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.

By Jan Paschal – Posted March 18, 2024 

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

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

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

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

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

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

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

Stay tuned. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stay tuned.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

Brain cancer biotech NeOnc Technologies Holdings Inc. (NTHI Proposed) is set to price its $75 million IPO during the week of March 11, 2024. But it’s coming at a time when the Reddit watch party has kicked into high gear. Reddit (RDDT Proposed), the social media platform famous for its r/Wall Street Bets forum, is close to filing terms for its long-awaited IPO – perhaps as soon as today – Monday, March 11, 2024 – according to Bloomberg, the Financial Times and a flurry of other financial news sources.

Bloomberg reported that Reddit and some of its shareholders are planning to raise up to almost $750 million in one of the biggest IPOs so far this year, citing “people familiar with the matter,” according to its story published online on Sunday afternoon (March 10, 2024). Reddit and its selling shareholders intend to sell 22 million shares for $31.00 to $34.00 each, according to these people, who did not want to be identified because the information was not yet public, Bloomberg said. About 1.76 million shares would be set aside for active Reddit users who opened accounts before Jan. 1, 2024 – and those shares would not be subject to a lock-up period – Bloomberg reported.

Reddit, founded in 2005, is not profitable. The San Francisco-based social media company reported a net loss of $90.8 million on revenue of $804 million for the year 2023, according to Reddit’s S-1 filing.

The Financial Times reported on Friday (March 8, 2024) that Reddit – a New York Stock Exchange listing – plans to start its IPO roadshow on Monday (March 11, 2024). Wall Street and Main Street, of course, are still waiting for Reddit to file its IPO terms in an S-1/A prospectus – and set the pricing date. That filing could come as soon as just before sunrise in New York today (Monday, March 11, 2024) after the U.S. Securities and Exchange Commission opens the blinds to let the sunshine in.

Targeting Brain Cancer

Meanwhile, NeOnc Technologies Holdings Inc. (NTHI Proposed), a Phase II clinical biotech targeting brain cancer, plans to price its small IPO on Tuesday night, March 12, 2024, to trade Wednesday, March 13, on the NASDAQ.

NeOnc Technologies, founded in 2008, is offering 6.0 million shares at $11.25 to $13.75 to raise $75.0 million, according to the prospectus.

Loop Capital Markets is the sole book-runner, with Maxim Group and Brookline Capital Markets acting as co-managers.

NeOnc Technologies, based in Westlake Village, California, is “devoted to developing new drugs with new delivery modes” to treat aggressive brain cancers, the prospectus says. These brain cancers include glioblastoma, a primary brain cancer, and secondary brain cancers that have metastasized and spread to the brain from other cancers throughout the body such as melanoma, breast cancer and lung cancer, the prospectus says.

NeOnc’s two leading drug product candidates are:

*NEO100 – a purified intranasal form of perillyl acid – in a Phase 1/II trial to treat patients with malignant skull-based meningioma.

*NEO212 – a covalently conjugated molecule combining the chemotherapeutic drug temozolomide with perillyl alcohol – in a Phase I/II clinical trial that began in the fourth quarter of 2023. In this trial, NEO212 is administered orally to patients with primary brain tumors (i.e., malignant gliomas) and secondary brain tumors (i.e., brain metastases derived from peripheral tumors such as tumors of the lung, breast, skin/melanoma, etc.)

Aquatic Drones, Pontoon Boats and ATVs 

The rest of this week’s IPO Calendar is made up of a flurry of small IPOs, including RanMarine Technology B.V. (RAN Proposed), an aquatic drone maker in The Netherlands, and Massimo Group (MAMO Proposed), a Dallas-based manufacturer of pontoon boats and ATVs, also known as “all terrain vehicles.”

Stay tuned.

(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.

Astera Labs (ALAB Proposed), the semiconductor connectivity company, unveiled the terms for its $507.3 million IPO – 17.8 million shares at a price range of $27.00 to $30.00 a share – in an S-1/A filing early today – Friday, March 8, 2024. The IPO is expected to price on Tuesday night, March 19, 2024, to trade Wednesday, March 20, on the NASDAQ.  (Editor’s Note: Corrects typo in the pricing date to read 2024 and not “2023” – IPOScoop regrets the error.)

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

The Santa Clara, California-based company is offering 14.79 million shares and selling stockholders are offering 3.01 million shares, according to the prospectus. Astera Labs will not receive any proceeds from the sale of the selling stockholders’ shares.

Astera Labs will have a valuation – or market cap – of about $4.29 billion, assuming the IPO is priced at its $28.50 mid-point.

The company, founded in 2017, says its mission is “to innovate, design, and deliver semiconductor-based connectivity solutions that are purpose-built to unleash the full potential of cloud and AI infrastructure,” according to the prospectus.

Stay tuned. 

(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.

ARCH Venture Partners is the big name behind Boundless Bio Inc. (BOLD Proposed), a Phase 1 cancer biotech that filed plans for a $100 million IPO on Wednesday (March 6, 2024) after the closing bell. The S-1 filing did not disclose terms for the IPO. This is a NASDAQ listing.

