IPO Filings Over The Past Week

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Arm Holdings, which is owned by SoftBank (SFTBY), filed on Monday to list on Nasdaq. The chip designer was acquired by SoftBank back in 2016 in a deal valued at $32 billion and serves companies like Apple, Qualcomm, and AMD.

Meanwhile, grocery delivery company Instacart also said it plans to go public on the Nasdaq. Founded in 2012, Instacart will join a crop of so-called gig economy companies on the public market, following the debut in 2020 of Airbnb and DoorDash, as well as Uber and Lyft a year earlier.

Upcoming IPOs

Upcoming IPO and direct listings expected include SoftBank's Arm, Instacart, Haoxi Health Technology, Klaviyo, RayzeBio, and Globavend Holdings.

Arm Holdings Limited announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American depositary shares, which represent its ordinary shares. Arm has applied to list the shares on the Nasdaq Global Select Market under the symbol "ARM." The number of shares to be offered and the price range for the proposed offering have yet to be determined.

Maplebear, owner of Instacart, filed for an initial public offering on the Nasdaq under the symbol "CART." Instacart partners with more than 1,400 national, regional, and local retail banners across more than 80,000 stores that represent more than 85% of the U.S. grocery industry, the company said in a regulatory filing. Its gross transaction value grew at a compound annual growth rate of 80% between 2018 and 2022.

Maplebear said it entered into an agreement with PepsiCo (PEP) pursuant to which Pepsi has agreed to purchase $175 million of its series A redeemable convertible preferred stock in a private placement.

Norges Bank and entities affiliated with TCV, Sequoia Capital, D1 Capital Partners, and Valiant Capital Management have indicated an interest, severally and not jointly, in purchasing shares of common stock in an aggregate amount of up to approximately $400 million in the offering at the initial public offering price per share, Maplebear added.

Haoxi Health Technology filed for an initial public offering of 3 million shares on the Nasdaq under the symbol "HAO." The company expects the IPO price to be in the range of $4.00 to $5.00 per share. Haoxi Health is online marketing solution provider in China, with an advertiser client base mainly in the healthcare industry.

Klaviyo, which calls itself "the company that powers smarter digital relationships," announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Series A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

RayzeBio has filed with the SEC for an initial public offering and applied to list its common stock on The Nasdaq Global Market under the symbol "RYZB." The prospectus states: 

"We are building a vertically integrated radiopharmaceutical therapeutics company with our lead program in a Phase 3 clinical trial. We believe we have established a leadership position in the emerging radiopharmaceutical therapeutics modality...

"We are initially focused on building a market leading somatostatin receptor type 2, or SSTR2, franchise. As multiple diagnostic and therapeutic commercial products targeting SSTR2 are available, it is a clinically validated target that is expressed in multiple solid tumors. Our lead drug candidate, RYZ101, is designed to deliver a highly potent alpha particle radioisotope, Actinium 225, or Ac225, to tumors overexpressing SSTR2...

"We are enrolling in a registrational Phase 3 clinical trial of RYZ101 for the treatment of gasteroenteropancreatic neuroendocrine tumors, or GEP-NETs, in patients who have experienced progression of their cancer following treatment with Lu177 therapy."

New Century Logistics has filed with the SEC for an initial public offering of ordinary shares and stated in its filing that it expects the offering price to be between $4.00 and $5.00 per ordinary share. The company plans to list its ordinary shares on the Nasdaq Capital Market under the symbol "NCEW." The company's prospectus states: 

"We are a well-established freight forwarding service provider founded and based in Hong Kong. Our history can be traced back to 2002 when NCL was incorporated and when it commenced its operation as a freight forwarder in 2004. We provide air and ocean export and import freight forwarding services ranging from the sale of cargo space, cargo pick up, off-airport air cargo security screening, palletization, preparation of shipping documentation, arrangement of customs clearance to cargo handling at ports. Since our inception, we have offered routes to over 140 countries to our customers.

"The company is managed and run by a group of professionals with over 20 years of combined expertise in the Air and Ocean freight industries in Hong Kong. We have a robust network that works closely with well-established agents to manage both incoming and outgoing traffic for all other nations as well. These representatives are handpicked to maintain a uniformly high standard of service for our clients all across the world. For the year ended September 30, 2022 and 2021, our total revenue amounted to approximately U.S. $75.2M, and approximately U.S. $71.7M, respectively. We derive our revenue mainly from freight forwarding services."

Globavend Holdings Limited applied to list Ordinary Shares on the Nasdaq Capital Market under the symbol "GVH." According to the filing: 

"This is the initial public offering of the ordinary shares, par value US$0.001 per ordinary share, of Globavend Holdings Limited, an exempted company incorporated in the Cayman Islands with limited liability whose principal place of business is in Hong Kong. We are offering on a firm commitment basis 1,875,000 Ordinary Shares of Globavend Holdings, representing 12.50% of the Ordinary Shares following completion of the offering of Globavend Holdings.

"Following the offering, of the Ordinary Shares will be held by shareholders for general trading, assuming the underwriters do not exercise the over-allotment option... The offering price of our Ordinary Shares in this offering is expected to be between $4.00 and $5.00 per share."

Recent IPOs to Watch

LQR House (LQR), Neuraxis (NRXS), and Fitell (FTEL) 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.

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