Shares of Snowflake, a cloud data warehousing company backed by Salesforce (CRM) and Warren Buffett's Berkshire Hathaway (BRK.B), more than doubled in their debut, making it the biggest software IPO ever. Snowflake had priced its initial public offering at $120 a share but opened on Wednesday at $245 a share. Meanwhile, JFrog also saw its shares pop, with the stock jumping over 60% at the start of trading from the IPO price.
LATEST IPOS:
Snowflake (SNOW) opened on September 16 at $245. The company had priced priced 28M shares at $120.00. The deal priced above the revised range of $100.00-$110.00. Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Snowflake is a cloud-based data-warehousing company.
JFrog (FROG) opened on September 16 at $71.27. The company had priced priced 11.568M shares at $44.00. The deal priced above the revised range of $39.00-$41.00. Morgan Stanley, JPMorgan and BofA acted as joint book running managers for the offering. JFrog provides a platform for "continuous software release management," or CSRM, making it easier for software companies to provide customers with the most current version of their programs.
Sumo Logic (SUMO) opened on September 17 at $26.64. The company had priced 14.8M shares at $22.00, above the $17.00-$21.00 range. Morgan Stanley, JPMorgan, RBC Capital and Jefferies acted as joint book running managers for the offering. Sumo Logic is a real-time analytics software company competing with companies such as Splunk (SPLK) and Elastic (ESTC).
Unity Software (U) opened on September 18 at $75.00. The company had priced 17.5M shares at $52.00. Unity Software's IPO range was raised to $44.00-$48.00 from $34.00-$42.00. Goldman Sachs and Credit Suisse acted as joint book running managers for the offering. Epic Games competitor Unity Software is an interactive 3D content platform developer.
Broadstone Net Lease (BNL) opened on September 17 at $16.50. The company had priced 33.5M shares at $17.00, at the low-end of the $17.00-$19.00 range. JPMorgan, Goldman Sachs, BMO Capital, Morgan Stanley, Capital One and Truist acted as joint book running managers for the offering. Broadstone Net Lease is a single-tenant commercial net lease REIT with 633 properties in the U.S. and Canada.
Pactiv Evergreen (PTVE) opened on September 17 at $12.75. The company had priced 41.026M shares at $14.00, below the $18.00-$21.00 range. Credit Suisse, Citi, BofA and Goldman Sachs acted as joint book running managers for the offering. Pactiv Evergreen provides food & beverage packaging to enterprises globally.
Vitru (VTRU) opened on September 18 at $16.25 after having priced at $16 per share. The company's IPO deal size was cut to 6M shares from 11.23M shares and the deal range was cut to $16.00-18.00 from $22.00-$24.00. Goldman Sachs, BofA, Itau BBA and Morgan Stanley acted as joint book running managers for the offering. Vitru provides hybrid online/hub educational services to post-secondary students in Brazil.
Amwell (AMWL) opened on September 17 at $25.51. The company had priced 41.222M shares at $18.00. The deal size was increased to 41.222M shares of common stock from 35M shares of common stock and priced above the $14.00-$16.00 range. Morgan Stanley, Goldman Sachs and Piper Sandler acted as joint book running managers for the offering. Amwell, or American Well, is a telehealth company backed by Google (GOOGL).
Dyne Therapeutics (DYN) opened on September 17 at $22.59. The company had priced 12.252M shares at $19.00. The deal size was increased to 12.252M shares from 10.3M shares of common stock and priced above the $16.00-$18.00 range. JPMorgan, Jefferies, Piper Sandler and Stifel acted as joint book running managers for the offering. Dyne Therapeutics is a muscle disease company focused on advancing innovative life-transforming therapeutics for patients with genetically driven diseases.
Stepstone Group (STEP) opened on September 16 at $24.75. The company had priced 17.5M shares at $18.00. The deal priced above the $15.00-$17.00 range. JPMorgan, Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Stepstone Group is a global private markets investment company providing investment solutions and advisory and data services.
Metracrine (MTCR) opened on September 16 at $14.55. The company had priced 6.54M shares at $13.00. The deal priced within the $12.00-$14.00 range. Jefferies, Evercore ISI and RBC Capital acted as joint book running managers for the offering. Metracrine is a biotech company focused on the treatment of NASH or Non-alcoholic Fatty Liver disease.
