The IPO Buzz: Power in the Pipeline

Power plays are back in style. Two big oil and gas IPOs – BKV Corp. (BKV proposed) and TXO Energy Partners (TXO proposed)slid into the IPO pipeline in the past week. Each is estimated at $100 million. The timing was perfect – in sync with icy temperatures across much of the U.S., a record snowstorm that floored even Buffalo, and rising natural gas futures prices. Those new filings gave IPO investors reasons to hope for some promising action in the next few weeks before 2022 fades to black.

“We’ll see maybe two or three more (playable) deals before we’re done,” a seasoned IPO trader says, looking at the stretch between the week after Thanksgiving and mid-December, when the IPO market traditionally takes a holiday break until the second week of January or so. “Bankers will probably price them right – just to get them out the door.”

The snap, crackle and pop of oil and gas deals landing on the IPO Calendar is a throwback to 2015. Flip the calendar back seven years to a time when natural gas limited partnerships were an IPO trend.  Tallgrass Energy GP, LP (TEGP) and EQT GP Holdings, LP (EQGP) went public in May 2015 – following crude oil’s climb above $60 a barrel for the first time since December 2014. The first IPO from the natural gas sector in 2015 was Columbia Pipeline Partners LP (CPPL).

The IPO Pipeline is the talk of the town during this short holiday week. The U.S. stock market will be closed on Thursday, Nov. 24, 2022, for Thanksgiving. On Friday, Nov. 25th, the New York Stock Exchange and the NASDAQ will close early – at 1 p.m. EST.  Just one small-cap IPO – Adamas One Corp. (JEWL proposed) – is scheduled for pricing this week, along with the micro-cap NASDAQ uplisting and public offering of Marizyme Inc. (MRZM proposed).

Look Skyward

A third big IPO filing – Skyward Specialty Insurance Group Inc. (SKWD proposed) – crossed the SEC’s bow last week. Skyward’s IPO is pegged at $100 million as well. The company offers commercial property and casualty insurance, group accident and health, professional liability and workers’ compensation insurance, the prospectus says.

Two more big names – KinderCare Learning Companies Inc. (KLC proposed) and Savers Value Village, Inc. (SVV proposed)updated their SEC filings last week. No terms were filed, though. KinderCare is the largest U.S. private chain of early childhood daycare and education centers. KinderCare resurrected its IPO in March with a blank filing. A year ago, KinderCare postponed its IPO; that deal was expected to raise $503 million.  Savers Value Village is the largest for-profit thrift store operator in the U.S. and Canada with more than 300 stores under five different banners. The company sells secondhand clothing, shoes, accessories and home goods.

Banking on Energy

The energy sector’s presence in the IPO Pipeline is significant. In addition to newcomers BKV Corp. (BKV proposed) and TXO Energy Partners (TXO proposed), the pipeline includes:

  • Bounty Minerals, Inc., (BNTY proposed), which owns natural gas mineral interests in the Appalachian Basin. (S-1 filing dated Nov. 9, 2022) and
  • MN8 Energy, Inc. (MNX proposed), formerly known as Goldman Sachs Renewable Power LLC. (S-1 filing dated Sept. 12, 2022).

Bounty Minerals and MN8 Energy are profitable. Both are NYSE listings. Estimated IPO proceeds for each deal: $100.0 million.

Circling back to BKV Corp. (BKV proposed) and TXO Energy Partners L.P. (TXO proposed): Both are NYSE listings.  But they differ when you look at the bottom line.

BKV Corp. is not profitable, reporting a net loss of $51.1 million on revenue of $953 million for the last 12 months, according to the prospectus.

In contrast, TXO Energy Partners, L.P., formerly known as MorningStar Partners – is in the black with $56.49 million in net income on $343.78 million in revenue for the last 12 months, the prospectus says.

“As forecasts over the weekend teased a colder Lower 48 pattern during the first week of December, natural gas futures rallied in early trading Monday. The December Nymex contract was up 14.1 cents to $6.444/MMBtu at around 8:45 a.m. ET. January was up 16.5 cents to $6.881,” Jeremiah Shelor reported early today (Monday, Nov. 21, 2022) in his NYMEX gas futures market commentary for Natural Gas Intelligence.

The opposite winds were blowing in the crude oil futures market. Global benchmark Brent crude oil fell below $83 a barrel, the lowest since January, Bloomberg reported at around 11 a.m. EST today (Monday, Nov. 21, 2022).

“Declines accelerated after the Wall Street Journal reported OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil,” Julia Fanzeres reported for Bloomberg in her crude oil futures market commentary published online today at 11:15 a.m. EST (Monday, Nov. 21, 2022).

Worth noting: The Ultra Bloomberg Natural Gas ETF (BOIL) is up 14.1 percent, according to a Zacks report released around 8:30 a.m. EST today – visible on NASDAQ’s website.

Meanwhile, traffic was slow at the SEC’s filing window today. That’s not surprising, with many on Wall Street in countdown mode ahead of the Thanksgiving holiday.

Stay tuned.

