Shares of Kinnate BioPharma jumped as much as 115% on Thursday. The stock opened at $40, which was double its $20 initial public offering price. Also higher in its trading debut, Silverback Therapeutics jumped 35% when the stock opened on Friday, closing at $25, up 19%.
17 Education & Technology (YQ) opened at $10.50 on December 4 after having priced 27.4M shares at $10.50. The deal range was $9.50-$11.50. Goldman Sachs, Morgan Stanley and BofA acted as joint book running managers for the offering. 17 Education & Technology was founded to develop an innovative hybrid offline-online model for tutoring K-12 students in China.
Sigilon Therapeutics (SGTX) opened on December 4 at $22 per share. Sigilon priced 7M shares at $18.00. The deal size was increased to 7M shares of common stock from 5.6M shares and priced within the $17.00-$19.00 range. Morgan Stanley, Jefferies, Barclays and Canaccord acted as joint book running managers for the offering. Sigilon Therapeutics is developing functional cures for chronic diseases through its Shielded Living Therapeutics platform.
Seer (SEER) opened on December 4 at $48 per share after the company priced 9.21M shares at $19.00. The deal size was increased to 9.21M shares of common stock from 8.8M shares of common stock and priced above the $16.00-$18.00 range. JPMorgan, Morgan Stanley, BofA and Cowen acted as joint book running managers for the offering. Seer is developing an integrated system to assist biopharmaceutical and academic researchers in analyzing proteins.
Silverback Therapeutics (SBTX) opened on December 4 at $29 after its IPO priced at $21 per share. The deal size was increased to 11.5M shares of common stock from 10M shares of common stock and priced above the revised $19.00-$20.00 range. Goldman Sachs, SVB Leerink and Stifel acted as joint book running managers for the offering. Silverback Therapeutics is advancing programs to treat various highly prevalent forms of cancer.
Kinnate Biopharma (KNTE) opened on December 3 at $40. The company had priced 12M shares at $20.00. The deal size was increased to 12M shares of common stock from 11.5M shares of common stock and priced above the $18.00-$19.00 range. Goldman Sachs, SVB Leerink and Piper Sandler acted as joint book running managers for the offering. Kinnate Biopharma is a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers.
Docebo (DCBO) opened on December 3 at $51.01. The company had priced 3M shares at $48.00. The deal size was increased to $144M shares of common stock from $125M shares of common stock. Morgan Stanley, Goldman Sachs and Canaccord acted as joint book running managers for the offering. Docebo provides a cloud-based SaaS platform for professional training.
Fintech Acquisition Corp. V (FTCV) opened at $10.30 on December 4. The SPAC priced its initial public offering of 21.8M units at a price of $10.00 per unit. FinTech V is a blank-check company formed for the purpose of acquiring or merging with one or more businesses.
Capitol Investment Corp. V (CAP) opened on December 2 at $10. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Capitol said its efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
Highland Transcend Partners I (HTPA) opened on December 3 at $10.30. The blank check company had priced its upsized initial public offering of 27.5M units at $10.00 per unit. Highland intends to pursue a target in the "disruptive" commerce, digital media and services, and enterprise software sectors, with a primary focus on North American and European markets.
Jaws Spitfire Aquisition (SPFR) opened on December 3 at $10.45. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Jaws expects to focus on consumer technology and related technology businesses "with attractive growth-oriented characteristics and strong underlying demand drivers and with all or a substantial portion of activities in North America and/or Europe."
Far Peak Acquisition (FPAC) opened on December 3 at $10. The blank check company had priced its initial public offering of 55M units at $10.00 per unit. Far Peak intends to focus its search for a target business in the financial technology, technology or financial services industries. Far Peak is sponsored by Far Peak which is ultimately owned by Thomas Farley, the company's Chairman and CEO, and David Bonanno, the company's Chief Financial Officer. In addition, certain funds and accounts managed by subsidiaries of BlackRock (BLK) have agreed to make an anchor investment in the company.
17 Education & Technology finished the week at $10.57 after opening at $10.50.
Sigilon Therapeutics ended Friday at $34.78.
Seer finished the week at $56.46.
After opening at $29, Silverback Therapeutics ended Friday at $25.
Kinnate Biopharma finished the week at $43.46.
Docebo ended Friday at $50.07.
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (ABNB), DoorDash (DASH), Affirm (AFRM), Roblox (RBLX), and Caliber Home Loans (HOMS).
On Monday, DoorDash announced that it has launched the roadshow for the initial public offering of its Class A common stock. DoorDash is offering 33,000,000 shares of its Class A common stock. The initial public offering price is expected to be between $75.00 and $85.00 per share. Goldman Sachs and J.P. Morgan are acting as lead book-running managers for the proposed offering. Barclays, Deutsche Bank Securities, RBC Capital Markets, and UBS Investment Bank are acting as book running managers, and Mizuho Securities, JMP Securities, Needham, Oppenheimer, Piper Sandler, and William Blair are acting as co-managers for the proposed offering.
On Tuesday, DA Davidson analyst Tom White initiated coverage of DoorDash with a Buy rating and $93 price target ahead of its IPO debut. The analyst is positive on the company's "leading market position" in U.S. online food delivery, its "strong" recent market share gains, and its better than expected profitability trends. White also pointed to DoorDash's "attractive" adjacent opportunities in grocery/retail delivery and logistics solutions, which he expects to outweigh the near-term risks around the likely slowing of growth in a post-COVID vaccine world.
Airbnb, the home rental company, has 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.
On Wednesday, Atlantic Equities analyst James Cordwell initiated coverage of Airbnb with an Overweight rating and $75 price target. The company has "significant secular growth potential" in the $800B travel accommodation market, Cordwell told investors in a research note. The analyst added that Airbnb is gaining market share and its initial public offering "could arguably not be better timed," with the travel demand set to recover in 2021.
On November 18, Affirm Holdings announced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its Class A common stock. Affirm intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “AFRM.” Affirm, which was co-founded by Max Levchin, a co-founder of PayPal (PYPL), says it is "building the next generation platform for digital and mobile-first commerce, making it easier for consumers to spend responsibly and with confidence, easier for merchants to convert sales and grow, and easier for commerce to thrive." The payments startup lets consumers pay for goods in installments.
On November 20, gaming platform Roblox officially filed with the SEC for its IPO. The company, which has seen its child-friendly videogame platform's sales soar amid the pandemic, said in its filing that it averaged 31.1 million daily active users across 180 countries during the first nine months of the year. The company plans to list on the New York Stock Exchange under the ticker "RBLX."
New Residential Investment (NRZ) has announced that an affiliate of NewRez, a mortgage lending and servicing organization, has confidentially submitted a draft registration statement with the SEC relating to the proposed initial public offering of NewRez's common stock. The initial public offering is expected to take place after the SEC completes its review process.
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.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.