Solar tracker company Nextracker Inc. (NXT proposed) leads a $1.1 billion IPO Calendar this week of four big deals – three IPOs in the $100 million-and-up class and one big NASDAQ uplisting. Israel’s Enlight Renewable Energy Ltd. (ENLT proposed), a NASDAQ uplisting from Tel Aviv, launched early today (Monday, Feb. 6, 2023). (Editor’s Note: This update corrects the column published earlier today to show that Enlight Renewable Energy is NOT an IPO. Enlight’s stock already trades on the Tel Aviv Stock Exchange.)
Nextracker Inc., with estimated IPO proceeds of $500 million, is the biggest traditional IPO since Mobileye Global (MBLY) raised $861 million when it went public in late October. Nextracker disclosed updated financial statements, including projected revenue and net income, in an SEC filing early today.
The U.S. IPO market has not seen a $1 billion-plus week since Corebridge Financial (CRBG) priced its $1.68 billion IPO last September.
Enlight Renewable Energy disclosed terms early today for its public offering in connection with its NASDAQ uplisting from the Tel Aviv Stock Exchange. Enlight plans to offer 14 million ordinary shares at US$20.96 to raise $293.4 million, according to its F-1/A filing dated Feb. 6, 2023. The assumed public offering price – US$20.96 – was the stock’s closing price on Thursday, Feb. 2, 2023 – on the Tel Aviv Stock Exchange, the prospectus says. Enlight’s public offering is set for pricing late in the week.
J.P. Morgan, BofA Securities, Barclays, Credit Suisse, Wolfe Nomura and HSBC are the joint book-runners of Enlight Renewable Energy’s public offering. Roth Capital Partners is the co-manager.
Two more big IPOs are on this week’s IPO runway: Hesai Group (HSAI proposed), a Chinese LiDAR products company, with estimated IPO proceeds of $162 million, and Mineralys Therapeutics (MLYS proposed), a U.S. biotech developing a drug to treat uncontrolled and resistant hypertension, with estimated IPO proceeds of $150 million.
Hesai Group is set to price its IPO on Wednesday night (Feb. 8, 2023) to trade Thursday (Feb. 9, 2023) on the NASDAQ.
Nextracker (NXT proposed) is now expected to price on Wednesday night (Feb. 8, 2023) as well for a NASDAQ trading debut on Thursday.
Mineralys Therapeutics’ IPO is scheduled for pricing on Thursday night (Feb. 9, 2023), along with Enlight’s public offering. Both deals are expected to start trading Friday (Feb. 10, 2023) on the NASDAQ.
Lichen China (LICN) Drops in NASDAQ Debut
Shares of Lichen China (LICN) fell 2.5 percent – or 10 cents – from their $4.00 IPO price to open at $3.90 at 11:43 a.m. EST today (Monday, Feb. 6, 2023) on the NASDAQ on volume of about 1 million shares. The stock later slid to $3.19, down about 20.25 percent from its IPO price. Lichen China closed its first day of trading at $3.50, down 50 cents or 12.5 percent from its IPO price. It goes into the IPO log as a broken deal, opening and closing below its IPO price.
Lichen China trimmed its IPO just a touch and priced it at US$4.00, as expected, with 4.0 million shares priced to raise $16.0 million, the company announced early today (Feb. 6, 2023). The IPO was slimmed down to 4.0 million shares from 4.5 million shares in the prospectus. Univest Securities was the sole book-runner.
Lichen’s Cayman Islands-incorporated holding company issued the shares in the IPO – and not the underlying Chinese business. The operating company, based in Jinjiang, has provided financial and tax services in China for more than 17 years, according to the prospectus.
Lichen China’s IPO had been on and off the pricing roster since last September, when the NASDAQ increased its scrutiny of small-cap IPOs and brought the flow of micro-cap deals almost to a halt.
Bankers may price another nine micro-cap IPOs this week. If all nine of those tiny deals get done, bankers would raise another $91 million. The week’s total proceeds from micro-cap deals would reach $107 million, including Lichen China.
(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.