Pershing Square USA and Inc. Begin Trading on April 29
Pershing Square USA and Pershing Square Inc. began trading on April 29, marking the public debut of Bill Ackman's two vehicle structure.LATEST IPOS AND DIRECT LISTINGS:Seaport Therapeuticsopened on May 1 at $21. The company priced 14.2M shares at $18.00. The deal size was increased to 14.2M shares of common stock from 11.8M shares and priced at the high-end of the $16.00-$18.00 range. Seaport Therapeutics is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety, and other neuropsychiatric disorders.Hemab Therapeuticsopened on May 1 at $27. The company priced 16.75M shares at $18.00. The deal size was increased to 16.75M shares from 15.0M and priced at the top end of the $16.00-$18.00 target range. Hemab Therapeutics is a clinical-stage biotechnology company developing therapies that it says "reimagine the treatment of blood coagulation disorders to sustain life and human resilience."Avalyn Pharmaopened on April 30 at $26.00. The company priced 16.67M shares at $18.00. The deal priced at the top end of its $16.00-$18.00 target range. Avalyn's AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis.Silver Bow Miningopened on April 30 at $10.75. The company priced 5.2M shares at $11.50. The deal size was increased to 5.2M shares of common stock from 4.35M shares and the deal priced within the $10.00-$13.00 range. Silver Bow Mining is a minerals exploration company focused on developing silver, zinc, gold, lead, and copper targets in the Butte Mining District of Montana.Pershing Square USA, an investment company managed by Pershing Square Capital Management, andPershing Square Inc., the parent company of PSCM, opened for trading on April 29. Pershing Square USApriced its IPO at $50 and opened for trading at $42, while Pershing Square Inc.opened at $24. The Pershing Square USA shares and the Pershing Square Inc. shares trade on the New York Stock Exchange under the symbols "PSUS" and "PS", respectively.RECENT SPAC IPOS:CH4 Natural Solutionsopened on May 1 at $10.00. The blank check company intends to focus its search for a target business with a "significant real-asset footprint that may provide opportunities for attractive risk-adjusted returns and benefit from accelerated methane mitigation initiatives at scale."Quantum Leap Acquisitionopened on May 1 at $10.00. The blank check company intends to focus on target companies within the artificial intelligence, quantum computing, and blockchain technology sectors.General Catalyst Global Resilience Mergeropened on April 30 at $10.05. The blank check company intends to focus on "global resilience" sectors, including aerospace and defense, national security, industrials and manufacturing.RRE Ventures Acquisitionopened on April 30 at $9.97. Cohen and Company Capital Markets is acting as representative of the several underwriters for the offering.Mountain Crest Acquisition 6opened on April 30 at $10. D. Boral Capital is acting as the sole book-running manager for the offering.ARC Group Acquisition Iopened on April 30 at $10.02. The blank check company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but intends to identify and acquire a business "where it believes its management teams' and its affiliates' expertise will provide it with a competitive advantage, including technology, healthcare and logistics industries."West Enclave Mergeropened on April 30 at $10.02. The special purpose acquisition company may pursue a target in any geography or industry and intends to focus on identifying a high-quality business that operates in Latin America or a U.S. based business whose revenues, operations or strategic growth are positioned to benefit from the economic interconnection between the United States and Latin America, particularly Mexico.Forefront Tech Holdings Acquisitionopened on April 30 at $9.98. BTIG is acting as sole book-running manager for the offering.Churchill Capital Corp XIIopened on April 28 at $10.12. The blank check company may pursue an initial business combination target in any business or industry.Plutonian Acquisition Corp IIopened on April 28 at $10.03. Alliance Global Partners is acting as the sole book-running manager for the offering.PERFORMANCE:Prices as of 11:30 am ET on Monday, May 4 -Seaport Therapeutics – down over 7% at $18.13;Hemab Therapeutics – down almost 14% at $29.25;Avalyn Pharma – down about 3.5% at $28.81;Silver Bow Mining – down more than 6% at $10.10;Pershing Square USA – fractionally down at $42.56;Pershing Square Inc. – down almost 10% at $34.35.UPCOMING IPOS:Upcoming IPO and direct listings expected include Csquare, Tarsier Pharma, Quantinuum, Cerebras, Boundless Group, and Liftoff.Clickto see upcoming IPO calendar on TipRanks.Csquarefiled confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg's Bailey Lipschultz. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners-backed company joins a rush of new listings as the companies building out the backbone to support AI's energy needs seek to raise funds, the author notes.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company."Honeywellannounced that Quantinuum, which is majority owned by Honeywell, confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC on February 17, relating to the proposed initial public offering of Quantinuum's common stock. The 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 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.Boundless Group is 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.
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- Upsized Fundraising: Odyssey Therapeutics successfully raised $279 million in its U.S. IPO by selling 15.5 million shares at $18 each, exceeding its expected range of $16 to $18, indicating strong market demand for biopharmaceutical companies.
- Market Recovery Context: The U.S. biotech IPO market has seen a revival in 2026, driven by policy shifts under President Trump and significant FDA reforms, prompting several biotech firms, including Seaport Therapeutics and Kailera Therapeutics, to go public recently.
