Exchange Listing LLC

We are incredibly proud to announce that our client NeurAxis, Inc., successfully completed their initial public offering and NYSE American listing. NeurAxis, Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. Alexander Capital, L.P. L.P. acted as sole book-running manager for the offering. Lucosky Brookman LLP served as counsel to NeurAxis. Carmel, Milazzo & Feil LLP served as counsel to the underwriters. Brian Carrico and his team worked tirelessly to make this outcome a reality and we are so excited to see what the future holds for NeurAxis. #clientsuccess #business #ipo #capitalmarkets #exchangelisting

October IPO Market Update: A Busy Start to Q4 The IPO market saw a robust start to Q4, with October marking the busiest month for IPO activity in nearly three years. 22 IPOs raised a combined $3.8 billion, aligning with the 10-year average for deal volume, though slightly under target in terms of proceeds ($5.5 billion). Micro-cap IPOs drove much of the activity, but eight companies managed to raise over $100 million, led by aircraft maintenance provider StandardAero (SARO), which brought in $1.4 billion. These larger IPOs performed well, averaging a 22% return, bolstered by strong debut gains and steady aftermarket trading. While new filings tapered off—especially among larger potential IPOs—nine SPACs went public, and four mergers were announced. Despite a slower end to the month, some issuers may still target a 2024 IPO with limited windows for listing in mid-November and early December. For those eyeing 2025, the October rally could serve as an encouraging signal for upcoming public offerings.

Hyundai Motor India Sets a Record with $3.3 Billion IPO India's robust economy and booming population have given rise to this year's largest common stock IPO: Hyundai Motor India’s $3.3 billion listing. J.P. Morgan, the senior bookrunner lead manager, facilitated the offering, underscoring Hyundai's growth in India. With a strong lineup of SUVs and a growing EV sector, Hyundai holds the second spot in the passenger vehicle market. Retail and high-net-worth individuals contributed around $850 million, underscoring local enthusiasm for Hyundai’s future in India's automotive sector. This milestone IPO also signals Hyundai Motor Company’s pioneering step as the first Korean corporate affiliate to list on India’s equity market, reflecting years of planning and collaboration between Hyundai in Korea and J.P. Morgan. With plans to launch the Creta Electric and four more battery-powered vehicles by 2030, Hyundai is well-poised to leverage India’s growing middle-class demand. This listing marks a milestone for Hyundai and strengthens the capital market ties between Korea and India.

Septerna, a biotech innovator targeting G protein-coupled receptors (GPCRs), priced its IPO at $288 million, underscoring sustained investor interest in clinical-stage biotechnology firms. The company exceeded its initial projections, selling 16 million shares at $18, above its anticipated range. The stock, trading under "SEPN" on Nasdaq, signals confidence in Septerna’s approach to GPCRs—a family of proteins involved in key biological functions, like energy metabolism and immune regulation, and the target of roughly a third of all approved drugs. Biotech IPOs have gained momentum recently, with September and October being particularly active months. This marks the busiest period for biotech listings since early this year.

After a quiet few months, the IPO market saw notable activity with two tech companies debuting at significant valuations. Ingram Micro (NYSE: INGM), an IT distributor, raised $409 million and opened at a $5.3 billion market cap, trading at a modest 0.1x sales. Despite unremarkable financials, Ingram’s valuation highlighted some upside potential, with shares climbing +12% on its first day. Meanwhile, Chinese autonomous vehicle company WeRide (Nasdaq: WRD) also debuted. Raising $120 million from cornerstone investors and an additional $320 million via private placements, WeRide entered the market at a 100x sales multiple and saw a +7% uptick. These transactions signal that large-cap deals can still find footing in public markets. However, these unique profiles—one legacy tech, the other a China-based startup—don’t reflect the landscape for most US-based tech unicorns waiting in the IPO pipeline. The question remains whether investor enthusiasm for high-growth tech will extend broadly, or if appetite will remain selective in the current market climate.

Retail Investors are Evolving As retail investors become increasingly sophisticated, Robinhood is evolving to meet their needs. Robinhood’s platform originally gained popularity during the pandemic by offering an easy-to-use interface and commission-free trades that appealed to beginner investors. However, the company has recognized that a growing number of retail investors are seeking more advanced trading tools and strategies. With Robinhood Legend, users can now customize their platform, analyze technical charts, and trade a broader range of financial products such as options and futures. Futures trading—one of the most requested features by Robinhood users—will give investors 24-hour access to contracts on the S&P 500, oil, bitcoin, and more. Meanwhile, the platform’s partnership with Cboe Global Markets to offer index options brings another layer of sophistication to retail traders. This aligns with the broader trend of democratizing access to financial tools that were once only available to institutional players. As platforms like Robinhood and Moomoo develop these advanced offerings, they aim to attract more retail traders, capitalizing on a growing demand for comprehensive trading tools. The landscape for retail investors is rapidly evolving, and it will be interesting to see how this shift influences the broader market dynamics.

