IPO roundup: WEBTOON Entertainment, LandBridge, and more (NYSEARCA:IPO)

After a quiet holiday week with no significant IPO prices, the summer IPO market is starting to bubble. While the official end of Q2 is in sight, at least some big deals are expected to heat things up before the end of the quarter. Investors can expect To see existing companies listing their shares on new markets (cross-listings) alongside offerings from companies selling parts of themselves (carve-outs). In addition, this year’s first energy company is also scheduled to go public. Renaissance Fund for Initial Public Offering (NYSEARCA: IPO) is up 4.9% since the beginning of the year, lagging the S&P 500’s return of 14.6%.

Here are some other headlines in the IPO market:

Upcoming IPOs/SPACs expected to be priced this week

• Actuate Therapeutics (ACTU) is raising $50.4 million through an offering of 5.6 million shares at a price range of $8 to $10. Description: A biotechnology company focused on developing licensed inhibitory therapies to treat difficult-to-treat cancer.
• Hong Kong-based Majestic Ideal Holdings (MJID) has raised $11.3 million by issuing 2.5 million shares at a price of between $4 and $5 per share. a description: Provider of supply chain management services for the apparel industry.
• Global Engine Group Holding (GLE) raises $13.5 million through an offering of 3 million shares, expected to be priced between $4 and $5 per share. a description: Provider of integrated ICT solutions and services.
• Icon Energy (ICON) raises $6.3 million by issuing 1.3 million shares at an expected price of $4 to $6 per share. a description: International shipping company.
• WORK Medical Technology Group (WOK) has raised $8 million by issuing 2 million shares at an estimated price of $4 per share. a description: Medical device manufacturer based in China.
• Lakeside Holding (LSH) is raising $5.9 million by offering 1.3 million shares at an estimated price range of $4.5 to $5 per share. a description: Custom solutions provider for cross-border sea and air freight.
• OS Therapies (OSTX) is raising $8 million by offering 2 million shares at $4 per share. a description: Oncology drug developer.
• Australian company Tamboran Resources (TBN) has raised US$165.8 million through the offering of 6.5 million ordinary shares at a price of between US$24 and US$27 per share. Description: Early stage natural gas exploration and production company.
• WEBTOON Entertainment (WBTN) raised $292.5 million by offering 15 million shares at a price range of $18 to $21 per share. a description: A global online animation platform created from NAVER in South Korea.

• LandBridge (LB) is raising $297.3 million by offering 14.5 million shares at a price range of $19 to $22 per share. a description: Landowner in the oil-rich Permian Basin.

New note files

• Ardent Health (ARDT) has filed with the Securities and Exchange Commission to raise up to $100 million in an initial public offering. The company operates in eight mid-sized urban markets across six states, with 30 acute care hospitals, more than 200 care sites, and more than 1,700 providers. It plans to list on the New York Stock Exchange under the symbol ARDT. Pricing terms were not disclosed. a description: Operator of hospitals and health clinics.
• Black Spade Acquisition II (BSIIU) has filed with the Securities and Exchange Commission to raise up to $150 million in an initial public offering. The SPAC, led by CEOs Dennis Tam, Kester Ng and Richard Taylor, plans to offer 15 million units at $10 each, each containing one share of common stock and one-third of a warrant, exercisable at $11.50. Black Spade Acquisition II plans to list on the Nasdaq under the symbol BSIIU. a description: A blank check company targeting the entertainment, lifestyle and technology industries.
• Linkhome Holdings (LHAI) has filed with the Securities and Exchange Commission to raise up to $12 million in an initial public offering. It plans to list on the Nasdaq under the symbol LHAI. a description: Real estate buying and selling platform.
• Future Vision II Acquisition (FVNNU) has filed with the Securities and Exchange Commission to raise up to $50 million by offering 5 million units at a price of $10. Each unit consists of one share of common stock and one right to acquire one-tenth of a share upon completion of the initial business combination. The SPAC plans to list the company on the Nasdaq under the symbol FVNNU. a description: Blank check company targets TMT industry in Greater China.
• SilverBox IV (SBXD.U) has filed with the Securities and Exchange Commission to raise up to $200 million in an initial public offering. The Austin-based company plans to offer 20 million units at $10, each containing one share of common stock and one-third of a warrant, exercisable at $11.50. The SPAC intends to acquire companies with a total enterprise value exceeding $750 million. SilverBox IV plans to list on the New York Stock Exchange under the symbol SBXD.U. a description: A fourth blank check company was formed by members of SilverBox Capital.

Terms and changes

• ZJK Industrial (ZJK), a Chinese manufacturer of precision fasteners and electronic parts, plans to raise up to $5 million in an initial public offering by offering 1 million shares at a price range of $4 to $6. ZJK Industrial specializes in manufacturing and selling precision fasteners, structural parts and other precision metal products for new energy vehicles and intelligent electronic equipment. The company plans to list on the Nasdaq under the symbol ZJK.
• Aureus Greenway Holdings (AGH), a Florida-based company that owns and operates two public golf clubs, has set terms to raise up to $19 million in an initial public offering. The company plans to offer 3.8 million shares (20% secondary) with a price range of $4 to $6. It plans to list on the Nasdaq under the symbol AGH.

The lockout period has expired

• NB Bancorp (NASDAQ:NB) on 06/25/2024. Price movement over the past six months: +6.75%.

SA comment

• “Webtoon Entertainment needs to optimize its growth trajectory and faces competition from new AI tools and platforms in the digital content creation market,” wrote Donovan Jones, head of the investment group.