Coinbase, Roblox and Cricut among upcoming IPOs and direct listings
Coinbase, the biggest U.S. cryptocurrency exchange, has filed to go public via a direct listing. Reportedly valued at over $100B in recent private transactions, Coinbase could be one of the biggest companies to go public since Facebook (FB).
Score Media (SCR) opened on February 25 at $31. The Class A Shares began trading on the Nasdaq Global Select Market under the symbol "SCR" and will continue to trade on the Toronto Stock Exchange under the symbol "SCR." Score Media is a sports gambling company.
Arya Sciences Acquisition Corp IV (ARYD) had priced its initial public offering of 13M class A ordinary shares at $10.00 per share and opened on February 26 at $10.95. Arya intends to focus on the healthcare industry in the United States and other developed countries, and focus on target businesses with valuations of $300M to $500M or more and that have the potential to be $1B or more market capitalization companies.
Twelve Seas Investment Company II (TWLV) had priced its initial public offering of 30M units at $10.00 per unit and opened on February 26 at $9.95. Twelve Seas intends to focus its search on companies located outside the United States, primarily in the Pan-Eurasian region, including Western Europe, Eastern Europe and the Middle East.
Austerlitz Acquisition Corporation I (AUS) had priced its initial public offering of 60M units at $10.00 per unit and opened on February 26 at $10.25.
Austerlitz Acquisition Corporation II (ASZ) had priced its initial public offering of 120M units at $10.00 per unit and opened on February 26 at $10.12.
Freedom Acquisition I (FACT) had priced its upsized initial public offering of 30M units at $10.00 per unit and opened on February 26 at $10.10. Freedom Acquisition intends to pursue a target in the financial services sector.
SilverBox Engaged Merger Corp I (SBEA) had priced its initial public offering of 30M units at $10.00 per unit and opened on February 26 at $10.05. In connection with the initial public offering, the company has entered into a forward purchase agreement with Engaged Capital that will provide for the aggregate purchase of $100M of class A common stock at $10.00 per share. Any such purchases will take place in a private placement that will close concurrently with the closing of the company's initial business combination.
Ibere Pharmaceuticals (IBER) had priced its upsized initial public offering of 12M units at $10.00 per unit and opened on February 26 at $10. Ibere is a blank check company that intends to focus on opportunities in the pharmaceutical and life sciences industries.
Fusion Acquisition Corp. II (FSNB) had priced its initial public offering of 43.5M units at a price of $10.00 per unit and opened on February 26 at $10.05. Fusion Acquisition Corp. II intends to focus on businesses with an enterprise value of approximately $1.5B to $5B that are providing or changing technology within the fintech or wealth, investment and asset management sectors, or certain types of technology companies that lie adjacent to the fintech sector.
African Gold Acquisition (AGAC) priced its upsized initial public offering of 36M units at $10.00 per unit and opened on February 26 at $10. African Gold Acquisition intends to focus on a target with operations or prospective operations in the gold mining sector.
EJF Acquisition (EJFA) opened on February 25 at $10.10. The blank check had company priced its initial public offering of 25M units at $10.00 per unit. EJF will target financial services companies "with products, services and technologies that support, enable or compete in the regulated and unregulated sectors where the company has historically invested, including banking, insurance, asset management, specialty lending and real estate finance."
Cartersian Growth (GLBL) opened on February 24 at $10.35. The blank check company had priced its initial public offering of 30M units, upsized from 25M units, at $10.00 per unit.
Soaring Eagle Acquisition (SRNG) opened on February 24 at $10.75. The blank check company had priced its initial public offering of 150M units at $10.00 per unit. Soaring Eagle intends to "capitalize on the ability of its management team to identify, acquire and operate a business or businesses that can benefit from its management team's established global relationships and operating experience." The company added that "the company's management team has extensive experience in identifying and executing strategic investments globally and has done so successfully in a number of sectors, including media and entertainment."
FTAC Athena Acquisition (FTAA) opened on February 23 at $10.55. The blank check company had priced its initial public offering of 22M units at $10.00 per unit.
