Qualtrics, a spinoff of SAP, popped in its trading debut on Thursday. The cloud software vendor's IPO was priced above the expected range, and based on its opening price, Qualtrics is valued at $25B.
LATEST IPOS:
Home Point Capital (HMPT) opened on January 29 at $9.60 after its IPO priced at $13 per share. The deal size was cut to 7.25M shares from 12.5M and priced below the $19.00-$21.00 target range. Goldman Sachs, Wells Fargo, Morgan Stanley and UBS acted as joint book running managers for the offering. Home Point Capital provides mortgage origination and servicing for U.S. residential customers and investors.
NLS Pharmaceuticals (NLSP) opened on January 29 at $3.62 after its 4.82M shares priced at $4.15. Maxim acted as sole book running manager for the offering. NLS Pharmaceutics is developing controlled-release formulations of approved drugs for ADHD and narcolepsy.
Trinity Capital (TRIN), an internally managed business development company, priced its initial public offering of 7,375,274 shares of its common stock at $14.00 per share and opened at $14 on January 29. Keefe, Bruyette & Woods, Wells Fargo and UBS Investment Bank acted as joint book-running managers for the offering.
Qualtrics (XM) opened on January 28 at $41.85. The company had priced 50.4M shares at $30.00. The deal priced above the $27.00-$29.00 range. Morgan Stanley and JPMorgan acted as joint book running managers for the offering. SAP America, a wholly owned subsidiary of SAP SE (SAP), will continue to be Qualtrics' controlling stockholder following this offering, the companies have noted. Qualtrics sells software that helps businesses gauge how customers use their products so they can improve their offerings.
Ortho Clinical Diagnostics (OCDX) opened on January $15.50. The company had priced 76M shares at $17.00. The deal size was increased to 76M shares from 70M and priced below the $20.00-$23.00 range. JPMorgan, BofA, Goldman Sachs, Barclays and Morgan Stanley acted as joint book running managers for the offering. Ortho Clinical Diagnostics is a pure-play in vitro diagnostics company.
Vinci Partners Investments (VINP) opened on January 28 at $17.70. The company had priced 13.873M shares at $18.00. The deal priced at the high end of its $16.00-$18.00 range. JPMorgan and Goldman Sachs acted as joint book running managers for the offering. Vinci Partners Investments is the controlling company of an alternative investment platform in Brazil.
Agrify (AGFY) opened on January 28 at $13. The company had priced its upsized initial public offering of 5.4M shares of common stock at $10.00 per share for total gross proceeds of $54M. Maxim Group and Roth Capital acted as joint book-running managers for the offering. Agrify is a developer of hardware and software for the indoor agriculture marketplace.
ZIM Integrated (ZIM) opened on January 28 at $11.50. The company had priced 14.5M shares at $15.00. The deal size was reduced to 14.5M shares from 17.5M shares and priced below the $16.00-$19.00 range. Citi, Goldman Sachs and Barclays acted as joint book running managers for the offering. ZIM Integrated is a global container liner shipping company.
Shoals Technologies (SHLS) opened on January 27 at $31.30. The company had priced 77M shares at $25.00. The deal size was increased to 77M shares from 70M shares and priced above the revised $22.00-$23.00 range. Goldman Sachs, JPMorgan, Guggenheim, UBS, Morgan Stanley, Barclays and Credit Suisse acted as joint book running managers for the offering. Shoals Technologies is a solar-power company.
Tian Ruixiang (TIRX) opened on January 27 at $16.45. The company had priced its initial public offering of up to 3M shares at $4 per share. Proceeds from the offering will be used for opening up new branches; research, development and operational investment on its new Internet insurance center, and general working capital, the company said in a statement. The offering was conducted on a firm commitment basis. Network 1 Financial Securities acted as the underwriter for the offering. Tian Ruixiang is a China-based insurance broker.
