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Following a couple of high-profile trading debuts, the IPO market slowed down again. There was only one public offering of note this week, with California-based specialty Asian grocer Maison Solutions opening for trade on Thursday at $4.

Latest IPOs and Direct Listings

Maison Solutions (MSS) opened on Oct. 5 at $4. The company, which identifies itself as "a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers," announced the pricing of its initial public offering of 2.5 million shares of its Class A common stock at a price to the public of $4.00 per share.

Adlai Nortye (ANL) opened on Sept. 29 at $18. The company had priced 2.5 million shares at $23.00. Cantor Fitzgerald acted as sole book running manager for the offering. Adlai Nortye is a clinical-stage biotechnology company focused on the development of innovative cancer therapies for patients across the spectrum of tumor types, with global R&D centers established in New Jersey and Hangzhou.

Syra Health (SYRA) opened on Sept. 29 at $3.50. The company, which identifies itself as "a healthcare consulting company with a mission to improve healthcare by providing innovative services and technology solutions," priced its upsized initial public offering of 1.615 million units at a public offering price of $4.125 per unit.

Each unit consists of one share of Class A common stock of the company and one warrant to purchase one share of Class A common stock at an exercise price equal to $6.50 per share, exercisable until the fifth anniversary of the issuance date. The shares of Class A common stock and the warrants are immediately separable and will be issued separately, but will be purchased together in the IPO. Kingswood acted as sole book running manager for the offering.

SPAC IPOs This Week

Quetta Acquisition (QETA) opened on Oct. 6 at $10.10. The company says its efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the company intends to prioritize the evaluation of businesses in Asia, excluding China, Hong Kong, and Macau, that operate in the financial technology sector. EF Hutton is acting as sole book running manager for the offering.

Spark I Acquisition (SPKL) opened on Oct. 6 at $10.11. The special purpose acquisition company says it will likely focus its search on targets that are late-stage technology startups in Asia, or a U.S. technology company with a "strong" Asia presence or strategy, with enterprise value greater than $1 billion.

Performance

• Maison Solutions ended the week at $7.32.
• Adlai Nortye finished Friday at $10.87.
• Syra Health ended the week at $2.88.

Recent IPOs to Watch 

Arm (ARM), Simpple (SPPL), RayzeBio (RYZB), and Neumora Therapeutics (NMRA) 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 Birkenstock, Triller, Pineapple Financial, Rubrik, Richtech Robotics, New Era, and Haoxi Health Technology.

Birkenstock Holding is offering 10,752,688 ordinary shares of Birkenstock Holding Limited stock and a selling shareholder is offering an additional 21,505,376 ordinary shares of Birkenstock Holding Limited in the company's IPO of 32,258,064 ordinary shares.

The company expects that the initial public offering price will be between $44.00 and $49.00 per ordinary share, Birkenstock stated in a regulatory filing. The company has applied to list its ordinary shares on the New York Stock Exchange under the symbol "BIRK." Goldman Sachs, J.P. Morgan and Morgan Stanley are among the joint bookrunners for the offering.

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:

"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."

Pineapple Financial has filed with the SEC for an initial public offering of 875,000 shares. No public market currently exists for the company's shares. Pineapple Financial anticipates that the initial public offering price of its common shares will be between $4-$6 per share.

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 last month, citing people familiar with the matter. The IPO could bring in $500 million to $700 million, the authors said, noting that the timing and amount to be raised is still subject to change.

Richtech Robotics has filed with the SEC for an initial public offering of 3 million shares of Class B common stock on a firm commitment basis. In its IPO filing, the company stated the following:

"Prior to this offering, there has been no public market for our Class B common stock. The initial public offering price per share is expected to be between $4.00 and $6.00. We have applied to list our Class B common stock on the Nasdaq Capital Market under the symbol "RR" and the listing of our Class B common stock on the Nasdaq Capital Market is a condition to the underwriters' obligation to close.

"In addition to the offering by us, nine selling stockholders are offering an aggregate of 1,000,000 shares of Class B common stock, which they may sell at the initial public offering price of the underwritten offering until such time as our Class B common stock is listed on the Nasdaq Capital Market, at which time they may sell such shares from time to time at prevailing market prices or at negotiated prices."

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 billion to $5 billion, Reuters stated, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB and NBA, has invited investment banks and law firms to pitch this month for roles in its stock market debut, the sources said.

Haoxi Health Technology filed for an initial public offering of 3 million shares on the Nasdaq under 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.

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