As the second quarter unfolds, the IPO market in the United States is poised to accelerate. This promising trend can be seen in several high-profile upcoming offerings in the technology and healthcare industries. Notably, there is Rubrik (RBRK), which is a data management company; UL Solutions (ULS), a medical technology firm; and PACS Group (PACS), a post-acute healthcare provider. It may also help out the IPO sector as a whole, with the Renaissance International IPO Index (NYSEARCA:IPO) up 6.5% YTD, trailing the benchmark S&P 500’s gain of 9.1% so far this year.
Here are some of the other major headlines in the IPO market:
Coming IPOs that are expected to price this week
Mobile-health Network Solutions (NASDAQ:MNDR) is raising up to $10.1M by offering 2.3M shares at a price range of $4 to $5 per share. Description: A Singapore-based company offering telehealth and healthcare services. PACS Group (PACS) is raising $400.1M by offering 19.1M shares at a price range of $20 to $22. Description: A post-acute care provider with over 200 facilities in the US. UL Solutions (ULS) is raising $770M by offering 28M shares in an estimated price range of $26 to $29. Description: A global safety science company providing independent testing, inspection, and certification (TIC) services. CDT Environmental Technology Investment Holdings (CDTG) is raising $9M by issuing 2M shares at an estimated price range between $4 and $5 per share. Description: Sewage treatment systems and services provider in China.
New notable filings
Springview Holdings (SPHL) has filed with the SEC to raise up to $9M in an initial public offering by offering 2M shares at a price range of $4 to $5. The firm previously filed confidentially on December 20, 2023, and intends to list on Nasdaq under the ticker SPHL. Description: A Singapore-based construction firm. Viking Holdings (VIK) has filed with the SEC to raise up to $100 million through an initial public offering. With a fleet of 92 compact, modern ships, the firm mostly serves Europe and the Mediterranean. It has ordered 18 new river vessels to be delivered between 2026 and 2028, as well as six new ocean ships. It plans to list on the NYSE under the ticker VIK. Description: A luxurious river and ocean cruise line. Loar Holdings (LOAR) has filed with the SEC to raise up to $100M in an initial public offering. The company, which primarily serves the commercial, business jet, general aviation, and defense markets, filed confidentially on December 15, 2023. The company plans to list on the NYSE under the symbol LOAR. Description: Aerospace component manufacturer. Fuxing China Group (FFFZ) has filed with the SEC and set terms to raise up to $9M by offering 2M shares at a price range of $4.00 to $4.50. Fuxing China Group, which operates through subsidiaries in China and Hong Kong, has a diversified customer base of over 1,600 customers in China. It plans to list on the Nasdaq under the symbol FFFZ. Description: A Chinese zipper slider and chain producer.
Terms and changes
Cardiff Lexington (OTCPK:CDIX), a Las Vegas-based firm, has set its IPO terms to raise $8M by issuing 1.6M shares at a price range of $4 to $6. Cardiff Lexington intends to construct a portfolio of 80% existing successful specialist small to mid-sized healthcare businesses and 20% second-stage startups. The company, which is currently listed on the OTC under the ticker “CDIX,” filed in July 2023 but was not eligible for tracking. Cardiff Lexington intends to float on the NYSE American under the ticker CDIX. Fly-E Group (FLYE), a company that produces and sells electric bikes, motorcycles, and scooters, has announced IPO terms to raise $14M by offering 3M shares at a price range of $4 to $5. The company sells its products online and through 39 retail stores across the US and Canada. It plans to list on the Nasdaq under the symbol FLYE.
Lockup period expirations
Agape ATP (NASDAQ:ATPC) on 4/8/2024. Price movement over the past six months: -51.2%. Birkenstock (NYSE:BIRK) on 4/8/2024. Price movement over the past six months: -9.6%. Global Mofy Metaverse (NASDAQ:GMM) on 4/8/2024. Price movement over the past six months: -83.6%. La Rosa (NASDAQ:LRHC) on 4/8/2024. Price movement over the past six months: +3.33%. Primech Holdings (NASDAQ:PMEC) on April 8, 2024. Price movement over the past six months: -68.3%.
SA Commentary
“Valuation at the IPO will be critical, and management will likely seek to make the ‘narrative’ case that the company (Rubrik) is successfully transitioning to a fully cloud SaaS company,” writes Investing Group Leader Donovan Jones.