EZGO Technologies (EZGO) opened on January 26 at $10.59. The blank check company had priced its initial public offering of 2.8M ordinary shares at $4.00 per share. ViewTRade Securities acted as sole book-running manager for the offering. EZGO says it has "established a business model centered on the sale of electronic bicycles and battery and e-bicycle rentals, complemented by sale of battery packs, battery cell trading and a charging pile business
Of note, Southeastern Grocers (SEGR) was expected to open on January 29, but the deal was canceled at the last minute. Southeastern Grocers is the parent company of the BI-LO, Fresco y Más, Harveys and Winn-Dixie grocery store brands. Southeastern Grocers did not specify the reason for withdrawing the IPO, but Reuters said it made the decision due to a lack of demand at the price range it was targeting.
SPAC IPOS:
Clarim Acquisition Corp. (CLRM) opened on January 29 at at $10.16 after having priced its initial public offering of 25M units at $10.00 per unit. While the blank check company may pursue an initial business combination target in any business, industry or geographical location, it intends to focus our search primarily within the consumer-facing e-commerce sector.
Ithax Acquisition (ITHX) opened on January 28 at $10.10. The blank check company had priced its upsized initial public offering of 21M units at $10.00 per unit. Ithax currently intends to concentrate its search for a target business operating in the leisure, hospitality, travel, and related services sectors. Cantor Fitzgerald served as sole book-running manager.
Ignyte Acquisition (IGNY) opened on January 28 at $10.27. The blank check company had priced its initial public offering of 50M units at $10.00 per unit. EarlyBirdCapital acted as the sole book running manager for the offering. Ignyte currently intends to focus on target businesses in the life sciences, biotechnology and healthcare sectors.
TLG Acquisition One (TLGA) opened on January 28 at $10.02. The blank check company had priced of its upsized initial public offering of 35M units at $10.00 per unit. RBC Capital Markets acted as sole book running manager for the offering. TLG expects to focus its search on acquiring an operating company or business in the information technology, healthcare, business services or financial services sectors.
HealthCor Catalio Acquisition (HCAQ) opened on January 27 at $10.40. The blank check company had priced its upsized initial public offering of 18M Class A ordinary shares at $10.00 per share. The company's sponsor is owned by affiliates of HealthCor Management and Catalio Capital Management,0 a private equity firm that invests in breakthrough biomedical technology companies. The company will be led by Christopher Gaulin, as CEO, Joe Healey, as Chairman of the Board of Directors, and George Petrocheilos, as President. Jefferies served as sole book-running manager for this offering.
CA Healthcare Acquisition (CAHC) opened on January 27 at $10.20. The blank check company had priced its initial public offering of 10M units at $10.00 per unit. CA intends to focus its search in the healthcare industry, specifically healthcare services, healthcare information technology, care management, medical distribution, behavioral health, medical devices, diagnostics, pharma services, health and wellness, and specialty pharmacy. BTIG acted as sole book-running manager of the offering. I-Bankers Securities acted as co-manager of the offering.
Fortistar Sustainable Solutions (FSSI) opened on January 27 at $10.36. The blank check company had priced its initial public offering of 22.5M units at $10.00 per unit. Credit Suisse and BofA Securities served as the underwriters for the offering.
Bridgetown 2 Holdings (BTNB) opened on January 26 at $12. The blank check company had priced its initial public offering of 26M class A ordinary shares at $10.00 per share. Bridgetown 2 limited intends to focus on a target with operations or prospective operations in the technology, financial services, or media sectors in Southeast Asia. Citigroup and BTIG acted as joint-book running managers of the offering.
D and Z Media Acquisition (DNZ) opened on January 26 at $10.34. The blank check company had priced its initial public offering of 25M units at $10.00 per unit. D and Z Media intends to focus on businesses related to media, education technology, or ed-tech, and other related industries. Intercontinental Exchange (ICE) and Navigation Capital Partners are members of the company's sponsor. Goldman Sachs acted as book running manager and Loop Capital Markets acted as co-manager.
