Wellchange (WCT) : 6-month performance

Wellchange Holdings Co. Ltd. is a holding company, which engages in the provision of enterprise software solution services. It provides tailor-made software solutions, cloud-based software-as-a-service (SaaS) services, and white-labelled software design and development services. 

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 7
• Founded in 2011 
• Headquartered in Cheung Sha Wan, Hong Kong
• https://www.wchingtech.com

Stablecoin issuer Circle Internet Group, Inc. files for IPO

Circle, the company behind the USDC stablecoin, has filed for a U.S. initial public offering, becoming the latest tech firm that is aiming to test the market as tariff uncertainty and worries about the economy’s health weigh on the stockmarket.

In its prospectus filed with the Securities and Exchange Commission on Tuesday, Circle said it plans to list on the New York Stock Exchange under ticker symbol “CRCL.” A stablecoin is a cryptocurrency whose value is pegged, or tied, to that of another currency, commodity, or financial instrument and so tends to be less volatile than other digital assets like Bitcoin. USDC, which was launched in 2018, is backed by U.S. dollar assets.

Circle, which had previously announced plans to go public in 2021 via a SPAC merger, said in Tuesday's SEC filing that its net income last year was $155.7 million, down from $267.5 million a year earlier. It had $1.68 billion in revenue and reserve income in 2024, versus $1.45 billion in 2023.

Newsmax (NMAX) began trading on the NYSE on Mon 31 March 25

(Bloomberg) — Newsmax Inc.’s (NMAX) debut as a public company has given founder and Chief Executive Officer Christopher Ruddy a fortune of about $3.3 billion after its shares surged 735%.

Sector: Communication Services

Industry: Broadcasting

Full Time Employees: 400

https://invest.newsmax.com

Ticker: NMAX

The conservative cable news network sold $75 million of shares at $10 each in Monday’s initial public offering. The stock closed at $83.51 after repeated trading pauses due to volatility.

Ruddy’s 39.2 million class A shares, owned through a revocable trust, have 10 votes each, giving him control of 81% of the company’s votes. He didn’t sell any shares in the New York Stock Exchange offering.

Other investors include Interactive Brokers Group Inc. founder Thomas Peterffy, who owns 23 million shares worth $1.9 billion through Conyers Investments LLC; Sheikh Sultan bin Jassim Al-Thani, a Qatari royal whose investment firm, Heritage Advisors, owns 19.7 million shares; and Vadim Shulman, a Ukrainian industrialist.

Newsmax’s share price gives the company a market value of more than $10.7 billion. The Boca Raton, Florida-based firm lost $72 million last year on revenue of about $171 million. Fox Corp., which is worth almost $25 billion and operates competing network Fox News, reported net income of $2.4 billion on $6.5 billion of revenue in the same period.

Rupert Murdoch, who is chairman emeritus of Fox Corp., is worth $15.2 billion, according to the Bloomberg Billionaires Index.

ADMA Biologics (ADMA)

ADMA Biologics makes human-derived immunoglobulin. Its products treat people whose bodies don't make enough antibodies to ward off illnesses from common viruses. Instead of risking illness, people with primary immunodeficiency receive regular infusions of ADMA's drugs.

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 685
• Founded by Adam S. Grossman and Jerrold B. Grossman in 2004  
• Headquartered in Ramsey, New Jersey
• https://www.admabiologics.com/

IPO: October 17, 2013

ADMA Biologics, Inc. operates as a biopharmaceutical company, which is engaged in manufacturing, marketing, and developing specialty plasma-derived biologics. The firm operates through the following business segments: ADMA BioManufacturing, Plasma Collection Center, and Corporate. The ADMA BioManufacturing segment consists of immune globulin manufacturing and development operations. The Plasma Collection Center consists of source plasma collection facilities. The Corporate segment includes general and administrative overhead expenses. 

ADMA's biggest moneymaker, Asceniv. 

ADMA Biologics developed Asceniv in-house. It's a cocktail created from super donors whose plasma has a high level of antibodies capable of handling respiratory syncytial virus, or RSV. RSV leads to cold symptoms in most people, but it can be serious in people with compromised immune systems.

