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Cystic-fibrosis-focused Sionna Therapeutics made its public debut this week, with an upsized public offering. Meanwhile, Titan America had a modest opening, just slightly higher than its initial pricing.

Latest IPOs and Direct Listings

Sionna Therapeutics (SION) opened on Feb. 7 at $25.00. The company had priced 10.59 million shares at $18.00 for its initial public offering. The deal size was increased to 10.59 million shares from 8.82 million, and was priced at the high end of the $16.00-$18.00 target range.

Sionna is a clinical-stage biopharmaceutical company advancing a pipeline of small molecules engineered to correct the defects caused by the F508del genetic mutation, which resides in nucleotide-binding domain 1, or NBD1, as part of its "mission to revolutionize the current treatment paradigm" for cystic fibrosis.

Titan America (TTAM) opened on Feb. 7 at $16.20. The company had priced 24 million shares at $16.00, inside the $15.00-$18.00 target range. Titan America SA is a subsidiary of Titan Cement International SA and parent company of its U.S. operations.

Titan America calls itself "a leading vertically integrated player in the high-growth economic mega-regions of the U.S. East Coast," with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey.

EPWK Holdings (EPWK) opened on Feb. 6 at $4.10. The company that connects businesses with talent through cloud-sourcing platforms had announced the pricing of its initial public offering of 2.75 million Class A ordinary shares at a public offering price of $4.10 per share.

Plutus Financial (PLUT) opened on Feb. 5 at $4.17. The Hong Kong-based financial services company had priced 2.1 million shares at $4.00.

End-of-the-Week Performance

• Sionna Therapeutics closed the week at $25.00
• Titan America closed the week at $16.70
• EPWK Holdings closed the week at $4.15
• Plutus Financial closed the week at $4.15

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of Karman, DailyPay, Beta Bionics, Odyssey Therapeutics, and ShipBob.

Karman Holdings has filed with the SEC for an initial public offering of common stock. The company is offering 8,421,053 shares of common stock, and the selling stockholders identified in its prospectus are offering an additional 12,631,579 shares of common stock. It is currently estimated that the initial public offering price per share will be between $18.00 and $20.00.

The company has submitted an application to list its common stock on the New York Stock Exchange under the symbol "KRMN." Citigroup and Evercore are acting as lead book-running manager of the offering. The company specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs.

DailyPay, a financial services firm that helps workers access their pay early, has kicked off preparations for a potential U.S. stock market listing that could come as soon as the second half of the year, Reuters' David French and Milana Vinn recently reported, citing people familiar with the matter.

The New York-based company is in talks to hire investment bankers for its planned initial public offering that could value the company between $3-$4 billion, the sources said. DailyPay, which charges its customers a small fee for the service, counts the likes of Target (TGT), Kroger (KR), and Hilton (HLT) among its clients.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol "ODTX." The prospectus filed with the SEC states the following:

 "Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases...

"Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains."

ShipBob selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported last 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.

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