IPO Disappointments: Games Global Withdraws $254M Deal While Super Hi International Soars – Weekly IPO Recap

New York, NY – Debuting this week in the US stock market were four new initial public offerings (IPOs), with a Singapore-based hot pot restaurant operator leading the way. However, the largest scheduled deal of the week, an online casino games publisher called Games Global, withdrew its $254 million offering citing market conditions just hours before it was set to price.

Among the IPOs that went through, Hong Kong-listed Super Hi International raised $53 million at a $1.3 billion market cap in its US debut. The company, previously under the umbrella of Haidilao, operates hot pot restaurants globally and is now ranked as the third-largest brand in the international Chinese cuisine restaurant market.

In addition to Super Hi International, three smaller issuers from or connected to China also went public. Armlogi Holding, a logistics services firm, raised $8 million; Jiade, an education support services provider, raised $8 million and saw a significant 192% increase; and Raytech Holdings, a beauty appliance supplier, raised $6 million.

Looking ahead, the upcoming IPO calendar includes Novelis, a US-based aluminum company, filing for a potential $1.3 billion offering. Grupo Aeromexico, the Mexican airline, also filed to raise $300 million, while biotechs Telix Pharmaceuticals and Rapport Therapeutics filed to raise $100 million each.

Furthermore, the IPO pipeline for the week includes another sizable group of issuers, such as Novelis and Chenghe Acquisition II. With a variety of companies entering the IPO arena, investors have a range of options to consider in the coming weeks.

As for the future, the only IPO currently scheduled is for specialty property and casualty insurer Bowhead Specialty Holdings, which plans to raise $100 million at a $473 million market cap. The company has shown growth in gross written premiums and is set to be the first insurance IPO in the US to surpass $10 million since November 2023.

Overall, the IPO market continues to shift and evolve, offering opportunities for both companies seeking funding and investors looking for new ventures to support. The coming weeks are sure to bring more excitement and potential as more companies go public and navigate the ever-changing market landscape.