Rubrik (RBRK Proposed), a data security company, unveiled the terms of its IPO – 23.0 million shares at $28.00 to $31.00 to raise $678.5 million – in an S-1/A filing early today (Tuesday, April 16, 2024). The IPO is expected to price next week. This is a New York Stock Exchange listing. The estimated proceeds assume mid-point pricing at $29.50. Rubrik would have a market cap estimated at $5.18 billion, if the IPO is priced at the $29.50 mid-point.

Goldman Sachs and Barclays are leading the team of joint book-runners, which includes Citigroup, Wells Fargo Securities, Guggenheim Securities and Mizuho Trust Securities. 

Rubrik, based in Palo Alto, California, is “on a mission to secure the world’s data,” the prospectus says. 

“Cyberattacks are inevitable. Realizing that cyberattacks ultimately target data, we created Zero Trust Data Security to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks. We believe that the future of cybersecurity is data security — if your data is secure, your business is resilient.

“We built Rubrik Security Cloud, or RSC, with Zero Trust design principles to secure data across enterprise, cloud, and software-as-a-service, or SaaS, applications. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. Our platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. We enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility.”

Rubrik also says that “traditional cybersecurity approaches have failed to not only prevent but also provide recovery from increasingly rampant and sophisticated cyberattacks. At the same time, legacy backup and recovery solutions have significant shortfalls in addressing cyber recovery and data security as they were primarily built for operational and natural disaster recoveries. They were not designed to enable reliable recovery from cyberattacks, nor were they designed to natively deliver cyber threat analytics and event response.”

The company is not profitable, according to financial statements in 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.

Two big IPOs – Centuri, a natural gas play, and Ibotta, an AI-driven digital ad platform – are in the spotlight today – Monday, April 15, 2024 – after Iran attacked Israel over the weekend. Both IPOs are set to price mid-week. Both are New York Stock Exchange listings. The rest of this week’s IPO Calendar consists of a handful of small IPOs and a modest NASDAQ uplisting deal.

U.S. stock futures rose early today. Bloomberg reported that global markets showed signs of stability and oil prices fell as traders bet that tensions in the Middle East won’t escalate after Iran’s attack on Israel. Brent oil futures slipped below $90 a barrel and U.S. crude oil futures dipped below $85 a barrel early today.

Gauzy Ltd., an Israeli company that makes light and vision control systems for leading aerospace, automotive and architecture companies, filed its F-1 on Monday to go public, without disclosing terms in the prospectus. The IPO’s size is estimated at $100 million, a placeholder figure. (The prospectus was published on Monday, April 15, 2024, in the SEC filings; the date on the cover of the prospectus is April 12, 2024.)

Barclays, TD Cowen and Stifel are the  joint book-runners of Gauzy’s IPO.

Good Timing for a Natural Gas IPO

The energy play, Centuri Holdings (CTRI Proposed), is a carve-out deal. Sole stockholder Southwest Gas Holdings Inc. (SWX) is offering all the stock in the natural gas pipeline company’s IPO. After the IPO. Southwest Gas will still own 82.7 percent of Centuri, the prospectus says.

Centuri’s customers are the leading electric, gas and combination utility companies in North America, the prospectus says.

Centuri’s IPO consists of 12.4 million shares at a price range of $18.00 to $21.00 to raise $241.8 million. The market cap is about $1.7 billion, assuming mid-point pricing at $19.50.

UBS Investment Bank, BofA Securities,  J.P. Morgan and Wells Fargo Securities are the joint book-runners.

The IPO is set for pricing on Wednesday night, April 17, to trade Thursday, April 18, on the New York Stock Exchange.

“It’s right sector, right time,” a seasoned IPO pro says. “It’s (natural) gas. Look at oil right now, setting new highs. It’s in good shape. And there’s a private placement for Icahn.”

In conjunction with the IPO, Centuri is conducting a private placement of another 2.59 million shares at the IPO price to two investment vehicles controlled by Carl Icahn.

Centuri reported a net loss for the year ended Dec. 31, 2023.

