Category: IPO Watch

Categories
ipo IPO Watch

Glenmark Life Sciences IPO subscribed 1.43 times on day 1, retail portion booked 2.73 times

The size of the IPO has been cut to 1.5 crore equity shares after the business raised Rs 454 crore from anchor investors on July 26, a day before the sale was scheduled to commence.

Retail investors’ reserved portion has already been subscribed 5.16 times, while non-institutional investors’ portion has been subscribed 85 percent.

Qualified institutional buyers have placed bids for 10,540 equity shares out of a total of 42.42 lakh equity shares reserved for them.

Glenmark Pharma’s subsidiary seeks to collect Rs 1,513.6 crore through a public offering that includes a fresh issue of Rs 1,060 crore and a promoter offer to sell 63 lakh equity shares.

The offer’s price band has been set at Rs 695-720 per equity share, with the offer closing on July 29.

Company Profile

Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company headquartered in Mumbai, India that was founded in 1977 by Gracias Saldanha as a generic drug and active pharmaceutical ingredient manufacturer; he named the company after his two sons. The company initially sold its products in India, Russia, and Africa. The company went public in India in 1999, and used some of the proceeds to build its first research facility. Saldanha’s son Glenn took over as CEO in 2001, having returned to India after working at PricewaterhouseCoopers. By 2008 Glenmark was the fifth-biggest pharmaceutical company in India.

(Source: Factset)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ipo IPO Watch

Glenmark Life Sciences raises Rs 454 crore from cornerstone investors ahead of its first public offering.

According to a regulatory filing, the business has agreed to distribute 63,06,660 equity shares to 19 cornerstone investors at a price of Rs 720 per share, for a total of Rs 454 crore.

Amongst those cornerstone investors are HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd-ODI account, Societe Generale-ODI, Kuber India Fund, and Reliance General Insurance Company.

Glenmark Pharma would issue new equity shares worth up to Rs 1,060 crore and sell up to 63 lakh equity shares in the first public offering (IPO). The issue will begin on July 27 and end on July 29, with a price range of Rs 695-720 per share.

The proceeds from the new issuance will be utilised to cover the promoter’s outstanding purchase consideration for the API business spin-off as well as fund capital expenditure requirements. The IPO will raise Rs 1,513.6 crore at the top of the pricing band.

About Company

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals NSE -3.62 percent, is a dominant developer and manufacturer of high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas such as cardiovascular disease, CNS disease, pain management, and diabetes. APIs for gastrointestinal disorders, anti-infectives, and other therapeutic fields are also manufactured and sold by the firm.

Source : Factset

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ipo IPO Watch

The share price of Open Negotiation has increased by 60% since its IPO

which is 60% greater than the company’s prospectus offer price of 20 cents. Openn Negotiation is a real estate technology firm. Its cloud-based Openn platform enables real estate bids to take place in real time and transparent private treaty offers to be submitted. So far, the platform has over $2 billion in property sales which is used by over 3,300 real estate agents across Australia and New Zealand.

On the ASX, the real estate technology stock is off to a strong start

The company had roughly 191.7 million shares outstanding at the time of its listing. At 20 cents per share, Openn’s market capitalisation is expected to be around $38 million. Openn Negotiation has a market capitalisation of around $57.5 million at its current share price.

The company anticipated that its IPO would raise $9 million before expenses.The funds will be used by Openn Negotiation to expand its business in Australia and New Zealand, as well as to assess the market in the United States. It intends to enter the American market in the future.

Because it did not believe it could prepare reliable forecasts, the company did not include financial guidance in its offer document. The company’s full-year earnings for the 2020 fiscal year were $851,402 with a loss of around $1.2 million before taxes. Openn also had $668,979 in assets and $448,975 in debt.

Currently, fees charged to upload properties onto the platform account for 90% of Openn Negotiation’s revenue. An agent must pay $500 to upload a property to the Openn platform. It also makes money by training real estate agents to use the platform, a service that costs $135.45 per agent.

Company Profile

The need for a better way of doing things prompted the creation of Openn Negotiation, as it did many other innovative developments.In 2016, our Founders, Peter Gibbons, a technology developer, and Peter Clements and Brad Glover, leading Western Australian real estate brokers, began collecting years of input from sellers, purchasers, and agents on the problems of the present sales process.

Source : fool.com

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

Industrial SPAC Kensington Capital Acquisition V files for a $260 million IPO

Each warrant authorises the holder to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. 

The offering was expected to close on June 30, 2020, subject to customary closing conditions.

Kensington Capital Acquisition V, a blank check business run by Kensington Capital’s founder and focused on industrials, filed with the SEC on Monday to raise up to $260 million.

The business, situated in Westbury, New York, hopes to generate $260 million by selling 26 million units at $10 each. One share of common stock and one-fifth of a warrant, exercisable at $11.50, are included in each unit. Kensington Capital Acquisition V would have a market value of $325 million at the anticipated deal size.

Company Profile

Kensington Capital Acquisition V was founded in 2021 and plans to list on the NYSE under the symbol KCGI.U. The company filed confidentially on June 10, 2021. UBS Investment Bank is the sole bookrunner on the deal. Kensington Capital Acquisition Corp. II operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

(Source: NASDAQ.com)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ipo IPO Watch

IMV Prices 14.3 M Units of Public Offering at $1.75/Unit

One common share and three-quarters of a common share purchase warrant are included in each Unit. Each Warrant authorises the holder to purchase one common share at a price of US$2.10 per common share for a period of 60 months following the closure of the Offering, subject to adjustment in certain conditions.

