IPO Roundup: Ibotta, Centuri Holdings, and more (NYSEARCA:IPO)

Following a strong performance in the first quarter for stock markets, IPOs have also started off the year well. The Renaissance IPO ETF (NYSEARCA:IPO) has increased by 3.5% YTD, following the uptrend of the S&P 500, which is ahead by about 7.4% in 2024.

Here are some of the other major headlines in the IPO market:

Coming IPOs that are expected to price this week

• Top Wealth Group Holding (TWG) is raising up to $10M by offering 2M shares at a price range of $4 to $6 per share. Description: A Hong Kong-based supplier of luxury caviar products.
• CDT Environmental Technology Investment Holdings (CDTG) is raising $9M by issuing 2M shares at an estimated price range between $4 and $5 per share. Description: Sewage treatment systems and services provider in China.
• Centuri Holdings (CTRI) is raising up to $242M by issuing 12.4M shares at a price range of $18 to $21 per share. Description: Utility infrastructure services provider in North America.
• FBS Global (FBGL) is raising up to $7.5M by issuing 1.9M shares at an estimated price of $4 per share. Description: An engineering and construction services provider in Singapore.
• Ibotta (IBTA) is raising $450M by offering 5.6M shares at an estimated price range of between $76 and $84 per share. Description: A digital marketing platform offering cash rebates to consumers.
• Serve Robotics (SERV) is raising $40M by offering 8.9M shares at an estimated price of $4.50 per share. Description: A developer of autonomous delivery robots spun out of Uber.
• RanMarine Technology (RMRN) is raising $7.9M by issuing 1.4M shares at a price of $5.5 per share. Description: A Dutch aquatic drone developer.

New notable filings

• Silvaco Group (SVCO) has filed with the SEC to raise up to $100M in an initial public offering. The company provides TCAD, EDA, and SIP software to help semiconductor and photonics companies increase productivity, accelerate product time-to-market, and reduce development and manufacturing costs. It plans to list on Nasdaq under the symbol SVCO. Description: A Santa Clara-based design automation software and semiconductor IP solutions provider.
• Bowhead Specialty Holdings (BOW) has filed with the SEC to raise up to $100M in an initial public offering. It plans to list on the NYSE under the symbol BOW. Description: A specialty property and casualty insurer.
• Proficient Auto Logistics (PAL) has filed with the SEC to raise up to $100M in an initial public offering. The company plans to list on the Nasdaq under the symbol PAL. Description: A group of auto transportation and logistics service providers in North America.
• Mission Space Acquisition (MISNU) has filed with the SEC to raise up to $100M in an initial public offering. It plans to offer 10M units at $10 each, each containing one share of common stock and half of a warrant, exercisable at $11.50. Mission Space Acquisition, founded in 2024, plans to list on the NYSE under the symbol MISNU. Description: A blank check company focusing on the aerospace and defense services industries.

Terms and changes

• Key Mining (KMKM), a Florida-based mining company with two exploration-stage projects in Chile, has reduced its proposed deal size for its upcoming IPO. The company now plans to raise $10M by offering 4.4M shares at $2.25, a 38% decrease from the previous offer of 7.5M shares at a range of $2.00 to $2.30. Key Mining plans to list on the NYSE American under the symbol KMCM.

Withdrawal

• Innovex Downhole Solutions (INVX), a provider of engineered well products for the oil and natural gas industry, has decided to cancel its initial public offering (IPO) plans. The company had filed for a $100M deal in January 2024 and was expected to be listed on the New York Stock Exchange under the symbol INVX.

Lockup period expirations

• Northann (NYSE:NCL) on 4/16/2024. Price movement over the past six months: -90%.
• Webuy Global (NASDAQ:WBUY) on 4/16/2024. Price movement over the past six months: -23%.
• ABIVAX Société Anonyme (NASDAQ:ABVX) on 4/17/2024. Price movement over the past six months: +29.3%.
• Central Plains Bancshares (NASDAQ:CPBI) on 4/17/2024. Price movement over the past six months: +10.4%.

SA Commentary

• “While Centuri Holdings (CTRI) has a long history, its slow growth and lack of profits may hinder the IPO,” writes Investing Group Leader Donovan Jones.