AEVEX Opens Above $20 in IPO Debut
AEVEX stepped in to the public markets last week with an opening above its offer price, giving early momentum to the Madison Dearborn–supported drone maker as it positions itself as "a global leader in cutting-edge unmanned systems."LATEST IPOS AND DIRECT LISTINGS:AEVEXopened on April 17 at $23.01. The drone maker priced 16M shares at $20.00, within the expected $18.00-$21.00 range. The portfolio company of Madison Dearborn Partners' funds dubs itself "a global leader in cutting-edge unmanned systems."Kailera Therapeuticsopened on April 17 at $26. The company priced 39.06M shares at $16.00. The deal size was increased and priced at the high end of the range. Kailera is an advanced clinical-stage biotechnology company that says it is "focused on elevating the next era of obesity care."Alamar Biosciencesopened on April 17 at $22.60. The company priced 11.25M shares at $17.00. The deal size was increased and priced at the high-end of the range. Alamar is a life sciences company that says its platform is designed to detect biomarkers with ultra-high sensitivity and "address key limitations of existing technologies, helping researchers unlock the full spectrum of protein biomarkers across disease states."Madison Airopened on April 16 at $32. The company priced 82.692M shares at $27.00, at the top end of the $25.00-$27.00 target range. Madison Air is an air quality solutions provider for commercial and residential markets through its portfolio of brands, including Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor.Arxisopened on April 16 at $38.00. The company priced 40.5M shares at $28.00, at the high end of the $25.00-$28.00 target range. Arxis is a designer and manufacturer of proprietary, mission-critical electronic and mechanical engineered components and a portfolio company of Arcline Investment Management.RECENT SPAC IPOS:ACP Holdings Acquisition Corp.opened on April 7 at $9.94. While the blank check company may pursue an initial business combination target in any industry or geographic region, it intends to focus on companies that have an aggregate enterprise value of approximately $750M or greater, that complement the company's management team's background of identifying and executing on private credit investments.Apogee Acquisitionopened on April 7 at $10.01. The blank check company intends to focus on companies developing, integrating, or enabling advanced technologies across both physical and digital domains.JATT II Acquisitionopened on April 17 at $10. The newly organized special purpose acquisition company formed as a Cayman Islands exempted company, priced its initial public offering of 6M ordinary shares at an offering price of $10.00 per ordinary share.QuasarEdge Acquisitionopened on April 15 at $10. Polaris Advisory Partners, a division of Kingswood Capital Partners, acted as the sole book-running manager for the offering.Maywood Acquisition Corp. 2opened on April 14 at $10. D. Boral Capital acted as the sole book-running manager for the offering.PERFORMANCE:Prices as of 11 am ET on Monday, April 20AEVEX – up almost 34% at $36;Kailera Therapeutics – up more than 2% at $26.63;Alamar Biosciences – up about 11% at $24.37;Madison Air – up almost 3% at $33.31;Arxis – down about 1% at $37.65.UPCOMING IPOS:Upcoming IPO and direct listings expected include Cerebras, Jersey Mike's, HawkEye 360, Boundless Group, and Liftoff.Clickto see upcoming IPO calendar on TipRanks.Cerebras Systemsannounced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Cerebras intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "CBRS." Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the proposed offering. Mizuho and TD Cowen will act as bookrunners. Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, and Academy Securities will act as co-managers.Jersey Mike's Subs, the sandwich chain with more than 3,000 locations, submitted a confidential filing with the U.S. Securities and Exchange Commission for its initial public offering, Bloomberg's Bailey Lipschultz. The Blackstone-backed company said in a statement that the number of shares to be offered and the price range for the proposed offering have not yet been determined. Jersey Mike's is seeking a valuation of at least $12B and the IPO is anticipated to raise more than $1B, sources said.HawkEye 360filed for an initial public offering of shares of common stock and said it intends to apply for listing of its common stock on the New York Stock Exchange under the symbol "HAWK." The prospectus filed with the SEC states, "HawkEye 360 provides secure end-to-end signals solutions which are tightly integrated into the fabric of national security architectures. As a trusted signals intelligence partner to the U.S. Government and its allies, we are the first commercial space-enabled defense technology company to disrupt electronic warfare at scale. We deliver shareable, battlefield-proven radio frequency intelligence that supports Warfighters during varied cycles of geopolitical volatility. We operate across the entire value chain from design and build, to data collection, to processing and analysis, delivering capabilities and insights to customers throughout our global allied defense landscape."Boundless Groupis offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.Liftoff Mobileannounced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
