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3 upcoming IPOs to watch in February 2023

An AI business, healthcare company and solar energy company are among the IPOs expected to take place this month.

In the US, there have been around 180 IPOs in 2022. This is down significantly from 2021 which saw 1,035 companies debut on US stock exchanges. According to PwC, over 60% of US IPOs were withdrawn this year.

With market uncertainty at a high, investors are increasingly preferring to play it safe by shifting away from high-growth companies to those with sustainable profits, solid cash flow and competitive offerings.

Though the IPO market is usually slow at the start of the year, here are 3 upcoming IPOs to watch in February 2023. There may be delays as business owners try to weigh the market and judge the best time to approach investors.

3 upcoming IPOs to watch in February 2023

NameSymbolExpected IPO dateExpected price range
Bullfrog AI HoldingsBFRGFebruary 2022$6.50
Nava Health MDNAVATBA$5.00 – $7.00
NextrackerNXTFebruary 2022$20.00 – $23.00

Bullfrog AI Holdings

Bullfrog AI Holdings logo

Bullfrog AI Holdings uses artificial intelligence and machine learning to increase the probability of success in developing therapies as well as decrease the time and cost involved in doing so. The company was founded in 2020 and is headquartered in Gaithersburg, Maryland (US). Over the last 12 months, its revenue was $0 and its net income was -$2.11 million. You can view its prospectus here.

  • Name: Bullfrog AI Holdings, Inc.
  • Symbol: BFRG
  • Exchange: Nasdaq Capital Market
  • Estimated volume: $8.6 million
  • Expected share price: $6.50
  • Expected IPO date: February 2022

Nava Health logoNava Health MD is a healthcare practice that combines traditional, functional, holistic and regenerative medicine. The company is headquartered in Columbia, Maryland and provides on-demand telehealth services in 15+ states. Over the last 12 months, its revenue was $9.27 million and its net income was $80,000. You can view its prospectus here.

  • Name: Nava Health MD, LLC
  • Symbol: NAVA
  • Exchange: Nasdaq Capital Market
  • Estimated volume: $8.1 million
  • Expected share price: $5.00 – $7.00
  • Expected IPO date: January 2023

Nextracker

Nextracker logoNextracker is a California-based energy solutions company that develops integrated solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects around the world. Over the last 12 months, its revenue was $1.46 billion and its net income was $50.9 million. You can view its prospectus here.

  • Name: Nextracker Inc.
  • Symbol: NXT
  • Exchange: Nasdaq Global Select Market
  • Estimated volume: $500 million
  • Expected share price: $20.00 – $23.00
  • Expected IPO date: February 2022

How to invest in IPOs

  1. Open a stock trading account. Trading platforms such as Questrade and Qtrade let you order some IPO stocks at the initially proposed price before these stocks hit the secondary market and become more widely available.
  2. Find the IPO stock you want to buy. Search for stocks by company name or ticker symbol (for example, “AAPL”), select the stock and enter the number of shares you want to buy.
  3. Review and submit your order. Place a market order to buy at the listed stock price, or place a limit order to buy in the future when the price is more favourable. Note that IPO stock prices tend to rise sharply immediately following a public offering but often taper off afterwards.

Open a stock trading account

To buy IPO stocks, you’ll need an investment account. Note that not all brokerages provide access to IPO stocks. Some, like Interactive Brokers and Wealthsimple, only let you buy newly-listed stocks on on the secondary market. Others, like Questrade and Qtrade, provide access to IPO stocks as soon as these stocks become available, even before hitting the secondary market.

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