Last year, Asceniv generated $216.7 million in sales. This year, it's expected to bring in $283 million, growing almost 31%. Earnings are also promising. In 2024, ADMA Biologics earned 49 cents per share, flipping from no earnings in the year-earlier period. This year, it's expected to notch a 71-cent profit, up 45%.

Asceniv accounts for slightly more than half of ADMA's total sales. The company also sells Bivigam and Nabi-HB, two products it acquired. Bivigam provides various antibodies found in a healthy immune system, while Nabi-HB protects against hepatitis B in people who've been exposed.

 

eToro Group (NASDAQ: ETOR) has filed for a proposed IPO

Digital investment platform eToro filed for an initial public offering, saying it applied to list on the Nasdaq Global Select Market under the symbol ETOR.

• eToro’s net income grew to $192.4 million, compared with $15.3 million a year ago.

• The company, founded in 2007, provides trading and an investment platform to its customers.

The company said Monday its platform allows users to trade equities, currencies and commodities. The platform also allows users to trade crypto assets, with the company's co-founder and chief executive, Yoni Assia, saying the platform has helped millions of investors access the asset class in a safe way.

Spark Capital II, BRM Group, Andalusian SPV III, SBT Venture Fund I and CM SPC are listed among the company's principal shareholders.

Earlier this month, the company said it recently completed a $250 million funding round at a valuation of $3.5 billion. Investors in the funding round included ION Group and SoftBank Vision Fund 2, the company said.

EToro didn't provide an expected size for its IPO, nor did it offer an expected price range.

The company was founded in 2007 and said as of Dec. 31, 2024, it had about 3.5 million funded accounts.

IPOs this week : March 24 - 28, 25 (wk 13)

CoreWeave – Livingston, N.J., 49 million shares, priced at $47-$55, managed by Morgan Stanley JP Morgan. Proposed Nasdaq symbol CRWV. Business: Provides cloud computing services with data centers optimized for AI workloads.

OMS Energy Technologies – Singapore, 5.6 million shares, priced at $8-$10, managed by Roth Cap.. Proposed Nasdaq symbol OMSE. Business: Singapore-based manufacturer of surface wellhead systems and oil country tubular goods.

Bgin Blockchain – Singapore, 6.3 million shares, priced at $7-$9, managed by Chardan Benchmark. Proposed Nasdaq symbol BGIN. Business: Makes equipment for cryptocurrency mining with a focus on alternative currencies.

Apimeds Pharmaceuticals – Hopewell, N.J., 4.5 million shares, priced at $4-$5, managed by D. Boral Capital. Proposed NYSE American symbol APUS. Business: Clinical stage biotech developing bee venom-based treatment for inflammation.

Vantage – Singapore, 3.3 million shares, priced at $4-$5, managed by Network 1. Proposed NYSE American symbol VNTG. Business: Singapore-based shipbroking company focused on petroleum products.

FatPipe – Salt Lake City, .7 million shares, priced at $5.75-$7.75, managed by D. Boral Capital. Proposed Nasdaq symbol FATN. Business: Provides network software solutions for enterprises.

StubHub files for IPO

StubHub filed filed its initial public offering on Friday, revealing in the paperwork that revenues for 2024 jumped to $1.7 billion in 2024, a 30% increase over 2023 earnings.

The secondary market concert ticket vendor shares will be traded on the stock market under the ticket symbol STUB.

The company said in its filing that more than 40 million tickets were sold through StubHub in 2024, with transactions in 200 countries and territories involving more than 1 million sellers.

Nevertheless, StubHub reported a loss of $2.8 million for the year, quite a drop from the 405 million in profit it reported for 2023. Though according to the filing this is related to a rise in operational and sales and marketing expenses, extinguishment of debt, and related costs relative to 2023.

The company had planned to go public last year but withdrew in July.

The company launched in 2000 and for 13 years was a subsidiary of eBay, which acquired it in 2007 for $310 million. StubHub c0-founder Eric Baker bought the company back in 2020 in a $4 billion deal through his new company Viagogo.

