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As more privately owned companies take the plunge of getting publicly listed, there is a whole new list of businesses coming to North American stock markets this March. From video game giant Roblox to Israeli pot firm IM Cannabis, the list is long and worth exploring.
Let’s take a quick peek at the profiles of seven enterprises that will be launching their IPOs in March.
1. Roblox
Like so many other companies that are sidestepping the traditional course of an initial public offering (IPO), online gaming platform Roblox is poised to hold a direct listing for its shares to go public.
The California-based videogame provider plans to launch a direct public offering (DPO) on or sometime around March 10 on the New York Stock Exchange (NYSE).
Roblox’s original plans included an IPO around October last year. But after that plan fell through, it held a round of private funding to raise US$ 520 million at a valuation of US$ 29.5 billion, as per reports.
2. Coinbase
Coinbase Global Inc became the first cryptocurrency exchange ever to apply for a public listing on Thursday, February 25. Like Roblox, Coinbase is also heading for a direct listing instead of an IPO.
Following the DPO, the crypto stocks will debut on the Nasdaq exchange under the ticker of ‘COIN’.
While Coinbase is yet to confirm a date, the air is thick with speculation that the company will hit the public markets as soon as March. Reports say that Coinbase’s valuation has crossed the US$ 100 billion-mark ahead of its launch.
3. Oscar Health
Stocks of tech-driven health insurance company Oscar Health Inc are expected to begin trading on NYSE, under the ticker of ‘OSCR’, on March 3. On the previous day, the New York-based firm plans to finalize its IPO pricing, which currently sits in the range of US$ 32 to US$ 34 per share.
Oscar Health raised about US$ 140 million ahead of its IPO plans in December last year. Prior to that, it generated a funding of about US$ 1.6 billion from private sources, as per reports.
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4. InnovAge Holding Corp
Elderly care provider InnovAge Holding Corp, which expected to go public on March 4, announced the terms of its IPO on Wednesday, February 24. Its IPO size is set to be over 16.7 million shares, along with a separate set of 2.5 million shares kept aside for underwriters.
The Denver-based company’s IPO price is currently expected to be in the range of US$ 17 to US$ 19 per share, and it plans to raise gross proceeds of about $300 million.
Once public, InnovAge shares will trade on the Nasdaq exchange under the ticker of ‘INNV’.
5. Muliang Viagoo Technology
Muliang Viagoo Technology came into being in June 2020 after Chinese fertilizer manufacturer Muliang Agritech Inc acquired Singapore-based logistics firm Viagoo Pte Ltd. The combined company filed for an IPO under is former name (Muliang Agritech) back in 2019.
The Shanghai-based company, which is expected to hit the stock markets on March 3, plans to raise gross proceeds of about US$ 40 million from an offering of 10 million shares at a price of US$ 4.
Based on the current proposed deal size, Muliang Viagoo is estimated to hold a market value of about US$ 194 million, as per reports.
6. IM Cannabis Corp
Stocks of medical cannabis producer IM Cannabis Corp are scheduled to debut on the Nasdaq exchange on Monday, March 1, following the fulfillment of all required listing and regulatory obligations. Once through, the pot stocks are set to launch under the trading ticker of ‘IMCC’.
The Israel-headquartered company, which is currently listed on the Canadian Securities Exchange (CSE), stated in its regulatory that it has major international assets in Germany, Greece and a subsidiary in Portugal. IM Cannabis is also said to have expanded its busines to Amsterdam with the establishment of IMC Netherlands.
7. IDEX Biometrics
Fingerprint-focused technology firm IDEX Biometrics is expected begin trading on the Nasdaq platform as early as Monday, March 1. The Norwegian company is said to have registered 800,000 American Depository Shares (ADS) for an aggregate of about 60 million ordinary IDEX shares.
The ADSs, each of which comprise of 75 ordinary IDEX shares, have reportedly been priced at about US$ 24.75 apiece.
IDEX Biometrics, which is expected to raise a sum of about US$ 19.8 million from its IPO, reeled in a funding of NOK 229 million (about C$ 33.6 million) in a recent private placement.
The Oslo-headquartered company said in its SEC filing that Bank of New York Mellon will act as the depository for its ADSs.