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

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: Acrivon Therapeutics (ACRV) Prices IPO at $12.50 – Below Range

Acrivon Therapeutics (ACRV) priced its IPO at $12.50 – far below its initial price range of $16.00 to $18.00 – and sold 7.55 million shares (7,550,000 shares) on Monday night (Nov. 14, 2022) to raise $94.38 million. That’s a much smaller deal than the cancer biotech had originally planned. Acrivon Therapeutics initially expected to raise $100.3 million last week – 5.9 million shares at $16 to $18. (This column, initially published Monday night, Nov. 14, 2022, was updated early Tuesday morning, Nov. 15, with more details of the deal.) 

Acrivon Therapeutics’ stock opened at $13.35 – up 85 cents or 6.8 percent from its $12.50 IPO price – in its NASDAQ debut on Tuesday (Nov. 15, 2022). Volume was 104,080 shares, NASDAQ records showed. Acrivon Therapeutics’ stock closed at $16.64 – up $4.14 or 33.12 percent from its IPO price on volume of 528,026 shares.

Jefferies, Cowen and Piper Sandler were the joint book-runners of Acrivon’s revised IPO.

Morgan Stanley – initially in the lead left position among the book-runners – did not participate in the pricing, according to the cover of the Free Writing Prospectus dated Nov. 14, 2022.

The deal was delayed last week. It was initially scheduled for pricing on Wednesday night, Nov. 9, to trade Thursday, Nov. 10. Wednesday turned out to be an ugly day in the overall stock market. The IPO’s pricing was pushed back a night for a Veterans Day debut on the NASDAQ on Friday, Nov. 11, 2022. A Thursday night pricing would have followed the stock market’s huge rally on Nov. 10 – with the Dow up more than 1,000 points on the cooler-than-expected October CPI data.

But the deal remained on hold. That led to some speculation that maybe Acrivon and its bankers wanted to wait until after Veterans Day, when banks were closed and many market participants were out.

In addition to the shares sold in the initial public offering, Acrivon Therapeutics announced a concurrent sale of 400,000 shares of common stock at the IPO price in a private placement to Chione Limited, one of Acrivon’s principal stockholders. The private placement raised another $5.0 million for Acrivon – bringing the combined proceeds from the IPO and the private placement to $99.38 million. That’s about $1 million less than the $100.3 million in estimated proceeds under the initial terms, if the deal had been priced at the $17.00 mid-point of its original range.

The Free Writing Prospectus, dated Nov. 14, 2022, said that Chione Limited, an existing stockholder with 5 percent or more of the outstanding stock, had indicated interest in buying up to $5.0 million of stock at the IPO price in a private placement concurrent with the offering. Certain existing stockholders indicated interest in buying in aggregate up to 88 percent of the stock in the IPO, according to the Free Writing Prospectus.

Acrivon Therapeutics, based in Watertown, Massachusetts, is a typical biotech: It has not generated any revenues yet from its products. It’s not profitable. Acrivon Therapeutics reported a net loss of $19.7 million on no revenues for the 12 months that ended June 30, 2022, according to the prospectus.

Acrivon’s leading cancer drug candidate, ACR-368, is being developed under an exclusive worldwide license agreement with Eli Lilly, which shelved the drug in 2019 after lackluster results. Acrivon has a partnership agreement with Akoya Pharmaceuticals to develop and commercialize its proteomics (protein-based) OncoSignature test to determine which cancer patients are most likely to respond well to ACR-368. It’s enrolling patients with platinum-resistant ovarian, endometrial and bladder cancer in Phase 2 clinical trials of ACR-368, the prospectus says.

In addition to Chione Limited, Acrivon Therapeutics’ principal shareholders include R.A. Capital, Wellington Biomedical Innovation Master Investors (Cayman) I L.P., Citadel Multi-Strategy Equities Master Fund Ltd., Perceptive Life Sciences Master Fund, Ltd. and Sands Capital Life Sciences Pulse Fund II, L.P.

“Our ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in pre-clinical studies, including in two separate, blinded, prospectively-designed studies on pre-treatment tumor biopsies collected from patients with ovarian cancer treated with ACR-368 in past Phase 2 clinical trials conducted by Eli Lilly and Company, or Lilly, and at the National Cancer Institute, or NCI, demonstrating robust enrichment of responders through our method,” the prospectus says.

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

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: China’s Atour Lifestyle Hotel Chain Flies on First Day

Atour Lifestyle Holdings Ltd. (ATAT), a leading midscale hotel chain in China, flew first class in its NASDAQ debut on Friday (Nov. 11, 2022). Atour’s stock soared 41 percent to open at $15.50 – up $4.50 from its $11.00 IPO price – in its opening trade at 10:33 a.m. EST on Friday, NASDAQ records showed, on volume of 60,553 shares. The stock flew to an intraday high of $17.05, hit an intraday low of $12.00, and closed at $12.88 – up $1.88 or 17.1 percent from its IPO price – on volume of 1.84 million shares.