European Wax Center (EWCZ) : 4-year performance

European Wax Center, Inc. operates as the franchisor and operator of out-of-home waxing services in the United States. It offers body and facial waxing services; and pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers, and skin treatments, as well as skincare retail products. 

Q1 2025: 1,067 centers in 45 states.

• Sector: Consumer Defensive
• Industry: Household & Personal Products
• Full Time Employees: 124
• Founded in 2004 
• Headquartered in Plano, Texas
• https://waxcenter.com

IPO: August 5, 2021

Ticker: EWCZ

 

Ocugen (OCGN) : 10-year performance

Sector: Healthcare

Industry: Biotechnology

Founded: 2013

Headquarters: Malvern, Pennsylvania

Website: https://www.ocugen.com

Employees: 95

IPO: December 3, 2014

Ticker: OCGN

September 30, 2019: Ocugen (OCGN) completed a reverse merger with Histogenics (Nasdaq: HSGX), creating a company focused on developing therapies for ocular diseases, operating under the Ocugen name.

Buy now, pay later lender Klarna files for U.S. IPO

• Klarna filed its IPO prospectus on Friday and plans to go public on the New York Stock Exchange under ticker symbol KLAR.
• Klarna’s top competitors include Affirm and Afterpay, which is owned by Block.
• Block, Affirm and PayPal are each bolstering their portfolios of financial products, including debit, lending and payment offerings, as they try to capture more consumer attention and spending.

Klarna, headquartered in Sweden, hasn’t yet disclosed the number of shares to be offered or the expected price range.

The decision to go public in the U.S. deals a significant blow to European stock exchanges, which have struggled to retain homegrown tech companies. Klarna CEO Sebastian Siemiatkowski had hinted for years that a U.S. listing was more likely, citing better visibility and regulatory advantages.

Klarna is continuing to rebuild after a dramatic downturn. Once a pandemic-era darling valued at $46 billion in a SoftBank-led funding round, Klarna saw its valuation slashed by 85% in 2022, plummeting to $6.7 billion in its most recent primary fundraising. However, analysts now estimate the company’s valuation in the $15 billion range, bolstered by its return to profitability in 2023.

Revenue last year increased 24% to $2.8 billion. The company’s operating loss was $121 million for the year, and adjusted operating profit was $181 million, swinging from a loss of $49 million a year earlier.

Klarna is the latest upstart to file for a U.S. IPO as tech companies look to hit the public market following a historically slow stretch for new offerings. Earlier this month, CoreWeave, a provider of cloud-based Nvidia processors to companies including Meta and Microsoft, filed its prospectus.

Cloud software vendor ServiceTitan hit the market in December, marking the first significant venture-backed tech IPO since Rubrik’s

 debut in April. A month before that, Reddit

 started trading on the NYSE. There haven’t been many other tech IPOs of note in the U.S. since late 2021, when rising interest rates and soaring inflation pushed investors out of risky assets.

MeiraGTx (MGTX) $200M deal with Hologen AI for Parkinson's therapy

 

 

 

 

 

 

IPO: June 8, 2018

Hologen AI commits up to $430M to help take MeiraGTx's Parkinson's gene therapy through phase 3 and beyond

MeiraGTx will partner with Hologen AI to leverage its multimodal generative AI (genAI) models to accelerate Phase III development of the biotech's AAV-GAD gene therapy for Parkinson’s disease. 

The therapy, dubbed AAV-GAD, delivers a gene that codes for the enzyme that makes the neurotransmitter GABA, which is implicated in the characteristic motor dysfunction of Parkinson’s. A small-scale phase 2 readout last October showed that AAV-GAD was able to improve patients' motor ability and quality of life.

Details of the agreement 

MeiraGTx will receive an upfront cash payment of $200 million from Hologen, and together, the partners will launch a joint venture called Hologen Neuro AI. The genAI firm will also contribute $230 million in funding for the JV, which will shepherd AAV-GAD through development to commercialisation. The capital will help support other early-stage clinical programmes targeting the central nervous system (CNS), such as AAV-BDNF for genetic obesity. 

MeiraGTx will retain 30% ownership in Hologen Neuro AI and take the lead on all clinical development and manufacturing. It will form exclusive clinical and commercial manufacturing supply agreements with the JV. 