- Research Focus: Odyssey is dedicated to developing treatments for autoimmune and inflammatory diseases, with its drug OD-001 currently in mid-stage trials for ulcerative colitis, highlighting its potential in the therapeutic landscape.
- Planned Use of Proceeds: The company intends to allocate the proceeds primarily for the clinical development of OD-001 and for general corporate purposes, further advancing its research efforts and laying the groundwork for future market expansion.
- Biotech Financing Success: Hemab Therapeutics raised $302 million, achieving an $849 million market cap, focusing on antibody therapies for blood coagulation disorders, with its lead candidate poised for Phase 3 trials, which is expected to significantly enhance the company's competitive edge in the biopharmaceutical market.
- Pulmonary Fibrosis Treatment Progress: Avalyn Pharma also completed its IPO with $300 million raised and an $813 million market cap, concentrating on inhaled antifibrotic therapies for rare respiratory diseases, with key clinical data expected in mid-2027, potentially driving long-term growth for the company.
- Neuropsychiatric Drug Development: Seaport Therapeutics successfully raised $255 million, reaching a $1.1 billion market cap, focusing on treatments for neuropsychiatric disorders, with its lead program GlyphAllo in Phase 2b trials, which could further solidify its market position if successful.
- Mining Company IPO Underperformance: Silver Bow Mining raised $60 million with a market cap of $368 million, focusing on various mineral resources but has yet to generate revenue, with a 7% drop in stock price on its first day, indicating market caution regarding its prospects.
- Hemab's Debut Performance: Hemab Therapeutics priced its IPO at $18 per share, opening at $27, reflecting a ~50% increase, and reaching $29.68 by 1:30 PM ET, indicating strong market confidence in its bleeding disorder treatments.
- Seaport's Stock Surge: Seaport Therapeutics also priced its IPO at $18, opening at $21, a ~17% rise, and climbing to $22.51 by 1:30 PM ET, showcasing investor optimism regarding its neuropsychiatric drug development.
- Significant Fundraising: The two companies collectively raised over $550 million through upsized IPOs, with Hemab expecting $301.5 million and Seaport $254.9 million, providing robust funding for future R&D and market expansion.
- Positive Market Reaction: The successful listings of both companies not only highlight the vitality of the biotech sector but also reflect investor confidence in new drug development, particularly driven by positive clinical trial results, potentially attracting more attention to this field.
- Hemab IPO Details: Hemab Therapeutics priced its IPO at $18.00 per share for 16.75 million shares, raising approximately $301.5 million, indicating strong market demand for its bleeding disorder treatments and solidifying its position in the biotech sector.
- Seaport IPO Pricing: Seaport Therapeutics priced nearly 14.2 million shares at $18.00 each, expecting to raise about $254.9 million, reflecting investor confidence in its neuropsychiatric drug development and providing crucial funding support in a competitive biopharmaceutical market.
- Underwriter Options: Both companies have granted underwriters a 30-day option, with Hemab allowing for an additional 2.5 million shares and Seaport 2.1 million shares, a strategy that not only provides additional funding flexibility but could also enhance fundraising if market demand remains strong.
- Market Response and Timeline: Both firms aim to close their offerings on May 4, and the positive market response to these IPOs may drive overall investment enthusiasm in the biotech sector, attracting more investor attention to emerging biopharmaceutical companies.
- Significant Fundraising Surge: In April, 13 IPOs raised a total of $7.3 billion, with the latter half of the month seeing larger deals that pushed proceeds well above the historical average of $3.3 billion despite early volatility in March.
- Large Deals Leading the Market: Twelve IPOs raised over $100 million, notably Madison Air (MAIR) completing the largest offering of the year, indicating strong demand for sizable projects in the current market.
- Strong Investment Returns: Traditional IPOs averaged a robust 34% return by month-end, with nearly all trading above their issue price, reflecting a gradual restoration of market confidence in new listings.
- Increased Market Activity: With IPO filings reaching a year-to-date high, improved market conditions and solid returns are encouraging more companies to prepare for listings, suggesting an acceleration of IPO activity in the coming weeks.

- Oversubscribed Financing: Seaport Therapeutics successfully raised $255 million by offering 14.2 million shares at $18 each, exceeding initial plans by over 10%, reflecting strong market confidence in its neuropsychiatric treatment solutions.
- Significant Shareholder Participation: Existing shareholder General Atlantic indicated $50 million worth of shares in the offering, representing 20% of the deal, which not only bolsters investor trust in the company but also provides essential funding for future growth.
- Technological Platform Advantage: Seaport leverages its proprietary Glyph platform, focusing on improving oral bioavailability and reducing first-pass metabolism, aiming to reformulate clinically validated mechanisms into differentiated product candidates, showcasing its innovative capabilities in biotechnology.
- Clear Clinical Progress: The company's lead programs include GlyphAllo in Phase 2b for major depressive disorder and GlyphAgo in Phase 1 for generalized anxiety disorder, with these advancements laying a solid foundation for its future market performance.










