SpyGlass Pharma Surges Over 60% on First Trading Day
SpyGlass Pharma surged in its first day of trading at the end of last week, jumping more than 60% after pricing its initial public offering at $16, marking one of the strongest U.S. biotech debuts of the year and signaling renewed investor appetite for ophthalmology focused drug developers.LATEST IPOS AND DIRECT LISTINGS:Once Upon a Farmopened on February 6 at $21. The company had priced 10.997M shares, 7,631,537 shares of which were offered by Once Upon a Farm and 3,365,672 shares by certain existing stockholders, at $18.00, the midpoint of the $17.00-$19.00 target range. Once Upon a Farm, an organic food brand co-founded by actress Jennifer Garner, says its mission is to provide "organic, crave-worthy, snacks and meals for children of all ages."Agomabopened on February 6 at $14.70. The company had priced 12.5M shares at $16.00, inside the $15.00-$17.00 target range. Agomab is a clinical-stage biopharmaceutical company focused on developing novel disease-modifying therapies for immunology and inflammatory diseases, with an initial focus on chronic fibrotic indications with high unmet medical need.SpyGlass Pharmaopened on February 6 at $24.00. The company had priced 9.375M shares $16.00, the midpoint of the $15.00-$17.00 range. SpyGlass Pharma is a late-stage biopharmaceutical company whose drug delivery technology is designed to be used with various well-established, approved medicines, including bimatoprost and other small molecules, providing flexibility to potentially treat a range of conditions in the front and back of the eye.Forgent Power Solutionsopened on February 5 at $26. The company priced 56M shares at $27.00, at the midpoint of the $25.00-$29.00 target range. Forgent is a designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities.Eikon Therapeuticsopened on February 5 at $17.05. The company priced 21.18M shares at $18.00. The deal size was increased from 17.65M and priced at the top end of the $16.00-$18.00 range. Eikon is a late-stage clinical biopharmaceutical company whose initial focus is oncology, where it says it is advancing a pipeline of drug candidates "targeting areas of high unmet need in large indications" for various cancers.Bob's Discount Furnitureopened on February 5 at $17.00. The firm priced 19.45M shares at $17.00, the low end of the $17.00-$19.00 target range. Bob's is a national omnichannel retailer of value home furnishings with more than 200 showrooms across the United States.Veradermicsopened on February 4 at $34. The company had priced 15.08M shares at $17.00. The deal size was increased from 13.35M and priced above the $14.00-$16.00 range. Veradermics is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing therapeutics for common aesthetic and dermatological conditions. Its lead program, VDPHL01, is being developed as an oral, non-hormonal treatment for men and women with pattern hair loss.RECENT SPAC IPOS:Hennessy Capital Investment VIIIopened on February 5 at $10.02. Although the blank check company reserves the right to pursue an acquisition opportunity in any business or industry, the company intends to focus its search for a target business in the industrial innovation and energy transition sectors.Cantor Equity Partners VIopened at $10.13. The blank check company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, but the company intends to focus on a target in an industry where it believes the company's management teams' and affiliates' expertise will provide the company with a competitive advantage, including the financial services, digital assets, healthcare, real estate services, technology and software industries.Iris Acquisition IIopened on February 3 at $9.96. Cohen & Company Capital Markets is acting as sole book-running manager for the offering.PERFORMANCE:Prices as of 11.00 am ET on Monday, February 9Once Upon a Farm – up over 15% at $24.26;Agomab – up more than 7% at $15.69;SpyGlass Pharma – fractionally down at $26.25;Forgent Power Solutions – up over 5% at $34.81;Eikon Therapeutics – up almost 4% at $15.02;Bob's Discount Furniture – up about 9% at $17.91;Veradermics – down almost 2% at $37.78.UPCOMING IPOS:Upcoming IPO and direct listings expected include OpenAI, AGI Inc, Speed Group, and Lendbuzz.Clickto see upcoming IPO calendar on TipRanks.OpenAIis accelerating its plans for a public listing as rivalry with Anthropic intensifies, now planning on listing in Q4 of this year, Berber Jin, Corrie Driebusch, and Kate Clark of The Wall Street Journal. OpenAI is holding discussions with Wall Street banks about a potential initial public offering and has hired several executives to oversee its finance team, sources told the Journal.AGI Inc, or Agibank,has filed with the SEC for an initial public offering of its Class A common shares. The company intends to apply to list its Class A common shares on the New York Stock Exchange under the symbol "AGBK." The prospectus states, "Agibank Brazil is a privately held financial holding company and the holder of 100% of the outstanding share capital of Banco Agibank S.A., or Banco Agibank. In turn, Nuova Holding S.A., or Nuova, was a privately held, non-financial holding company controlled by our controlling shareholder, Mr. Marciano Testa... Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil's population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers."Speed Groupfiled a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company's operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports. For the years ended June 30, 2024 and 2025, Speed's revenues were $17.9M and $22.64M, respectively.Lendbuzz Inc.is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol "LBZZ." The prospectus states: "Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales."Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
