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Shares of Pineapple Financial slipped over 25% in their trading debut following a downsized IPO. The tech-focused mortgage brokerage had cut the size of its offering from 1.25 million to 875,000 common shares at a price of $4 per share.

Latest IPOs and Direct Listings

Lexeo Therapeutics (LXEO) opened on Nov. 3 at $9.50. Lexeo priced 9.1 million shares at $11.00, below the $13.00-$15.00 range. Lexeo Therapeutics is a clinical stage genetic medicine company that says it is "dedicated to transforming healthcare by applying pioneering science to fundamentally change how genetically defined cardiovascular diseases and APOE4-associated Alzheimer's disease are treated."

Pineapple Financial (PAPL) opened on Nov. 1 at $3.50. The company, which refers to itself as "Canada's tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across the country," had priced its initial public offering of 875,000 common shares at a public offering price of $4.00 per share.

Alpha Technology (ATGL) opened on Oct. 31 at $4. The company had priced 1.75 million shares at $4.00. Prime Number Capital is acting as the sole bookrunner for the offering. Alpha Technology Group is a cloud-based IT solution service provider in Hong Kong.

Mach Natural Resources (MNR) opened on Oct. 26 at $19. The company had priced its initial public offering of 10 million common units at a price to the public of $19 per common unit.

Mach Natural Resources is an independent upstream oil and gas company focused on the acquisition, development, and production of oil, natural gas, and natural gas liquid reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas.

Performance

• Pineapple Financial ended the week at $1.86.
• Alpha Technology finished Friday at $5.89.
• Mach Natural Resources ended the week at $18.37.
• Lexeo Therapeutics closed its first day of trading at $10.05.

Recent IPOs to Watch 

Birkenstock (BIRK) and Agape ATP (ATPC) 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 Ibotta, Silynxcom, Triller, Rubrik, and New Era.

Digital marketing software company Ibotta has tapped advisers to help it prepare for an initial public offering that could value it at $2 billion or more, Bloomberg's Amy Or, Ryan Gould, and Katie Roof reported, citing people familiar with the matter.

The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs (GS) and Citigroup (C), said the people cited. The listing is expected to take place next year, though the exact timing hasn't been decided, the people added.

Silynxcom filed with the SEC for an initial public offering of Silynxcom Ltd, via which the company is offering 2 million ordinary shares. The company anticipates that the initial public offering price of its shares will be between $4.00 and $6.00.

In a regulatory filing on Friday, Triller reported having filed a prospectus with the SEC related to the registration of the resale of shares of its Class A common stock by its stockholders identified in the prospectus. The filing stated the following:

"Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten by any investment bank. The Registered Stockholders may, or may not, elect to sell their shares of our Class A common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through ordinary brokerage transactions on the New York Stock Exchange, or 'NYSE'... We will not receive any proceeds from the sale of shares of Class A common stock by the Registered Stockholders."

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is on track for an initial public offering in 2023, and its investor roadshow could begin as soon as next month, Bloomberg's Amy Or and Katie Roof reported earlier this year, citing people familiar with the matter. The IPO could bring in $500-$700 million, the authors said, noting that the timing and amount to be raised is still subject to change.

New Era Cap, a supplier of major U.S. sports league headwear, has kicked off preparations for an initial public offering in New York that could value it at $4 to $5 billion, Reuters reported earlier this year, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB, and NBA, invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.

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