The IPOX® Update 7/11/23

Surf Air Mobility Set for NYSE Debut Following Merger with Southern Airways

California-based electric aviation company, Surf Air Mobility, is poised to commence trading on the New York Stock Exchange (NYSE) in the week of July 24. This follows a merger with commuter airline Southern Airways, which will become a wholly owned subsidiary of Surf Air Mobility. The company, which is developing hybrid-electric powertrain technology, aims to connect regional airports with high-frequency air service using small turboprop aircraft. The Federal Aviation Administration (FAA) approval for this technology is expected by 2025. The company's initial public offering (IPO) is anticipated to reach a value of $1.36 billion, based on previous private transaction prices. The stock will trade under the ticker SRFM. (Source)

Biotech Firm Apogee Therapeutics Plans $250 Million IPO

Biotech firm Apogee Therapeutics, established in 2022 and based in the United States, is planning a $250 million initial public offering (IPO). The company, which employs 25 people, is developing advanced treatments for skin and respiratory conditions. Despite not yet generating revenue and reporting a net income loss of $39.8 million in the past year, the proceeds from the IPO will be allocated to fund the preclinical studies, clinical trials, and manufacturing of four primary programs. The funds will also support additional research and development activities, capital expenditures, and general corporate needs. The IPO, which is planned to trade on NASDAQ under the symbol APGE on July 14, 2023, is lead managed by Jefferies, TD Cowen, Stifel, Guggenheim Securities, and Wedbush PacGrow. (Source)

Sagimet Biosciences Files for IPO in Heated NASH Field

Delaware-based clinical-stage pharma company, Sagimet Biosciences, has filed again for an initial public offering (IPO) after previously filing in April 2021. The company's key focus is nonalcoholic steatohepatitis (NASH), a serious liver disease that occurs in people who consume little or no alcohol. Sagimet's drug, denifanstat, aims to reduce liver fat and inflammation, potentially halting or reversing the disease. The company, which raised $233.3 million from private investors and currently holds $25.3 million in cash, reported no revenue and a net income loss of $30.5 million in 2022. The IPO offer size is $75 million, with an estimated market cap of $344.8 million. The expected trading date for the IPO is July 14, 2023. (Source)

Oddity Tech Files for IPO on Nasdaq

Tel Aviv-based beauty and wellness platform, Oddity Tech, has filed for an initial public offering (IPO) on Nasdaq. The offering size of the IPO is estimated at $300 million, with a potential market cap of $1611.68 million. The company, which hosts over 4 million active customers and operates in the US, Europe, and Australia, aims to disrupt the beauty and wellness market with brands like Il Makiage and SpoiledChild. Oddity Tech utilizes data science, machine learning, and computer vision to enhance customer experience. The platform engages customers through quizzes and questionnaires to match them with products. The first day of trading is anticipated to be July 19th. (Source)

Turkish Mobility App Marti Technologies Begins Trading on NYSE

Turkish mobility app, Marti Technologies, defies the SPAC slump and begins trading on the New York Stock Exchange (NYSE) today. The listing follows the completion of a merger with Galata Acquisition Corp., valuing the enterprise at $549 million. The proceeds from the deal will be used to expand Marti's transport services, including ride-hailing and a fleet of e-mobility vehicles. Despite the declining interest and market volatility for SPACs, the deal completion suggests resilience against the challenging investment environment in Turkey and the US. Marti's founders and employees will retain ownership of the remaining shares after the listing. (Source)

China's Largest Online Fitness Platform Keep to List in Hong Kong

China's largest online fitness platform, Keep, is set to list in Hong Kong tomorrow after two failed attempts. The SoftBank-backed company raised $40m from the sale of 10.84 million shares. Fitness enthusiasts in China are expected to grow 24% to 463.5 million by 2027. Fitness spending per capita in China is around a sixth of that in the US, suggesting significant growth potential. Keep, which has 36.3 million monthly active users, is the most popular fitness app in China. The company believes it has fundamentally redefined the relationship between Chinese people and fitness. (Source)

Seed Producer Syngenta Plans $9 Billion IPO in Shanghai

Swiss-based seed producer Syngenta plans a $9 billion initial public offering (IPO) in Shanghai, potentially the world's largest in 2023. Citigroup, HSBC, JPMorgan, and UBS are approaching investors, including sovereign wealth funds. China International Capital Corp., and BOC International Holdings are sponsoring the IPO. Global banks may gain junior roles in the IPO if successful in bringing investors. Syngenta's IPO is significant for global banks seeking entry into China's $10 trillion equity market. The IPO proceeds are intended for high-end agricultural tech research, acquisitions, debt repayment, and business expansion. (Source)

Medical Device Firm Genesis MedTech Weighs Potential $500m IPO in Hong Kong

Singapore-based medical device firm, Genesis MedTech, is weighing a potential $500 million initial public offering (IPO) in Hong Kong. The company has tapped Citic Securities, Goldman Sachs, and Morgan Stanley for the potential listing. Genesis’s product portfolio includes minimally invasive surgical devices and neurovascular devices. The company may wait to launch the IPO due to market conditions. No specific IPO timeline or fundraising amount has been decided yet. (Source)

Taiwan's Stock Exchange Expects Surge in IPO Applications

Taiwan's stock exchange, led by CEO Sherman Lin, expects IPO applications to rise by over 50% this year. The exchange aims to diversify from its heavy reliance on the tech sector, with companies from the electric vehicle, cloud computing, and biotech sectors expected to lead IPOs. The exchange is also reforming its industry classification and improving its global image to attract foreign investors. Taiwan Semiconductor Manufacturing Co. currently dominates Taiwan’s equity market with a 28% weighting. Lin plans to visit New York and Boston in September to court foreign investors. (Source)