Atour Lifestyle’s Cayman Islands-incorporated holding company was the entity issuing the stock in the IPO. In this case, Atour Lifestyle’s IPO consisted of 4.75 million American Depositary Shares (ADS) priced at $11.00 – the low end of its $11.00-to-$13.00 range – to raise $52.25 million. The IPO was revived this year. Its new size represented a cut of nearly 80 percent from its initial terms in 2021, when the deal stalled amid China’s crackdown on Chinese companies’ U.S. IPOs.

Pandaily says that Atour Lifestyle Holdings Ltd. (ATAT) was the first Chinese company to issue ADS in an IPO since ride-hailing company Didi went public on June 30, 2021.

BofA Securities, Citigroup, CICC and CMB International (affiliated with China Merchant Bank) were the joint book-runners.

The timing turned out to be right for Atour Lifestyle’s U.S. IPO. The pricing date was accelerated by a day to Thursday night – coming right on the heels of the U.S. stock market’s best day since 2020.

The Dow Jones Industrial Average shot up 1,201.43 points, or 3.7 percent, on Thursday to close at 33,715.37 on Thursday (Nov. 10, 2022) – after the October CPI showed an unexpected cooling in inflation. The NASDAQ Composite index surged 760.97 points, or 7.4 percent, to end at 11,114.15, while the S&P 500 jumped 207.80 points, or 5.5 percent, to finish at 3,956.37.

“All three benchmarks scored their steepest one-day percentage gains since the depths of the coronavirus pandemic in 2020,” The Wall Street Journal reported.

Atour Lifestyle made its NASDAQ debut on the same day that news from China was positive, as this MarketWatch headline (Friday, Nov. 11, 2022, at 10:23 a.m. EST) shows:

China eases some travel requirements in move welcomed by markets even as it counts 10,000 new Covid cases in a day

Atour’s stock started trading on NASDAQ 10 minutes after this headline appeared. (Similar headlines had appeared earlier on Nov. 11 from various financial news outlets.)

Cornerstone investor Snow Lake Capital had indicated interest in buying up to US$10 million in Atour Lifestyle’s IPO, according to the prospectus.

Stocks extended their rally for a second day on Friday. The Dow gained 32.49 points, or 0.1 percent, to end at 33,747.86. The NASDAQ Composite Index soared 209.18 points, or 1.9 percent, to finish at 11,323.33, scoring its biggest two-day gain since November 2008, according to The Wall Street Journal. The S&P 500 advanced 36.56 points, or 0.9 percent, to close on Friday at 3,992.93. 

For the week, the Dow was up 4.1 percent, while the NASDAQ was up 8.1 percent and the S&P 500 was up 5.9 percent. This was the NASDAQ’s best performance since March, and the S&P 500’s best performance since June, according to The WSJ.

The two-day rally helped offset Wednesday’s ugly plunge by the stock market.

Money Maker

Atour Lifestyle, incorporated in the Cayman Islands, is the holding company of the Shanghai-based hotel chain. In the prospectus, the company described itself as “the  largest upper midscale hotel chain in China in terms of room number as of the end of 2020, according to Frost & Sullivan.”

Here’s Atour Lifestyle by the numbers, according to the prospectus: As of June 30, 2022, our hotel network covered 834 hotels spanning 151 cities in China, with a total of 96,969 hotel rooms.” The company also said it has “a pipeline of 343 hotels with a total of 37.795 rooms under development.”

Atour Lifestyle’s revenues and profits appealed to IPO investors.

For the year ended Dec. 31, 2021, Atour Lifestyle Holdings reported net income of US$20.39 million on revenue of US$337.0 million.

Atour’s hotels cater to China’s growing young middle class – Millennials and Gen Z consumers. The company offers easy room booking options and an in-room shopping service.

“Our guests can book a stay with us and access our rich product and service offerings through offline and online channels, including our mobile app and Weixin/WeChat mini program,” the prospectus says.

The performance of Atour Lifestyle’s IPO turned out to be the bright spot for the IPO market this week.

Two biotech deals – Acrivon Therapeutics (ACRV proposed) and Intensity Therapeutics (INTS proposed) – did not get done.

Two micro-cap IPOs – ASP Isotopes (ASPI) and Snail, Inc. (SNAL) – were priced. Their stocks sank in their NASDAQ debuts.

Plutonian Acquisition Corp. (PLTNU), a SPAC IPO was priced. Its stock edged higher on the NASDAQ.

Next week, two tiny deals – both carry-overs – are on the IPO Calendar. One is an IPO. The other is a NASDAQ uplisting.

The SEC was closed on Friday, which was Veterans Day, Nov. 11, 2022.

When the SEC re-opens for business on Monday morning, Nov. 14, 2022, more names could slide onto the IPO Calendar.

Stay tuned.

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

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: Big Biotech – Acrivon Therapeutics – Leads in Election Week

Acrivon Therapeutics (ACRV proposed), a cancer biotech aiming to raise $100.3 million, leads a life sciences-focused IPO Calendar of seven deals during this election week. This is the first big IPO ($100 million-plus) to land on the IPO Calendar since Mobileye Global, Inc. (MBLY) scored its successful IPO in late October. Four of this week’s seven deals are from the health-care or life sciences-related sectors. A SPAC IPO landed on the IPO Calendar on Monday morning – becoming the seventh deal set for this week, which began on Nov. 7, 2022.

