Two small initial public offerings (IPO) began trading last week as the market remains unusually quiet throughout the year due to less risk appetite amongst investors. The week ahead plans to be just as slow, with only two small deals scheduled to price.
WeTrade Group, Inc. (NASDAQ: WETG) priced its shares at the low end of its range to raise $40 million in its debut. The Chinese IT service management company operates a membership-based platfrom to provide technical services and solutions. WeTrade soared over 400% on its first day, ultimately finishing the week up 378%.
Virax Biolabs Group Ltd. (NASDAQ: VRAX) raised $6.75 million after holding off on listing. The company provides a portfolio of diagnostics test kits and other med-tech and personal protective equipment products. Virax operates in both the United Kingdom and Hong Kong. In its first day, Virax popped 264% and finished the week up 107%.
Here's listings to look out for in the week ahead:
Mobile Global Esports, Inc. (NASDAQ: MGAM) plans to raise more than $20 million from 3.8 million shares priced between $4 to $5 each. The company is launching a platform for esports competitions for mobile devices by university team representing schools located in India and South Asia under the name MOGO.
MAIA Biotechnology, Inc. (NYSE: MAIA) plans to raise more than $13 million from about 1.67 million shares priced between $5 to $7 each. The immunotherapy biotech's lead candidate is expected to enter Phase 2 clinical trials in Australia and Europe this year for NSCLC. MAIA plans to seek accelerated approval from the U.S. Food and Drug Administration (FDA) for the treatment of advanced NSCLC in late 2024.