Sweet Sound of Ka-Ching

Ibotta (IBTA Proposed) is a Denver-based digital ad platform company that says it makes money only when a customer’s product promotion results in a sale.

Walmart, Family Dollar (a Dollar Tree subsidiary), Kroger and Shell are among Ibotta’s clients, the prospectus says.

Ibotta’s IPO terms got the market’s attention: 5.63 million shares at a price range of $76.00 to $84.00 to raise $450.0 million, based on mid-point pricing at $80.00. Ibotta would have a market cap of about $2.43 billion.

“I did a double-take when I saw the price range,” a savvy IPO trader says.

Goldman Sachs, Citigroup and BofA Securities are the joint book-runners.

Ibotta is offering 2.5 million shares and the selling stockholders are  offering 3.125 million shares, the prospectus says.

Ibotta’s IPO is set for pricing on Wednesday night, April 17, to trade Thursday, April 18, on the NYSE.

Ibotta says its AI-enabled technology platform lets consumer product group brands deliver digital  promotions to over 200 million consumers through a single convenient network called the Ibotta Performance Network (IPN).

“We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion,” Ibotta says in the prospectus.

For the year ended Dec. 31, 2023, Ibotta swung to a profit from a year-earlier loss, according to the prospectus.

Spring Awakening for IPOs

The IPO market scored some impressive gains last week. Those successful deals were part of the spring awakening that began in March with the Astera Labs and Reddit IPOs. Some IPO experts are optimistic that the IPO market may be regaining its health after two of the slowest years since 2008.

UL Solutions (ULS), the iconic name brand behind safety testing of electrical consumer products, priced its IPO at $28.00 and the stock jumped 24.79 percent to close Friday on the NYSE at $34.94.

A U.S. nursing home chain, PACS Group (PACS), priced its IPO at $21.00 and the stock shot up to close at $23.00 on Thursday, its first day of NYSE trading. On Friday, PACS Group’s stock continued its climb – closing at $24.00.

A small-cap IPO, Singapore’s Mobile-health Network Solutions, priced its IPO at $4.00 and the stock climbed on Thursday to close at $6.70 on the NASDAQ. Fast forward to Friday, April 12, when the stock closed at $15.00 – up 275 percent from its IPO price.

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.

Now that’s an upsizing: UL Solutions (ULS) increased its IPO’s size by 20 percent on Thursday night, April 11, 2024, and priced the deal at $28.00 – near the top of its range – to raise $946.4 million. The company’s parent, ULSE Inc., sold 33.8 million shares – up from 28.0 million in the prospectus.

UL Solutions’ stock ended its first day of trading at $34.94 – up $6.94 for a gain of 24.79 percent – in its debut on Friday, April 12, 2024, on the New York Stock Exchange. Volume was 14.94 million shares. The trend was clear from the start. UL Solutions’ stock opened on Friday at $34.23 – up $6.23 or up 22.25 percent – in its debut on the NYSE. (Editor’s Note: This story was updated Friday afternoon on April 12, 2024, to add details on the debut of UL Solutions’ stock on the NYSE.)

Goldman Sachs and J.P. Morgan led the joint book-runners’ team, which included BofA Securities, Citigroup, Jefferies and UBS Investment Bank.

ULSE Inc. (“UL Standards & Engagement”), the company’s sole stockholder before the IPO, sold all 33.8 million shares of Class A common stock in the IPO.

Cornerstone investor Norges Bank Investment Management, a division of Norges Bank, indicated an interest in buying up to $75 million of stock.

A Big Brand

The UL brand is a household name. It’s one of the most iconic brands in the world.

The “UL” in the company’s name stands for Underwriters Laboratories, which began testing electrical products for fire risks during the 1894 World’s Fair in Chicago.

UL Solutions provides testing, inspection and certification services on electrical consumer products to more than 80,000 customers worldwide. The company also offers software and advisory services. UL Solutions Inc. employs more than 14,000 people.

Dividends and Profits

This IPO also has dividend appeal. UL Solutions says in the prospectus that it intends to keep paying a quarterly cash dividend on its common stock, the prospectus says. Beginning in 2024, the company increased the regular quarterly dividend to 12.5 cents per share, “resulting in a $25 million dividend in the first quarter, which we paid in March 2024,” the prospectus says.