Bankers expect to raise $202 million if all seven deals get done this week.

IPO investors will watch politics closely this week. Election Day is Tuesday, Nov. 8. U.S. voters will cast their ballots in the midterm congressional races,

Acrivon Therapeutics filed terms – 5.9 million shares at $16.00 to $18.00 – last Thursday (Nov. 3, 2022) and launched its IPO the same day. The IPO is scheduled to price on Wednesday night, Nov. 9, to trade Thursday, Nov. 10, on the NASDAQ.

Morgan Stanley, Jefferies, Cowen and Piper Sandler are the joint book-runners.

Patients with platinum-resistant ovarian, endometrial and bladder cancer will be treated in Phase 2 clinical trials of Acrivon Therapeutics’ leading drug candidate, ACR-368, according to the prospectus. Acrivon Therapeutics licensed the drug in June 2021 from Eli Lilly.

Seven Deals

This week’s IPO Calendar now shows seven deals – five IPOs, a SPAC IPO and a tiny NASDAQ uplisting.

In addition to Acrivon Therapeutics, four micro-cap IPOs are expected to price this week. Three of these four IPOs are in health care or related fields. The roster includes:

  • Intensity Therapeutics (INTS proposed), a tiny cancer biotech deal;
  • Bullfrog AI Holdings (BFAI proposed/ BFAIW proposed), the tiny unit IPO of an AI and machine learning platform for drug R&D, and
  • ASP Isotopes (ASPI proposed), the micro-cap IPO of a pre-commercial company focused on developing natural isotopes used in nuclear medicine diagnostic procedures and to produce nuclear energy.

A SPAC IPO – Plutonian Acquisition Corp. (PLTNU proposed) – 5.0 million units at $10.00 each – joined this week’s IPO Calendar early on Monday. EF Hutton is the sole book-runner.

Waiting for Snail 

The outlier IPO this week is Snail Inc. (SNAL proposed), the tiny IPO of a developer of interactive digital games. Snail’s flagship brand is Ark: Survival Evolved. It’s attracting some interest due to its revenues, its profits and its ties to China.

The tiny NASDAQ uplisting on tap this week – a carry-over from last week – is a public offering for KWESST Micro Systems (KWE proposed/ KWESM proposed), a company focused on cybersecurity and electronic warfare.

No IPOs Priced in Halloween Week 

Halloween came and went last Monday (Oct. 31, 2022) – kicking off a week without any IPO treats. Not a single deal was priced. Of the three deals that had appeared on the IPO Calendar early in the week, two were pushed back to this week and one was delayed.

A half-dozen new filings trickled into the IPO Pipeline during the week of Oct. 31, 2022. Two SPAC IPOs, three small-cap IPOs and a small NASDAQ uplisting submitted initial filings to go public:

  • AlphaVest Acquisition (ATMVU proposed), an Asia-focused SPAC aiming to raise $60 million, EarlyBirdCapital sole book-runner;
  • Iron Horse Acquisition (IRON.U proposed), a media- and entertainment-focused U.S. SPAC aiming to raise $100 million, BTIG sole book-runner;
  • AiXin Life International (AIXN proposed),  the small public offering in connection with the NASDAQ up listing of this Chinese nutritional and wellness products company, which intends to raise $50 million; Network 1 Financial Securities sole book-runner;
  • Brera Holdings (BREA proposed), the operator of Brera FC, an amateur football club in Milan, Italy, aiming to raise $8 million, Revere Securities sole book-runner;
  • Golden Heaven Group (GDHG proposed), the operator of six amusement parks/water parks in southern China, aiming to raise $35 million; Revere Securities sole book-runner, and
  • VCI Global (VCIG proposed), a Malaysian business and tech consulting services firm, aiming to raise $15 million, Boustead Securities sole book-runner.

As the week gets under way, more names are likely to flow into the IPO Pipeline.

Stay tuned.

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

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: Acrivon Therapeutics (ACRV) Launches $100.3 Million IPO

Acrivon Therapeutics (ACRV proposed), a cancer biotech, filed terms – 5.9 million shares at $16.00 to $18.00 – early today (Thursday, Nov. 3, 2022) and landed on next week’s IPO Calendar. The deal, which will raise $100.3 million if priced at the $17.00 mid-point, launched today as well. It’s set to price on Wednesday night, Nov. 9, to trade Thursday, Nov. 10, on the NASDAQ

Morgan Stanley, Jefferies, Cowen and Piper Sandler are the joint book-runners.

Patients with platinum-resistant ovarian, endometrial and bladder cancer will be treated in Phase 2 clinical trials of Acrivon Therapeutics’ leading drug candidate, ACR-368, according to the prospectus.

