initial public offerings (IPOs) trading on American exchanges

Tuesday, April 25, 2023

Johnson & Johnson's Kenvue files for IPO

  • Kenvue CEO Thibaut Mongon said that the establishment of Kenvue is an important part of the spin -off restructuring plan, which can maximize the value of all stakeholders. In terms of positioning, KenVue competed with companies such as P & G and L'Oreal.
  • Skin health/beauty sector revenue accounts for 30%, including 16 brands including Neutrogena, Ai Weinuo, Dr. Chengye, Oshuba, etc.; the revenue proportion of basic health sectors is 32%, including wound care, oral care, and oral care, and oral care, and oral care, and oral care, and oral care, and oral care. Baby care and women's health brands, including Li Shidelin, Chuangya Paste bandages and OB sanitary cotton bars, including 12 brands, including 38%of the revenue of personal care segments, including non -prescription medicines and health products, such as Tyno and Motalin and so on 16 brands.
 
Johnson & Johnson confirms launch of Kenvue IPO Roadshow; IPO expected to consist of 151.2 mln shares of common stock with an expected price range of $20-$23 per share 
  • Co confirms that Kenvue Inc., a wholly owned subsidiary of Johnson & Johnson comprising its Consumer Health Business, has launched a roadshow for the initial public offering of 151,204,000 shares of its common stock.
  • Kenvue expects to grant the underwriters a 30-day option to purchase up to an additional 22,680,600 shares of its common stock to cover over-allotments, if any.
  • The IPO price is currently expected to be between $20.00 and $23.00 per share.
  • Kenvue has applied to list its common stock on the New York Stock Exchange under the symbol "KVUE."
  • After the completion of the IPO, JNJ will own 1,716,160,000 shares of Kenvue's common stock, representing 91.9% of the total outstanding shares of Kenvue's common stock (or 90.8% if the underwriters exercise in full their over-allotment option).
  • Goldman Sachs (GS), J.P. Morgan (JPM) and BofA Securities (BAC) are acting as joint lead book-running managers for the IPO.

Thursday, April 20, 2023

U Power (UCAR) began trading on the Nasdaq on Thur 20 Apr 23

 An electric vehicle (EV) battery-swapping technology company.
 



The company announced the pricing of its IPO earlier this morning, noting that 2.4 million shares would be sold at $6 apiece to raise nearly $15 million.

U Power, which also operates as Upincar and UNEX, started as a vehicle sourcing service provider in China, and brokers vehicle sales between wholesalers and buyers, which include dealerships and individuals in lower-tier cities. In 2020, it shifted its focus and also began developing its proprietary automated battery-swapping stations, under the UOTTA brand. In 2021, it partnered with auto manufacturers to adapt certain EV models to work with its UOTTA stations. In January 2022, it started operating a battery-swapping station, pursuant to a cooperation agreement with a local gas station operator in Quanzhou City.

The startup surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.

U Power was halted at least 22 times Thursday after listing on the Nasdaq Capital Market. The company’s gross proceeds are expected to be about $14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.

Wednesday, April 19, 2023

Intuitive Machines (LUNR) began trading on the Nasdaq on Tue 14 Feb 23

Commercial lunar lander company Intuitive Machines has completed its merger with Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC) on Feb. 13, raising far less money than originally anticipated.
The company designs, manufactures, and operates space products and services in the United States.
It also offers aerospace engineering services to NASA and the aerospace industry. 

The companies announced the merger in September 2022, long after the mania surrounding SPACs has cooled both in the space industry and the overall market. Inflection Point had $301 million of cash in trust, and the companies said they had arranged an additional $55 million in investment from the SPAC’s sponsors and a founder of Intuitive Machines, along with $50 million CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Company. In an investor presentation linked to the merger announcement, the companies anticipated having more than $330 million in cash after transaction expenses.

However, in the Feb. 13 announcement that the merger had closed, the companies announced only $55 million of “committed capital from an affiliate of its sponsor and company founders.” The companies did not mention any proceeds of the SPAC itself, which could have been depleted by redemptions, where SPAC shareholders request their money back rather than hold stock in the merged company.

Despite raising less money than anticipated, company executives said the deal will help Intuitive Machines continue development of a series of commercial lunar landers and related infrastructure, like communications satellites in lunar orbit.