The quarterly dividend of 12.5 cents per share works out to 50 cents per share on an annualized basis – for a dividend yield of 1.8 percent if the IPO is priced at the $27.50 mid-point.

IPO investors liked the black ink on the bottom line. UL Solutions earned net income of $296 million on revenue of $2.62 billion for the 12 months that ended Sept. 30, 2023.

(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.

PACS Group (PACS) upsized its IPO at pricing to 21.43 million shares – up from 19.05 million shares – and priced the deal at $21.00 – the mid-point of its $20.00-to-$22.00 range – to raise $450.0 million on Wednesday night, April 10, 2024. PACS Group’s stock opened today – Thursday, April 11, 2024 – on the New York Stock Exchange at $23.00 – up $2.00 or up 9.52 percent – from its $21.00 IPO price. The stock rose as high as $23.59. PACS Group was trading at $23.11 – up $2.11 or up 10.05 percent – at around 1:07 p.m. EDT on volume of about 4.31 million shares. (Editor’s Note: Column updated at midday on Thursday, April 11, 2024, to include the stock’s debut on the NYSE today.)

The profitable U.S. nursing home operator went public at a market cap of $3.15 billion.  

Household name UL Solutions Inc. (ULS Proposed) and nursing home operator PACS Group (PACS Proposed) share the IPO marquee this week with plans to raise a combined $1.2 billion. Both are New York Stock Exchange listings. Both are profitable companies whose IPOs are set to price this week. These two big IPOs are part of the IPO market’s revival that ramped up in March with the  Astera Labs (ALAB) and Reddit (RDDT) IPOs, as Bloomberg reported. Early today, digital ad promotions and rewards company Ibotta Inc. (IBTA Proposed) unveiled the terms of its $450.0 million IPO and launched the deal to price next week.

UL Solutions’ IPO is generating some buzz this week. In contrast, PACS Group’s IPO is a healthcare play that’s attracting interest – but not at the same level as UL Solutions’ deal.

Iconic Electrical Safety Brand

The initials “UL”  in UL Solutions’ name stands for Underwriters Laboratories, which began testing electrical products for fire risks during the 1894 World’s Fair in Chicago. 

“It’s a household name. It’s literally in everyone’s household,” a veteran IPO player says, citing the big brand behind the UL Solutions’ IPO.

The UL Solutions’ IPO is big: 28.0 million shares at a price range of $26.00 to $29.00 to raise $770.0 million, if priced at the $27.50 mid-point. The market cap is estimated at about $5.5 billion, based on mid-point pricing.

UL Solutions’ IPO is set for pricing on Thursday night, April 11, to trade Friday, April 12, on the NYSE.

Goldman Sachs and J.P. Morgan are leading the joint book-runners’ team, which includes BofA Securities, Citigroup, Jefferies and UBS Investment Bank.

UL Solutions, based in the Chicago suburb of Northbrook, provides independent testing, inspection and certification (“TIC”) services and related software and advisory offerings. The company says it served more than 80,000 customers in over 110 countries in 2022.

“We are the owner of the iconic UL-in-a-circle certification mark (“UL Mark”) that appears on billions of products around the world,” UL Solutions says in the prospectus. “We offer our customers global market access services that help them ensure the safety and quality of their products while also supporting their efforts to manage the broader risks they face throughout their product lifecycle processes. We believe our extensive knowledge of, and expertise in, global safety science provides us with a strong competitive advantage relative to other global TIC service providers.”

An Aging Boomers’ Play

The PACS Group IPO benefits from the demographic trend – the aging of the Baby Boomers, who were born in the years from 1946 through 1964.

 PACS Group (PACS Proposed), the operator of skilled nursing homes and assisted living facilities in nine states, is set to price its IPO on Wednesday night, April 10, 2024, to trade Thursday, April 11, on the NYSE.

