Securities Regulation Daily Wrap Up, IPO TRACKER—2024 already has second $1 billion+ IPO, (Feb 6, 2024)
Organizations Mentioned:Alto Neuroscience, Inc. | Amer Sports, Inc. | Black Hawk Acquisition Corp. | CoLabs International Corp. | Fly-E Group, Inc. | Fractyl Health, Inc. | Plutus Financial Group Ltd. | SKK Holdings Ltd. | Veg House Holdings Inc. | XCHG Ltd.
A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals.
If deal size is any indicator, 2024 already appears poised to surpass the anemic 2023 IPO market performance. The year has seen its second $1 billion+ offering, something that was not accomplished last year until October. Overall last year only produced three IPOs that raised more than $1 billion, and 2024 has two in its first five weeks. The latest company to surpass that threshold was sports apparel and accessories provider Amer Sports. The company raised $1.36 billion in its public market debut. Two healthcare companies, Alto Neuroscience and Fractyl Health, also went public last week. Fractyl Health’s deal was the first SIC 3841 (Surgical & Medical Instruments) new issue since April 2022. January ended with 14 IPOs, eight more than in December, and five more than last January.
New registrants. The week’s activity included six preliminary filings that included XCHG and Fly E-Group, both of which operate in the electric vehicle space. China’s XCHG offers batteries and other charging solutions for electric vehicles. Fly E-Group designs and sells electric motorcycles, bikes, scooters, and related accessories. The week’s non-U.S. new registrants also included Singapore’s SKK Holdings and Hong Kong-headquartered Plutus Financial Group. Civil engineering services provider SKK specializes in subsurface utility work including laying power cables and water pipelines. Plutus provides securities brokerage, asset management, and other financial services. EF Hutton was hired as lead underwriter by the week’s two other filers, Veg House Holdings and Black Hawk Acquisition. Veg House sells plant-based food products online primarily to consumers in North America and the U.K. Black Hawk is a blank check that has not yet specified a target industry. Black Hawk’s sponsor has agreed to purchase $2.2 million of units in a concurrent private placement. January’s 21 preliminary registrations were one shy of the December and January 2023 totals.
Withdrawals. CoLabs International, a California-based provider of over-the-counter pharmaceuticals, was the only company to withdraw its pending registration last week. The company never amended its March 2023 initial registration. January tallied seven Forms RW, four more than in December but only half as many as the January 2023 total.
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: Amer Sports, Inc.; Alto Neuroscience, Inc.; Fractyl Health, Inc.; SKK Holdings Ltd.; Plutus Financial Group Ltd.; Fly-E Group, Inc.; XCHG Ltd.; Black Hawk Acquisition Corp.; Veg House Holdings Inc.; CoLabs International Corp.
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