This is the first big IPO ($100 million-plus) to land on the IPO Calendar since Mobileye (MBLY) last week. Mobileye Global Inc., Intel’s self-driving car unit, raised $861 million – pricing its IPO at $21.00 – $1.00 above its range – on Tuesday night, Oct. 25. The stock jumped nearly 38 percent to close at $28.97 in its first day of NASDAQ trading on Wednesday, Oct. 26, 2022. Mobileye’s stock was trading at $24.86 at about 10:30 a.m. EDT on Thursday, Nov. 3.

Next week’s IPO Calendar now shows five deals – Acrivon Therapeutics and four micro-cap deals. More small deals, and possibly a SPAC IPO, may join the calendar in the next few days.

Stay tuned.

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

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: A Light Halloween Week

After Mobileye (MBLY), what’s next? So far, only three tiny deals – two IPOs and a NASDAQ uplisting – are on the IPO Calendar this week. With Halloween falling on Monday this year, maybe IPO bankers had the right idea to not schedule any deals for pricing after the close. (Editor’s Note: This column, published on Monday afternoon, was updated after the closing bell.)

U.S. stocks fell on Monday as investors focused on the Feds policy comments and its interest-rate decision on Wednesday (Nov. 2, 2022). Wall Street is expecting a 75-basis-point rate hike.

“If they give us 75 and say something that’s dovish, we’ll get a rally, and hopefully, the floodgates will open, and we’ll get a couple of good deals before the end of the year,” a seasoned trader says. He adds that he’s not overly optimistic, though.

But the three major U.S. stock indexes still wrapped up the month of October on Monday (Oct. 31, 2022) with strong gains – on the heels of Friday’s huge rally.  The Dow rose 14 percent in October – its best October ever and its biggest monthly gain since January 1976, according to Dow Jones Market Data – while the NASDAQ Composite Index gained 3.9 percent, and the S&P 500 climbed 8 percent.

Morgan Stanley strategist Michael Wilson says he believes that the end of the Federal Reserve’s campaign to raise interest rates is approaching, according to Bloomberg, which quoted Wilson from his note released on Monday.

The inversion of the yield curve – specifically the yield curve between 10-year and three-month Treasuries – “all support a Fed pivot sooner rather than later,” Wilson wrote in his Monday note, according to Bloomberg.

A stronger stock market and a friendlier Fed mean a warmer climate for IPOs.

Mobileye Global, Inc. (MBLY), Intel’s self-driving car unit, got IPO investors’ pulses racing last week with its strong performance. Mobileye’s stock surged nearly 38 percent to close its first day of trading (Wednesday, Oct. 26, 2022) at $28.97 – up $7.97 from its $21 IPO price. Mobileye finished the week at $27.00.

On Monday, Mobileye’s stock closed at $26.38 – up 25.6 percent from its IPO price. Mobileye’s IPO was priced last Tuesday night (Oct. 25, 2022) at $21, which was $1 above the top of its range, on 41.0 million shares. That resulted in a valuation at pricing of about $17 billion – about $2 billion more than what Intel paid for the Israeli company in 2017.

In the countdown to Mobileye’s pricing last week, a veteran IPO trader said: “The valuation looks right. If this deal gets done and it does well, we can hope to see more of this ahead.”

For the month of October, bankers priced seven deals – two IPOs, four SPACs and a tiny public offering in connection with an uplisting – to raise $1,409.0 million – or $1.4 billion.

Both IPOs finished October with gains.

Shares of Prime Medicine, Inc. (PRME), a gene editing company, finished Monday’s session at $18.82 – up $1.90 for a gain of 10.7 percent from its $17 IPO price. The IPO was priced on Oct. 19, 2022, which incidentally was the 35th anniversary of Black Monday.

In its NASDAQ debut on Thursday, Oct. 20, 2022, Prime Medicine’s stock rose 11.6 percent to $18.97 – only to lose steam after about an hour of trading. The stock ended the day down 9.6 percent at $15.37. It took a week to regain its footing. On Thursday, Oct. 27, 2022, Prime Medicine’s stock closed at $17.30, slightly above its IPO price. By the close on Friday, Oct. 28, 2922, Prime Medicine was at $18.65 – up 9.7 percent from its IPO price.

Although the IPO volume in October was light, the performance of those two IPOs and the gains of the overall stock market indicate that things might be improving.

Stay tuned.

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

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: Mobileye Pops in its NASDAQ Debut

Mobileye Global, Inc. (MBLY) raced onto the IPO freeway – running up 37.95 percent to close at $28.97 today – its first day of NASDAQ trading. Volume: 27,929,867 shares. The stock roared out of the gate – rising 27.2 percent to $26.71 in its opening trade today (Oct. 26, 2022) on the NASDAQ on volume of 3,587,464 shares. Mobileye, Intel’s self-driving car unit, priced its long-awaited IPO at $21.00 – $1.00 above the top of its range – and sold 41.0 million shares – the same number in the prospectus – to raise $861 million on Tuesday night (Oct. 25, 2022). Those terms gave Mobileye a valuation of about $17 billion – about $2 billion more than if the IPO had been priced at $19.00, the mid-point of its $18.00-to-$20.00 range. That market cap is also about $2 billion more than what Intel paid for the Israeli company five years ago. (Editor’s Note: This column, published Tuesday night, was updated Wednesday morning with Mobileye’s debut.)

