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Shares of OS Therapies fell on Thursday following a downsized initial public offering by the oncology drug developer in a slow week for the IPO market.

Latest IPOs and Direct Listings

OS Therapies (OSTX) opened on Aug. 1 at $4. The company had priced its initial public offering of 1.6 million shares of common stock at a public offering price of $4.00 per share. OS Therapies' lead product candidate, OST-HER2, is an immunotherapy using a HER2 bioengineered form of the bacteria Listeria monocytogenes to trigger a strong immune response against cancer cells expressing HER2.

The net proceeds, after deducting underwriting discounts and commissions, but before estimated expenses of the offering payable by the company, are intended to be used to advance the clinical development of its product candidates - OST-HER2 and OST-tADC - and discover and develop new product candidates, as well as for working capital and other general corporate purposes.

Fifth District Bancorp (FDSB) opened on Aug. 1 at $10.75. The holding company for Fifth District Savings Bank completed its initial public offering in connection with the Bank's conversion from the mutual form of organization to the stock form of organization.

The company sold 5,459,473 shares of common stock, which includes 444,758 shares sold to the Bank's Employee Stock Ownership Plan, for gross offering proceeds of approximately $54.6 million based on the offering price of $10.00 per share. The company also issued 100,000 shares of common stock to The Fifth District Community Foundation, it noted.

Recent SPAC IPOs

AA Mission Acquisition (AAM) opened on Aug. 1 at $10. The blank check company intends to focus on industries that complement the management team's and board of director's background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business, focusing on the food and beverage industry.

M3-Brigade Acquisition V (MBAV) opened on Aug. 1 at $10.03.

End of the Week Performance

• OS Therapies ended the trading week at $4.
• Fifth District Bancorp closed at $10.15.

Recent IPOs to Watch

Icon Energy (ICON) and EShallGo (EHGO) 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 the likes of Clario, YXT.com, Solera, ShipBob, and StubHub.

Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, Bloomberg's Michelle F Davis, Dinesh Nair, and Ryan Gould reported earlier, citing people familiar with the matter.

YXT.com has filed with the SEC for an initial public offering of American depositary shares, or ADSs. The prospectus states: 

"We are a leader and disruptor of the digital corporate learning industry in China, a market with massive rigid-demand and a total size of RMB126.0 billion in 2023, according to Frost & Sullivan. We have innovated a SaaS model that integrates software and content, effectively assisting customers in the digital transformation of corporate learning. According to Frost & Sullivan, we are the largest digital corporate learning solution provider in China in terms of total revenue, subscription revenue and number of subscription customers in 2023. With our software, we help customers efficiently deploy cloud-based learning platforms at scale. We also offer a broad range of high-quality content, covering the entire corporate learning process of our customers."

Solera has filed for an initial public offering on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, BofA, and Jefferies are among the lead underwriters. The company says it is a global provider of software-as-a-service solutions to the vehicle lifecycle ecosystem, providing asset intelligence.

For the 2024 fiscal year, 90% of its total revenues were recurring. In the 2024 fiscal year, Solera generated revenue of $2.4 billion, operating income of $591.7 million, operating cash flow of $203.9 million, a net loss of $486.3 million, adjusted EBITDA of $1.0 billion, and free cash flow of $93.5 million.

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported earlier this year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors said. An initial public offering could occur as soon as later this year and could value the company at $4 billion, the authors noted.

Other IPO News

Pershing Square USA  announced that it is withdrawing its previously announced initial public offering, or IPO, of common shares of beneficial interest. Bill Ackman, Pershing Square CEO, issued the following statement:

"Over the last seven weeks, we have met with many institutions and family offices, and held numerous town halls for Pershing Square USA, Ltd. While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO? This question has inspired us to reevaluate PSUS's structure to make the IPO investment decision a straightforward one. We will report back once we are ready to launch a revised transaction."

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