Argo Blockchain and Toast among in-focus, upcoming IPOs
The Switzerland-based sports betting and entertainment company, Sportradar, opened in line with its initial public offering price on Tuesday, but ended the day below it. The sports analytics company was initially proposed to be taken public via a SPAC merger with Horizon Acquisition Corp. II (HZON), but the deal fell through as the latter had trouble raising the private investment in public equity. Sportradar counts Michael Jordan and Mark Cuban among its backers.
LATEST IPOS AND DIRECT LISTINGS:
ForgeRock (FORG) opened on September 17 at $35. The company had priced 11M shares at $25.00, above the $21.00-$24.00 range. Morgan Stanley and JPMorgan acted as joint book running managers for the offering. More than 1,300 organizations around the world use ForgeRock identity and access management solutions to "orchestrate, manage, and secure the complete lifecycle of identities from dynamic access controls, governance, APIs, and storing authoritative data - consumable in cloud or hybrid environments," the company states.
Enact Holdings (ACT) opened on September 17 at $20. The company had priced 13.31M shares at $19.00, at the low end of the $19.00-$20.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Enact, operating principally through its wholly owned subsidiary Genworth Mortgage Insurance Corporation, is a U.S. private mortgage insurance provider. All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc., a wholly owned subsidiary of Genworth Financial (GNW), and Enact will not receive any proceeds from the sale of shares by GHI.
On Holding (ONON) opened on September 15 at $35.40. The company had priced 31.1M shares at $24.00. The deal priced above the $20.00-$22.00 range. Goldman Sachs, Morgan Stanley and JPMorgan acted as joint book running managers for the offering. On sells premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities.
Dice Therapeutics (DICE) opened on September 15 at $30. The company had priced 12M shares at $17.00. The deal size was increased to 12M shares from 10M and priced at the high end of the $15.00-$17.00 range. BofA, SVB Leerink and Evercore ISI acted as joint book running managers for the offering. Dice Therapeutics is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic area.
Definitive Healthcare (DH) opened on September 15 at $37.25. The company had priced 15.556M shares at $27.00. The deal priced above its $24.00-$26.00 price range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Definitive Healthcare offers a SaaS platform that it said helps clients "uncover the right markets, opportunities and people, so they can shape tomorrow's healthcare industry."
Dutch Bros (BROS) opened on September 15 at $32.50. The company had priced 21M shares at $23.00. The deal priced above the $18.00-$21.00 range. BofA, JPMorgan and Jefferies are acting as joint book running managers for the offering. Dutch Bros is an operator and franchisor of drive-thru shops that focus on serving hand-crafted beverages.
Thoughtworks (TWKS) opened on September 15 at $26. The company had priced 36.842M shares at $21.00. The deal range was $18.00-$20.00. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Thoughtworks is a global technology consultancy with 48 offices in 17 countries that integrates strategy, design and engineering to "drive digital innovation." Its parent company, Turing Holding Corp., will be renamed Thoughtworks Holding as part of the process to come public.
Procept BioRobotics (PRCT) opened on September 15 at $35. The company had priced 6.56M shares at $25.00. The deal size was increased to 6.56M shares from 5.5M and priced above the $22.00-$24.00 range. BofA and Goldman Sachs acted as joint book running managers for the offering. Procept is a commercial-stage surgical robotics company focused on advancing patient care by developing transformative solutions in urology that develops, manufactures and sells the AquaBeam Robotic System.
Pasithea Therapeutics (KTTA) opened on September 15 at $4. The company had priced its initial public offering of 4.8M units at a public offering price of $5.00 per unit. EF Hutton, division of Benchmark Investments, acted as sole book-running manager for the offering. Pasithea Therapeutics is a biotechnology company focused on the research and discovery of treatments for psychiatric and neurological disorders.
EzFill (EZFL) opened on September 15 at $4.48. The company had priced 6.25M shares at $4.00. ThinkEquity is acting as sole book running manager for the offering. EzFill is a participant in the mobile fuel industry, noting it has "the largest market share in its home state of Florida."
Sportradar (SRAD) opened on September 14 at $27. The company had priced 19M shares at $27.00. The deal range was $25.00-$28.00. JPMorgan, Morgan Stanley, Citi and UBS acted as joint book running managers for the offering. Sportradar is a provider of sports betting and sports entertainment products and services and identifies itself as "the number one provider of business-to-business solutions to the global sports betting industry based on revenue."
ForgeRock finished Friday at $47.15.
Enact Holdings ended the week at $20.
After opening at $35.40, On Holding finished Friday at $38.95.
Dice Therapeutics ended the week at $37.
Definitive Healthcare finished Friday at $48.99.
After opening at $32.50, Dutch Bros ended the week at $43.55.
Thoughtworks finished Friday at $34.41.
Procept BioRobotics ended the week at $40.
After opening at $4, Pasithea Therapeutics finished Friday at $3.15.
EzFill ended the week $4.56.
