Squarespace and Sprinklr are among notable upcoming IPOs
The consumer goods company founded by actress Jessica Alba, Honest Company, raised $412.8M in its trading debut earlier this week, after pricing its initial public offering slightly above the midpoint of its indicated range. Honest sells products including diapers, nursing pillows, vitamins and non-toxic household products on its honest.com website and through partnerships with stores such as Costco (COST) and Target (TGT).
LATEST IPOS AND DIRECT LISTINGS:
Waterdrop (WDH) opened on May 7 at $10.25 after having priced 30M shares at $12.00. The deal range was $10.00-$12.00. Goldman Sachs, Morgan Stanley and BofA acted as joint book running managers for the offering. Waterdrop is a Chinese insurtech backed by Tencent (TCEHY).
Talaris Therapeutics(TALS) opened on May 7 at $17.25 after pricing 8.825M shares at $17.00. The deal range was $16.00-$18.00. Morgan Stanley, SVB Leerink, Evercore ISI and Guggenheim acted as joint book running managers for the offering. Talaris’ lead asset FCR001 is an investigational allogeneic cell therapy aimed at living donor kidney transplant recipients.
Anebulo Pharmaceuticals (ANEB) opened on May 7 at $7.38. Anebulo priced 3M shares at $7.00, at the midpoint of the $6.00-$8.00 target range. Benchmark acted as sole book running manager for the offering. Anebulo Pharmaceuticals is a Phase 2 biotech developing treatments for cannabinoid overdose and substance addiction.
Bowman Consulting (BWMN) saopened on May 7 at $14 after having priced 3.69M shares at $14.00. The deal size was increased to 3.69M shares from 3.08M shares and priced at the high-end of the $12.00-$14.00 range. DA Davidson acted as lead book running manager for the offering. Bowman is an established professional services firm headquartered in Reston, Virginia that provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services.
Honest Company (HNST) opened on May 5 at $21.22. The company had priced 25.81M shares at $16.00, inside the $14.00-$17.00 range. Morgan Stanley, JPMorgan, Jefferies, BofA, Citi, William Blair and Guggenheim acted as joint book running managers for the offering. Honest, which was founded by actress Jessica Alba in 2012, identifies itself as "a mission-driven, digitally-native brand focused on leading the clean lifestyle movement."
Five Star (FSBC) opened on May 5 at $23.25. The company had priced 5.265M shares at $20.00, at the top end of the $18.00-$20.00 range. Keefe Bruyette acted as lead book running manager for the offering. Five Star is a bank holding company headquartered in Rancho Cordova, California that operates through its wholly owned banking subsidiary, Five Star Bank.
Alfi (ALF) opened on May 4 at $3.75. The company had priced 3.731M shares at $4.15. Alfi offers an AI enterprise SaaS platform, powering computer vision with machine learning models. Kingswood acted as lead book running manager for the offering.
Waterdrop ended its first trading day at $9.70.
Bowman finished Friday at $14.
Talaris ended the week at $16.25.
After opening at $7.38, Anebulo finished Friday at $7.10.
Honest ended the week at $19.08.
Five Star finished Friday at $24.90.
After opening at $3.75, Alfi ended the week at $3.70.
RECENT IPOS TO WATCH:
AppLovin (APP) made its Wall Street debut on April 15 and the quiet period for banks that underwrote the company's IPO expires on Monday, which means that firms including Morgan Stanley, JPMorgan, BofA, Citi, Credit Suisse, UBS, Oppenheimer, Stifel, Truist and William Blair will all be eligible as of that date to initiate coverage of the stock, Bloomberg noted.
UPCOMING IPOS: Among the upcoming IPO and direct listings are Global-E Online (GLBE), Squarespace (SQSP), Qiniu (QNIU), Didi Chuxing, Oatly, Sprinklr, Save Foods (SVFD), Regencell Bioscience (RGCB), and Camposol (CMSL).
Global-E Online, an e-commerce software platform that enables cross-border retail for retailers, is expected to start trading as a public company on Wednesday, May 12.
In an updated regulatory filing with the SEC related to the company's planned direct listing, Squarespace said it has registered for resale up to 40.4M shares of its Class A common stock by its stockholders. The company has been approved to list its Class A common stock on the NYSE under the symbol "SQSP" and expects its Class A common stock to begin trading on or about May 19, according to the filing.
On April 30, Qiniu filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itselfs as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."
Bloomberg reported recently 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).
Oat milk producer Oatly Group has formally filed paperwork for a U.S. initial public offering after having confidentially filed in February. Blackstone Group (BX) and a handful high-profile celebrities, including Oprah Winfrey and former Starbucks (SBUX) CEO Howard Schultz, took a stake in the alternative milk products maker last July, The WSJ has noted.
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.
Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.