The IPO Buzz: Boundless Bio (BOLD) Prices IPO at $16.00 Mid-Point

Boundless Bio (BOLD) priced its IPO at $16.00 – the mid-point of its range – on just 6.25 million shares – the number of shares in the prospectus – to raise $100.0 million on Wednesday night, March 27, 2024. The Phase 1/Phase 2 cancer biotech’s stock is expected to start trading today – Thursday, March 28, 2024 – on the NASDAQ.

Goldman Sachs, Leerink Partners, Piper Capital and Guggenheim Securities were the joint book-runners.

Boundless Bio, based in San Diego, is targeting extrachromosomal DNA (ecDNA), a root cause of oncogene amplification in more than 14 percent of cancer patients. The company was founded in 2018 by ARCH Venture Partners, a leading biotech VC firm, and Paul Mischel, M.D., the vice chair of research and professor of pathology at Stanford University. Dr. Mischel is internationally recognized for his expertise in ecDNA and cancer biology.

The company has top biotech VC names behind it, but no collaborations so far, according to the prospectus.

Besides ARCH Venture Partners, Boundless Bio’s principal stockholders include Fidelity, RA Capital Management and Bayer Healthcare, the prospectus says.

Boundless Bio is developing two oral drug candidates:

–       BBI-355, a novel oral selective inhibitor of checkpoint kinase 1 (CHK1), which manages ecDNA replication and transcription in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2024.

–       BBI-825, a novel oral selective inhibitor of ribonucleotide reductase (RNR), which is essential for ecDNA assembly and repair in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2025.

 The company is not profitable. For the year ended Dec. 31, 2023, Boundless Bio had a net loss of $49.43 million and no revenue from product sales, the prospectus shows.

 

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

 

 

The IPO Buzz: Boundless Bio (BOLD) Tops Short Holiday Playlist

Cancer biotech Boundless Bio (BOLD Proposed) leads the short playlist for the four-day holiday week of March 25, 2024, with its $100 million IPO. The U.S. stock market will be closed Friday, March 29, for Good Friday, which marks the start of the three-day Easter holiday weekend.

The rest of this week’s IPO Calendar consists of just a handful of small-cap deals. U-BX Technology (UBXG Proposed), the parent of an AI-driven digital promotion business that serves China’s insurance carriers and brokers, will kick off the short week. U-BX Technology plans to price its IPO tonight (Monday, March 25, 2024): 2.0 million shares at $5.00 each to raise $10.0 million. EF Hutton is the sole book-runner.

Targeting ecDNA in Cancer

The only sizable IPO this week is Boundless Bio. The San Diego-based company is a Phase 1/Phase 2 biotech developing two oral drug candidates to inhibit extrachromosomal DNA, also known as ecDNA, a root cause of oncogene amplification in more than 14 percent of cancer patients, according to the prospectus. ecDNA is found only in cancer cells.

Boundless Bio is offering 6.25 million shares at a price range of $15.00 to $17.00 to raise $100.0 million in its IPO. The IPO is expected to price Wednesday night, March 27, 2024, to trade Thursday, March 28, on the NASDAQ.

Goldman Sachs, Leerink Partners, Piper Sandler and Guggenheim Securities are the joint book-runners.

Boundless Bio was co-founded by ARCH Venture Partners, a leading biotech VC firm, and Dr. Paul Mischel, the vice chair of research and a professor of pathology at Stanford School of Medicine.

Boundless Bio’s two oral drug candidates are: 

BBI-355, a novel oral selective inhibitor of checkpoint kinase 1 (CHK1), which manages ecDNA replication and transcription in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2024.

– BBI-825, a novel oral selective inhibitor of ribonucleotide reductase (RNR), which is essential for ecDNA assembly and repair in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2025.

Boundless Bio’s financial statements show that it is a typical biotech with no revenue from product sales and a sizable net loss. For the year ended Dec. 31, 2023, Boundless Bio had a net loss of $49.43 million, the prospectus shows.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

 

The IPO Buzz: Peru’s Healthcare Firm Auna (AUNA) Prices IPO at $12.00 – $1.00 Below Range

Auna S.A. (AUNA), a Latin American healthcare provider backed by Peru’s private equity firm Enfoca, priced its IPO at $12.00 – $1.00 below its $13.00-to-$15.00 range – on 30.0 million shares- the number of shares in the prospectus – to raise $360.0 million on Thursday night (March 21, 2024). Auna raised $60 million less than anticipated. Auna’s stock slid in its debut today – Friday, March 22, 2024 – on the New York Stock Exchange.

