Shares of GitLab jumped over 20% in their first trading day on Thursday after the provider of software for developer collaboration priced its IPO above the expected range. The company's code-sharing competes with Microsoft's (MSFT) GitHub. Meanwhile, IHS Holding's stock fell in its trading debut after opening below its initial public offering price.
LATEST IPOS AND DIRECT LISTINGS:
Paragon 28 (FNA) opened on October 15 at $19.15. The company had priced 7.813M shares at $16.00. The deal range was $15.00-$17.00. BofA and Piper Sandler acted as joint book running managers for the offering. Paragon 28 is a medical device company exclusively focused on the foot and ankle orthopedic market.
MiNK Therapeutics (INKT) opened on October 15 at $12.04. The company had priced 3.33M shares at $12.00. The deal size was reduced to 3.33M shares from 4.0M and priced at the low end of the $12.00-$14.00 range. Evercore ISI and William Blair acted as joint book running managers for the offering. MiNK Therapeutics is a clinical stage biotechnology company involved in the discovery, development, and commercialization of allogeneic, off-the-shelf, invariant natural killer T, or "iNKT," cell therapies to treat cancer and other immune-mediated diseases.
GitLab (GTLB) opened on October 14 at $94.25. The company had priced 10.4M shares at $77.00, above the $55.00-$60.00 range. Goldman Sachs, JPMorgan and BofA acted as joint book running managers for the offering. GitLab is the provider of The DevOps platform, which it calls "a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes."
IHS Holding (IHS) opened on October 14 at $17.25. The company had priced 18M shares at $21.00, at the low-end of the $21.00-$24.00 range. Goldman Sachs, JPMorgan and Citi acted as joint book running managers for the offering. IHS Holding identifies itself as "one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world."
Lucid Diagnostics (LUCD) opened on October 14 at $12.75. The company had priced 5M shares at $14.00. The deal range was $14.00-$16.00. Cantor Fitzgerald and Canaccord acted as joint book running managers for the offering. Lucid Diagnostics, a majority-owned subsidiary of PAVmed (PAVM), is a commercial-stage, cancer prevention medical diagnostics company.
Catalyst Bancorp (CLST) opened on October 13 at $13.33 after a mutual-to-stock conversion. Catalyst Bancorp, the holding company for St. Landry Homestead Federal Savings Bank, a federally-chartered mutual savings bank headquartered in Opelousas, Louisiana, closed its mutual-to-stock conversion of the bank and the related stock offering of the company, making the company the holding company of the bank. The company sold a total of 5.29M shares of common stock at $10.00 per share in the subscription offering and community offering.
Healthcare Triangle (HCTI) opened on October 13 at $3.17. The company had priced 3.263M shares at $4.00. EF Hutton acted as sole book running manager for the offering. Healthcare Triangle is a healthcare information technology company focused on advancing solutions in the areas of cloud services, data science, professional and managed services for the healthcare and life sciences industry.
AvidXchange (AVDX) opened on October 13 at $24.14. The company priced 26.4M shares at $25.00. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. AvidXchange is a provider of accounts payable automation software and payment solutions for middle market businesses and their suppliers.
PERFORMANCE:
RECENT IPOS TO WATCH:
Cue Health (HLTH), Clearwater Analytics (CWAN), Argo Blockchain (ARBK), Briliant Earth (BRLT), Sovos Brands (SOVO), Sterling Check (STER), Thorne HealthTech (THRN), EngageSmart (ESMT), Remitly Global (RELY), Warby Parker (WRBY) and Amplitude (AMPL) 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 Jupiter Neurosciences (JUNS), MDxHealth (MDXH), Lulu's Fashion Lounge (LVLU), Rivian, Qiniu (QNIU), Authentic Brands (AUTH), and Portillo's (PTLO).
