At least seven special purpose acquisition companies, including Starboard Value affiliated Starboard Value Acquisition, made their trading debut this week. This year, more than 80 SPACs went public to raise a record $31B. Among companies that have merged with SPACs to become listed stocks are DraftKings (DKNG), Nikola (NKLA) and Virgin Galactic (SPCE).
LATEST IPOS:
Starboard Value Acquisition (SVAC) opened on September 10 at $10. The company had priced its initial public offering of 36M units, upsized from 30M units, at a price of $10.00 per unit. UBS Securities, Stifel Nicolaus, and Cowen and Company acted as joint book-running managers for the offering. SVAC is a new blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company's sponsor, SVAC Sponsor, is an affiliate of Starboard Value.
Prime Impact Acquisition I (PIAI) opened on September 10 at $10. The company had priced its initial public offering of 30M units at $10.00 per unit. Goldman Sachs and BofA Securities acted as joint book running managers in the offering. Prime Impact Acquisition I is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Prime Impact Acquisition I's anticipates targeting companies in the technology, media, and telecom, med tech and industrial tech sectors.
Industrial Tech Acquisitions (ITAC) opened on September 9 at $9.92. Industrial Tech Acquisitions, a company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, had priced its initial public offering of 7.5M units at a price of $10.00 per unit. Maxim acted as sole book-running manager for the IPO.
Cohn Robbins (CRHC) opened on September 9 at $10.10. The company had priced its initial public offering of 72M units at $10.00 per unit. Cohn Robbins is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Credit Suisse acted as sole book-running manager.
Ribbit LEAP (LEAP), which stands for Ribbit Capital Long-Term Equity Acquisition Pool, is a newly incorporated blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The company's initial public offering of units had an offering price of $10.00 and opened on September 11 at $11.20 per unit.
TWC Tech Holdings II (TWCT) priced its initial public offering of 52.5M units at $10.00 per unit and opened on September 11 at $10.08. TWC is led by Adam Clammer and Jamie Greene, who will serve as Chief Executive Officer and Chairman, respectively, and is a newly organized blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Citigroup and Deutsche Bank acted as book-running managers.
Broadstone Acquisition (BSN) priced its initial public offering of 30M units at a price of $10.00 per unit and opened for trading at $9.84 on September 11. Broadstone Acquisition is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an initial business combination target in any business or industry, it intends to focus its search on "fundamentally sound but stressed businesses in the U.K. and Europe." Citigroup was the sole book running manager of the offering.
Lightspeed POS Inc. (LSPD) priced 11.65M shares at $30.50 and opened trading at $32 on September 11. Morgan Stanley, Barclays and BMO Capital acted as joint book running managers for the offering. Lightspeed, which powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms, has now commenced trading on the NYSE and its subordinate voting shares will continue to trade on the Toronto Stock Exchange under the symbol "LSPD" as well.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (AIRB), iHuman (IH), Orphazyme A/S (ORPH), Graybug Vision (GRAY), Sumo Logic (SUMO), Inhibikase Therapeutics (IKT), Snowflake (SNOW) and Hygo (HYGO).
Airbnb has announced that it confidentially submitted a draft registration Statement on Form S-1 to the Securities and Exchange Commission relating to the 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. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
iHuman has filed a preliminary prospectus for an initial public offering of the company's American depositary shares, or ADSs. Prior to this offering, there has been no public market for the ADSs or its ordinary shares. The company has submitted an application for the listing of the ADSs on the New York Stock Exchange under the symbol "IH." In the filing the company stated that, "According to the Frost & Sullivan Report, we are a leading childhood edutainment company in China, with core expertise in providing integrated and innovative products and services catering to the education demands for children mainly aged between three and eight."
