Lineage (LINE) began trading on the Nasdaq on Thur 25 Jul 24

Lineage, Inc. is the world's largest global temperature-controlled warehouse REIT with a network of over 480 facilities.

• Sector(s): Real Estate
• Industry: REIT - Industrial
• Full Time Employees: 26,127
• https://www.onelineage.com/

IPOs this week : July 29 - Aug 2, 24 (wk 31)

IPOs expected to price

Pershing Square USA Ltd. (PSUS) is expected to price its IPO on July 29 and begin to trade on July 30. 

IPO lockup expirations

The IPO lockup periods expire for blocks of shares of 

• Amer Sports (AS), 
• Alto Neuroscience (ANRO), 
• Fractyl Health (GUTS), and 
• Pixie Dust Technologies (PXDT).

BurgerFi (BFI) : performance since 2020 IPO

ticker: BFI 

Fly-E Group (FLYE) began trading on the Nasdaq on Thur 6 June 24

Fly-E Group, Inc. is an electric vehicle company, which engages in designing, installing, and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories under the brand Fly E-Bike. 

It sells its products to food delivery workers through distributors, and its retail and online stores. 

Fly-E Group operates primarily in the U.S. (with ~35–36 retail stores) and one in Canada, targeting urban mobility and delivery use cases. 

• Sector: Consumer Cyclical
• Industry: Auto Manufacturers
• Full Time Employees: 35
• Founded by Zhou Ou in 2018 
• Headquartered in Flushing, New York
• https://www.flyebike.com

IPOs this week : July 22 - 26, 24 (wk 30)

IPOs expected to price

• E-sports organization NIP Group (NIPG), 
• digital finance software platform OneStream (OS), 
• clinical stage biopharma Actuate Therapeutics (ACTU ), 
• occupational health services provider Concentra Group (CON), and 
• REIT Lineage (LINE) 

IPO lockup expirations

• mF International (MFI), 
• CG Oncology (CGON), and 
• BrightSpring Health Services (BTSG).

Chuy's (CHUY) to be acquired by Darden Restaurants (DRI)

 

 

Darden Restaurants expands into Mexican category with Chuy's acquisition 

• Darden Restaurants (DRI -1.1%) is back on the M&A hunt. Just over a year since its closed on its acquisition of Ruth's Chris Steak House, the company announced last night it will acquire Chuy's (CHUY +48%) for $37.50 per share, a Tex-Mex-inspired full-service casual dining restaurant chain. It's an all-cash transaction with an enterprise value of approximately $605 mln.
• DRI sees Chuy's as complementing its existing portfolio, which includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris, Cheddar's, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze. What's notable about Chuy's is that it's Darden's first foray into the popular Mexican dining category.
• Darden describes Mexican as one of the fastest growing dining categories, and Chuy's is the largest full-service operator with strong unit economics. Chuy's currently has 101 restaurants, all of which are company-owned, so no franchisees. Average restaurant sales at Chuy's are $4.5 mln, with an average check of $19 and an impressive restaurant level EBITDA margin of almost 20%. DRI expects to use its scale to drive further cost benefits.
• While CHUY, not surprisingly, is sharply higher on the news, DRI is trading modestly lower. Perhaps investors are worried that Darden is biting off more than it can "Chuy", so soon after it just closed on Ruth's Chris in June 2023. Also, CHUY's shares have been trending lower over the past year as results have not been great. Investors may be balking at DRI paying a huge 48% premium over CHUY's $25.27 closing price yesterday, and all in cash.

IPOs this week : July 15 - 19, 24 (wk 29)

IPOs expected to price

• Hospital and healthcare clinic operator Ardent Health Partners (ARDT), 
• insurance services provider Twfg (TWFG), and 
• biotech firm Lirum Therapeutics (LRTX) are expected to price their IPOs and start trading in the week ahead. 

IPO quiet period expirations

• The analyst quiet period ends on Rectitude (RECT) to free up analysts to post ratings.

IPOs this week : July 8 - 12, 24 (wk 28)

IPOs expected to price

There are no new IPOs expected to begin trading during the week. 

IPO lockup expirations

• The IPO lockup period expires on a block of shares of Smith Douglas Homes (SDHC). 

IPO quiet period expirations

• The quiet period expires on Tempus AI (TEM) to free up analysts to post ratings. At the time of publication, Tempus AI traded about 15% below where the IPO was priced.

IPOs this week : July 1 - 5, 24 (wk 27)

IPOs expected to price

There are no new IPOs expected to begin trading during the holiday-shortened week. 

IPO quiet period expirations

• Life360 (LIF), 
• Gauzy (GAUZ), Fly-E Group (FLYE), 
• Waystar Holding (WAY), and 
• Rapport Therapeutics (RAPP). 

Fly-E and Rapport Therapeutics have both rallied more than 20% from their IPO pricing levels.