The World’s Second Most Valuable Company Nvidia's stock surge shows no signs of slowing, according to Bank of America analysts, who have just raised their price target to $190, signaling a potential 37% increase from its recent high of $138. Nvidia's dominance in the AI sector, particularly with its graphics processing units (GPUs) powering generative AI, remains a key driver behind this optimistic outlook. Bank of America projects the total market for AI technology will grow from $45 billion in 2023 to $363 billion by the end of the decade, with Nvidia maintaining a 75% market share. This could translate into an extraordinary $272 billion in AI computing revenues for the company by 2030—more than Apple’s iPhone revenue in 2023. Nvidia’s impressive profit margins and growing partnerships with companies like Microsoft and Accenture are also seen as underappreciated contributors to its future growth. Currently the world’s second-most valuable company, Nvidia’s market cap stands at $3.4 trillion, with projections that it could reach $4.7 trillion—far exceeding any public company’s market value in history. As demand for AI accelerators continues to rise, Nvidia is positioned to lead this next wave of tech innovation well into the future.

Asia’s Stock Markets Are Raising Billions Asia’s stock markets are gearing up for the busiest week of listings in over two years, with about 20 companies from across the region set to raise $8.3 billion. The surge in IPO activity includes deals from China, India, and Japan, reflecting a broad revival in equity markets. Some of the biggest listings this week include China Resources Beverage Holdings and Horizon Robotics, together raising over $1.3 billion in Hong Kong. Tokyo Metro’s $2.3 billion IPO, Japan's largest since 2018, took place last week, while Rigaku Holdings rounds off the listings in Japan with a $750 million deal. Analysts are closely watching these listings as a test of investor demand amidst a challenging global economic environment. Despite some challenges, such as India’s declining auto industry and volatility in Japanese markets, foreign investors have increased their participation in Asian IPOs, with large deals generating optimism for more issuers to follow suit.

A Strategic Exit Isn’t Just a Nice-to-Have; It’s Essential A clear exit strategy isn’t optional; it’s vital. Even if you’re not actively planning to exit, cultivating a strategic mindset toward long-term planning is critical for optimizing value and ensuring continuity. There is worldwide uncertainty, from geopolitical shifts to market volatility, and proactive planning helps entrepreneurs navigate uncertainty and seize opportunities. Each business phase—growth, maturity, and ultimately, transition—requires a thoughtful approach. Early in a company’s lifecycle, embedding scalability and governance can set the foundation for future success, while refining the exit strategy during maturity optimizes key moments for a sale or IPO. Stakeholders also expect this clarity. Demonstrating a pathway to value builds trust and aligns it with your vision, enhancing your business’s appeal and valuation. Operating with the standards of a public company—even before you’re public—adds rigor and showcases your commitment to excellence. An exit strategy, coupled with robust support systems, protects your legacy, drives value, and allows you to focus on what truly matters. This approach means balancing growth with purpose, maintaining passion, and sharing hard-earned insights with the next generation. Read Peter's recent article on an Exit Driven Mindset on Forbes below! https://lnkd.in/estxZik2

Medtech IPOs on the Move Sunnyvale-based CeriBell made headlines as it went public on Friday with a rare IPO for a medical device company, signaling a potential revival for medtech IPOs. Known for its seizure-detection headband designed to speed up diagnosis in hospitals, CeriBell's successful debut is encouraging for venture capitalists, who have faced a tough IPO market for medtech startups in recent years. CeriBell’s system, which launched in 2018, includes an AI-driven seizure detection algorithm that has gained traction in emergency departments and intensive-care units. Its solution aims to address the challenges of non-convulsive seizures, which lack visible symptoms but can result in severe outcomes if untreated. The device allows nonspecialized healthcare staff to set up EEG monitoring quickly, providing neurologists with crucial data through a user-friendly platform. This successful listing could set a positive precedent for other medtech companies, potentially revitalizing the IPO pathway for growth-stage companies. As venture firms and investors watch closely, the CeriBell IPO could signal renewed interest in medtech firms aiming for expansion and market impact.