Morgan Stanley, J.P. Morgan, BTG Pactual and Santander led the investment banking team as the IPO’s global coordinators and joint book-runners. Citigroup and HSBC also served as joint book-runners.

The IPO’s pricing marked a milestone for Auna. The Peruvian healthcare company had initially filed to go public in 2020. Auna withdrew those plans in 2022.

Auna, based in Lima, Peru, will use most of the IPO’s proceeds to repay debt related to acquisitions in 2022, the prospectus says.

Enfoca, a leading Peruvian private equity firm and Auna’s controlling shareholder, will own about 72.9 percent of the company’s Class B shares – or 68.3 percent of the combined voting power of Auna’s outstanding stock – after the IPO, according to the prospectus.

A cornerstone investor, AFP Integra S.A., had indicated an interest in buying up to $100.0 million of Class A ordinary shares at the IPO price, the prospectus says.

Auna provides prepaid healthcare plans in Peru as well as dental and vision plans in Mexico. The Peruvian company also runs hospitals and clinics “in Spanish-speaking Latin America – specifically, in Mexico, Colombia and Peru,” the prospectus says.

As of Dec. 31, 2023, Auna’s network of facilities included 15 hospitals with 2,301 beds and 16 outpatient, prevention and wellness facilities in Mexico, Peru, and Colombia, according to the prospectus.

Auna reported a net loss of $57.9 million on about $1.05 billion in revenue for the 12 months that ended Dec. 31, 2023, according to the prospectus.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

The IPO Buzz: Reddit (RDDT) Soars in NYSE Debut; IPO Priced at $34.00 – High End

(Updated with Reddit’s debut on the NYSE on Thursday afternoon, March 21, 2024)

Reddit (RDDT) shares surged to close at $50.44 – up $16.44 from their IPO price for a gain of 48.35 percent – in their New York Stock Exchange debut today (Thursday, March 21, 2024) on volume of about 47.75 million shares. Reddit opened at $47.00 – up $13.00 from its IPO price of $34.00 – after 1 p.m. EDT today and kept on going.  Shares of Reddit hit an intraday high at  $57.80 – up $23.80 for a 70 percent gain from the $34.00 IPO price.

Reddit (RDDT) priced its IPO at $34.00 – the high end of its $31.00-to-$34.00 range – and sold 22.0 million shares – the number in the prospectus – to raise $748.0 million on Wednesday night, March 20, 2024). 

At pricing, Reddit had a market cap or a valuation of $5.41 billion, based on its outstanding stock at the IPO’s pricing, the prospectus shows. Bloomberg pointed out: “Including stock options and restricted share units, Reddit’s fully diluted valuation is closer to $6.4 billion.”.

Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Citigroup, Deutsche Bank Securities and MUFG are the joint book-runners.

The iconic social media company’s IPO is the first big tech IPO of the year. Founded in 2005 in a University of Virginia dorm room, Reddit has not made a profit in 19 years. 

Y Combinator CEO Garry Tan told CNBC in an exclusive interview on March 11, 2023, that Reddit going public is “a boon for all of tech right now.”

Rocky Road to IPO

Reddit’s road to going public included some speed bumps in just the past few days.

Early Tuesday morning, March 19, 2024, Reddit disclosed in an SEC filing that it had received a letter from Nokia alleging that Reddit has infringed some of Nokia’s patents.

“They’re getting sued on AI patent infringement, they paid their CEO $193 million last year, and they lost $90 million last year,” a veteran IPO trader says, ticking off the reasons why he slashed his indication for Reddit to a sliver.

On Friday, March 15, 2024, after the closing bell, Reddit disclosed that the FTC has launched an inquiry into Reddit’s licensing of user data to AI companies, according to an S-1/A filing. 

Reuters reported last month that Reddit reached a $60 million-a-year deal with Google to make Reddit’s “content available for training the search engine giant’s artificial intelligence models, three people familiar with the matter said.”