The Offering is scheduled to close on or around July 20, 2021, with the common shares underlying the Units and Warrants proposed for listing on the TSX and Nasdaq.

The Corporation plans to use the net proceeds of the Offering to continue clinical development of maveropepimut-S (DPX-Survivac) in DLBCL, breast cancer, ovarian cancer, bladder cancer, and microsatellite instability high (MSI-H), as well as to begin clinical development of a new product, DPX-SurMAGE, in bladder cancer, continuing to develop its patented drug delivery technology (DPX), as well as for other corporate reasons.

Company Profile

Albireo is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases, and other adult liver diseases and disorders. We have deep expertise in bile acid biology and a pipeline of clinical and nonclinical programs. Our parent company, Albireo Pharma, Inc., is located in Boston, Massachusetts and our key operating subsidiary, Albireo AB, is located in Gothenburg, Sweden. We were spun out from AstraZeneca in 2008.

(Source:  RTT News)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

The Fresh Market Files for an IPO Price estimated at $250 Million

In March 2011, the company went public, raising $290 million, before being acquired and taken private by Apollo Global Management for $1.4 billion in 2016.

On March 12, 2021, The Fresh Market filed a confidential filing. The deal’s joint book runners are Credit Suisse, BofA Securities, Barclays, Deutsche Bank, RBC Capital Markets, BMO Capital Markets, Guggenheim Securities, and Apollo Global Securities. There were no pricing details provided.

Company Profile

The Fresh Market offers high-quality, fresh goods and hard-to-find items in a small, intimate store with great cleanliness and high-touch guest care. It is an Apollo-backed fresh food supermarket with over 150 locations in 22 states.

(Source: NASDAQ.com)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

EVmo a ridesharing rental service to raise IPO to $12 Million

The Beverly Hills, California-based company was created in 2016 and has revenue of $8 million for the year ending March 31, 2021. It intends to trade under the symbol “EVMO” on the NASDAQ. The deal’s sole book runner is Think Equity. There were no pricing details provided.

Company Profile

EVmo, Inc. connects rideshare drivers in need of a suitable car with rideshare firms that rely on attracting and retaining drivers. It operates primarily in Rideshare Car Rentals and Distinct Cars, two wholly-owned subsidiaries. Rideshare has an online reservation system. Customers who are drivers in the ridesharing and delivery gig industries can rent a fleet of passenger vehicles and transit vans for usage in the last-mile logistical space from Distinct Cars, which also provides them with insurance coverage and issues them insurance cards in their own names.

(Source: NASDAQ)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

B2B software SPAC Bannix Acquisition cuts deal size by 50% ahead of $50 million IPO

One share of common stock, one right to earn one-tenth of a share upon completion of an initial business combination, and one warrant, exercisable at $11.50, are included in each unit.

Bannix Acquisition will raise -50% less money under the new deal size than it had planned.

Company Profile

Bannix Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We intend to focus on B2B enterprise software companies, particularly those operating in the Customer Engagement space within the telecom, retail and financial services sectors. We will target businesses located in North America and Western Europe, ideally those with a recurring revenue model and an overall transaction value of at least $400 million.

(Source: NASDAQ.com)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ipo IPO Watch

Terms out for Clarity’s $358 million IPO

Oncology imaging technologies and medicines are the focus of Clarity. It’s working on Targeted Copper Theranostic (TCT) products, which allow copper to be utilised in the diagnosis and treatment of malignancies like prostate and breast cancer, as well as uncommon and orphan diseases like neuroblastoma, which arises from immature nerve cells in children.

It will undoubtedly be compared to Telix, the only other publicly traded radiopharmaceutical business, which has gained 38.4% year to date and has a market capitalization of $1.6 billion.

Clarity is chaired by Alan Taylor, a former Inteq consultant who handled a number of Australian listings, and is run by Colin Biggin, a former Algeta executive. Major supporters such as Australian Unity and Sydney-based investment manager Firetrail Investments joined KKR-backed GenesisCare in a $25 million pre-IPO funding round last year.

Company Profile

Clarity is a clinical stage radiopharmaceutical company developing next-generation theranostic (therapy and imaging) products, based on its platform SAR Technology. The SAR Technology is ideally suited for use with copper isotopes, enabling superior imaging and therapeutic characteristics of radiopharmaceutical products and addressing the current manufacturing and logistical limitations in the growth of the radiopharmaceutical sector in oncology.

(Source: AFR News)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

SPAC CleanTech Acquisitions IPO Valued At $150 Million.

CleanTech Acquisition raised $150 million by issuing 15 million units at $10 by targeting the CleanTech and ClimateTech sectors. One share of common stock, one right to obtain one-twentieth of a share upon completion of an initial business combination, and one-half of a warrant, exercisable at $11.50, are included in each unit.

CleanTech Acquisition intends to list on the New York Stock Exchange under the ticker name CLAQU. Chardan Capital Markets acted as the deal’s sole book runner.

Company Profile

Eli Spiro is the CEO and Director of the company who is the co-founder and CEO of boutique investment banking firm Axxcess Capital Partners, and Chairman Jon Najarian who is the co-founder of individual investing education platform Market Rebellion, both leads the company.

It is an internet platform that connects businesses with potential customers, strategic partners, and investors. The company provides i3, an online platform that allows businesses to build and manage their pipelines, market their technology interests to start-ups around the world, and gain insight into various industries, as well as advisory services related to product and service design for CleanTech businesses.

(Source: NASDAQ.com)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.