The IPO Buzz: Cheetah (CTNT) & Pixie Dust Technologies (PXDT) Price IPOs at Low End

Bankers priced the first two IPOs of August at the low end. Both tiny deals were priced Monday night (July 31, 2023), along with a third micro-cap IPO that was priced in line with the terms in its prospectus. All three deals were set for NASDAQ debuts today – Tuesday, Aug. 1, 2023. Let’s take a look. (Editor’s Note: This column, published early Tuesday, was updated throughout the day.)

* Cheetah Net Supply Chain Service, Inc. (CTNT), which supplies customers in China with Mercedes-Benz, BMW and other luxury cars through its U.S.-based parallel-imports business, priced 1.25 million shares at $4.00 – the low end of its $4.00-to-$6.00 price range – to raise $5.0 million. Maxim Group was the sole book-runner.

Pixie Dust Technologies, Inc.  (PXDT), a Japanese personal care and spatial technology products company, priced its downsized IPO at $9.00 – the low end of its $9.00-to-$10.00 price range – and cut the IPO at pricing to 1.67 million American Depositary Shares (1,666,667 ADS) – down from 2.0 million ADS – to raise $15.0 million. Boustead Securities was the sole book-runner. Cornerstone investors had indicated for up to $8.1 million, or about 42.6 percent of the $19.0 million IPO, assuming pricing at the $9.50 mid-point, under the terms in the prospectus.

Both micro-cap IPOs were priced Monday night, July 31, 2023.

Pixie Dust Technologies’ shares opened at $9.90 – up 90 cents or up 10 percent from their $9.00 IPO price – at 10:20 a.m. EDT today (Tuesday, Aug. 1, 2023) on the NASDAQ. The stock quickly gave up its opening gain to fall below its IPO price. Pixie Dust Technologies’ shares traded at $7.66 – down $1.34 from their IPO price – at about 11:16 a.m. EDT. Pixie Dust Technologies’ shares retraced some ground late in the day to close at $8.00, down $1.00 from their $9.00 IPO price, for a loss of 11.11 percent in their first day of NASDAQ trading. 

Cheetah’s stock started trading at $3.75 – down 25 cents from its $4.00 IPO price – at 11:12 a.m. EDT today on the NASDAQ. Two hours later, Cheetah’s stock had gained ground to trade slightly above its IPO price – and then it kept climbing. Cheetah closed its first day of trading at $6.90, up $2.90 from its $4.00 IPO price for a gain of 72.5 percent in its NASDAQ debut. Volume was 5.61 million shares.

Hanryu Holdings (HRYU) Prices IPO

Hanryu Holdings  (HRYU), the Seoul-based “Korea Wave” fandom culture and e-commerce company, moved its IPO pricing date up by a week to become the third micro-cap initial public offering to debut on the first day of August. The South Korean company’s tiny deal was priced Monday night (July 31, 2023) in sync with the terms in the prospectus: 877,328 shares at $10.00 each to raise $8.77 million. Aegis Capital was the sole book-runner.

Hanryu’s stock slid in its NASDAQ debut today (Tuesday, Aug. 1, 2023). Shares of Hanryu Holdings opened at $9.50 – down 50 cents or off 5 percent from their $10.00 IPO price – at 11:36 a.m. EDT today on the NASDAQ. Hanryu’s stock closed at $7.80, down $2.20 from their IPO price, for a loss of 22 percent on the first day of NASDAQ trading.

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

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 staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The 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 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.