Live Markets: IPO hopefuls line up as stocks scale record highs

Smith Douglas Homes

24/01/2024 19:02

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      Main U.S. indexes green: Nasdaq out front, up ~0.9%
    

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      Comm Svcs up most among S&P sectors; utilities biggest
loser
    

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      Dollar, gold down; crude up; bitcoin rallies >1%
    

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      U.S. 10-Year Treasury yield rises to ~4.17%
    

  
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    IPO HOPEFULS LINE UP AS STOCKS SCALE RECORD HIGHS
    With stocks achieving record highs to start the year,
companies and their investment bankers are testing investor
appetite for IPOs.
    High-profile listings returned in 2023 after an 18-month
hiatus, but volatile trading and disappointing debuts from the
likes of grocery delivery app Instacart  CART.O  and German
sandal-maker Birkenstock  BIRK.N  combined to squelch enthusiasm
for a US IPO market resurgence.
    The Renaissance IPO ETF  IPO.P , which tracks a basket of
recent new listings, is off about 8% so far this year after a
53% surge in 2023.
    
 
    In an encouraging start to 2024, Smith Douglas Homes
 SDHC.N  is trading about 20% above its IPO price after going
public earlier this month. On Wednesday, Morgan Stanley Direct
Lending Fund's  MSDL.N  shares opened at $20.45 after the
business development company's $103 million IPO priced at
$20.67.
    There are four deals slated to price by the end of this
week, including KKR-backed BrightSpring Health Services, which
is looking to raise about $1 billion. And next week Amer Sports
is seeking to raise up to $1.8 billion.
    Below is the current calendar of IPO candidates, by
anticipated debut date and approximate maximum deal size:
    
    Jan 25:
    CG Oncology ("CGON") (biotech) - $300M
    Nuveen Churchill Direct Lending ("NCDL") (BDC) - $100M
    ArriVent BioPharma ("AVBP") (biotech) - $150M
    Jan 26:
    BrightSpring ("BTSG") (healthcare services) ($960M
equity/$400M convertible)
    Feb 1:
    Amer Sports ("AS") (sports equipment) - $1.8B
    
    Among other marquee names in the pipeline, social media
platform Reddit eyes launching its IPO in March, while fashion
firm Shein seeks China's permission for a US listing. 
    
    (Lance Tupper, Chuck Mikolajczak)
     *****     
    
    
    FOR WEDNESDAY'S OTHER LIVE MARKETS POSTS:
    
    AS S&P 500 POWERS TO NEW HIGHS, SOME CONCERNS UNDER THE HOOD
- CLICK HERE
    
    PICK-UP LINES: BUSINESS ACTIVITY, MORTGAGE DEMAND GATHER
STEAM - CLICK HERE
    
    U.S. STOCKS GAIN AS FANGS GROWL - CLICK HERE
    
    AND THEY'RE OFF! MOMENTUM TAKES THE EARLY LEAD! - CLICK HERE
    
    A QUICK LOOK AT THE IMPACT OF A TRUMP VICTORY - CLICK HERE
    
    M&A ACTIVITY ON THE WAY UP? - CLICK HERE
    
    TECH STANDS OUT, CHINA ADDS SUPPORT - CLICK HERE
    
    EUROPEAN FUTURES RISE ON EARNINGS CHEER - CLICK HERE
    
    NO LUCK FOR CHINA STOCKS, OR FOR BARBIE - CLICK HERE


 

    
    
    
    
    
    
    

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IPO performance vs S&P 500    https://tmsnrt.rs/493CtVO
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 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)