performance

  • Starbox Group finished Friday at $5.32.
  • Mobilicom ended the week at $3.30.
  • Onfolio closed its first day of trading at $2.40.
  • Jeffs' Brands finished Friday at $2.68.
  • PaxMedica ended the week at $4.91.
  • Jianzhi Education closed Friday at $18.75.


Recent IPOs to Watch

Bruush Oral Care (BRSH) and Magic Empire Global (MEGL) are 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 Instacart, Bitdefender, and Group One.

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.

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. 

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.

Group One, the company behind mixed martial arts brand One Championship, is considering a U.S. initial public offering after previously exploring a listing via a blank check company, Bloomberg's Manuel Baigorri, Olivia Poh, and Elffie Chew report, citing people familiar with the matter. Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential U.S. listing, the people said.


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