“Mobileye opening strong will help the IPO market,” a veteran IPO trader says.

Mobileye’s IPO is one of the biggest IPOs priced in 2022, a year when both the volume of deals and the amount of money raised have fallen to levels not seen since the financial crisis in 2009. Only two deals priced this year are bigger – Corebridge Financial, Inc. (CRBG), which raised $1.68 billion for its parent, AIG, and TPG, Inc. (TPG), which raised $1 billion in its IPO.

“We’re hoping that this will be the icebreaker in a frozen IPO market,” a seasoned IPO trader says.

This will be Mobileye’s second time behind the wheel of a publicly traded company. Mobileye went public the first time in 2014 at $25.00 a share, raising about $208 million with a valuation of about $5.3 billion. That IPO was a New York Stock Exchange (NYSE) listing. In 2017, chipmaker Intel bought the Israeli company for $15.3 billion.

This time around, the word on the Street by Monday afternoon was leaning heavily toward Mobileye’s IPO pricing at $21.00 – $1.00 above the top of its range.

You could almost hear Wall Street’s collective sigh of relief that the number of shares was not increased. When a deal is upsized – and especially if it’s also priced above range – that can “take the juice” right out of an IPO, as one veteran IPO pro put it.

Goldman Sachs and Morgan Stanley led the team of 10 joint book-runners, which included Evercore ISI, Barclays, Citigroup,  BofA Securities, RBC Capital Markets, Mizuho, Wolfe Nomura Alliance and BNP PARIBAS. Cowen led the group of 14 co-managers.

In the Mood to Buy

Insider interest was strong, according to the prospectus. Two cornerstone investors, Baillie Gifford and Norges Bank Investment Management, were in for an aggregate of up to $330 million of stock in the IPO.

Co-founder and CEO Amnon Shashua also indicated interest in buying up to $10 million of stock in the IPO.

General Atlantic, L.P., a New York investment firm, will buy 4.76 million shares (4,761,905 shares) of Class A common stock in a private placement at $21.00 – the IPO price – to produce gross proceeds of $100 million, Mobileye said.

The mood on Wall Street turned more optimistic on Friday (Oct. 21, 2022) after the U.S. stock market’s powerful rally following comments by San Francisco Federal Reserve President Mary Daly. She said it may be time for the Fed to consider a slower pace of rate increases.

The stock market’s downturn and volatility – due to investors’ anxiety over inflation, rising interest rates, Russia’s war on Ukraine and fears of recession – have made conditions extremely difficult this year for IPOs.

“It could be a pivot,” a seasoned IPO trader said, referring to the rally on the San Francisco Fed president’s remarks.

Intel will still control Mobileye after the IPO through its ownership of all of the Class B shares of common stock. That stake gives Intel control of 99.4 percent of the voting power.

Mobileye will use some of the IPO proceeds to repay some of its debt to Intel, the prospectus says.

Eyes on the Road

Based in Jerusalem, Mobileye pioneered the development of advanced driver assistance systems (ADAS) and autonomous driving technology more than 20 years ago. The company was founded in 1999. Mobileye’s chips, software and hardware, including cameras and lidar, provide collision avoidance and other safety features considered standard in most of the “smart” cars on the road today. Mobileye is working with more than 50 of the world’s vehicle manufacturers (Original Equipment Manufacturers, aka OEMs) to implement its ADAS solutions, the prospectus says.

Mobileye is not profitable. The company reported a net loss of $138.0 million on revenues of about $1.54 billion for the 12 months that ended on July 2, 2022.

Self-driving cars are the future, according to Mobileye. It envisions self-driving cars as part of a new normal of “shared mobility.” Mobileye acquired Moovit, an urban mobility and transit app, for $900 million from Intel on May 31, 2022, the prospectus says.

But not everyone is buying into Mobileye’s vision of self-driving cars. There are still plenty of skeptics who believe that self-driving cars will not rule the road any time soon.

Stay tuned.

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

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: Mobileye Ready to Roll

Mobileye Global (MBLY proposed), Intel’s self-driving car unit, is ready to cruise onto the IPO freeway this week with its $779 million deal – one of the most highly anticipated IPOs of the year. Mobileye’s IPO – 41.0 million shares at $18.00 to $20.00 – is set for pricing Tuesday night (Oct. 25, 2022) to trade Wednesday (Oct.26, 2022) on the NASDAQ.

Goldman Sachs and Morgan Stanley are leading the team of 10 joint book-runners, which includes Evercore ISI, Barclays, Citigroup, BofA Securities, ​RBC Capital Markets, Mizuho, Wolfe | Nomura Alliance and BNP PARIBAS. ​

If priced at the $19.00 mid-point, the IPO would give Mobileye a valuation of about $15.1 billion. That ticks up to $15.2 billion, after accounting for a $100 million private placement planned in conjunction with the IPO. That’s slightly less than what Intel paid for Mobileye five years ago.

“It’s a quality company – the cream of the crop – with Intel involved,” a veteran IPO investor says.

