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Shares of driverless tech company Pony AI opened for trading on Wednesday and jumped as much as 19% after the U.S. IPO. The company sold 20 million ADS in the offering for $13 per share to raise $260 million.

Latest IPOs and Direct Listings

Pony AI (PONY) opened on Nov. 27 at $15. The China-based company identifies itself as "a global leader in achieving large-scale commercialization of autonomous mobility." Pony AI had priced its initial public offering of 20 million American depositary shares, or "ADSs," each representing one Class A ordinary share of the company, at a price to the public of $13 per share.

Brazil Potash (GRO) opened on Nov. 27 at $12.40. Brazil Potash is an exploration and development company with a potash mining project, the "Autazes Project," located in the state of Amazonas, Brazil. The deal size was cut to 2 million shares of common stock from 4.25M shares, and was priced at the bottom of the $15.00-$18.00 range.

BrilliA (BRIA) opened on Nov. 27 at $4. The company had priced its initial public offering of an aggregate of 2.5 million Class A ordinary shares, all of which are being offered by the company, at a public offering price of $4.00 per share.

BrilliA says it has "evolved from an Original Design Manufacturer into a comprehensive one-stop service cross-border solution provider for ladies' intimate apparel brands," managing sales and customer relationships with "expertise in handling sourcing, design, prototyping, supply chain to logistic management as well as quality control of products manufactured by independent third party manufacturing facilities for their customers worldwide."

Wing Yip Food (WYHG) opened on Nov. 26 at $4.00. The meat product processing company through its operating subsidiaries in mainland China had priced its initial public offering of 2.050 million American depositary shares at a public offering price of $4.00 per share.

Creative Global Tech (CGTL) opened on Nov. 26 at $4.29. The Hong Kong-based company sourcing and reselling recycled consumer electronic devices said it intends to use the proceeds from this offering for general corporate purposes and to expand the wholesale business and develop a wholesale auction market, expand its retail business, expand into strategic overseas markets, and build a repair and refurbishment factory.

Recent SPAC IPOs

Venu Holding (VENU) opened on Nov. 27 at $10. The blank check company intends to use the net proceeds from the offering to fund the expansion of its business operations, further development of company services, business promotion activities, and for working capital and general corporate purposes, including general market expansion and due diligence efforts to explore the opening of new restaurant, entertainment, and music venues.

FACT II Acquisition (FACT) opened on Nov. 26 at $9.97. The blank check company intends to focus its search on a target business with a "management team who has demonstrated clear operating expertise over the past two years, with a focus on growing revenues, while operating with demonstrated control over operating costs and preservation of cash."

End-of-the-Week Performance

• Pony AI closed the week at $13.02;
• Brazil Potash closed the week at $13.10;
• BrilliA closed the week at $3.92;
• Wing Yip Food closed the week at $3.93;
• Creative Global Tech closed the week at $3.72.

Upcoming IPOs 

Upcoming IPO and direct listings expected include Infinity Natural Resources, Basel Medical Group, EPWK Holdings, Fast Track Group, Rivus, and ShipBob.

Infinity Natural Resources filed for an initial public offering of its Class A common stock. The company intends to list its stock on the NYSE under the symbol "INR." Infinity Natural Resources is an independent exploration & production company that is "dedicated to the Appalachian region."

Basel Medical Group filed for an initial public offering on the Nasdaq under the symbol "BMGL." Cathay Securities is serving as the underwriter on the deal. Basel is a healthcare provider across Singapore and Southeast Asia.

EPWK Holdings filed an initial public offering of 2.75 million Class A ordinary shares. The company expects the initial public offering price will be between $4.00-$6.00 per Class A ordinary share, and has applied to list the shares on the Nasdaq Global Market under the symbol "EPWK."

Fast Track Group filed for an initial public offering of 3 million ordinary shares. It is currently estimated that the initial public offering price per share will be between $4.00-$5.00. The company has applied to list its shares on the Nasdaq Capital Market under the symbol "FTRK."

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.

Rivus Pharmaceuticals, a drug developer focused on obesity treatments, is considering a US initial public offering as soon as 2024, Bloomberg's Bailey Lipschultz reported earlier, citing people familiar with the matter. The company is working with banks on a listing, said those cited. Rivus, which counts RA Capital Management among its investors, may target raising more than $25 million, one of the people added.

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