The PACS Group IPO is large: 19.05 million shares at a price range of $20.00 to $22.00 to raise $400.1 million, if the deal is priced at the $21.00 mid-point. The market cap is estimated at $3.1 billion.

Citigroup, J.P. Morgan, Truist Securities and RBC Capital Markets are the joint book-runners.

PACS Group, based in Farmington, Utah, describes itself as “a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities,” the prospectus says.

“Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities, with over 200 post-acute care facilities across nine states serving over 20,000 patients daily. We also provide senior care, assisted living, and independent living options in some of our communities.”

(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.

Ibotta Inc. (IBTA Proposed), a Denver digital advertising rewards company, filed the terms for its IPO early today – Monday, April 8, 2024: 5.63 million shares (5,625,000 shares) at the eye-popping price range of $76.00 to $84.00 to raise $450.0 million, based on mid-point pricing at $80.00. This is a New York Stock Exchange listing. Ibotta would have a market cap of about $2.43 billion, assuming mid-point pricing.

The company is offering 2.5 million shares and the selling stockholders are  offering 3.125 million shares, according to the prospectus.

Goldman Sachs, Citigroup and BofA Securities are leading the joint book-runners’ team. Evercore ISI, UBS Investment Bank and Wells Fargo Securities are also on the joint book-runners’ team.

Ibotta’s IPO is scheduled for pricing next week.

Ibotta says its AI-enabled technology platform lets consumer product group brands deliver digital  promotions to over 200 million consumers through a single convenient network called the Ibotta Performance Network (IPN).

“We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion,” Ibotta says in the prospectus. “We have built the largest digital item-level promotions network in the United States by forming strategic relationships with major retailers which use our digital offers to power their loyalty programs on a white-label basis.”

(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.

Contineum Therapeutics (CTNM), a Phase 1/Phase 2 biotech, priced its downsized IPO at $16.00 – the low end of its $16.00-to-$18.00 range – on Thursday night, April 4, 2024. The deal’s size was slashed to 6.88 million shares (6,875,000 shares) – down from 8.8 million shares in the prospectus. Contineum Therapeutics raised $110.0 million – well below the estimated IPO proceeds of $150 million, which was based on pricing at the $17.00 mid-point. 

The stock fell $1.50 from its IPO price to open at $14.50 at 12:35 p.m. EDT today – Friday, April 5, 2024 – on the NASDAQ on volume of 241,676 shares. By 1:41 p.m. EDT, Contineum Therapeutics’ stock was trading at $14.53, down $1.47 or off 9.2 percent on volume of 755,888 shares.

Goldman Sachs, Morgan Stanley, Stifel and RBC Capital Markets were the joint book-runners.

The low-end pricing reflected an increasing sense of caution among IPO investors about early-stage biotech IPOs after a couple of recent flops – Boundless Bio (BOLD) last week and Metagenomi (MGX) in early February.

The shift in sentiment yesterday on Contineum’s IPO indicated that IPO investors decided to pay less attention to this Phase 1/Phase 2 biotech’s promise – reflected in $50.0 million from Johnson & Johnson in 2023 license and collaboration revenue – and to focus more on protecting themselves from a potential loss on a fairly early-stage biotech IPO.

Contineum Therapeutics, based in San Diego, is developing PIPE-307, its oral drug candidate to treat depression and relapse remitting MS, in collaboration with Johnson & Johnson. PIPE-307 is in a Phase 2 trial to treat relapse remitting MS, the prospectus says. PIPE-307 is a novel small molecule selective inhibitor of the muscarinic type 1 M1 receptor (M1R), according to the prospectus.

Contineum Therapeutics is also developing a wholly owned drug candidate, known as PIPE-791, to treat IPF (idiopathic pulmonary fibrosis) and progressive multiple sclerosis (progressive MS).

(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.

