Electric aviation startup Beta Technologies has priced shares for its initial public offering between $27 and $33, in hopes of raising as much as $825 million, according to a regulatory document filed with the U.S. Securities and Exchange Commission. If the company attracts investors at the top of that range it will debut with a valuation of about $7.2 billion.
In a development born of the government shutdown, the SEC announced Thursday that companies can proceed with IPOs using an obscure automatic approval process, now with the added bonus of skipping pricing information entirely. What's happening is that with 90% of SEC staff furloughed, startups can file their paperwork and have it automatically become effective after 20 days. This option always existed; firms just rarely use it because they prefer having SEC reviewers actually look at their disclosures before going public.
"Phoenix Education Partners, parent company of the for-profit University of Phoenix, which announced its IPO plans one day before the shutdown began, said on Wednesday that it has priced its shares at $32. That's the midpoint of its earlier targeted range of between $31 and $33 a share. The company intends to list on the New York Stock Exchange (NYSE) under the "PXED" ticker symbol. Selling shareholders will offer roughly 4.3 million shares of its common stock,"
"The Beauty Tech Group's successful IPO is a fantastic example of a North West scale-up which has achieved rapid growth through innovating category-leading beauty technology and building a global brand portfolio. The IPO will position the business well for investing in future innovation and ongoing international expansion. It's hugely encouraging to see a North West-founded business choosing to list domestically, potentially revitalising the London IPO landscape. This is a milestone worth celebrating for the company and for the rest of the UK's economic engine."
Despite being under a year old and having no revenue, Fermi America had a very successful initial public offering (IPO) this week. The company, which aims to provide data and power centers for artificial intelligence, saw its shares (Nasdaq: FRMI) close at $32.53 on their first day of trading Wednesday, up nearly 55% from their IPO price of $21 per share. Fermi's stock price continued to rise through after-hours and into premarket trading on Thursday, reaching $36.
Wealthfront Corporation was founded 17 years ago, in 2008. It is headquartered in Palo Alto, California, and is led by CEO David Fortunato. The company is one of a number of fintech firms that operate in the robo-advisor space. It offers a financial platform and dedicated smartphone app that allow users to invest in various assets, including stocks and bonds. The company also offers cash accounts and automated index investing.
Blockchain lender Figure Technology is the latest crypto company to go public. On Thursday, Figure debuted on the Nasdaq after raising $787.5 million in its IPO. The company's shares listed at $25 but soared almost 30% to trade at $32 Thursday afternoon. That means the company, whose ticker is FIGR, is trading at about a $6 billion valuation. Founded in 2018, Figure's business centers around putting mortgages on the blockchain, which the company says speeds up the granting and funding of home loans.
Klarna, the Swedish buy-now-pay-later company, has made its highly anticipated public debut on the New York Stock Exchange (NYSE), the latest in a run of high-profile initial public offerings this year. Klarna sold 34.3 million shares to investors at $40 a share late on Tuesday and was listed on the exchange on Wednesday. That is above the forecasted range of $35 to $37 a share and values the company at more than $15bn.
Firefly Aerospace Inc. is a space and defense technology company based in Cedar Park, Texas, specializing in space launch and landing capabilities, including small- to medium-lift launch vehicles and lunar landers.
