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With no major names seeking a listing this week, the U.S. IPO market remains steady. However, prospects for raising capital look better, with markets now expecting a rate cut owing to U.S. Federal Reserve Chairman Jemore Powell’s comments at Jackson Hole last week.
Since the start of the year, the Renaissance IPO ETF (NYSEARCA:IPO) has risen about 11.6%, underperforming the S&P 500 index, which has gained about 18.3%.
Upcoming IPOs/SPACs that are expected to be priced this week
- Cuprina Holdings (Cayman) (CUPR) is raising $15.0M by offering 3.8M shares at a price range of about $4.00. Description: Chronic wound care products maker.
- Galaxy Payroll Group (GLXG) is raising $8.0M by offering 3.8M shares at a price range of about $4.00. Description: Holdings company.
- JBDI Holdings (JBDI) is raising $10.1M by offering 2.3M shares at a price range of $4.00 to $5.00. Description: Reconditioned containers company.
- Powell Max Limited (PMAX) is raising $8.3M by offering 1.7M shares, anticipated to be priced between $4.00 and $6.00 per share. Description: Holding company conducting operations via its unit in Hong Kong.
- HTL Capital (HTLM) is raising $15M by offering 3.8M shares, anticipated to be priced at $4.00. Description: India-based furniture distributor.
- Trident Digital Tech (NASDAQ:TDTH) is raising $10.8M by offering 1.8M shares, anticipated to be priced between $5.00 and $7.00 per share. Description: Business and technology solutions provider.
- YHN Acquisition I Corp. (YHNAU) is raising $60.0M by offering 1.2M shares at a price of $10.00. Description: Blank check company.
- Autozi Internet Technology (Global) (AZI) (Re-filed) is raising $11.3M by offering 2.5M shares, anticipated a price range of $4.00 to $5.00 per share. Description: Multi-brand service company.
New notable filings
- MBX Biosciences (MBX) has filed with the SEC to raise up to $100M in an initial public offering. Description: Phase 2 biotech developing precision peptides for endocrine and metabolic diseases.
- Bicara Therapeutics (BCAX) has filed with the SEC to raise up to $200M in an initial public offering. Description: Phase 1 biotech developing a bifunctional antibody to target solid tumors.
Terms and changes
- FG Merger II (FGIIU.RC) has raised the proposed deal size for its upcoming initial public offering. The company now plans to raise $80M by offering 8M shares, priced at about $10.00. Description: Blank check company.
- Flewber Global (FLAI) has reduced the proposed deal size for its upcoming initial public offering. The company now plans to raise $7M by offering 1.4M shares, anticipated a price range of $4.00 to $5.00 per share. Description: Private air travel company.
Lock up period expirations
- SolarMax Technologies (NASDAQ:SMXT) on 8/26/2024. Price movement over the past six months: -60.9%
SA Commentary
“The market opportunity for providing outsourced payroll processing services and related services is large but expected to grow at a relatively moderate rate of growth in the coming years,” said Investing Group Leader Donovan Jones about Galaxy Payroll Group.
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