Orphazyme A/S, a late-stage biopharmaceutical company pioneering the Heat-Shock Protein response for the treatment of neurodegenerative orphan diseases, announced on September 4 that it has filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed registered initial public offering of the company's ordinary shares, to be delivered in the form of American Depositary Shares, or "ADSs," in the United States, as well as a concurrent private placement of ordinary shares to certain qualified investors in Europe. The number and price of the securities to be sold in the offering has not yet been determined. The company has applied to list the ADSs on the Nasdaq Global Market in the United States under the symbol "ORPH". Each ADS represents the right to receive one ordinary share. BofA Securities, Cowen, and Guggenheim Securities are acting as the global coordinators and joint book-running managers of the global offering.
Graybug Vision, a clinical-stage biopharmaceutical company focused on developing transformative medicines for the treatment of diseases of the retina and optic nerve, announced on September 4 that it has filed its prospectus with the SEC for an initial public offering. The company has applied to list its common stock on the Nasdaq Global Market under the symbol "GRAY." The company's lead product candidate, GB-102, is an intravitreal injection of a microparticle depot formulation of sunitinib, a potent inhibitor of neovascular growth and permeability, which are leading causes of retinal disease. Graybug is developing GB-102 as a once-every-six months intravitreal injection for the treatment of wet age-related macular degeneration, or wet AMD, and diabetic macular edema, or DME.
Sumo Logic has announced that it has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Sumo Logic has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol "SUMO."
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.
GLNG Golar LNG Limited (GLNG) announced that Hygo Energy Transition, or "Hygo," formerly known as Golar Power Limited, a joint venture between Golar LNG and investment vehicles affiliated with Stonepeak Infrastructure Partners, has filed a Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of Hygo's common shares. Morgan Stanley and Goldman Sachs are acting as the lead bookrunning managers for the proposed offering.
In an amended IPO filing on September 8, Snowflake stated that it is currently estimated that the initial public offering price for its upcoming IPO will be between $75.00 and $85.00 per share. The company's common stock has been approved for listing on the New York Stock Exchange under the symbol "SNOW." The filing also stated that each of Salesforce Ventures (CRM) and Berkshire Hathaway (BRK.A) have entered into an agreement pursuant to which they have each agreed to purchase $250M of the company's Class A common stock in a private placement at a per share price equal to the initial public offering price. Snowflake's agreements with each of Salesforce Ventures and Berkshire Hathaway are contingent upon, and are scheduled to close immediately subsequent to, the closing of the IPO as well as the satisfaction of certain closing conditions, the filing stated.
Meanwhile, a series of other high-profile private companies also filed to go public recently, including telehealth services provider Amwell, software developer tool maker Jfrog (FROG), Epic Games rival Unity Software (U), and workplace productivity start-up Asana. Ant Group, an affiliate of Alibaba (BABA), also disclosed recently that it plans to launch an IPO in Hong Kong and Shanghai and shared some of its financial data.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
DraftKings
-1.13 (-2.66%)
Nikola
-5.46 (-14.53%)
Virgin Galactic
-0.92 (-5.27%)
Starboard Value Acquisition
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Prime Impact Acquisition I
+ (+0.00%)
Industrial Tech Acquisitions
+ (+0.00%)
Cohn Robbins
+ (+0.00%)
Ribbit LEAP
+ (+0.00%)
TWC Tech Holdings II
+ (+0.00%)
Broadstone Acquisition
+ (+0.00%)
Lightspeed
+ (+0.00%)
Use ABNB
+ (+0.00%)
iHuman
+ (+0.00%)
Orphazyme
+ (+0.00%)
Graybug Vision
+ (+0.00%)
Private 5/23
+ (+0.00%)
Inhibikase Therapeutics
+ (+0.00%)
Snowflake
+ (+0.00%)
Hygo Energy
+ (+0.00%)
Golar LNG
+0.63 (+5.64%)
Salesforce
-4.51 (-1.82%)
Berkshire Hathaway
+49.99 (+0.02%)
Berkshire Hathaway
+0.24 (+0.11%)
JFrog
+ (+0.00%)
Unity
+ (+0.00%)
Alibaba
+3.84 (+1.43%)