Image Source: Kevin Smith on Flickr

Self-driving startup Pony.ai of China filed for an IPO in the U.S. this week. Meanwhile, four companies -- Springview Holdings, Oriental Rise Holdings, PTL Limited, and Samfine Creation Holdings Group -- saw their stocks open for trading.

Latest IPOs and Direct Listings

Springview Holdings Ltd (SPHL) opened on Oct. 17 at $5.00. The company that designs and constructs residential and commercial buildings in Singapore had priced its initial public offering of 1.50 million shares at a public offering price of $4.00 per share.

Oriental Rise Holdings Limited (ORIS) opened on Oct. 17 at $5.10. The integrated supplier of tea products in mainland China had priced its initial public offering of 1.75 million ordinary shares at a public offering price of $4 per ordinary share.

The company intends to use the proceeds from the offering for settlement of the outstanding amount for the acquisition of the contractual agreement rights of some of its existing tea gardens; establishment and construction of its new production plant; acquisition of new machinery and equipment; and general corporate purposes and working capital. 

PTL Limited (PTLE) opened on Oct. 16 at $4.25. The established bunkering facilitator providing marine fuel logistics services for vessel refueling, serving the Asia Pacific market, had priced its initial public offering of 1.25 million ordinary shares at a price of $4.00 per share. The deal range was $4.00-$6.00.

Samfine Creation Holdings Group Limited (SFHG) opened on Oct. 15 at $4.99. The printing service provider had priced its initial public offering of 2 million shares at a price of $4.00.

End-of-the-Week Performance

• Springview closed the week at $4.16;
• Oriental Rise closed the week at $7.75;
• PTL closed the week at $4.50;
• Samfine Creation closed the week at $8.97.

Recent IPOs to Watch

BioAge (BIOA), Innovation Beverage Group (IBG), BKV Corp. (BKV), Guardian Pharmacy (GRDN), Legacy Education (LGCY), and Global Engine (GLE) 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 Pony.ai, Infinity Natural Resources, Basel Medical Group, Rivus, and ShipBob.

Pony.ai has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares. The company has applied to list the shares on the Nasdaq Global Select Market under the symbol " PONY." Pony.ai is a Cayman Islands holding company which does not have any substantive business operations by itself. In China, Pony.ai conducts operations through its PRC subsidiaries.

The prospectus filed with the SEC states: "Pony is a global leader in achieving large-scale commercialization of autonomous mobility... We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world."

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.

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 this month, citing people familiar with the matter. The company is working with banks on a listing, said the people. Rivus, which counts RA Capital Management among its investors, may target raising more than $25 million, one of the people said.

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