Entities affiliated with General Atlantic, an investment firm, have made a commitment to buy $100 million of Class A stock at the IPO price in the private placement, the prospectus says.

An Encouraging Sign

The U.S. stock market’s powerful rally on Friday could put some fuel in Mobileye’s tank. Stocks surged after the San Francisco Federal Reserve Bank’s Mary Daly said on Friday that maybe the Fed should start planning to reduce the size of its interest-rate increases. She added that although the market has priced in another 75-basis-point rate increase in November, “I would really recommend people don’t take that away as, it’s 75 forever.”

The Dow Jones industrial average shot up 748.97 points, or 2.5 percent, to end Friday at 31,082.56 – ending its best three-week period since November 2020 – as investors took heart from the chances of a slower pace of interest-rate increases and the recent batch of solid corporate earnings, according to The Wall Street Journal. The Dow, the S&P 500 and the NASDAQ Composite Index finished Friday’s session with weekly gains of at least 4.7 percent, the Journal noted, calling this “a reprieve after a prolonged period of volatility that has been marked by big swings for stocks and bonds around the globe.” The Dow and the S&P 500 wrapped up their best weeks since June, while the NASDAQ ended its best week since July, according to the Journal.

“It could be a pivot,” an experienced Wall Street pro said.

A better outlook for the U.S. stock market would give IPO investors another reason to get excited about Mobileye’s IPO, he said.

Return Trip

This will be Mobileye’s second time around as a publicly traded company. Mobileye, an Israeli company, went public in 2014 and traded under the symbol “MBLY” on the New York Stock Exchange until Intel bought the company for $15.3 billion in 2017. Mobileye recently reclaimed “MBLY” as its proposed stock symbol for its NASDAQ-listed IPO.

Mobileye will use part of the IPO proceeds to repay some of its debt to Intel.

After the IPO, Intel will still control Mobileye through its ownership of all of the outstanding Class B shares of common stock. This equity stake gives Intel control of Mobileye stock with slightly more than 99 percent of the voting power.

Insiders, including the CEO, are in for up to $340 million – or about 43.7 percent – of the $779 million IPO. Here’s the breakdown of insider interest:

  • Cornerstone investors Baillie Gifford and Norges Bank Investment Management have indicated an interest in buying an aggregate of up to $330 million of the Class A common stock in the IPO.
  • In addition, co-founder and CEO Amnon Shashua has indicated an interest in buying up to $10 million of the Class A common stock in the IPO.

If insiders’ indications are fulfilled, that leaves 23 million shares available to the public through the IPO.

“Smart” Car Pioneer

Mobileye Global was founded in 1999. Based in Jerusalem, Mobileye has more than 20 years of experience in designing and fine-tuning its chips, software, hardware and technology that provide collision avoidance and other safety solutions considered standard in most of today’s “smart” cars.  Mobileye says it is working with more than 50 Original Equipment Manufacturers (OEMs) worldwide on the implementation of its ADAS (Advanced Driver Assistance Systems) solutions.

As of July 2, 2022, Mobileye says that its ADAS solutions had been installed in about 800 vehicle models and its System-on-Chips (SoCs) had been deployed in over 117 million vehicles. By 2030, Mobileye estimates that its ADAS solutions will be deployed in more than another 266 million vehicles, according to the prospectus.

Mobileye sees self-driving cars as the future. But not everyone is on board with its vision.

“Self-driving cars? I just don’t see that any time soon,” a seasoned IPO trader says.

In addition to Mobileye’s initial public offering, this week’s IPO Calendar has just one other deal – the tiny IPO of ASP Isotopes (ASPI proposed).

Some other deals, including a few IPOs that have been delayed recently, could slip onto the IPO Calendar this week.

Stay tuned.

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

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: Prime Medicine Slips in Debut after Early Gain

Talk about a healthy start.  Prime Medicine, Inc. (PRME) started NASDAQ trading shortly after noon EDT today at $18.97 – up $1.97 or 11.6 percent from its $17.00 IPO price. The first trade occurred at 12:11 p.m. EDT on volume of 532,337 shares, NASDAQ records show. By early afternoon, though, the stock gave up its early gain and dipped below its IPO price to trade at around $16.18 with a little more than a hour to go before the closing bell. Prime Medicine, Inc. (PRMEpriced its upsized IPO on Wednesday night (Oct. 19, 2022) at $17.00 – the mid-point of its $16.00-to-$18.00 range – on 10.29 million shares (10,294,118 shares) – up from 8.9 million shares in the prospectus. The preclinical gene editing company raised $175 million – $23.7 million more than its estimated IPO proceeds of $151.3 million – by adding about 1.39 million shares. 

Shares of Prime Medicine ended their first day of trading on Thursday (Oct. 20, 2022) at $15.37, down 9.59 percent, to go down in the books as a broken deal.

