Airbnb and Compass Therapeutics among upcoming IPOs
McAfee raised $740M in its initial public offering as the cybersecurity software provider returns to the stock market. McAfee was a public company before Intel (INTC) bought it for $7.7B back in 2011. The name was dropped a few years later but then reinstated after Intel sold a majority stake to TPG, which now owns about 66% of McAfee.
McAfee (MFE) opened on October 22 at $18.60. The company had priced 37M shares at $20.00. The deal priced inside the $19.00-$22.00 target range. Morgan Stanley, Goldman Sachs, TPG Capital, BofA and Citi acted as joint book running managers for the offering. McAfee is a cybersecurity software provider.
Foghorn Therapeutics (FHTX) opened on October 23 at $19.00 after its 7.5M share offering priced at $16.00. The deal priced at midpoint of $15.00-$17.00 target range. Goldman Sachs, Morgan Stanley, Cowen and Wedbush are acting as joint book running managers for the offering. Foghorn Therapeutics is developing treatments for ocular cancer and other cancers.
Abcam (ABCM) opened on October 22 at $18. The company had priced 8.945M shares at $17.50. Morgan Stanley, SVB Leerink and BofA acted as joint book running managers for the offering. Abcam identifies, develops, and distributes reagents and tools for life science research.
Gild Mortgage (GHLD) opened on October 22 at $15. The company had priced 6.5M shares at $15.00. The deal size was reduced to 6.5M shares from 8.5M and priced below the target range of $17.00-$19.00. Wells Fargo, BofA, JPMorgan and JMP Securities are acted as joint book running managers for the offering. Gild Mortgage is a mortgage servicer and lender.
Datto (MSP) opened on October 21 at $32. The company had priced 22M shares at $27.00. The deal priced at the high-end of the $24.00-$27.00 range. Morgan Stanley, BofA, Barclays and Credit Suisse acted as joint book running managers for the offering. Datto is a provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers.
MingZhu Logistics (YGMZ) opened on October 21 at $4.40. The company had priced its initial public offering of 3M ordinary shares at a $4.00 per shares. ViewTrade Securities acted as sole book-running manager for the offering. MingZhu Logistics is a China-based trucking services provider.
Acies Acquisition (ACAC) opened on October 23 at $9.95 after having priced its initial public offering of 20M units at a price to the public of $10.00 per unit. Acies Acquisition is a newly organized blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It is focused on identifying a business combination target within the live, location-based and mobile experiential entertainment industries.
Altimar Acquisition (ATAC) opened at $9.90 on October 23 after its 25M unit IPO priced at $10 per unit. The company is sponsored by Altimar Sponsor, an affiliate of HPS Investment Partners, and is led by Tom Wasserman as CEO and Chairman.
Eucrates Biomedical Acquisition (EUCR) opened at $9.95 on October 23. The SPAC priced its initial public offering of 10M units at an initial public offering price of $10.00 per unit. While Eucrates may pursue an initial business combination target in any business or industry, it intends to focus on the biomedical and healthcare industry. It intends to target North American and European healthcare companies "with the potential to drive transformational change through the convergence of biomedicine and data science."
BCLS Acquisition (BLSA) opened on October 22 at $10.28. The special purpose acquisition company had priced its initial public offering of 12.5M Class A ordinary shares at $10.00 per share. While the company may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to pursue investments, primarily based in North America and Europe and selectively in other geographies, including Asia and emerging markets, in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies. The company is sponsored by an affiliate of Bain Capital Life Sciences, a life sciences investment manager.
Cerberus Telecom Acquisition (CTAC) opened on October 22 at $9.96. The blank check company had priced of its initial public offering of 25M units at $10.00 per unit. The company intends to focus on the information and communications technology sector, specifically on companies participating in the 5G revolution. Morgan Stanley and Deutsche Bank served as joint book-running managers for the offering.
Rice Acquisition (RICE) opened on October 22 at $9.95. The blank check company had priced of its initial public offering of 21.5M units at $10.00 per unit. Barclays acted as book running manager for the proposed offering. Academy Securities and AmeriVet Securities acted as co-managers for the proposed offering. The company intends to focus its search for a target business in the "broadly defined energy transition or sustainability arena."
Supernova Partners Acquisition (SPNV) opened on October 21 at $10.08. The blanck check company had priced its upsized initial public offering of 35M units at $10.00 per unit. Supernova intends partner with an "advantaged growth company that benefits from thematic shifts and tech-enabled trends, with large addressable market, competitive differentiation and a transparent corporate culture anchored in strong values." Supernova is led by Spencer Rascoff, who co-founded Hotwire and Zillow (ZG).
