Image Source: LendingMemon.com via Flickr

Shares of Tenon Medical soared in their market debut on Wednesday, opening at $22.05 after the medical-device company had priced its IPO at $5 per share.

Latest IPOs and Direct Listings

Belite Bio (BLTE) opened on April 29 at $12.50. Belite, a clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases, such as dry AMD and Stargardt disease, and metabolic diseases, priced its initial public offering of 6 million American Depositary Shares, or ADSs, at a public offering price per ADS of $6.00. Benchmark acted as sole book-running manager for the offering.

HilleVax (HLVX) opened on April 29 at $18.76. The clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines priced its upsized initial public offering of 11.765 million shares of common stock at an initial public offering price of $17.00 per share.

The deal size was increased from 10.3 million shares and priced between the $16.00-$18.00 range. JPMorgan, SVB Leerink, Stifel, and Guggenheim acted as joint book running managers for the offering.

Tenon Medical (TNON) opened on April 27 at $22.05. The medical device company, which has developed a proprietary, U.S. Food and Drug Administration cleared surgical implant system for sacroiliac joint fixation/fusion surgery, had priced its initial public offering of 3.2 million shares of its common stock at a price of $5.00 per share, which reflects a 2 for 1 reverse stock split that was effective on April 6.

Benchmark and Valuable Capital Limited acted as underwriters for the offering.

Performance

• Belite Bio ended its first trading day at $10.59.
• After opening at 18.76, HilleVax finished Friday at $19.09.
• Tenon Medical ended the week at $21.61.

Upcoming IPOs

Upcoming IPO and direct listings expected include Bausch + Lomb, Steinway, Solta Medical, Bitdefender, and Phoenix Motor.

Bausch + Lomb, a wholly-owned subsidiary of Bausch Health Companies (BHC), filed a registration with the SEC to sell 35 million shares in an initial public offering to be priced between $21.00 and $24.00 per share. Bausch + Lomb applied to list its common shares on the New York Stock Exchange and Toronto Stock Exchange, in each case under the symbol 'BLCO.' 

After the completion of this offering, Bausch Health will continue to directly or indirectly own a majority of the voting power of common shares. Morgan Stanley and Goldman Sachs are lead underwriters of the IPO.

Bausch Health previously 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.

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

"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.

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 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.