Didi and Krispy Kreme among in-focus, upcoming IPOs
Backed by Insight Venture Partners, WalkMe fell as much as 7% in its trading debut earlier this week after a $287M initial public offering. According to filings, Insight will remain WalkMe's biggest shareholder after the IPO with a 28% stake.
LATEST IPOS AND DIRECT LISTINGS:
Cyteir Therapeutics (CYT) opened on June 18 at $16.50. The company had priced 7.4M shares at $18.00. The deal priced at the high end of the $16.00-$18.00 range. Cyteir Therapeutics is a biotechnology company developing allogeneic cell therapies to create products for the treatment of both solid tumor and hematological malignancies with significant unmet medical need. Cyteir's wholly owned lead compound, CYT-0851, is a potent and selective, oral investigational drug that was designed to inhibit RAD51-mediated homologous recombination and the repair of double-strand DNA breaks.
Femasys (FEMY) opened on June 18 at $13.08. The company had priced 2.65M shares at $13.00 per share. Femasys is a biomedical company focused on "transforming women’s healthcare by developing novel solutions and next-generation advancements providing significant clinical impact to address severely underserved areas."
Codex DNA (DNAY) opened on June 18 at $20. The company had priced 6.67M shares at $16.00. The deal priced at the high end of the $14.00-$16.00 range. Codex DNA is a synthetic biology company focused on enabling researchers to reproducibly build or “write” high-quality synthetic DNA and mRNA that is ready to use in many downstream synthetic biology enabled markets.
Ambrx Biopharma (AMAM) opened on June 18 at $18. The company had priced 7M shares at $18.00, at the midpoint of the $17.00-$19.00 range. Ambrx Biopharma is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics using its proprietary expanded genetic code technology platform that allows the company to incorporate, in a site-specific manner, synthetic amino acids into proteins within living cells.
Tremor International (TRMR) opened on June 18 at $19. The company had priced 13.54M shares at $19.00. The deal size was increased to 13.5M shares from 6.8M. Tremor International offers an end-to-end software platform that enables advertisers to reach relevant audiences and publishers to maximize yield on their digital advertising inventory.
Atai Life Sciences (ATAI) opened on June 18 at $21. The company had priced 15M shares at $15.00. The deal size was increased to 15M shares from 14.3M and priced at the high end of the $13.00-$15.00 range. Atai Life Sciences is a clinical-stage biopharmaceutical company aiming to "transform the treatment of mental health disorders."
Century Therapeutics (IPSC) opened on June 18 at $19.50. The company had priced 10.55M shares at $20.00, at the top end of the $18.00-$20.00 range. Century Therapeutics is developing genetically engineered, iPSC-derived iNK and iT cell treatments for lymphomas and solid tumor cancers.
AiHuiShou (RERE) opened on June 18 at $18.28. The company had priced 16.233M shares at $14.00. The deal range was $13.00-$15.00. AiHuiShou operates a technology-driven pre-owned consumer electronics transactions and services platform in China.
Verve Therapeutics (VERV) opened on June 17 at $30. The company had priced 14.04M shares at $19.00. The deal size was increased to 14.04M shares from 11.8M and priced above the $16.00-$18.00 target range. Verve Therapeutics is a genetic medicines company whose lead product candidate, VERVE-101, is designed to turn off the PCSK9 gene in the liver in order to disrupt blood PCSK9 protein production and thereby reduce blood LDL-C levels.
Lyell Immunopharma (LYEL) opened on June 17 at $18.75. The company had priced 25M shares at $17.00. The deal priced at the midpoint of the $16.00-$18.00 range. Lyell is a T cell reprogramming company applying its proprietary ex vivo genetic and epigenetic reprogramming technology platforms, Gen-R and Epi-R, to develop new medicines with "improved, durable, and potentially curative clinical outcomes."
iSpecimen (ISPC) opened on June 17 at $6.27. The company had priced 2.25M shares at $8.00, at the low end of the $8.00-$10.00 target range. iSpecimen offers an online marketplace for human biospecimens, connecting life scientists in commercial and non-profit organizations with healthcare providers.
