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Pheton Holdings and Powell Max opened for trading on Thursday at $3.76 and $4.30, respectively. While the number of initial public offerings has rebounded from 2023, IPOs remain well below pre-pandemic levels.

Latest IPOs and Direct Listings

Pheton Holdings (PTHL) opened on Sept. 5 at $3.76. The healthcare solution provider specializing in treatment planning systems for brachytherapy and other related products and services had announced the pricing of its initial public offering of 2,250,000 Class A ordinary shares at a public offering price of $4.00 per Class A ordinary share.

Powell Max (PMAX) opened on Sept. 5 at $4.30. The financial communications services provider headquartered in Hong Kong had announced the pricing of its initial public offering of 1,426,750 Class A Ordinary Shares at a public offering price of $4 per share.

End of the Week Performance

• Pheton Holdings closed the week at $3.90.
• Powell Max ended trading at $4.12.

Recent IPOs to Watch 

Actuate Therapeutics (ACTU) 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 Megan Holdings, Health In Tech, Yi Yue Digital, YXT.com, Fast Track Group, AoChuang Holdings, ShipBob, and StubHub.

Megan Holdings filed with the SEC for an initial public offering of 1.25 million ordinary shares of Megan Holdings Limited, a Cayman Islands exempted company, which is being conducted on a firm commitment basis.

"We expect that the offering price of our Ordinary Shares in this offering will be between US$4.00 and US$6.00 per share. Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol 'MGN'," the filing stated.

Health In Tech has filed with the SEC for a firm commitment initial public offering of shares of Class A Common Stock, and it anticipates that the initial public offering price of its shares will be between $4.00 and $5.00 per share. The company has applied to have its Class A Common Stock listed on the Nasdaq Capital Market under the symbol "HIT."

The company's prospectus states: "Health in Tech is an insurance technology platform company, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs."

Yi Yue Digital Technology has filed with the SEC for an initial public offering of ordinary shares and applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "YYDT." The company's prospectus states the following: 

"Shenzhen Yi Yue Digital Technology Co., Ltd is a Software as a Service - SaaS - digital technology provider focusing on the specific field of beauty industry. The Company is founded in September 2021, headquartered in the city of Shenzhen, and it has 8 branches in mainland China with the number of employees is more than 200...

"The Company is committed to supporting beauty industry and health institutions to build scientific and efficient management through SaaS plus supply chain service. The Company helps SaaS users maintain sustainable profitable operation, by relying on AI and big data technology. The service provided by the Company can help connect suppliers and customers work together, forming a closed loop of Online to Offline - O2O - e-commerce transactions and services."

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."

Fast Track Group filed for an initial public offering of 3.75 million ordinary shares. Prior to this offering, there has been no public market for its ordinary shares. It is currently estimated that the initial public offering price per share will be between $4-$5. The company has applied to list its shares on the Nasdaq Capital Market under the symbol "FTRK."

AoChuang Holdings filed with the SEC for an initial public offering on a firm commitment basis of 1.25 million ordinary shares. The Cayman Islands-exempted company with limited liability whose principal place of business is in the People's Republic of China expects that the initial public offering price will be in the range of $4.00 to $6.00 per Ordinary Share. The company has applied to list the ordinary shares on the Nasdaq Capital Market under the symbol "ANE."

The company's prospectus states the following:

"We are a passenger electric vehicles, or EVs, retailer and comprehensive automobile service provider in Hainan Province, China. Leveraging the beneficial local government policy for EV promotion in Hainan Province, we strategically focus our operation on sales and services of EVs instead of internal combustion engine vehicles, or ICEVs. We maintain dealership agreements with well-known EV manufacturers in China to operate our 4S dealership stores for a diversified portfolio of popular EV brands, consisting of Geely Geometry, Ora, Chery New Energy, and GAC Trumpchi."

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 Citigroup (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

Titan Cement International (TTCIF) has selected Citigroup and Goldman Sachs (GS) to help arrange the planned listing of its U.S. business next year, according to people familiar with the matter, Bloomberg's Aaron Kirchfeld, Dinesh Nair, and Swetha Gopinath reported earlier this week.

The company hired the banks to prepare for an initial public offering in New York, the people said. Titan Cement plans to sell a minority stake through the IPO and raise at least $500 million, the report said. The controlling families are seeking a valuation of more than $2 billion in a potential listing, the people added.

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