ROC News & Events

SoftBank's payments app operator made its public debut last week, with PayPay beginning trade above its $16 IPO price.LATEST IPOS AND DIRECT LISTINGS:SoftBank Group'spayments app operator, PayPay, opened on March 12 at $19, IPO priced at $16 per share. The company priced its initial public offering of 55M American depositary shares at $16.00, below the $17.00-$20.00 target range.RECENT SPAC IPOS:SUMA Acquisitionopened on March 11 at $9.99. The blank check company may pursue an initial business combination target in any industry or geographical location, but intends to focus its search on the United States and other developed markets across several technology-enabled sectors.PERFORMANCE:Prices as of 11 am ET on Monday, March 16PayPay – down over 4% at $20.24.RECENT IPOS TO WATCH:Rank One Computing, 20/20 BioLabs, and SharonAIare among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Pershing Square USA, Studend Living EduVation, Liftoff, Cerebras Systems, and OpenAI.Clickto see upcoming IPO calendar on TipRanks.Pershing Square USA, or PSUS, a closed end investment company managed by Pershing Square Capital Management, L.P., announced that it has publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form N-2 relating to a proposed initial public offering of its common shares of beneficial interest. Concurrently with the filing of the N-2 Registration Statement, Pershing Square Inc., the prospective parent company of PSCM, publicly filed a registration statement on Form S-1 with the SEC relating to a proposed initial public offering of its common stock. The PSUS Shares are being offered at a price of $50.00 per PSUS Share and investors in the PSUS IPO will receive, for no additional consideration, 20 PSI Shares for every 100 PSUS Shares purchased. PSUS is seeking an aggregate offering size of at least $5B, inclusive of the gross commitments of $2.8B from a private placement which will be settled concurrently with, and will be contingent upon, the closing of the combined IPO. PSUS does not intend to increase the aggregate offering size such that the gross proceeds from the PSUS IPO and the private placement would be in excess of $10B, before any exercise of the underwriters' overallotment option. PSUS intends to invest the net proceeds of the PSUS IPO in accordance with its investment objective and policies. All of the net proceeds of the combined IPO will be received by PSUS and the combined IPO will not result in any proceeds to PSI. If the combined IPO is completed, it is expected that both the PSUS Shares and the PSI Shares will be listed on the New York Stock Exchange under the symbols "PSUS" and "PS," respectively. The combined IPO is subject to market and other conditions and the completion of the SEC's review process of the Registration Statements and there can be no assurance as to whether or when the combined IPO may be completed or as to the actual size or other terms of the combined IPO. Citigroup Global Markets, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities are acting as global coordinators and bookrunners for the combined IPO.Student Living EduVationfiled with the SEC for an initial public offering by the company of 3.75M ordinary shares. The company stated, "We are offering 3,750,000 Ordinary Shares on a firm commitment basis. We anticipate that Offering price of the Ordinary Shares will be between $4.00 and $6.00 per Ordinary Share. The Resale Shareholders are also offering 5,880,000 Ordinary Shares to be sold pursuant to the Resale Prospectus. We are registering the Resale Shares pursuant to the Registration Rights Agreements we entered into with the Six Pre-IPO Investors on September 19, 2025... We will not receive any of the proceeds from the sale of the Ordinary Shares by the Resale Shareholders. Prior to this Offering, there has been no public market for our Ordinary Shares. We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol 'SDLV'... We are a Cayman Islands exempted company with limited liability with a principal place of business in Hong Kong through our wholly-owned subsidiary, Student Living Culture Technology Limited. We are a student living and referral of education advisory services provider operating under the "Student Living" brand in Hong Kong. Our mission is to transform student dormitories into incubators for learning, collaboration, and self-discovery, as well as fostering an ecosystem that nurtures future global talent, providing more than just a place to live."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.Cerebras Systemshas picked Morgan Stanley to lead its initial public offering, which could raise about $2B in a listing as soon as April, people familiar with the matter told Bloomberg's Ryan Gould, Bailey Lipschultz and Anthony Hughes. Cerebras, which withdrew its previous IPO registration in October, has filed fresh paperwork for an IPO and is set to meet with analysts and prospective investors this month, the report added.OpenAIis accelerating its plans for a public listing as rivalry with Anthropic intensifies, now planning on listing in Q4 of this year, Berber Jin, Corrie Driebusch, and Kate Clark of The Wall Street Journal. OpenAI is holding discussions with Wall Street banks about a potential initial public offering and has hired several executives to oversee its finance team, sources told the Journal.Elon Musk is targeting mid-June for the timing ofSpaceX's initial public offering, IPO, Ivan Levingston, Stephen Morris, and Mercedes Ruehl of The Financial Times, citing five people familiar with the matter. The company is looking to raise $50B at a valuation of $1.5T, the sources added.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