Prime Medicine’s twists and turns in its debut occurred against the backdrop of the overall U.S. stock market’s volatility. The three major U.S. stock indexes opened sharply higher – with the Dow up 278 points and the Nasdaq up 116 points at around 10:45 a.m. EDT on Thursday – as investors considered the outlook for interest rates, earnings and political turmoil in the U.K. after Liz Truss resigned as prime minister. By afternoon, the thrill was gone. The major U.S. stock indexes slipped into the red and ended the day lower.  

J.P. Morgan, Goldman Sachs, Morgan Stanley and Jefferies were the joint book-runners.

Prime Medicine’s IPO is the first traditional IPO – and the first deal over $100 million – priced in the fourth quarter. Next week, Mobileye Global (MBLY proposed), Intel’s self-driving car unit, is on the marquee with its $779 million IPO – one of the most highly anticipated deals of the year.

The increase in the IPO’s size and the mid-point pricing gave Prime Medicine a valuation of $1.63 billion ($1,627.33 million), compared with the estimate of $1.6 billion ($1,603.7 million) under the terms in the prospectus.

A “Word Processor” to Fix Broken Genes

Prime Medicine, based in Cambridge, Massachusetts, says its patented Prime Editing technology works like a “word processor” with a search-and-replace function to find and fix genetic defects that cause disease – all without causing any breaks in double-stranded DNA, according to the prospectus.

Prime Medicine has a collaboration with Beam Therapeutics. It also has a U.S. patent issued on Sept. 20, 2022, covering methods of using Prime Editors.

David Liu, Ph.D., a Harvard professor described by Endpoints News as a pioneer in the field of gene editing, and Andrew Anzalone, M.D., Ph.D., are the co-founders of Prime Medicine. Dr. Anzalone conceived of and developed Prime Editing technology, according to the prospectus.

Dr. Liu is Prime Medicine’s biggest shareholder with a stake of almost 25 percent.

GV, the venture capital arm of Google’s parent, Alphabet, is Prime Medicine’s biggest institutional investor with a stake of 14.6 percent. Other major institutional shareholders include Arch Venture Partners, F-Prime Capital Partners and Newpath Partners, the prospectus says.

Prime Medicine’s initial focus will be diseases of the blood, including sickle cell disease, a genetic hemoglobin disorder that affects mainly African Americans, and diseases of the liver, the eye and the ear, the prospectus says. Prime Medicine’s portfolio consists of 18 therapeutic programs, including ALS (Lou Gehrig’s disease), Fragile X syndrome, Duchenne muscular dystrophy and cystic fibrosis.

In the prospectus, Prime Medicine says: “Gene editing, including platforms such as Prime Editing, is a novel technology that is not yet clinically validated for human therapeutic use. 

“We believe our in-licensed and company-owned Prime Editing technology has transformative potential that could change the course of how disease is treated and overcome the challenges associated with current genetic therapies.”

Prime Medicine’s initial focus will be diseases of the blood, including sickle cell disease, a genetic hemoglobin disorder that affects mainly African Americans, and diseases of the liver, the eye and the ear, the prospectus says. Prime Medicine’s portfolio consists of 18 therapeutic programs, including ALS (Lou Gehrig’s disease), Fragile X syndrome, Duchenne muscular dystrophy and cystic fibrosis.

The company, which is not profitable, had 158 employees as of Sept. 30, 2022.

Prime Medicine reported a net loss of $132.51 million on no revenue for the last 12 months, according to the prospectus.

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

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: Mobileye (MBLY) Files IPO Terms at $15.1B Valuation

Mobileye Global (MBLY proposed), Intel’s self-driving car unit, stepped on the gas early today – filing terms for its highly anticipated IPO – to give the Israeli company a valuation of about $15.13 billion. That’s a hair less than what Intel paid for Mobileye in 2017. Mobileye’s S-1/A filing popped through the SEC’s filing window this morning: 41.0 million shares at $18.00 to $20.00 to raise $779 million. This deal will be one of the largest IPOs of 2022, a year that is shaping up as one of the slowest for IPOs since at least 2009.

The Wall Street Journal reported in an exclusive late Monday (Oct. 17, 2022) that Mobileye was likely to cut its valuation to under $20 billion – less than half the $50 billion market cap estimated last December – and launch its IPO roadshow on Tuesday (Oct. 18, 2022).

Mobileye’s IPO is scheduled for pricing next Tuesday night, Oct. 25, 2022, to trade Wednesday, Oct. 26, on the NASDAQ.

The U.S. stock market’s huge rally on Monday gave Mobileye’s bankers a reason to proceed with the IPO, according to The WSJ.

Goldman Sachs and Morgan Stanley are leading the pack of 10 joint book-runners, which includes Evercore ISI, Barclays, Citigroup, BofA Securities, ​RBC Capital Markets, Mizuho, Wolfe | Nomura Alliance and BNP PARIBAS. ​

This will be Mobileye’s second spin around the block as a publicly traded company. Mobileye, an Israeli company founded in 1999, went public in 2014 and traded under the symbol “MBLY” on the New York Stock Exchange. Intel bought Mobileye in 2017 for $15.3 billion. Mobileye recently reclaimed “MBLY” as its proposed stock symbol – but this time, it plans to trade on the NASDAQ.

Stay tuned.

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

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.