Image Source: Kevin Smith on Flickr

Shares of Chinese online broker Zhong Yang Financial jumped 240% in its first trading day. The stock opened at $25, up 400% from its offer price, amid a quiet year for initial public offerings.

Latest IPOs and Direct Listings

SaverOne 2014 (SVRE), which is engaged in the design, development, and commercialization of transportation safety solutions designed to prevent car accidents resulting from the use of mobile phones while driving, opened on June 3 at $3.50 per share.

The technology company priced an underwritten U.S. initial public offering of 2,941,918 units, each consisting of one American Depositary Share and one warrant to purchase one ADS, and 208,282 pre-funded units, each consisting of one pre-funded warrant to purchase one ADS and one warrant to purchase one ADS, at a price to the public of $4.13 per unit. SaverOne 2014 warrants opened for trading at a price of $0.46.

Zhong Yang Financial (TOP) opened on June 1 at $25. The online brokerage company located in Hong Kong, specializing in the trading of local and foreign equities, futures, and options products, had priced 5 million shares at $5.00. The deal priced at the low end of the $5.00-$6.00 range. Univest Securities acted as sole book running manager for the offering.

Performance

• SaverOne 2014 shares ended their first trading day at $2.56.
• Zhong Yang Financial finished the week at $16.05.

Recent IPOs to Watch

Actelis Networks (ASNS), ProFrac Holding (PFHC), and Hanover Bancorp (HNVR) 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, Steinway, Bitdefender, and Phoenix Motor.

An Instacart listing could happen as soon as this year, though the timing may slip, people familiar with the matter told Bloomberg's Crystal Tse after the online grocery delivery platform said it confidentially filed documents for an IPO. Instacart is working with banks including Goldman Sachs (GS) and JPMorgan (JPM) on an offering, Tse's sources say. Instacart competes with offerings from Amazon (AMZN), Uber (UBER), and DoorDash (DASH).

Meanwhile, The Wall Street Journal's Jaewon Kang and Corrie Driebusch noted that Instacart confidentially filed for an initial public offering less than two months after cutting its valuation by nearly 40%. By filing confidentially now, Instacart is positioning itself to go public as early as September, people familiar with the offering told the Journal.

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.

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 it also 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.