April got underway for the IPO market early today – Monday, April 1, 2024 – with the launch of Phase I biotechContineum 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.