In turn, Hologen will use its genAI tech to optimise MeiraGTx's manufacturing practices, while gaining a minority stake in the manufacturing subsidiary and contributing to annual funding. 

About Hologen 

Hologen Limited is a world-leading developer of generative AI capabilities for clinical medicine and pharmaceutical drug development. 

The company emerged as a spin-out from University College London and Kings College London. It is privately held.

For more information, please visit www.hologen.ai

Regencell Bioscience (RGC) : 4-year performance

Regencell Bioscience Holdings Ltd. engages in the research, development, and commercialization of traditional Chinese medicine. It seeks the treatment of neurocognitive disorders and degeneration, specifically attention deficit hyperactivity disorder and autism spectrum disorder. 

• Sector: Healthcare
• Industry: Drug Manufacturers - Specialty & Generic
• Full Time Employees: 12
• Incorporated in 2014 
• Headquartered in Causeway Bay, Hong Kong
• https://www.regencellbioscience.com

IPO: July 16, 2021

 

 

Newsmax files for IPO, plans to list on NYSE

Newsmax Inc announces the launch of its initial public offering, inviting investors nationwide to become shareholders in its television and digital media platforms. 

 

Last week the company’s Offering Statement was qualified by the Securities and Exchange Commission. Newsmax is looking to raise up to $75 million with a planned March 31, 2025 listing on the New York Stock Exchange under the ticker symbol NMAX, subject to NYSE approval. 

This IPO comes shortly after it completed a private Preferred Offering in February raising $225 million. Newsmax CEO Christopher Ruddy says, “Our success with our Preferred raise shows the enormous support our company has as we made thousands of Americans part owners in Newsmax. Now, the initial public offering opens the door for tens of thousands more to join our news revolution and be a part of the first ever company to complete a crowd financed offering on to the main board of the NYSE.”

===Net Power (NPWR) reported earnings on Mon 10 March 25 (b/o)

NET Power Inc. operates as a clean energy technology company. The company invents, develops, and licenses clean power generation technology.   

Sector: Industrials

Industry: Specialty Industrial Machinery

Full Time Employees: 43

Founded in 2010 

Headquartered in Durham, North Carolina

https://www.netpower.com

IPO: Jun 9, 2023 via merger with special purpose acquisition company (SPAC) Rice Acquisition Corp II (RAC II).

indie Semiconductor (INDI) : 3-year performance

indie Semiconductor, Inc. provides automotive semiconductors and software solutions for advanced driver assistance systems, driver automation, in-cabin, connected car, and electrification applications. 

Sector: Technology

• Industry: Semiconductor Equipment & Materials
• Full Time Employees: 920
• Founded in 2007 
• Headquartered in Aliso Viejo, California
• https://www.indie.inc

IPO: June 10, 2021, via business combination with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR)

Marqeta (MQ) : 3-year performance

Marqeta, Inc. operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services. 

• Sector: Technology
• Industry: Software - Infrastructure
• Full Time Employees: 854
• Incorporated in 2010 
• founded by Jason M. Gardner in 2010
• Headquartered in Oakland, California
• https://www.marqeta.com

IPO: June 9, 2021

Ticker: MQ

IPOs to watch for in 2025

1. Stripe

Stripe has been a rumored IPO candidate for a while. The company’s payments processing business for e-commerce has been riding the wave of online shopping, and Stripe has major supporters in the form of venture capital firms Andreesen Horowitz, Kleiner Perkins and Sequoia Capital. The company’s latest valuation is still a far cry from its high-water mark of $95 billion in 2021, and a transaction with Sequoia in 2024 valued the firm at just $70 billion.

2. Databricks

Databricks is a tech unicorn that has the potential to be an IPO valued in the tens of billions, and therefore one of the highest-profile offerings in any year that it goes public. Will that year finally be 2025? The company raised $10 billion in funding in January 2025, valuing the business at $62 billion. That’s up nicely from a 2023 valuation of $43 billion and $31 billion in October 2022. Rivals include Snowflake and Confluent. Databricks has some top investors, including Andreesen Horowitz, BlackRock, Tiger Global and Fidelity.

