The initial public offering (IPO) market held another quiet week last week, with only two small companies issuing deals. The week ahead plans to be just as active as two companies set to debut, with Ivanhoe Electric set to be the first major IPO in the United States in over a month.
In the biggest offering of the week, Lytus Technologies Holdings Ltd. (NASDAQ: LYT) raised over $12 million saher pricing shares at the low end of its range. The India-based company provides content streaming and telecasting services to over 8 million active users. Lytus also offers telemedicine services through partnerships with local healthcare centers. After popping over 250% in its first day, Lytus finished the week up 389%.
Heart Test Laboratories, Inc. (NASDAQ: HSCS) raised over $6 million after pricing shares below its range. The medical technology company is seeking to improve ECG/EKG machines to make them a more valuable cardiac screening tool. Heart Test plans to address the heart test market as it believes there is currently no low-cost, front-line, medical device that is effective at screening for heart disease. The stock was down over 38% for the week.
For the week ahead:
Ivanhoe Electric Inc. (NYSE: IE) plans to raise over $206 million from about 14.39 million shares priced between $11.75 to $12.50 each. Led by mining billionaire Robert Friedland, the company is focused on developing mines from mineral deposits based primarily in the United States. While its mining projects are not expected to generate revenue for now, the company's revenues also stem from its oil and gas data processing firm and battery development.
Mobilicom Ltd. (NASDAQ: MOB) plans to raise nearly $11.5 million from over 2.15 million shares priced at $4.65 each. The Israel-based company provides end-to-end hardware, software and cybersecurity solutions for small drones, unmanned aerial vehicles, and robotic systems.