Rocket Companies, the parent of mortgage lender Quicken Loans, opened for trading on Thursday. The company said its initial public offering was priced below the target range and that it sold fewer shares than planned. Rocket companies raised about $1.8B in its IPO, less than the expected $3.3B. Meanwhile, Shopify (SHOP) rival BigCommerce soared up to 292% in its debut following a $216M IPO.
LATEST IPOS:
Rocket Companies (RKT) opened on August 6 at $18. The company had priced 100M shares at $18.00. The deal size was cut to 100M in common stock from 150M in common stock and was priced below the $20.00-$22.00 range. Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan, RBC Capital, Allen & Co., BofA, Barclays, Citi and UBS acted as joint book running managers for the offering. Rocket Companies is the parent company of Quicken Loans and Rocket Morgage.
Acutus Medical (AFIB) opened on August 6 at $24.11. The deal size was increased to 8.823M shares from 7.35M shares of common stock and priced at $18, the high-end of the $16.00-$18.00 range. JPMorgan acted as lead book running manager for the offering. Acutus Medical makes devices for electrophysiological mapping to treat arrhythmias.
Oak Street Health (OSH) opened on August 6 at $42.50. The company had priced 15.625M shares at $21.00. The deal priced above the $19.00-$20.00 range. JPMorgan, Goldman Sachs, Morgan Stanley, William Blair and Piper Sandler acted as joint book running managers for the offering. Oak Street Health is a network of value-based, primary care centers for adults on Medicare.
BigCommerce (BIGC) opened on August 5 at $68. The company had priced 9.02M shares at $24.00. The deal priced above the range of $21.00-$23.00. Morgan Stanley, Barclays, Jefferies and KeyBanc acted as joint book running managers for the offering. BigCommerce is an e-commerce software-as-a-service provider.
Rackspace Technology (RXT) opened on August 5 at $16.85. The company had priced 33.5M shares at $21.00. The deal range was $21.00-$24.00. Goldman Sachs, Citi and JPMorgan acted as joint book running managers for the offering. Rackspace Technology provides enterprises of all sizes with computing infrastructure and related software consulting services.
Holicity (HOL) opened on August 5 at $10.01. The company had priced 28.75M units at $10 per unit, consisting of one share of Class A common stock and one-third of one redeemable warrant. The blank check company, which plans to focus on the tech, media and telecom industries, plans to list its share on the Nasdaq under the ticker "HOL" with warrants under the ticker "HOLWW."
Checkmate Pharmaceuticals (CMPI) opened on August 7 at $14.90. The company had priced 5M shares at $15.00, in the middle of the deal range of $14.00-$16.00. BofA, Jefferies and BMO Capital acted as joint book running managers for the offering. Checkmate Pharmaceuticals is developing treatments for melanoma and head and neck squamous cell carcinoma.
Freeline Therapeutics (FRLN) opened on August 7 at $18.50. The company had priced 8.824M shares at $18.00. The deal size was increased to 8.824M shares from 7.35M and priced at the high-end of the $16.00-$18.00 range. JPMorgan, Morgan Stanley and Evercore ISI acted as joint book running managers for the offering. Freeline Therapeutics is advancing treatments for hemophilia, Gaucher disease and Fabry disease.
IBEX (IBEX) opened on August 7 at $18.00. IBEX had priced 4.762M shares at $19.00, below the $20.00-$22.00 range. Citi, RBC Capital and Baird acted as joint book running managers for the offering. IBEX Holdings provides outsourced customer support and marketing services.
BowX Acquisition (BOWX) opened on August 5 at $10.02. The company had priced its initial public offering of 42M units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market under the ticker symbol "BOWXU." Each unit consists of one share of the company's Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, shares of the Class A common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols "BOWX" and "BOWXW," respectively. The company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The company is led by Vivek Ranadive, Chairman and Co-CEO, and Murray Rode, Co-CEO and CFO.
GO Acquisition (GOAC) opened on August 5 at $10. The company had priced its initial public offering of 50M units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange and trade under the ticker symbol "GOAC.U." Each unit consists of one share of the company's Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the company's Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to list on the NYSE under the symbols "GOAC" and "GOAC WS," respectively. GO Acquisition was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
Yucaipa Acquisition (YAC), a special purpose acquisition company led by Ronald Burkle and formed for the purpose of entering into a combination with one or more businesses, opened for trade on August 4 at $10.02. The company had priced its initial public offering of 30M units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol "YAC.U." Each unit consists of one class A ordinary share of the company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one class A ordinary share of the company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols "YAC" and "YAC WS," respectively. Citigroup served as sole book-running manager for the offering.
Gores Holding V (GRSV) opened on August 6 at $10.06. Gores Holdings V is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company priced a public offering of 47.5M units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol "GRSVU" beginning August 6. Each unit consists of one share of the company's Class A common stock and one-fifth of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the company's class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the class A common stock and warrants are expected to be listed on the Nasdaq under the symbols "GRSV" and "GRSVW," respectively. Deutsche Bank was the lead book-running manager and Morgan Stanley also served as a book-running manager for the offering.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are CureVac B.V. (CVAC), Inhibikase Therapeutics (IKT), InMed Pharmaceuticals (INM), and Broadstone Net Lease (BNL).
CureVac, a clinical-stage biopharmaceutical company developing "a new class of transformative medicines based on messenger ribonucleic acid," has applied to list its common shares on The Nasdaq Global Market under the symbol "CVAC." CureVac's current product portfolio includes clinical and preclinical candidates across multiple disease indications in oncology, prophylactic vaccines and protein therapy. The company is also "rapidly advancing" an mRNA vaccine program against coronavirus, for which it initiated a Phase 1 clinical trial in healthy volunteers in June, with results expected in the fourth quarter of 2020.
Inhibikase Therapeutics has filed with the SEC for an initial public offering on the Nasdaq under the symbol "IKT." ThinkEquity is listed as the underwriter. Inhibikase is a clinical stage pharmaceutical company developing therapeutics for Parkinson's disease, and related disorders that arise inside and outside of the brain. The company filed two Investigational New Drug applications with the FDA in the first quarter of 2019 for lead asset candidate, IkT-148009. One IND is for the treatment of Parkinson's disease, while the second is for treatment of gastrointestinal complications that arise as early symptoms of Parkinson's in patients.
InMed Pharmaceuticals is developing cannabinoid-based treatments for skin and eye conditions.
Broadstone Net Lease is a single-tenant commercial net lease REIT with 633 properties in the US and Canada.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Shopify
-34.4 (-3.16%)
Rocket Companies
+3.11 (+14.37%)
Acutus Medical
+0.21 (+0.78%)
Oak Street Health
-0.06 (-0.15%)
BigCommerce
-15.19 (-16.20%)
Rackspace Technology
-0.405 (-2.56%)
Holicity
+ (+0.00%)
Checkmate Pharmaceuticals
+ (+0.00%)
Freeline
+ (+0.00%)
Ibex
+ (+0.00%)
BowX Acquisition
+ (+0.00%)
GO Acquisition
+ (+0.00%)
Yucaipa Acquisition
+ (+0.00%)
Gores Holdings V
+ (+0.00%)
Inhibikase Therapeutics
+ (+0.00%)
Broadstone Net Lease
+ (+0.00%)