Sportradar finished Friday at $27.
RECENT IPOS TO WATCH:
RenovoRx (RNXT), SeqLL (SQL) and DoubleDown (DDI) 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 IPO and direct listings expected include Rivian, Chobani, Qiniu (QNIU), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Perspectum Group (SCAN), Braze, Authentic Brands (AUTH), Portillo's, Fabletics, Argo Blockchain (ARBK), Warby Parker (WRBY), Toast (TOST), Cue Health (HLTH), Allvue Systems (ALVU), Allbirds (BIRD), Quizlet, GitLab (GTLB) and Keter Group (KETR).
Artificial intelligence-powered tutoring platform Quizlet has plans for an initial public offering and is "considerably far along in the process to go public," people familiar with the matter tell TechCrunch's Natasha Mascarenhas. Quizlet, which was valued at $1B nearly a year ago, could be following in the footsteps of Duolingo, another consumer-focused education company that went public in July and is currently trading above its $169.75 per share open price, the report noted.
Cue Health, a health technology company, announced that it has filed a registration statement on Form S-1 with the SEC relating to a 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. Cue intends to list its common stock on the Nasdaq Global Market under the ticker symbol "HLTH". Goldman Sachs, Morgan Stanley, and Cowen and Company will act as lead book-running managers for the proposed offering. BTIG will also act as a lead manager for the proposed offering.
Allbirds has filed with the SEC for an initial public offering of shares of Class A common stock and announced in its filing that it has applied to list its Class A common stock on The Nasdaq Stock Market under the symbol "BIRD." In the IPO prospectus, Allbirds identifies itself as "a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet."
Allvue Systems Holdings has filed with the SEC for an initial public offering of shares of Class A common stock. Allvue Systems Holdings has applied to list its Class A common stock on the New York Stock Exchange under the symbol "ALVU." In the filing, Allvue states: "Allvue sets a new standard in technology for investment managers in the private capital and credit markets by pairing modern cloud-based software solutions with capabilities across multiple asset classes."
Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Chobani makes yogurt, oatmilk, dairy- and plant-based creamers and probiotic beverages, and ready-to-drink coffee.
Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutionla shareholder with a 17.7% stake.
Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.
Spark Education is a Beijing-headquartered firm providing online education for K-12 students.
Sweetgreen is a salad and grain bowl restaurant chain.
Warby Parker is an eyeglass retailer, best known for selling lower-priced, fashion-forward prescription glasses that has filed a registration statement with the SEC for a direct listing on the New York Stock Exchange under symbol "WBRY."
Perspectum Group is a commercial-stage precision health company focused on "democratizing" care globally through the use of digital technologies. The company said its software products "combine expertise in image formation, magnetic resonance image analysis and artificial intelligence to support healthcare provider diagnosis, treatment decision-making and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies and cancer, and determine whether the patient is responding to therapy."
Braze is a customer engagement platform that delivers messaging experiences across push, email, in-product, and more.
Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings.
Portillo's Hot Dogs is a fast-casual restaurant chain held by private-equity firm Berkshire Partners.
Fabletics is a workout-apparel brand backed by Kate Hudson.
Argo Blockchain is a crypto mining company.
Restaurant-software provider Toast filed with the Securities and Exchange Commission for an initial public offering on the New York Stock Exchange under symbol "TOST." Toast described itself as a "cloud-based, end-to-end technology platform purpose-built for the entire restaurant community."
HeartBeam, a medical technology company primarily focusing on telemedicine solutions "that enable the detection and monitoring of cardiac disease outside a healthcare facility setting," filed a prospectus for an initial public offering on the Nasdaq under symbol "BEAT."
TDCX Inc. has filed a prospectus with the SEC for an initial public offering of its American Depositary Shares, or ADSs, under the symbol "TDCX."
First Watch Restaurant Group has filed a prospectus with the SEC for an initial public offering on the Nasdaq Global Select Market under the symbol "FWRG." First Watch identifies itself in the prospectus as "an award-winning daytime restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients."
Zhong Yang Financial announced in a filing with the SEC that it is offering 5M ordinary shares in the initial public offering of its ordinary shares in the U.S. "We anticipate the initial public offering price to be between $5.00 and $6.00 per share," Zhong Yang stated. The company has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "TOP." The prospectus in the filing stated that, "We are an online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, and options products."
GitLab has filed with the SEC for an initial public offering of shares of its Class A common stock. The company has applied to list the Class A common stock on the Nasdaq Global Market under the symbol "GTLB." In its prospectus, GitLab stated, "GitLab is The DevOps Platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes."
Keter Group SA has filed with the SEC for an initial public offering in the U.S. The company intends to apply to list its ordinary shares on the New York Stock Exchange, or NYSE, under the symbol "KETR." In its prospectus, the company stated, "For over 70 years, Keter has inspired people to create amazing spaces in and around the home through an innovative, industry-leading portfolio of durable indoor and outdoor lifestyle solutions."
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.