Jupiter Neurosciences has filed with the SEC for a firm commitment initial public offering of unit consisting of one share of its common stock and one warrant to purchase one share of its common stock. The company intends to apply to list its common stock and warrants on the Nasdaq Capital Market under the symbols "JUNS" and "JUNSW" respectively. In its prospectus, Jupiter stated in part that, "Jupiter Neurosciences is a clinical stage research and development pharmaceutical company located in Jupiter, Florida... The company has developed a unique resveratrol platform product targeting treatment of neuro-inflammation. The product, called Jotrol, has many potential indications of use for rare diseases, which of we primarily are targeting Mucopolysaccharidoses Type 1, Friedreich's Ataxia, and MELAS as well as ALS which is in an early development stage. In the larger disease areas, we are primarily targeting Mild Cognitive Impairment/early Alzheimer's disease with TBI/concussions and Covid-19 in early development stages."
MDxHealth has filed with the SEC for an initial public offering of American Depositary Shares in the United States. The company's ordinary shares are listed on the regulated market of Euronext in Belgium under the symbol "MDXH.BR." The company has applied to list the ADSs on the Nasdaq Capital Market under the symbol "MDXH." MDxHealth stated in its prospectus that, "We are a commercial-stage precision diagnostics company committed to providing non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care. Our novel prostate cancer genomic testing solutions, SelectMDx and ConfirmMDx, provide physicians with a clear clinical pathway to accurately identify clinically significant prostate cancer while minimizing the use of invasive procedures that are prone to complications... While MDxHealth is domiciled and listed as a public company in Belgium, our primary commercial focus is in the United States, where over 95% of our tests are performed and revenues are generated."
Lulu's Fashion Lounge Holdings filed for its initial public offering. The company intends to apply to list its common stock on the Nasdaq Global Market under the symbol "LVLU." The underwriters for the offering include Goldman Sachs, BofA Securities, Jefferies, Baird, Cowen, KeyBanc, Piper Sandler, and Telsey Advisory Group.
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.
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.
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 has filed with the SEC for an initial public offering of its Class A common stock. The company intends to apply to have its Class A common stock listed on Nasdaq Global Select Market under the symbol "PTLO." The prospectus stated that, "Portillo's serves iconic Chicago street food through high-energy, multichannel restaurants designed to ignite the senses and create a memorable dining experience... As of June 27, 2021, we owned and operated 67 Portillo's restaurants across nine states."
OTHER NOTABLE SYNDICATE NEWS:
On July 1, WCG Clinical (WCGC) initially filed an IPO registration statement with the SEC. The company has now requested that the SEC consent to the withdrawal of the registration statement. WCG is seeking withdrawal of the registration statement because it no longer wishes to conduct a public offering of securities at this time. The registration statement has not been declared effective by the SEC and no securities have been issued or sold under the registration statement.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Microsoft
+1.565 (+0.52%)
Paragon 28
-0.61 (-3.16%)
MiNK Therapeutics
-0.06 (-0.50%)
GitLab
+11.13 (+10.72%)
IHS Holding
-0.3 (-1.77%)
Lucid Diagnostics
-2.82 (-23.13%)
Catalyst Bancorp
+0.07 (+0.51%)
Healthcare Triangle
-0.09 (-2.56%)
AvidXchange
-0.94 (-3.86%)
Cue Health
+0.18 (+1.71%)
Clearwater Analytics
+0.04 (+0.16%)
Argo Blockchain
+1.39 (+8.94%)
Brilliant Earth
+0.775 (+6.01%)
Sovos Brands
+0.2 (+1.43%)
Sterling Check
+0.49 (+1.96%)
Thorne HealthTech
+0.02 (+0.25%)
EngageSmart
+0.14 (+0.44%)
Remitly Global
+1.7 (+4.43%)
Warby Parker
+0.455 (+0.84%)
Jupiter Neurosciences
+
MDxHealth
+
Lulu's Fashion Lounge
+
Qiniu
+
Authentic Brands Group
+ (+0.00%)
Portillo's
+
Amazon.com
+110.11 (+3.34%)
Ford
+0.245 (+1.59%)
WCG Clinical
+