Shares of connected TV advertising platform MNTN jumped 65% after the company backed by Ryan Reynolds raised $187M in its initial public offering.

The IPO market seems to be showing signs of revival after several years of little activity. Since 2022, startups from several industries decided to stay private as they waited for more favorable conditions.  

LATEST IPOS AND DIRECT LISTINGS:

Fast Track Group (FTRK) opened on May 23 at $3.89. The company had priced 3.75M shares at $4.00. The deal priced at the bottom of the $4.00-$5.00 range. . Fast Track is an entertainment-focused event management and celebrity agency company that was created in Singapore in 2012 and has expanded across the Asia Pacific region.

Hinge Health (HNGE) opened on May 22 at $39.25,. The company priced its initial public offering of an aggregate 13.666M shares of its Class A common stock at $32.00 per share. Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, “delivering an outstanding member experience, improved member outcomes, and cost reductions for its clients,” the company states.

MNTN (MNTN) opened on May 22 at $21.00. The company, a technology platform bringing performance marketing to connected TV, priced its initial public offering of 11.7M at a public offering price of $16.00 per share. Ryan Reynolds serves as the company’s Chief Creative Officer.

OFA Group (OFAL) opened on May 21 at $4. The architectural design firm priced its initial public offering of 3.75M ordinary shares at a public offering price of $4.00 per share. The company intends to use the net proceeds from the offering for research and development of their architectural AI services and tools, to enhance its service capacity by establishing dedicated in-house teams for architectural and interior design, as well as project management and for general working capital and daily operational needs, including, but not limited to, the establishment of a U.S. based subsidiary to expand the company’s services and capacities, funding sales and marketing efforts and developing the company’s web interface.

RECENT SPAC IPOS:

Cal Redwood Acquisition (CRA) opened on May 23 at $10.02. The blank check company expects to focus its efforts on businesses in the technology, media and telecommunications sector as well as sectors that are being “transformed via technology disruption.”

Pelican Acquisition (PELI) opened on May 23 at $10.02. The blank check company is targeting the global tech industry.

Oyster Enterprises II Acquisition (OYSE) opened on May 22 at $10.06. The blank check company is focused on industries that align with the background of the company’s management team and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate and hospitality. The company will also focus on AI companies positioned to complement or disrupt those industries, as well as companies within the digital assets and blockchain ecosystem.

END OF THE WEEK PERFORMANCE:

RECENT IPOS TO WATCH: Smart Digital (SDM) and Yuanbao (YB) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Fitness Champs (FCHL), Chime (CHYM), Circle (CRCL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

Fitness Champs filed an initial public offering of 2M ordinary shares, with selling shareholders offering an additional 1.75M shares. The company intends to apply to list its shares on the Nasdaq under the symbol “FCHL.” The company anticipates the initial public offering price will be between $4.00-$5.00 per share. Bancroft Capital is acting as the underwriter.

Chime announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Chime has applied to list its common stock on the Nasdaq under the ticker symbol “CHYM.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley, Goldman Sachs and J.P. Morgan will act as lead book-running managers for the proposed offering. Barclays will act as an additional book-running manager. Evercore ISI, UBS Investment Bank, Deutsche Bank Securities, Piper Sandler and Wolfe Nomura Alliance will act as bookrunners. William Blair, Canaccord Genuity, Keefe, Bruyette & Woods, First Citizens Capital Securities and Texas Capital Securities will act as co-managers. Chime is a financial technology company.

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol “CRCL.” The company’s prospectus filed with SEC states, “As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively.”

Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

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