(Editor’s Note: This column was updated Friday, Feb. 24, 2023, with the news that NYIAX Inc. (NYX proposed) moved its IPO pricing date to next week. Previously: This column, originally published Tuesday, Feb. 21, 2023, was updated Thursday to show that only one IPO – NYIAX – was set to price this week after SolarJuice (SJA proposed) moved its IPO pricing date to the week of Feb. 27, 2023.)
None. No IPOs were priced during this short work week after the Presidents’ Day holiday on Monday (Feb. 20, 2023). NYIAX shifted its pricing date to next week for a March debut – a switch from its status yesterday as the only IPO on this week’s pricing roster. The other small IPO – SolarJuice (SJA Proposed) – initially on this week’s IPO Calendar as well – had already made the move a day or so ago to roll its pricing date back to sometime next week.
This wasn’t a startling development. Many IPO investors took time off this week, while their children were on a winter break from school. Investors also grappled with more uncertainty after U.S. stocks plunged on Tuesday (Feb. 21, 2023). The day full of red ink and heartburn went into Wall Street’s books as the worst day for stocks this year.
NYIAX, Inc. (NYX proposed), a financial and advertising tech platform developed under a joint patent with a Nasdaq Inc. subsidiary, aims to raise $9.25 million by offering 1.85 million shares at $5.00. Pricing is now expected for Tuesday night, Feb. 28, 2023. The NYIAX IPO is expected to start trading Wednesday, March 1, 2023, on the NASDAQ.
Boustead Securities and WestPark Capital are the joint book-runners.
Both NYIAX and SolarJuice launched their IPOs over the long holiday weekend.
Run by the Sun
Looking ahead to next week: SolarJuice Co., Ltd. (SJA proposed), a solar photovoltaic (PV) products company based in Sydney, Australia, is among nine small-cap deals – eight IPOs and one uplisting – likely to price during the week of Feb. 27, 2023.
SolarJuice intends to raise $16.5 million by offering 3.0 million shares at $5.00 to $6.00.
Maxim Group is the sole book-runner of SolarJuice’s IPO.
Brought to You by The Letter “A”
Many IPO investors, meanwhile, are waiting and watching for the next big IPOs to launch.
The next big shoe to drop wasn’t the one that most people were expecting. Atmus Filtration Technologies, Inc. (ATMU proposed) filed to go public on Tuesday (Feb. 21, 2023). Atmus Filtration will go public via a spin-off by its parent, Cummins Inc. (CMI), an engine manufacturer whose stock is listed on the New York Stock Exchange. Atmus Filtration set its estimated IPO proceeds at $100 million, the typical placeholder figure for most big traditional IPOs. Some IPO experts believe that Atmus Filtration’s IPO could raise as much as $350 million.
The Nashville, Tennessee-based company makes lube filters and other products for commercial trucks such as 18-wheel semis and off-road heavy equipment used in road building, construction and mining. Atmus Filtration says its products help lower emissions and reduce maintenance costs.
Goldman Sachs, J.P. Morgan, Baird, BofA Securities and Wells Fargo Securities are the joint book-runners of Atmus Filtration’s IPO.
Atlas Energy Solutions, Inc. (AESI proposed), a profitable frac sand mining company, attracted attention last week when it updated its financial statements in an SEC filing. Some IPO pros think that Atlas Energy’s IPO could raise about $200 million. Atlas Energy’s filing, however, uses the standard $100 million figure for its estimated IPO proceeds.
Goldman Sachs, BofA Securities, Piper Sandler, RBC Capital Markets, Barclays, Citigroup, Raymond James and Johnson Rice & Co. are the joint book-runners of Atlas Energy’s IPO.
Both of these big IPOs – Atmus Filtration Technologies and Atlas Energy Solutions – are NYSE listings.
(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.