UL Solutions Inc. (ULS Proposed) set the terms and the date for its $770 million IPO early today – Tuesday, April 2, 2024 – in a post-Easter parade of deals that could raise more than $1 billion. The product testing and safety standards company disclosed in its S-1/A filing today that it plans to offer 28.0 million shares at a price range of $26.00 to $29.00 to raise $770 million. UL Solutions would have a market cap of about $5.5 billion – if the IPO is priced at the $27.50 mid-point of its range. Bankers expect to price UL Solutions’ IPO next week. This is a New York Stock Exchange listing. Goldman Sachs and J.P. Morgan are leading the joint book-runners’ team, which includes BofA Securities, Citigroup, Jefferies and UBS Investment Bank.

The “UL” in the company’s name stands for Underwriters Laboratories, which began testing electrical products for fire risks during the 1894 World’s Fair in Chicago. UL Solutions serves more than 80,000 customers worldwide and employs more than 14,000 people.

UL Solutions earned net income of $296 million on revenue of $2.62 billion for the 12 months that ended Sept. 30, 2023, according to the prospectus.

The UL Solutions filing is one of a flurry of IPOs setting terms early this week, including:  

*Contineum Therapeutics (CTNM Proposed) – The San Diego-based Phase I biotech, which is targeting progressive MS (multiple sclerosis) and IPF (idiopathic pulmonary fibrosis), said on Monday, April 1, 2024, that it plans to price its $149.6 million IPO later this week to trade on the NASDAQ. Goldman Sachs, Morgan Stanley, Stifel and RBC Capital Markets are the joint book-runners of Contineum Therapeutics’ IPO.

*PACS Group (PACS Proposed) – The skilled nursing home and assisted living facilities operator, which serves over 20,000 patients daily in over 200 facilities across nine states, disclosed its IPO terms in an S-1/A filing on Monday, April 1, 2024: 19.1 million shares at a price range of $20.00 to $22.00 to raise $400.1 million – based on pricing at the $21.00 mid-point. The IPO is expected to price next week. The market cap is estimated at $3.1 billion. This is an NYSE listing.  Citi, J.P. Morgan, Truist Securities and RBC Capital Markets are the joint book-runners.

*Rubrik Inc. (RBRK Proposed) – The data security company filed its S-1 for its IPO without disclosing terms on Monday, April 1. Some IPO pros estimate that Rubrik’s IPO could raise as much as $500 million. The placeholder figure in the prospectus,  however, is $100 million. This is an NYSE listing. Goldman Sachs, Barclays, Citigroup and Wells Fargo Securities are leading the joint book-runners’ team.

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.

April got underway for the IPO market early today – Monday, April 1, 2024 –  with the launch of Phase I biotech Contineum Therapeutics (CTNM Proposed). The San Diego-based biotech, which is developing drugs to treat progressive MS (multiple sclerosis) and IPF (idiopathic pulmonary fibrosis), plans to price its $149.6 million IPO later this week to trade on the NASDAQ.

Goldman Sachs, Morgan Stanley, Stifel and RBC Capital Markets are the joint book-runners of Contineum Therapeutics’ IPO.

The rest of this week’s IPO Calendar consists of up to four exceptionally small IPOs, including two deals that may price tonight.

The IPO market wrapped up a strong first quarter on Thursday (March 28, 2024) – buoyed by the successful IPO of Reddit (RDDT) .

The 2024 IPO Scorecard shows that IPOs priced during the first quarter of 2024 delivered a total return from IPO price of 14.38 percent, outperforming the NASDAQ’s gain of 9.11 percent for the year to date.

Among the small-cap IPOs on tap this week: Zhibao Technology (ZBAO Proposed), an InsurTech company that provides digital insurance brokerage services in China, is offering 1.2 million Class A ordinary shares at a price range of $4.00 to $6.00 to raise $6.0 million.

EF Hutton is the sole book-runner.

Zhibao Technology, based in Shanghai, launched the first digital insurance brokerage platform in China in 2020, driven by its proprietary PaaS (Platform as a Service).

For the fiscal year that ended June 30, 2023, Zhibao Technology reported a net loss of $5.9 million on revenue of $19.6 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.

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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.

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 sank in its first day of NASDAQ trading  on Thursday, March 28, 2024. Boundless Bio finished right where it started – down 10.94 percent at $14.25 – off $1.75 from its IPO price – on volume of 1.75 million shares. 

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.