Securities Regulation Daily Wrap Up, IPO TRACKER—Drug makers claim three of week’s seven deals, (Sep 17, 2024)

By John Filar Atwood

A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals.

Three of the seven companies that completed IPOs last week are pharmaceutical preparations companies (SIC 2834) bringing that industry’s 2024 deal total to 12. That makes it the second busiest group for IPOs this year behind the 32 blank check offerings. Last week’s SIC 2834 new issuers were MBX Biosciences, Bicara Therapeutics, and Zenas BioPharma. Morgan Stanley led Bicara and Zenas to market, and has now served as lead manager on 25 new issues so far this year. XCHG became the first Germany-headquartered company to go public in the U.S. since 2021 when seven German companies debuted. The provider of charging solutions for electric vehicles raised $20.7 million in the offering. The latest China-based new issuers are Galaxy Payroll Group and Future Vision II Acquisition. Galaxy Payroll had been publicly registered since December 2022. Ten Singapore companies have completed IPOs in the U.S. this year following the debut of Trident Digital Tech Holdings. The country has surpassed its deal total for 2022 and 2023, both of which saw seven Singapore IPOs.

New registrants. The week’s activity included eight new registrations. New public filers Basel Medical Group, BrilliA, and Fitness Champs Holdings are headquartered in Singapore. Basel Medical, which is controlled by Rainforest Capital, provides orthopedic, trauma, sports medicine, and neurosurgical services. BrilliA is involved in lingerie and apparel design and sales, while Fitness Champs provides sports education services focused on swimming skills. Texas-based real estate investment trust FrontView filed its IPO plans. The REIT owns and manages properties leased to service-oriented tenants including restaurants, financial institutions, auto dealers, and grocery stores. Two REITS (SIC 6798) have completed IPOs this year after none in 2022 and 2023. Bank holding company Chain Bridge Bancorp hopes to raise $46 million through its IPO. The Virginia company offers commercial and personal banking services across the U.S. The underwriters will reserve a portion of the IPO shares for sale to Chain Bridge directors, executive officers, and employees. China is home to new preliminary registrants Diginex and BingEx. Diginex, which completed a share restructuring to prepare for the IPO, offers software that enables companies to collect and share sustainability data. BingEx provides on-demand dedicated courier services for individual and business customers in China. Oil and gas exploration limited partnership Peak Resources registered with Janney Montgomery as lead underwriter. Peak, which is controlled by private equity firm Yorktown Partners, focuses its efforts on Wyoming’s Powder River Basin. The partnership intends to use a portion of the offering proceeds to repay an existing credit agreement as part of a debt refinancing.

Withdrawals. No companies opted to withdraw their pending IPO registration statements last week.

The information reported in IPO Tracker is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.

Companies: Trident Digital Tech Holdings Ltd.; XCHG Ltd.; Galaxy Payroll Group Ltd.; Bicara Therapeutics Inc.; Future Vision II Acquisition Corp.; MBX Biosciences, Inc.; Zenas BioPharma, Inc.; Fitness Champs Holdings Ltd.; FrontView REIT, Inc.; Diginex Ltd.; BrilliA Inc.; Basel Medical Group Ltd.; BingEx Ltd.; Chain Bridge Bancorp, Inc.; Peak Resources LP.

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