Rank One Computing, 20/20 BioLabs and SharonAI all began trading last week, marking a busy stretch for AI-driven initial public offerings.LATEST IPOS AND DIRECT LISTINGS:Rank One Computingopened on February 20 at $6.30. The company priced 4M shares at $6.00. The deal size was increased to 4M shares of common stock from 3M shares of common stock and the deal priced at the high-end of the $5.00-$6.00 range. ROC is a U.S. developer and manufacturer of Vision AI, delivering sovereign biometrics, video analytics, and mission intelligence through a unified platform. "At its core, ROC transforms raw pixels into real-time operational awareness for defense, public safety, and digital commerce," the company states.20/20 BioLabsopened on February 19 at $50 after direct listing. 20/20 BioLabs develops and commercializes AI-powered, laboratory-based blood tests for the early detection and prevention of cancers and chronic diseases.SharonAIopened on February 18 at $30.24. The Australian high-performance computing company focused on artificial intelligence and cloud GPU compute infrastructure priced its initial public offering in the United States of 4,166,666 shares of its Class A ordinary common stock at a public offering price of $30.00 per share. The company intends to use the net proceeds from the offering to acquire additional GPU focused equipment and for working capital and other general corporate purposes.RECENT SPAC IPOS:Averin Capital Acquisitionopened on February 19 at $10. The blank check company may pursue an acquisition opportunity in any business or industry but expects to focus on a target in technology and health industries. Deutsche Bank Securities is acting as sole book-running manager for the offering.Abony Acquisition Corp. Iopened on February 19 at $9.99. While the 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 to $1.5B or more, that complement the company's management team's background in defense technology, advanced computing, software and media industry sectors.PERFORMANCE:Prices as of 11.00 am ET on Monday, February 23 -Rank One Computing – down almost 3% at $6;20/20 BioLabs – down over 41% at $8.71;SharonAI – fractionally up at $30.91.RECENT IPOS TO WATCH:York Space Systems, Ethosand PicPayare already seeing coverage roll out as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Liftoff, PayPay, OpenAI, Speed Group, and Lendbuzz.Clickto see upcoming IPO calendar on TipRanks.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.PayPay Corporationfiled for an initial public offering of American depositary shares, or ADSs, and has applied to list the ADSs on the Nasdaq Global Select Market under the symbol "PAYP." The prospects filed with the SEC states, "As Japan's leading financial technology company, we are dedicated to our goal of becoming a digital finance platform for all... We launched this service in October 2018 and it rapidly expanded to become a nation-wide leading cashless payments ecosystem that had approximately 72 million PayPay registered users as of December 31, 2025, representing a penetration of 75% among 96 million smartphone users in Japan. With the acquisition of PayPay Card Corporation in October 2022, our platform evolved to a next-generation payments ecosystem, seamlessly integrating our code-based payment and credit card payment services through our PayPay app."OpenAIis accelerating its plans for a public listing as rivalry with Anthropic intensifies, now planning on listing in Q4 of this year, Berber Jin, Corrie Driebusch, and Kate Clark of The Wall Street Journal. OpenAI is holding discussions with Wall Street banks about a potential initial public offering and has hired several executives to oversee its finance team, sources told the Journal.Elon Musk is targeting mid-June for the timing ofSpaceX's initial public offering, IPO, Ivan Levingston, Stephen Morris, and Mercedes Ruehl of The Financial Times, citing five people familiar with the matter. The company is looking to raise $50B at a valuation of $1.5T, the sources added.Speed Groupfiled a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company's operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports. For the years ended June 30, 2024 and 2025, Speed's revenues were $17.9M and $22.64M, respectively.Lendbuzz Inc.is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol "LBZZ." The prospectus states: "Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales."OTHER IPO NEWS:Clear Street Grouprequested that the Registration Statement on Form S-1, initially publicly filed with the Securities and Exchange Commission on January 20, and all exhibits thereto, be withdrawn. "Due to current market conditions, the company has determined not to pursue, at this time, the initial public offering of the company's class A common stock to which the Registration Statement relates," the company stated in a filing with the SEC.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

Rank One Computing priced 4M shares at $6.00. The deal size was increased to 4M shares of common stock from 3M shares of common stock and the deal priced at the high-end of the $5.00-$6.00 range. Benchmark acted as sole book running manager for the offering. ROC is a U.S. developer and manufacturer of Vision AI, delivering sovereign biometrics, video analytics, and mission intelligence through a unified platform. "At its core, ROC transforms raw pixels into real-time operational awareness for defense, public safety, and digital commerce," the company states.

The deal size was increased to 4M shares of common stock from 3M shares of common stock and the deal priced at the high-end of the $5.00-$6.00 range. Benchmark acted as sole book running manager for the offering.