The IPO Buzz: Light Traffic in Late August
August is winding down this week with just five small IPOs in the offing. A couple of SPAC IPOs are on the pricing radar as well. That light traffic is typical for this time of year. It’s a popular getaway week for Wall Street pros and investors in the countdown to the Labor Day holiday weekend that marks the end of summer.
If everything on the IPO Calendar gets priced this week, bankers may raise about $265.5 million.
On Monday night, a Singapore industrial drum supplier, JBDI Holdings (JBDI), got the IPO market’s end-of-summer party started by pricing its small-cap IPO at $5.00 – the high end of the range. The company priced 2.25 million shares at $5.00 to raise $11.25 million. The stock is expected to start trading Tuesday, Aug. 27, 2024, on the NASDAQ.
A couple of SPAC IPOs – Black Spade Acquisition II (BSIIU Proposed) – and YHN Acquisition I (YHNAU Proposed) – are also in the late August.
Black Spade Acquisition II, backed by Black Spade Capital Limited, is aiming to raise $150 million by pricing 15.0 million units at $10.00 each. Clear Street and Cohen & Company Capital Markets are the joint book-runners. The word on the Street was that Black Spade Acquisition II may price its IPO on Monday night – to trade Tuesday, Aug. 27, 2024 – on the NASDAQ.
YHN Acquisition I Corp., run by the managing partner and the vice chair of Norwich Capital, intends to raise $60 million by pricing 6.0 million units at $10.00 each. The timing of YHN Acquisition I’s pricing is described as sometime during the week of Aug. 26, 2024. Lucid Capital Markets is the sole book-runner.
The rest of this week’s IPO Calendar consists of five micro-cap IPOIs – ranging in size from $8.3 million to $15.0 million.
JBDI Holdings (JBDI) priced its small-cap IPO on Monday night, Aug. 26, 2024, at $5.00 – the high end of its $4.00-to-$5.00 price range. Clear Street and Cohen & Company Capital Markets served as joint book-runners for this deal, which consisted of 2.25 million shares. The Singapore-based company is a supplier of new and reconditioned industrial drums.
Two small IPOs – Powell Max (PMAX Proposed) and Trident Digital Holdings (TDTH) – are carry-overs from last week.
Two more tiny deals – Cuprina Holdings (Cayman) (CUPH Proposed) and Autozi (AZI Proposed) – are also on the IPO runway.
Stay tuned.
(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 or 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.
Source: https://www.iposcoop.com/the-ipo-buzz-light-traffic-in-late-august/
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