Shares of Datadog surged as much as 53% in its first trading day, closing Friday at $36.15 after raising $648M in its initial public offering. Before the listing, the company had received a takeover bid from CISCO (CSCO) that would have valued it at significantly more than the $7B valuation it was seeking in the IPO, but Datadog rebuffed the advance as it felt it could be worth more as a public company over time, Bloomberg's Gillian Tan, Liana Baker, and Ian King reported.
Exagen (XGN) opened on September 19 at $16.80 per share. The company had priced 3.6M shares at $14.00, at the low end of the $14.00-$16.00 target range and was upsized from 3.33M shares. Cowen, Cantor Fitzgerald and William Blair acted as joint book running managers for the offering. Exagen sells blood tests that can diagnose, prognose, or monitor autoimmune diseases.
Datadog (DDOG) opened on September 19 at $40.35 per share. The company had priced 24M shares at $27.00, above the revised $24.00-$26.00 range. Morgan Stanley, Goldman Sachs, JPMorgan and Credit Suisse acted as joint book running managers for the offering. Datadog sells IT infrastructure monitoring and analytics software.
Ping Identity (PING) opened on September 19 at $18.75 per share. The company had priced 12.5M shares IPO priced at $15.00, at the midpoint of the $14.00-$16.00 target range. Goldman Sachs, BofA/Merrill, RBC Capital and Citi acted as joint book running managers for the offering. Ping Identity offers cloud-based, multi-factor authentication solutions for secure access to applications.
IGM Biosciences (IGMS) opened on September 18 at $18.31. The company had priced 10.937M shares at $16, at the midpoint of the $15.00-$17.00 range. Jefferies, Piper Jaffray, Stifel and Guggenheim acted as joint book running managers for the offering. IGM develops antibody therapeutics designed to improve the treatments of cancer and infectious diseases.
Envista (NVST) opened on September 18 at $25.65. The company had priced 26.77M shares at $22.00, inside the $21.00-$24.00 target range. JPMorgan, Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Envista Holdings sells dental products to practitioners worldwide.
- In its first trading day, Exagen ended at $14
- Datadog surged in IPO to end the week at $38.13
- Ping Identity finished Friday at $20.09 after opening 25% higher on Thursday.
- IGM Biosciences ended the week at $23.12.
- Envista opened higher and finished its first trading day at $27.96.
UPCOMING IPOS: Among the upcoming IPOs are Peloton (PTON), Endeavor (EDR), Oportun Financial (OPRT), Heartland Bancorp (HBT) and Karat Packaging (KRAT).
Peloton is best known for at-home fitness equipment and accompanying streaming fitness services. In a research note ahead of the company’s IPO, DA Davidson analyst Michael Kawamoto initiated coverage of Peloton with a Neutral rating and $29 price target, stating that the company has "impressive" topline growth, but market saturation and its ability to scale remain questions. Recent investments, along with "very robust marketing spend," will keep profitability "muted" for at least the next few years, the analyst added.
Endeavor is a holding company for talent and media agencies that was founded back in 2009 following the merger of the William Morris Agency and the Endeavor Agency.
Oportun Financial provides credit services using alternative underwriting data.
Heartland Bancorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 15 full-service banking offices.
Karat Packaging produces eco-friendly goods and related packaging products.
Meanwhile, We Company (WE), previously WeWork, pushed back its much-awaited initial public offering as the company seeks more time to allay investor doubts over its governance, slashed valuation and business, Bloomberg's Gillian Tan, Liana Baker and Michelle Davis wrote in an article earlier this week. WeWork also made a small round of job cuts in New York City, sources told the publication. The company rents out co-working spaces to start-ups, freelancers and enterprises. SoftBank (SFTBY) is one of WeWork's biggest backers.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.