Image Source: Kevin Smith on Flickr

Shares of Ivanhoe Electric fell as much as 8.1% in their trading debut after the minerals exploration company raised $169 million via its IPO, the biggest initial public offering in the U.S. since May.

Latest IPOs and Direct Listings

Ivanhoe Electric (IE) opened on June 28 at $11.75. The U.S.-based company had priced its initial public offering of 14,388,000 shares of its common stock at a price of $11.75 per share. BMO Capital and Jefferies acted as joint book running managers for the offering.

Performance

• Ivanhoe Electric ended the week at $9.01.

Recent IPOs to Watch

Phoenix Motor is among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.

Upcoming IPOs

Upcoming IPO and direct listings expected include Triller, Reborn Coffee, Instacart, Steinway, and Bitdefender.

Triller Inc. announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

Previously, on June 14, SeaChange International (SEAC) and Triller Hold Co announced that they had mutually agreed to terminate their proposed merger that was contemplated by the agreement and plan of merger they had signed on Dec. 22, 2021.

Reborn Coffee announced it has filed for an initial public offering of shares of common stock and that the company intends to apply to list its common stock on the Nasdaq Capital Market under the symbol 'REBN.' The prospectus stated:

"Reborn Coffee is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks and cafes... As of December 31, 2021, all of our 7 locations were company-operated. As of the day of this prospectus, we have opened 2 new company-owned locations and expect to open a third one by 2022 year-end...

"In 2021, we generated approximately $2.3 million of revenue, $3.4 million of net loss, and approximately -$2.4 million of Adjusted EBITDA... In 2020, we generated approximately $793,000 of revenue, $1.1 million of net loss, and approximately -$915,000 of Adjusted EBITDA."

An Instacart listing could happen as soon as this year, though the timing may slip, people familiar with the matter told Bloomberg's Crystal Tse after the online grocery delivery platform said it confidentially filed documents for an IPO. Instacart is working with banks including Goldman Sachs (GS) and JPMorgan (JPM) on an offering, Tse's sources say. Instacart competes with offerings from Amazon (AMZN), Uber (UBER), and DoorDash (DASH).

Meanwhile, The Wall Street Journal's Jaewon Kang and Corrie Driebusch noted that Instacart confidentially filed for an initial public offering less than two months after cutting its valuation by nearly 40%. By filing confidentially now, Instacart is positioning itself to go public as early as September, people familiar with the offering told the Journal.

Steinway Musical Instruments has filed for an initial public offering of shares of its Class A common stock. The prospectus for the offering states in part: 

"We are a leading manufacturer of high-performance musical instruments, boasting a brand renowned worldwide. Steinway is one of the longest-lasting and most storied brands in the music industry and beyond... We operate in two reporting segments, Piano, or 'Steinway & Sons,' and Band, or 'Conn-Selmer.'

"In fiscal year 2021, our Piano and Band segments generated net sales of $406.6 million and $131.7 million, respectively, up from $317.4 million and $98.4 million, respectively, in the prior fiscal year. In fiscal year 2021, our Piano and Band segments generated Adjusted EBITDA of $106.8 million and $10.7 million, respectively, up from $72.1 million and $4.9 million, respectively, in the prior fiscal year." 

Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States.

"The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.