Squarespace and Sprinklr are among notable upcoming IPOs
Global-e Online opened 3% below its IPO price before trading higher on Wednesday. Shares of the cross-border e-commerce platform rose as much as 1% in their Nasdaq debut, giving Global-e a market capitalization of about $3.6B.
LATEST IPOS AND DIRECT LISTINGS:
Vera Therapeutics (VERA) opened on May 14 at $11.41 after having priced 4.35M shares at $11.00, below the $14.00-$16.00 range. Jefferies, Cowen and Evercore ISI acted as joint book running managers for the offering. Vera Therapeutics is a clinical-stage biotechnology company focused on developing and commercializing treatments for patients with serious immunological diseases whose lead program is atacicept, a fusion protein that is in development for IgA nephropathy.
Digital Brands (DBGI) opened on May 14 at $4.14 after having priced 2.41M shares at $4.15. Kingswood acted as sole book running manager for the offering. Digital Brands offers apparel through numerous brands on a both direct-to-consumer and wholesale basis.
E-Home Household Service (EJH) opened on May 14 at $16.60. The household service company based in Fuzhou, China that provides integrated household services through its website and WeChat platform, priced its initial public offering of 5.56M ordinary shares at a public offering price of $4.50 per share. Joseph Stone Capital acted as the lead underwriter for the offering.
Similarweb (SMWB) opened on May 12 at $20.76. The company had priced 8M shares at $22.00, above the $19.00-$21.00 range. JPMorgan, Citi, Barclays and Jefferies acted as joint book running managers for the offering. Similarweb is a digital data analytics company that says its platform helps "business leaders, strategy teams, analysts, marketers, category managers, salespeople and investors" to "quickly and efficiently discover the best business opportunities, identify potential competitive threats and make critical decisions to capture market share and grow revenues." Global-e Online (GLBE) opened on May 12 at $24.25. The company had priced 15M shares at $25.00. The deal range was $23.00-$25.00. Goldman Sachs, Morgan Stanley and Jefferies acted as joint book running managers for the offering. Global-e's platform enables global, direct-to-consumer cross-border e-commerce.
iPower (IPW) opened on May 12 at $5.66. The company had priced 3.36M shares at $5.00. DA Davidson and Roth Capital acted as joint book running managers for the offering. iPower is an online retailer and supplier of hydroponics equipment and accessories in the United States.
Flora Growth (FLGC) opened on May 11 at $4.90. The company had priced 3.333M shares at $5.00. The deal priced at the high end of the $4.00-$5.00 trading range. Boustead acted as sole book running manager for the offering. Flora Growth is a cannabis company that said it will "leverage natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage."
Vera Therapeutics finished Friday at $11.50.
After opening at $16.60, E-Home Household ended its first trading day at $54.
Digital Brands ended its first trading day at $3.40.
Similarweb finished Friday at $21.34.
Global-e Online ended the week at $26.76.
After opening at $5.66, iPower finished Friday at $5.82.
Flora Growth ended the week at $4.05.
RECENT IPOS TO WATCH:
DoubleVerify (DV), UiPath (PATH), NeuroPace (NPCE), Rain Therapeutics (RAIN), Latham (SWIM), and Treace Medical Concepts (TMCI) are among those who could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPO expire.
Among the upcoming IPO and direct listings are Squarespace (SQSP), Qiniu (QNIU), NerdWallet, Didi Chuxing, Oatly, Sprinklr, Save Foods (SVFD), Regencell Bioscience (RGCB), and Camposol (CMSL).
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."
On May 14, Reuters reported that consumer financial advice website owner NerdWallet has hired a group of investment banks, led by Morgan Stanley (MS), to arrange an initial public offering and confidentially submitted paperwork to SEC in advance of its plans to come public. The personal finance startup aims to go public before the end of the year and could seek a valuation of as much as $5B, Reuters' sources said.
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).
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, according to The Wall Street Journal.
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.
Hearing-care services provider Hear.com (HCG) has postponed its initial public offering due to the choppy stock market, The Wall Street Journal's Corrie Driebusch reported, citing people familiar with the matter. Hear.com was set to price its offering Thursday afternoon and start trading Friday morning. Its timeline is now in flux, the people said.
On Wednesday, Genworth Financial's (GNW) subsidiary Enact Holdings also decided to delay its IPO, saying recent market volatility meant that "current market pricing for the planned offering does not accurately reflect Enact's value," the author adds. "Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.