Reddit co-founder and CEO Steve Huffman earned $193.25 million in 2023 – more than twice the amount of Reddit’s net loss of $90.8 million for the year.

Of the 22.0 million shares in the IPO, Reddit offered 15.28 million shares and the selling stockholders sold 6.72 million shares, the prospectus said.

Reddit’s total IPO proceeds are estimated at $519.52 million, based on the IPO price of $34.00.

Redditors in the Limelight

The wild card in the Reddit IPO was how it would play out on the often raucous r/Wall Street Bets forum.

Reddit said it would offer up to 1.76 million shares through a directed share program – or 8 percent of the IPO – at the IPO price to eligible users and moderators on its platform, certain members of its board of directors, and friends and family members of certain employees and directors, according to its prospectus.

There is no lock-up on the stock sold through the directed share program – aka “the Redditors’ shares,” as they’re known on the Street.

Reddit users were selected for participation in the directed share program, based on their karma, the prospectus says.

An IPO pro says that some of the stock in the directed share program could wind up in the hands of people with Robinhood accounts – and that could make for an interesting opening day.

Steve Huffman and Alexis Ohanian founded Reddit in their University of Virginia dorm room in 2005. Ohanian may be better known to some as the husband of tennis legend Serena Williams.

Sam Altman, the founder and CEO of OpenAI, the home of ChatGPT, is among those in a position to benefit the most from Reddit’s IPO. Altman, a former Reddit board member, holds a pre-IPO stake of 9.2 percent of the voting power of Reddit’s outstanding stock, the prospectus says. Reddit sees Altman’s ChatGPT as a competitor.

For 2023, Reddit reported a net loss of $90.8 million on revenue of $804.0 million.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

The IPO Buzz: Astera Labs (ALAB) Flies in NASDAQ Debut

Toward the stars: Astera Labs (ALAB) stock opened at $52.56 – up $16.56 for a 46 percent gain from its $36.00 IPO price – on NASDAQ at 12:39 p.m. EDT today – Wednesday, March 20, 2024 – and didn’t look back. Volume on Astera Labs’ opening trade was about 2.64 million shares, NASDAQ records show.

Astera’s stock shot higher to $59.84 – up $23.84 from its $36.00 IPO price for a gain of about 66.2 percent – at around 1:23 p.m. EDT on volume of about 10.12 million shares.

The strong NASDAQ debut of Astera Labs (ALAB), the AI-driven semiconductor services company, confirmed the Street’s perception of the IPO on Astera’s path to going public.

“It’s  hot. Get what you can,” a veteran IPO trader said earlier this week.

Astera priced its IPO on Tuesday night, March 19, 2024, at $36.00 – $2.00 above its recently increased price range – on 19.8 million shares – the recently increased number of shares in the prospectus – to raise $712.8 million. At pricing, Astera Labs had a market cap of $5.45 billion.

Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank Securities, Evercore ISI and Jefferies were the joint book-runners.

The pricing reflected the heat surrounding this IPO.

Astera Labs increased its IPO’s size early Monday, March 18, 2024, to 19.8 million shares – up from 17.8 million shares originally – and moved the price range up to $32.00 to $34.00 – up from $27.00 to $30.00 initially – to raise $653.4 million.

Collaborations with NVIDIA, Intel and others – plus strong revenue growth – gave Astera Labs a strong story to tell prospective IPO investors. The company, founded in 2017 in Santa Clara, California, is not yet profitable. For the year ended Dec. 31, 2023, Astera Labs reported a net loss of $26.3 million on revenue of $115.8 million.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

 

The IPO Buzz: Astera Labs (ALAB) Prices IPO at $36.00 – $2.00 Above the Range

Astera Labs (ALAB Proposed), the AI-driven semiconductor connectivity company, priced its IPO at $36.00 – $2.00 above the recently increased price range – on Tuesday night (March 19, 2024). The IPO’s size was 19.8 million shares – the number of shares in the prospectus. Astera Labs raised $712.8 million on Tuesday night. Astera’s IPO is expected to start trading on Wednesday, March 20, 2024, on the NASDAQ. At pricing, Astera Labs had a market cap of $5.45 billion.

Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank Securities, Evercore ISI and Jefferies are the joint book-runners.

The pricing reflects the heat surrounding this IPO.

Astera Labs increased its IPO’s size early Monday to 19.8 million shares – up from 17.8 million originally – and moved the price range up to $32.00 to $34.00 – up from $27.00 to $30.00 initially – to raise $653.4 million.

“Get what you can” was the word on Astera Labs’ IPO. 

Astera Labs has collaborations with NVIDIA, Intel and others – and strong revenue growth.

The company, founded in 2017 in Santa Clara, California, is not yet profitable. For the year ended Dec. 31, 2023, Astera Labs reported a net loss of $26.3 million on revenue of $115.8 million.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

 

The IPO Buzz: Astera Labs (ALAB Proposed) Increases IPO’s Size to $653.4 Million – Up 29 Percent

By Jan Paschal – Posted March 18, 2024 

Astera Labs (ALAB Proposed) – an AI play – increased  its IPO’s size early today to 19.8 million shares – up from 17.8 million shares – and raised the price range to $32.00 to $34.00 – up from $27.00 to $30.00. Under the new terms, Astera Labs expects to raise $653.4 million –  up from $507.3 million under its original terms – according to its S-1/A filing dated March 18, 2024. The new terms represent an increase of 28.8 percent in the IPO’s size.

Morgan Stanley, J.P. Morgan,  Barclays, Evercore ISI and Jefferies are the joint book-runners.

The IPO was increased by 2.0 million shares – and those shares will be sold by the company. The selling shareholders’ portion of the deal remains the same: 3.01 million shares. 

Astera Labs is looking at a market cap – or a valuation – of about $5.03 billion – up from $4.29  billion under the original terms. The new market cap assumes that Astera Labs’ IPO will be priced at $33.00, the mid-point of its new range.

The bankers expect to price Astera Labs’ IPO on Tuesday night, March 19, 2024, to trade Wednesday, March 20, on the NASDAQ.

The company, founded in 2017 in Santa Clara, California, is an AI play. Astera Labs offers a semiconductor connectivity Intelligence Platform to help its clients get the most out of the cloud and AI, the prospectus says.

Astera Labs has collaborations with NVIDIA, Intel and others. The company is not yet profitable. But it has strong revenue growth – and its net loss for 2023 was down sharply from its net loss in 2022.

Stay tuned. 

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

The IPO Buzz: Astera Labs (ALAB) and Reddit (RDDT) Share the Stage

Astera Labs, Inc. (ALAB Proposed), an AI-driven connectivity platform, and Reddit (RDDT Proposed), an iconic social media platform, share top billing in a $1.7 billion-plus week. That total volume includes Auna S.A. (AUNA Proposed), an unprofitable Peruvian healthcare provider that aims to raise $420 million in its second attempt at going public. This week’s IPO Calendar includes about a half-dozen small-cap IPOs. All eyes are on Astera Labs and Reddit.

“We need these deals to work,” a seasoned IPO trader says.

Astera Labs, Inc. (ALAB Proposed) is an AI play. The Santa Clara, California-based company is offering 17.8 million shares at $27.00 to $30.00 to raise $507.3 million, if priced at the $28.50 mid-point. The semiconductor connectivity company, founded in 2017, counts NVIDIA and Intel among its collaborators. It’s going public with a market cap of about $4.29 billion. This is a NASDAQ listing.

Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank Securities, Evercore ISI and Jefferies are the joint book-runners.

Astera Labs has strong revenue growth – $115.8 million in 2023, up from $79.9 million in 2022 – but it’s not yet profitable. Astera Labs’ net loss in 2023 was $26.3 million – less than half of its $58.3 million net loss in 2022.

Reddit (RDDT Proposed), the social media platform whose r/Wall Street Bets forum drove the meme stock craze during the pandemic, is the first big tech IPO of the year. The 19-year-old San Francisco company, founded in a University of Virginia dorm room in 2005, has never reported a profit. Reddit is offering 22.0 million shares at a price range of $31.00 to $34.00 to raise $715.0 million. It’s going public with a market cap of about $5.17 billion, based on pricing at the $32.50 mid-point. This is a New York Stock Exchange listing.

Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Citigroup, Deutsche Bank Securities and MUFG are the joint book-runners.

Reddit co-founder and CEO Steve Huffman earned $193.25 million in 2023 – more than twice the amount of Reddit’s net loss of $90.8 million for the year.

An IPO skeptic points out that Reddit could have reported a slim profit in 2023 – simply by keeping its CEO’s pay at about $100.0 million.

Stay tuned.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

The IPO Buzz: LatAm Healthcare Provider Auna (AUNA) Unveils Terms for $420 Million IPO

(Editor’s Note: Updates column to add Santander as a global coordinator and joint book-runner in the second paragraph.)

Auna S.A. (AUNA Proposed), a provider of prepaid healthcare plans in its native Peru and the operator of hospitals and clinics in Peru, Mexico and Colombia, disclosed the terms for its IPO early today (Thursday, March 14, 2024): 30.0 million Class A ordinary shares at $13.00 to $15.00 to raise $420.0 million – if priced at the $14.00 mid-point of its range. The IPO is expected to price next week – on Thursday, March 21, 2024, to trade Friday, March 22. This is a New York Stock Exchange listing.

Morgan Stanley, J.P. Morgan, BTG Pactual and Santander are the IPO’s global coordinators and joint book-runners. Citigroup and HSBC are also joint book-runners.

Auna, based in Lima, Peru, would have a market cap (valuation) of about $1.03 billion, if the IPO is priced at the $14.00 mid-point of its range.

The company will use most of the IPO’s proceeds to repay debt related to acquisitions in 2022, the prospectus says.

For Auna, today’s SEC filing marks its second attempt to go public. Auna previously filed to go public in 2020, but that registration was withdrawn in 2022.

“We operate hospitals and clinics in Spanish-speaking Latin America – specifically, in Mexico, Colombia and Peru. We also provide prepaid healthcare plans in Peru. We provide dental and vision plans in Mexico,” Auna says in the prospectus.

As of Dec. 31, 2023, Auna’s network of facilities included 15 hospitals with 2,301 beds and 16 outpatient, prevention and wellness facilities in Mexico, Peru, and Colombia, according to the prospectus.

“Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America (“SSLA”),” the prospectus says.

“Our focus lies in providing access to high-quality healthcare, prioritizing prevention and concentrating on some of the high-complexity diseases that contribute the most to healthcare expenditures, such as oncology, traumatology and orthopedics, cardiology and neurological surgical procedures. Our model offers an accessible and integrated healthcare experience to a broad segment of the population in the markets we serve.”

Auna is not profitable. For the 12 months that ended Dec. 31, 2023, Auna reported a net loss of $57.9 million on about $1.05 billion ($1,046.1 million) of revenue, according to the prospectus.(These figures are in U.S. dollars converted from soles (Peru’s currency, the sol), according to the prospectus.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 

 

 

 

 

 

The IPO Buzz: Reddit Sets Terms for $715 Million IPO to Price Next Week

Reddit, Inc. (RDDT Proposed) disclosed the terms just before sunrise today for its long-awaited IPO: 22.0 million shares at a price range of $31.00 to $34.00 to raise $715 million, based on mid-point pricing at $32.50, according to its S-1/A filing dated March 11, 2024. This is a New York Stock Exchange listing. Reddit’s IPO is expected to price next week – on March 20, 2024 – to trade March 21st on the NYSE. 

Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Citigroup, Deutsche Bank Securities and MUFG are the joint book-runners.

Reddit, the San Francisco-based social media company that’s home to the r/Wall Street Bets forum, is offering 15.28 million shares and the selling stockholders are offering 6.72 million shares, according to the prospectus.

At Reddit’s request, the underwriters are reserving up to 1.76 million shares  of its Class A common stock – or up to 8 percent of the stock in the IPO – for sale at the IPO price through a directed share program to eligible users and moderators on its platform, certain members of its board of directors, and friends and family members of certain employees and directors. These shares will not be subject to any lock-up provisions, the prospectus says.

Reddit would have a market cap –  or a valuation – of about $5.17 billion, assuming the IPO is priced at the $32.50 mid-point of its range, the prospectus says.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.