Sarissa Capital Acquisition (SRSA) opened on October 21 at $10.20. The blank check company had priced its initial public offering of 17.5M units at $10.00 per unit. The company's sponsor, Sarissa Capital Acquisition Sponsor, was capitalized by investment funds managed by Sarissa Capital Management, which was founded by Alex Denner. While the company may pursue an acquisition opportunity in any industry or sector, it intends to focus on the healthcare industry in the United States and other developed countries.
Lefteris Acquisition (LFTR) opened on October 21 at $9.95. The blank check company had priced of its initial public offering of 20M units at $10.00 per unit. The company intends to focus on businesses in the financial technology sector, with a particular emphasis on businesses providing technology for financial services, regulatory and compliance functions, insurance services, wealth and asset management or employee benefits and payroll processing functions.
DPCM Capital (XPOA) opened on October 21 at $10. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. The company's efforts to identify a prospective target business will not be limited to a particular business, industry or geographical location, although it intends to focus on businesses in the technology sector. The company is led by Chairman and Chief Executive Officer Emil Michael. Special advisors include Eric Schmidt and Betsy Atkins.
H.I.G. Acquisition (HIGA) opened on October 21 at $9.95. The blank check company had priced its initial public offering of 32.5M units at $10.00 per unit. H.I.G. Acquisition., led by Chief Executive Officer Brian Schwartz and President Rob Wolfson, will not be limited to a particular industry or geographic region in its identification and acquisition of a target company. Credit Suisse served as lead book-running manager for this offering.
Helix Acquisition (HLXA) opened on October 20 at $10.16. The blank check company had priced its initial public offering of 10M Class A ordinary shares at $10.00 per share. While the company may pursue an initial business combination target in any business or industry, it intends to focus on opportunities in healthcare or healthcare-related industries. The company, sponsored by Helix Holdings, an affiliate of Cormorant Asset Management, is led by Bihua Chen as Chief Executive Officer and Chairman, and Jay Scollins as Chief Financial Officer.
Good Works Acquisition (GWAC) opened on October 20 at $9.95. The blank check company had priced its initial public offering of 15M units at $10.00 per unit. The company "intends to focus on a business combination with a company in need of growth capital experiencing rapid growth due to new technology or changes in behavior brought about by COVID-19."
Decarbonization Plus Acquisition (DCRB) opened on October 20 at $9.89. The black check company had priced its initial public offering of 20M units at $10.00 per unit. Citigroup and Credit Suisse acted as joint book running managers for the proposed offering. The company intends to focus its search for a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors, including the energy and agriculture, industrials, transportation and commercial and residential sectors.
Horizon Acquisition Corp. II (HZON) opened on October 20 at $10. The blank check company had priced its initial public offering of 50M units at $10.00 per unit. While the company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the media and entertainment industries, with "a focus on businesses with differentiated product and service offerings."
After opening at $18.60, McAfee finished the week trading at $18.79.
Foghorn Therapeutics ended its first trading day at $18.12.
Abcam ended Friday at $18.90.
Gild Mortgage finished the week at $14.90.
After opening at $32, Datto ended Friday at $29.
MingZhu Logistics finished the week at $3.90.
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (AIRB), G Medical Innovations (GMVD), Compass Therapeutics (CMPX), Caliber Home Loans (HOMS), Root (ROOT), Inhibikase Therapeutics (IKT), Leslie's (LESL) and MediaAlpha (MAX).
Airbnb, the home rental company, has announced that it confidentially submitted a draft registration Statement on Form S-1 to the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
G Medical Innovations announced that it has filed a registration statement on Form F-1 with the SEC relating to the proposed initial public offering of its ordinary shares. The proposed $30M offering has a proposed price range of between $5.00-$7.00 per share. Boustead Securities and Fosun Hani Securities Limited are acting as co-lead underwriters for GMed's proposed offering. G Medical Innovations provides app-connected medical devices for monitoring vital signs.
Compass Therapeutics has filed an S-1 with the SEC for a planned initial public offering and announced in a regulatory filing that it has applied to list its common stock on The Nasdaq Capital Market under the symbol "CMPX." Compass Therapeutics is a clinical-stage biopharmaceutical company developing proprietary antibody therapeutics intended to engage the immune system to treat both solid tumors and hematological malignancies. Its immuno-oncology product candidates include a clinical-stage monoclonal antibody and a portfolio of bispecific antibodies.
Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA.
Root Insuranceis a neoinsurance provider and is targeting a valuation of as much as $6.34B in its pending IPO.
Inhibikase Therapeutics is a clinical stage biotech developing kinase inhibitors for Parkinson's and related disorders.
Leslie's is a direct-to-consumer brand in the U.S. pool and spa care industry.
MediaAlpha is one of the largest online customer acquisition channels in the property and casualty, health, and life insurance industries. The company uses technology and data science to help insurance carriers and distributors acquire customers. A portion of the shares will be issued and sold by MediaAlpha and a portion will be sold by an affiliate of White Mountains Insurance Group (WTM), as the selling stockholder.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.