Boundless Bio was founded in 2018 by ARCH Venture Partners and Paul Mischel, M.D., a Stanford  professor who is internationally recognized for his expertise in extrachromosomal DNA (ecDNA), the prospectus says. Dr. Mischel, the vice chair of research and a professor of pathology at the Stanford University School of Medicine, is the chairman of Boundless Bio’s Scientific Advisory Board.

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

Extrachromosomal DNA – known as ecDNA – is “a root cause of oncogene amplification observed in more than 14 percent of cancer patients,” the prospectus says. An example of an oncogene is the HER2 oncogene found in some breast cancer and ovarian cancer cells, according to the City of Hope website.

Boundless Bio, based in San Diego, says in the prospectus: “ecDNA are large circular units of nuclear DNA that are a primary mechanism of gene amplification and, like oncogene amplifications, are detected only in cancer cells, not in healthy cells.”

In the prospectus, Boundless Bio says that “we are, to our knowledge, the first company formed to develop new cancer medicines directed at ecDNA and the only company to date to bring an ecDTx into the clinic to treat cancer patients.” The California clinical biotech says that “we consider ourselves to be the world’s leading ecDNA company.” 

The Phase 1 biotech is developing small molecule drugs called ecDTx that are “designed to preferentially kill ecDNA-bearing cancer cells, but not healthy cells without ecDNA,” Boundless Bio says in the prospectus.

Boundless Bio’s lead ecDTx candidate, known as BBI-355, is “a novel, oral, selective inhibitor of checkpoint kinase 1 (CHK1), which manages ecDNA replication and transcription in cancer cells,” the prospectus says.

This lead ecDTX drug candidate, BBI-355, is being studied in a first-in-human Phase 1/2 clinical trial called POTENTIATE with clinical trial results expected in the second half of 2024, according to Boundless Bio’s prospectus. The company has two other ecDNA drug candidate programs, the S-1 filing says.

Boundless Bio is typical of most Phase 1 biotechs in that it has a history of net losses and no revenue from product sales, according to the prospectus.

For the year ended Dec. 31, 2023, Boundless Bio reported a net loss of $49.43 million on no product revenue, the prospectus says.

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

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

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

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

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

Singapore’s ride-hailing app – Ryde Group Ltd. (RYDE) – priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – on Tuesday night, March 5, 2024. Ryde Group priced 3.0 million Class A ordinary shares – the number in the prospectus – at $4.00 to raise $12.0 million on Tuesday night (March 5, 2024), the company said. Ryde’s stock ended its volatile first day of trading on Wednesday, March 6, 2024,  at $4.00 – unchanged from its IPO price – on the NYSE – American Exchange on volume of about 2.69 million shares. Ryde’s stock opened at $3.70, below its IPO price, and then swung into the black – gaining $1.00 to trade at a session high of $5.00. (Editor’s Note: Updates column with RYDE trading activity through the closing bell in its NYSE –  American debut on Wednesday, March 6, 2024)

Maxim Group was the sole book-runner.

Ryde Group, founded in 2014, described itself as “the first carpool app in Singapore” in its pricing announcement. Ryde launched its on-demand carpooling app in 2015 and expanded its services to offer its first ride-hailing service – for Singapore’s taxis – in 2017, the prospectus says. The company launched its on-demand pet-friendly service, RydePET, in February 2018.

Uber’s exit from the Singapore market – Grab acquired Uber’s Southeast Asia operations in March 2018 – paved the way for Ryde to launch its first ride-hailing service, RydeX, in May 2018, the prospectus says.

Competition in Singapore’s crowded ride-hailing market is stiff, as Ryde says in the prospectus. Ryde is not profitable, reporting a net loss of $4.61 million on revenue of $7.81 million for the 12 months that ended June 30, 2023.

Ryde Group has a market cap of about $76.5 million after pricing its IPO at $4.00, the low end of its range.

Ryde’s IPO Road Trip

For Ryde Group, the IPO’s pricing marked a milestone in a trip that began with a confidential SEC filing last May and the filing of its F-1 (prospectus) with the SEC on Aug. 31, 2023. Ryde Group disclosed its IPO terms in an F-1/A filing on Sept. 29, 2023, with plans to offer 2.25 million Class A ordinary shares at $4.00 to $5.00 to raise $10.13 million.

Fast forward to Jan. 18, 2024, when Ryde Group increased the size of its IPO to 3.0 million Class A ordinary shares – adding 750,000 shares to its original size – and kept the price range at $4.00 to $5.00 to raise $13.5 million, if priced at the $4.50 mid-point.

Ryde Group, a Cayman Islands-incorporated holding company, offered the Class A shares in the IPO – and not the underlying business, the prospectus says.

Ryde’s business includes a Quick Delivery package service, available on the app as RydeSEND. Its mobility business consists of two types of service –  carpooling under the RydePOOL service in its mobile app – and ride-hailing services under seven services in its mobile app – RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE and RideTAXI, according to the prospectus.

Singapore-based Ryde’s goal is to become a “super mobility app” providing access to multiple mobility tools that “function seamlessly out of a single app, offering ultimate convenience and reliability for our customers,” the prospectus says,

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