Squarespace and Sprinklr are among notable upcoming IPOs
Shares of Coinbase jumped in their market debut on Wednesday, opening for trading at $381. This was a 52% increase over Nasdaq's reference price of $250. On Thursday, BTIG analyst Mark Palmer initiated coverage of Coinbase with a Buy rating and a $500 price target.
LATEST IPOS AND DIRECT LISTINGS:
Recursion Pharmaceuticals (RXRX) opened on April 16 at $30 per share. Recursion priced 24.24M shares at $18.00. The deal size was increased to 24.24M shares from 18M shares and the deal priced at the high-end of the $16.00-$18.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Recursion Pharmaceuticals is a Phase 2-ready biotech using AI to develop therapies for rare diseases.
Biomea Fusion (BMEA) opened on April 16 at $20 after having priced 9M shares at $17.00. The deal size was increased to 9M shares from 7.5M shares and priced at the high-end of the $15.00-$17.00 range. JPMorgan, Jefferies and Piper Sandler acted as joint book running managers for the offering. Biomea Fusion is developing treatments for various leukemia type cancers.
Akoya Biosciences (AKYA) opened on April 16 at $26. Akoya priced 6.58M shares at $20.00, at the high-end of the $18.00-$20.00 range. JPMorgan, Morgan Stanley, Piper Sandler and Canaccord acted as joint book running managers for the offering. Akoya Biosciences provides spatial biology solutions for discovery and clinical research.
AppLovin (APP) opened on April 15 at $70. The company had priced 25M shares at $80.00. The deal priced at midpoint of $75.00-$85.00 target range. Morgan Stanley, JPMorgan, KKR, BofA and Citi acted as joint book running managers for the offering. AppLovin's technology platform provides developers a set of solutions to market, monetize, analyze and publish their apps.
Agilon Health (AGL) opened on April 15 at $28.25. The company had priced 46.6M shares at $23.00, at the high end of the $20.00-$23.00 range. JPMorgan, Goldman Sachs and BofA acted as joint book running managers for the offering. Agilon Health is a senior-focused healthcare platform.
Karat Packaging (KRT) opened on April 15 at $18.60. The company had priced 3.95M shares at $16.00, below the $18.00-$20.00 range. Stifel, William Blair and Truist acted as joint book running managers for the offering. Karat Packaging is a distributor and manufacturer of environmentally friendly, disposable foodservice products and related items.
TuSimple (TSP) opened on April 15 at $40.25. The company had priced 33.784M shares at $40.00. The deal priced above the $35.00-$39.00 range. Morgan Stanley, Citi and JPMorgan acted as joint book running managers for the offering. TuSimple is developing autonomous trucks.
Esports Technologies(EBET) opened on April 15 at $21. The company had priced 2.4M shares at $6.00. The deal size was increased to 2.4M shares from 2M shares and priced at the high-end of the $5.00-$6.00 range. Boustead acted as sole book running manager for the offering. Esports is a provider of advanced electronic sports wagering products and technology.
Coinbase (COIN) opened on April 14 at $381. The company's direct listing had a reference price of $250. The company is a bitcoin services provider and marketplace operator. Following the market debut, BTIG analyst Mark Palmer initiated coverage of Coinbase with a Buy rating and $500 price target. Coinbase is positioned to be a primary beneficiary of the increased adoption of bitcoin and other digital assets as it continues to scale in the U.S. and internationally, Palmer told investors in a research note. The analyst believes the company has "several avenues through which it could build upon its first-mover advantage as an on-ramp for mainstream crypto investors" by diversifying its revenue stream away from transaction fees and leveraging its "increasingly robust" platform for institutional investors.
Alkami (ALKT) opened on April 14 at $41. The company had priced 6M shares at $30.00, above the $26.00-$28.00 revised range. Goldman Sachs, JPMorgan and Barclays acted as joint book running managers for the offering. Alkami Technology is a cloud-based digital banking solutions provider for financial institutions in the United States.
Recursion Pharmaceuticals finished Friday at $31.30.
After opening at $20, Biomea Fusion ended the week at $18.60.
Akoya Biosciences finshed Friday at $26.05.
AppLovin ended the week at $61.
After opening at $28.25, Agilon finished Friday at $30.
Karat Packaging ended the week at $18.12.
TuSimple ended Friday at $39.95.
After opening at $21, Esports Technologies finished the week at $25.35.
Coinbase ended Friday at $342.
Alkami finished the week at $42.13.
UPCOMING IPOS: Among the upcoming IPO and direct listings are Squarespace (SQSP), Didi Chuxing, Sprinklr, Save Foods (SVFD), Regencell Bioscience (RGCB), Latham Group (SWIM), and Endeavor Group (EDR).
On April 16, in a regulatory filing with the SEC, Squarespace said it intends to apply to list its Class A common stock on the NYSE under the symbol "SQSP." The company plans to pursue a direct listing and not a "traditional" IPO. In the filing, Squarespace states: "Squarespace is a leading all-in-one platform for businesses and independent creators to build a beautiful online presence, grow their brands and manage their businesses across the internet. We offer websites, domains, e-commerce, tools for managing a social media presence, marketing tools and scheduling capabilities... As of December 31, 2020, we had 3.66M unique subscriptions to our platform... We generated in 2019 and 2020, respectively: revenue of $484.8M and $621.1M; net income of $58.2M and $30.6M; adjusted EBITDA of $97.6M and $116.7M; cash flow from operating activities of $102.3M and $150.0M; and unlevered free cash flow of $94.6M and $152.4M."
Bloomberg reported earlier this month that China's Didi Chuxing has filed confidentially for a U.S. IPO. The Chinese ridesharing company could seek a valuation of $70B to $100B, according to Bloomberg. Other U.S.-listed ridesharing companies include Uber (UBER) and Lyft (LYFT).
Sprinklr has also announced the confidential submission of draft registration statement for proposed initial public offering. With the filing, Sprinklr is the latest high-profile start-up to seek an IPO. Sprinklr is a customer experience company.
Save Foods has filed with the SEC for an initial public offering and applied to list its common stock on the Nasdaq Capital Market under the symbol "SVFD." The common stock is currently traded on the OTC Markets, Pink Open Market, under the symbol "SAFO." Save Foods develops products to improve the food safety and shelf life of fresh produce.
Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB." Regencell Bioscience Holdings is developing formulations of traditional Chinese medicine for ADHD and ASD.
Latham Group announced it has filed a registration statement on Form S-1 with the U.S. SEC 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. Latham Group is a leading designer and manufacturer of in-ground residential swimming pools.
Endeavor Group has filed with the SEC for an initial public offering of shares of Class A common stock of being offered for sale by the company. Endeavor is "a premium intellectual property, content, events, and experiences company" that owns and operates sports properties, including the UFC, produces and distributes sports and entertainment content, owns and manages exclusive live events and experiences, and represents top sports and entertainment talent.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.