Outset Medical (OM) opened on September 15 at $52. The company had priced 8.95M shares at $27.00. The deal size was increased to 8.95M shares of common stock from 6.7M shares of common stock and priced above the $22.00-$24.00 range. BofA, Morgan Stanley, Goldman Sachs, SVB Leerink and Stifel acted as joint book running managers for the offering. Outset Medical has developed a novel portable dialysis system called Tablo that requires only an electrical outlet and tap water to operate.
Athira Pharma (ATHA) opened on September 18 at $19.95. The company had priced 12M shares at $17.00. Athira Pharma is developing treatment candidates for Alzheimer's and Parkinson's Disease.
Reinvent Technology Partners (RTP) opened on September 17 at $11.75 per unit. The company had priced its initial public offering of 60M units at $10.00 per unit. Reinvent, led by Reid Hoffman, Mark Pincus, and Michael Thompson, 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. The company intends to focus its search for a target business operating in the technology sectors. Morgan Stanley acted as sole book-running manager.
Sandbridge Acquisition (SBG) opened on September 15 at $10 per unit. The company had priced its initial public offering of 20M units at a price of $10.00 per unit. Sandbridge 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. The company intends to focus on businesses in the consumer sector and consumer-related businesses. Citigroup and UBS acted as joint book-running managers. Academy Securities, Drexel Hamilton, Roberts and Ryan Investments, Siebert Williams Shank and R. Seelaus acted as co-managers.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (AIRB), iHuman (IH), Orphazyme A/S (ORPH), Graybug Vision (GRAY), Taysha Gene Therapies (TSHA), Inhibikase Therapeutics (IKT), 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.
Taysha Gene Therapies has disclosed that it is offering 6.58M shares of its common stock in an initial public offering. It is currently estimated that the IPO price per share will be between $18.00-$20.00. The company has applied to list its common stock on The Nasdaq Global Market under the trading symbol "TSHA."
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.
Hygo Energy Transition, a joint venture between Golar LNG (GLNG) and investment vechicles affiliated with Stonepeak Infrastructure Partners, announced that it has launched an initial public offering of 23.1M common shares at an anticipated initial offering price between $18.00-$21.00 per share pursuant to a registration statement on Form F-1 previously filed with the SEC. In addition, Hygo intends to grant the underwriters a 30-day option to purchase up to an additional 3,465,000 common shares. Hygo has applied to list the common shares on the Nasdaq Global Select Marketplace under the ticker symbol "HYGO." Morgan Stanley and Goldman Sachs are acting as joint book-running managers for the offering.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Salesforce
-1.855 (-0.76%)
Berkshire Hathaway
+1255.99 (+0.38%)
Berkshire Hathaway
+0.06 (+0.03%)
Snowflake
+10.6 (+4.67%)
JFrog
-1.13 (-1.71%)
Private 5/23
-1.44 (-5.40%)
Splunk
-2.51 (-1.41%)
Elastic
+0.74 (+0.72%)
Unity
+ (+0.00%)
Broadstone Net Lease
+0.41 (+2.52%)
Pactiv Evergreen
+0.68 (+6.14%)
Amwell
-0.72 (-3.04%)
Dyne Therapeutics
-0.81 (-3.43%)
Stepstone Group
+0.09 (+0.36%)
Metracrine
-0.32 (-3.09%)
Outset Medical
-2.38 (-3.80%)
Athira Pharma
+ (+0.00%)
Reinvent Technology Partners
+ (+0.00%)
Sandbridge Acquisition
+ (+0.00%)
Use ABNB
+ (+0.00%)
iHuman
+ (+0.00%)
Orphazyme
+ (+0.00%)
Graybug Vision
+ (+0.00%)
Alphabet
-36.47 (-2.44%)
Alphabet
-37.51 (-2.52%)
Golar LNG
+1.03 (+7.98%)
Hygo Energy
+ (+0.00%)
Inhibikase Therapeutics
+ (+0.00%)
Taysha Gene Therapies
+ (+0.00%)