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Shares of Virax, the U.K.-based provider of diagnostic tests and PPE, including test kits for COVID-19, as much as quadrupled in value in their debut session following the company's IPO.

Latest IPOs and Direct Listings

Virax Biolabs (VRAX) opened on July 21. The biotechnology company focused on the prevention, detection, and diagnosis of viral diseases had priced 1.35 million shares at $5.00.

Virax is currently developing a proprietary T-Cell Test technology with the intention of providing an immunology profiling platform that assesses each individual's immune risk profile against major global viral threats. Boustead acted as sole book running manager for the offering.

Performance

• Virax Biolabs ended the week at $10.34.

Recent IPOs to Watch

Ivanhoe Electric (IE) 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 Starbox, MAIA Biotechnology, GigaCloud, Triller, Reborn Coffee, Steinway, and Bitdefender.

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' for purposes of listing its ordinary shares on the Nasdaq Capital Market and have applied to list the 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.

MAIA Biotechnology has filed for an IPO and anticipates the initial public offering price of its shares will be between $5.00 and $7.00 per share. MAIA Biotechnology has been approved to list its shares of common stock listed on NYSE American under the symbol 'MAIA' upon its satisfaction of NYSE American's initial listing criteria, including completion of the offering.

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

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: 

"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, Inc. (SEAC) and Triller Hold Co announced that they had mutually agreed to terminate their proposed merger that was contemplated by the agreement and plan of merger 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:

"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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