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.

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.

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.

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.

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.

(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.

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.

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.