U.S. IPO Weekly Recap: Viking Trades Up After Completing The Year's Largest US IPO To Date

seekingalpha05-04

Cruise operator Viking Holdings led the week’s deals, completing the year’s largest US IPO to date.Michael Klein’s Churchill Capital Corp IX raised $250 million in the first blank check IPO in over a ...

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Viking Holdings priced an upsized deal above the midpoint to raise $1.5 billion at a $10.2 billion market cap. The company currently has a fleet of 92 vessels, and it plans to add a total of 24 new river and ocean ships over the next few years, though this will require high upfront capital. It has delivered solid growth, and its early booking rates provide revenue visibility. Viking finished up 21%. Freeze-dried candy maker Sow Good (SOWG) raised $12 million at a $117 million market cap in its Nasdaq uplisting. The company began commercializing its products in 1Q23 and now sells 18 SKUs across two product lines using an omnichannel strategy, with a focus on wholesale and retail channels. Sow Good finished up 2%. Michael Klein's Churchill Capital Corp IX (CCIXU) raised $250 million in the first blank check IPO in over a month. The SPAC plans to target businesses that generate stable free cash flow and have a committed and capable management team, among other characteristics.   3 IPOs During the Week of April 29th, 2024  Issuer Business  Deal Size Market Cap at IPO Price vs. Midpoint First Day Return Return at 05/03    Viking (VIK) $1,537M $10,652M 4% +9% +21%  Global luxury river and ocean cruise line.  Sow Good (SOWG) $12M $117M -55% -3% +2%  Makes freeze-dried candy.  Churchill Capital IX (CCIXU) $250M $319M 0% +1% +0%  Blank check company founded by dealmaker and former Citi executive Michael Klein.  Click to enlarge   2 Filings During the Week of April 29th, 2024  Issuer Business Deal Size Sector Lead Underwriter    Tamboran Resources (TBN) $100M Energy BofA  Natural gas E&P focused on the Beetaloo Basin in the Northern Territory of Australia.  DT Cloud Star Acquisition (DTSQU) $60M SPAC A.G.P.  Blank check company led by an executive from CITIC Securities.  Click to enlarge Week Ahead Six listings are currently scheduled for the week ahead, three of which plan to raise over $100 million. Chinese premium EV brand ZEEKR (ZK) plans to raise $341 million at a $4.8 billion market cap. The company was originally part of Chinese auto giant Geely Auto, but was restructured as a separate company in 2021. Its current product portfolio includes two cross-over hatchback models, a luxury MPV, and a compact SUV. As of December 31, 2023, it has cumulatively delivered nearly 197,000 vehicles. The company has expanded rapidly since being spun-out and posted 91% revenue growth in the 9mo23. Despite this, it remains unprofitable, and operates in an increasingly competitive space. Auto transport rollup Proficient Auto Logistics (PAL) plans to raise $215 million at a $370 million market cap. Formed in connection with the IPO through the combination of five operating companies, Proficient Auto Logistics will operate what it states is one of the largest auto transportation fleets in North America, utilizing roughly 1,130 auto transport vehicles and trailers on a daily basis. Customers include auto makers, auto dealers, auto auctioneers, rental car companies, and auto leasing companies. The company has presented double-digit pro forma revenue growth in the past two years, aided by industry tailwinds, but derived 60% of its 2023 revenue from just five customers. Design software and services provider Silvaco (SVCO) plans to raise $108 million at a $555 million market cap. Silvaco provides technology computer-aided design software, electronic design automation software, and semiconductor intellectual property for semiconductor and photonics companies. Silvaco has a leading position in the technology computer-aided design market, but has been unprofitable in numerous recent quarters with minimal cash flows. Oncology and autoimmune biotech Lirum Therapeutics (LRTX) plans to raise $25 million at a $103 million market cap. Lirum's lead candidate, LX-101 is an in-licensed targeted therapy directed to the insulin-like growth factor-1 receptor (IGF-1R), which was previously evaluated by the licensor in Phase 1a trials in advanced, pretreated cancer. Lirum plans to advance LX-101 through Phase 1b/2 trials in select oncology indications and Phase 1 trials in select thyroid eye disease indications. Pre-revenue nuclear microreactor developer Nano Nuclear Energy (NNE) plans to raise $15 million at a $161 million market cap. The company is focused on micro-nuclear reactors, fuel fabrication, fuel transportation, and nuclear consultation services. Early-stage mining company Key Mining (KMCM) plans to raise $10 million at a $55 million market cap. The pre-revenue company has two exploration-stage projects in Chile, one focused on exploring for rutile, and the other focused on exploring for copper and zinc.   U.S. IPO Calendar  Issuer Business Deal Size Market Cap Price Range Shares Filed Top Bookrunners     Nano Nuclear Energy (NNE) New York, NY   $15M $161M   $4 - $6 3,000,000  Benchmark  Developing nuclear microreactors and related fuel technologies.   Lirum Therapeutics (LRTX) New York, NY   $25M $103M   $10 - $12 2,270,000  ThinkEquity  Phase 1 biotech developing an in-licensed therapy for cancer and autoimmune diseases.   Proficient Auto Logistics (PAL) Jacksonville, FL   $215M $370M   $14 - $16 14,333,333   Stifel Raymond James   Roll-up of auto transportation and logistics services providers.   Silvaco (SVCO) Santa Clara, CA   $108M $555M   $17 - $19 6,000,000   Jefferies TD Securities   Provides design automation software and semiconductor IP solutions.   ZEEKR (ZK) Ningbo, China   $341M $4,760M   $18 - $21 17,500,000   Goldman Morgan Stanley   Premium electric vehicle brand spun out of Chinese automaker Geely.   Key Mining (KMCM) Miami, FL   $10M $55M   $2.25 4,444,444  EF Hutton  Florida-based mining company with two exploration-stage projects in Chile.  Click to enlarge Street research is expected for seven companies in the week ahead, and lock-up periods will be expiring for four companies. IPO Market Snapshot The Renaissance IPO Indices are market cap-weighted baskets of newly public companies. As of 5/2/2024, the Renaissance IPO Index was up 1.1% year-to-date, while the S&P 500 was up 6.6%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was up 3.7% year-to-date, while the ACWX was up 3.4%. Renaissance Capital's International IPO ETF (IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Porsche.  Original Post  Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432197979"}