Biotech Acquisition (BIOT) opened on January 26 at $10.40. The blank check company had priced its initial public offering of 20M units at $10.00 per unit. Biotech Acquisition intends to focus its search for a target business in the healthcare sector. Cantor Fitzgerald acted as the sole book-running manager for the offering.
DiamondHead Holdings (DHHC) opened on January 26 at $10.85. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. DiamondHead intends to capitalize on the ability of its management team to identify, acquire and operate a business in any industry or sector and leverage its management team's public market experience to unlock value in a private platform. Goldman Sachs is the underwriter of the offering.
Science Strategic Acquisition Corp. Alpha (SSAA) opened on January 26 at $10.50. The blank check company had priced its initial public offering of 27M units at $10.00 per unit. Science Strategic intends to focus on businesses operating in the direct-to-consumer brands, direct-to-consumer services and mobile and social entertainment sectors. Credit Suisse acted as sole book-running manager.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Roblox (RBLX), Bumble (BMBL), Coinbase (COIN), Caliber Home Loans (HOMS), Pharming Group (PHAR) and loanDepot (LDI).
On January 28, Reuters reported that Roblox has postponed plans to go public due to SEC scrutiny of how the video game platform recognizes revenue in its finances. Previously, the video game company had said in a regulatory filing that it was aiming to list shares on the New York Stock Exchange in February. The company has been approved to list its Class A common stock on the NYSE under the symbol "RBLX."
On January 15, Bumble filed with the SEC for a planned initial public offering of shares of Class A common stock and applied to list its shares on the Nasdaq Global Select Market under the trading symbol "BMBL." In the IPO filing, Bumble disclosed it had about 42M monthly active users, or MAUs, in Q3 of 2020 and 2.4M paying users year-to-date as of September 2020. The filing added: "The Bumble app, launched in 2014, is one of the first dating apps built with women at the center. On Bumble, women make the first move, and have done so more than 1.7 billion times from September 2014 to September 2020. Bumble is the second highest grossing dating app in the world according to Sensor Tower, with 12.3 million monthly active users as of September 30, 2020.
Earlier this week, LD Holdings Group announced that its newly formed affiliate, loanDepot, has launched the roadshow for the initial public offering of 15M shares of its Class A common stock. The offering consists of 9.41M shares of Common Stock being sold by loanDepot and 5.59M shares of Common Stock being sold by certain funds managed by Parthenon Capital Partners. The initial public offering price is expected to be between $19.00 and $21.00 per share. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "LDI."
Coinbase is the largest U.S. cryptocurrency exchange and has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. Its IPO is expected to come in February 2021.
Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA.
Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Home Point Capital
+1.7 (+17.80%)
NLS Pharmaceutics
-0.83 (-22.49%)
Trinity Capital
-0.62 (-4.10%)
Qualtrics
-1.69 (-3.70%)
SAP
-4.29 (-3.29%)
Bought by QDEL
+0.59 (+3.71%)
Vinci Partners
+0.2 (+1.18%)
Agrify
-1.4 (-11.02%)
Shoals Technologies
+1.33 (+4.03%)
ZIM Integrated
+0.51 (+4.43%)
Tian Ruixiang
-3.6 (-22.64%)
EZGO Technologies
-0.26 (-3.17%)
Southeastern Grocers
+ (+0.00%)
Clarim Acquisition
+ (+0.00%)
Ithax Acquisition
+ (+0.00%)
Ignyte Acquisition
+ (+0.00%)
HealthCor Catalio Acquisition
+ (+0.00%)
CA Healthcare Acquisition
+ (+0.00%)
Fortistar Sustainable Solutions
+ (+0.00%)
D and Z Media Acquisition
+ (+0.00%)
Biotech Acquisition
+ (+0.00%)
DiamondHead Holdings
+ (+0.00%)
Science Strategic Acquisition Corp. Alpha
+ (+0.00%)
Roblox
+ (+0.00%)
Bumble
+ (+0.00%)
Coinbase
+ (+0.00%)
Caliber Home Loans
+ (+0.00%)
Pharming
-0.11 (-0.77%)
LoanDepot
+ (+0.00%)