WalkMe (WKME) opened on June 16 at $31.25. The company had priced 9.25M shares at $31.00, inside the $29.00-$32.00 target range. WalkMe is a provider of digital adoption solutions whose cloud-based Digital Adoption Platform "enables organizations to measure, drive and act to ultimately accelerate their digital transformations."
Molecular Partners (MOLN) opened on June 16 at $20. The company had priced 3M American Depositary Shares at $21.25. Molecular Partners is a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics.
Convey Health (CNVY) opened on June 16 at $14. The company had priced 13.333M shares at $14.00. The deal priced at the low end of the $14.00-$16.00 range. Convey Health is a specialized healthcare technology and services company that offers administrative solutions for government-sponsored health plans to "optimize member interactions, ensure compliance, and support end-to-end Medicare processes."
Alzamend Neuro (ALZN) opened on June 15 at $29. The company had priced its initial public offering of 2.5M shares at a price to the public of $5.00 per share. Alzamend Neuro is a preclinical stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.
After opening at $16.50, Cyteir finished Friday at $17.40.
Femasys ended the week at $12.
Codex finished Friday at $18.50.
After opening at $18, Ambrx ended the week at $17.05.
Tremor finished Friday at $17.90.
ATAI ended the week at $19.50.
After opening at $19.50, Century Therapeutics finished Friday at $22.83.
AiHuiShou finished Friday at $17.21.
Verve Therapeutics ended the week at $38.05.
Lyell Immunopharma finished Friday at $16.20.
After opening at $6.27, iSpecimen ended the week at $7.49.
WalkMe finished Friday at $29.06.
Molecular Partners ended the week at $19.26.
After opening at $14, Convey Health finished Friday at $12.20.
Alzamend Neuro ended the week at $9.03.
RECENT IPOS TO WATCH:
Flywire (FLYW), Paymentus (PAY), ZipRecruiter (ZIP), Day One Biopharmaceuticals (DAWN), FIGS (FIGS), Singular Genomics Systems (OMIC) and Centessa Pharmaceuticals (CNTA) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire. UPCOMING IPOS:
Upcoming IPO and direct listings expected include Didi Chuxing (DIDI), Qiniu (QNIU), NerdWallet, Sprinklr, Regencell Bioscience (RGCB), Elevation Oncology (ELEV), Camposol (CMSL), Rivian, Krispy Kreme (DNUT), and Clear Secure (YOU).
On June 10, China's largest ride-hailing service, Didi Chuxing, officially filed for an initial public offering through underwriters Goldman Sachs (GS), Morgan Stanley (MS) and J.P. Morgan (JPM). The company intends to list American depositary shares on the Nasdaq Stock Market or New York Stock Exchange under the symbol "DIDI."
On May 28, Bloomberg reported that Rivian, which is backed by Amazon (AMZN) and Ford (F), is said to seek about $70B in a potential IPO and has picked the banks to underwrite the deal, according to Bloomberg. Goldman Sachs, JPMorgan and Morgan Stanley are among those said to be selected to work on bringing the company public, reported Bloomberg's Kiel Porter, Katie Roof, and Edward Ludlow, citing people familiar with the matter.
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, 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 reportedly said.
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.
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.
Krispy Kreme has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Elevation Oncology has filed for an initial public offering under symbol "ELEV." Elevation Oncology aims "to make genomic tests actionable" by selectively developing drugs to inhibit the specific alterations that have been identified as drivers of tumor growth. Its lead candidate, seribantumab, is currently being evaluated in the Phase 2 CRESTONE study for patients with solid tumors of any origin that have an NRG1 gene fusion.
Clear Secure has filed with the SEC for an initial public offering of shares of Class A common stock and intends to apply to list the Class A common stock on the New York Stock Exchange under the symbol "YOU."
OTHER IPO-RELATED NEWS:
HELP AT HOME: Help at Home is exploring going public as soon as this year to capitalize on surging demand for home-based care, Bloomberg's Michelle Davis and Gillian Tan reported, citing people familiar with the matter. The company has selected banks to help it prepare a listing, the people said.
ROBINHOOD: Robinhood (HOOD) is aiming to go public in July following its previous June plans falling through, Katie Roof and Crystal Tse of Bloomberg reported, citing people familiar with the matter. Robinhood is said to have the timeframe of sometime after the July 4 weekend in mind.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.