Slam Corp. (SLAM) opened on February 23 at $10.28. The blank check company had priced its initial public offering of 50M units at $10.00 per unit. Slam Corp. has not selected any business combination target and will not be limited to a particular industry or geographic region. The company's founding partners are A-Rod Corp and Antara Capital LP.
Gores Holding VII (GSEV) opened on February 23 at $10.35. The blank check company had priced 48M units at $10.
Arctos NorthStar Acquisition (ANAC) opened on February 23 at $10.26. The blank check company had priced its initial public offering of 27.5M units at $10.00 per unit. Arctos currently intends to pursue opportunities in the sports, media and entertainment sectors. PERFORMANCE:
Score Media finished the week at $26.99.
UPCOMING IPOS: Among the upcoming IPOs are Coinbase (COIN), Roblox (RBLX), Coupang (CPNG), Caliber Home Loans (HOMS), Pharming Group (PHAR), Cricut (CRCT), Gold Royalty (GROY), Oscar Health (OSCR), Tuya and Havre Global AB. According to recent reports, upstart food companies Chobani and Oatly are also making plans to come public.
In a regulatory filing, cryptocurrency platform Coinbase Global disclosed that it has filed paperwork with the SEC for a direct listing of its common stock. "On the day that our shares of Class A common stock are initially listed on the Nasdaq Global Select Market, the Nasdaq Stock Market LLC, or Nasdaq, will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders," the filing noted. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "COIN."
Roblox, which had previously delayed its initial public offering, stated in an amended prospectus filed on Monday that it will seek a direct listing of its shares and now plans on going public “on or about March 10.” Roblox is seeking to sell 198,917,280 shares, but has not specified a price. Roblox said in the prospectus that the opening price of the roughly 199 million shares would be “determined by buy and sell orders collected by the NYSE from broker-dealers.”
Roblox, which will trade on the New York Stock Exchange under the ticker "RBLX," and Coinbase will be the fifth and sixth companies to go public using a direct listing. Previously, Palantir Technologies (PLTR), Asana (ASAN), Slack Technologies (WORK), and Spotify Technology (SPOT) have used a direct listing to make their public debuts.
Coupang, which identifies itself as "one of Asia's largest e-commerce companies," announced on February 12 that it publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. Coupang's IPO could take place as soon as March and is expected to garner a valuation exceeding $50B, The Wall Street Journal's Maureen Farrell reported, citing people familiar with the matter. Alibaba (BABA) was valued at about $168B when it went public, the report noted.
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.
Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.
Cricut announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The public offering is expected to commence following completion of the SEC review process, subject to market and other conditions. Cricut intends to list its common stock on The Nasdaq Global Select Market under the symbol "CRCT."
GoldMining (GLDG) announced that its subsidiary, Gold Royalty has launched a roadshow for the proposed IPO of its units. GRC is offering up to 6,000,000 Units under the IPO at a price of $5.00 per Unit. Each Unit will be comprised of one common share of GRC and one-half of a warrant to purchase a common share. Each full warrant will entitle the holder thereof to acquire one common share at a price of $7.50 per share for a period of three years.
Oscar Health announced the launch of its initial public offering of 31M shares of its Class A common stock. The offering consists of 30,350,920 shares of Class A common stock offered by Oscar and 649,080 shares of Class A common stock to be sold by certain of Oscar's existing stockholders. Oscar will not receive any proceeds from the sale of the shares by the selling stockholders. The initial public offering price is currently expected to be between $32 and $34 per share.
Havre Global AB announced it has confidentially submitted a draft Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of American Depositary Shares representing its ordinary shares in the United States. The number of ADSs 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.
On Friday, February 26, Tuya Inc. filed for an initial public offering of American depositary shares. The China-based Internet of Things cloud platform company said in a filing with the SEC that it intends to apply to list the ADSs on the New York Stock Exchange.
On February 4, Cara Lombardo and Dana Cimilluca of The Wall Street Journal reported that Greek yogurt maker Chobani is eyeing an initial public offering later this year that it hopes could value the company at as much as $7 billion to $10 billion.
On February 5, Bloomberg's Ruth David and Agnieszka de Sousa said that Sweden's Oatly is considering seeking a value of around $10 billion in a U.S. listing. The maker of vegan food and drink products is working with advisers on an IPO that could come as soon as May, the report said.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.