3. Cerebras Systems

It’s hard to get hotter than semiconductor companies focused on artificial intelligence, and that’s the business of chip company Cerebras, which competes with leaders such as Nvidia. The company filed IPO paperwork in August 2024, though it’s been facing concerns from U.S. regulators about one shareholder-customer that have slowed the process. Cerebras had a valuation of $4 billion as of 2021, a stale valuation, and the company reportedly wants to achieve double that in an IPO. 

4. eToro

The broker eToro offers trading in stocks, options and cryptocurrencies, and it’s now looking to hit the markets itself. The broker tried to go public a few years ago via a SPAC, but had to scrap that deal. The London-based brokerage filed confidential IPO paperwork in February 2025, and the company appears to be targeting a $5 billion valuation, after being valued at $3.5 billion in early 2023. So the broker may hit the market soon, if the market remains amenable. 

5. Chime Financial

Chime offers a financial app that acts like a bank, offering fee-free accounts for customers, and it confidentially filed some IPO paperwork in December, which could tee it up for a 2025 IPO. Chime has been a hit with consumers, and has an estimated 22 million active users as of 2024, according to Cornerstone Advisors. Speculation has been rife for years that Chime would be going public, but it’s still private and looking for the right time to debut. Chime’s high valuation was $25 billion in late 2021, but many tech companies’ valuations plummeted in 2022 and 2023.

ADT Inc. (ADT) : 7-year performance

ADT is an American security company that provides alarm monitoring services for homes and small businesses. The company was founded in 1874 as American District Telegraph by Edward A. Calahan.

ADT currently serves more than 7.2 million residential and business customers, making it the largest monitoring and service company in the United States and Canada, supported by approximately 18,000 employees and visiting approximately 10,000 homes and businesses daily. ADT handles an average of 15 million alarms annually and provides support to its clients from over 200 sales and service locations and through its 12 monitoring centers listed by Underwriters Laboratories.        

• In 2012, ADT became an independent public company. 
• In 2016, Apollo Global Management acquired ADT for nearly $7 billion. 
• January 19, 2018: Less than two years after being acquired and merged with Protection 1 by Apollo Global Management in a deal that took the company private, ADT is a publicly-traded company once again following the launch of its initial public offering on the New York Stock Exchange.

Ticker: ADT

January 19, 2018 IPO:  Although ADT had been looking to raise as much as $2.1 billion by offering 111.1 million shares ranging from $17 to $19 each, the company only offered 105 million shares at a price of $14 each, raising only $1.47 billion in the offering.  As of 2023, Apollo still has a majority share in ADT. 

 

 ADT, Inc. Chief Executive Officer Timothy J. Whall, joined by members of ADT's senior executive team and board of directors, rings the NYSE Opening Bell.

Atour Lifestyle (ATAT) : 2-year performance

A leading hospitality and lifestyle company in China, Atour's diverse portfolio of hotel brands focuses on midscale to luxury hotels. As of the end of 2023 (the last data available on the company's website), Atour operated 1,210 hotels across 198 cities in China. Plus, it had an additional 617 hotels and 62,689 rooms under development.

The company benefits from a young, loyal and growing customer base. With a business model structured to create a closed loop from lodging to retail, the company provides a personalized immersive shopping destination that guides guests from discovery to purchase.

• Sector: Consumer Cyclical
• Industry: Lodging
• Full Time Employees: 4,248
• incorporated in 2012 
• Headquartered in Shanghai, China
• https://ir.yaduo.com/

IPO: Fri 11 Nov 22

 

 

Hesai Group (HSAI) : 2-year performance

Hesai Technology engages in the development and manufacture of three-dimensional light detection and ranging (LiDAR) solutions. The Company’s LiDAR products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. 

• Sector: Consumer Cyclical
• Industry: Auto Parts
• Founded in 2014 
• Headquartered in Shanghai, China
• https://www.hesaitech.com

IPO: February 9, 2023; offered 10.0 million American Depositary Shares (“ADSs”), at US$19.00 per ADS, for a total offering size of US$190.0 million

Ticker: HSAI