Shares of Bumble soared nearly 77% in its initial public offering Thursday on the Nasdaq. Following its debut, Bumble's market cap was $8.3B. Ad tech company Viant also jumped following its own IPO, gaining more than 90% on Wednesday.
LATEST IPOS:
Decibel Therapeutics (DBTX) opened on February 12 at $21.20. The company had priced 7.062M shares at $18.00 after the deal size was increased from 5.885M shares and priced at the high-end of the $16.00-$18.00 range. Citi, SVB Leerink, BMO Capital and Barclays acted as joint book running managers for the offering. Decibel Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing treatments to restore and improve hearing and balance, which it calls "one of the largest areas of unmet need in medicine."
Talis Biomedical (TLIS) opened on February 12 at $29 after having priced 13.8M shares at $16.00. The deal size was increased to 13.8M shares from 11.5M shares and priced at the high-end of the $14.00-$16.00 range. JPMorgan, BofA, Piper Sandler and BTIG acted as joint book running managers for the offering. Talis is developing the Talis One platform, a compact, sample-to-answer, cloud-enabled, molecular diagnostic platform as it seeks to "enable accurate, low cost and rapid molecular testing for infectious diseases at the point-of-care."
NexImmune (NEXI) opened on February 12 at $23.01 after having priced 6.471M shares at $17.00. The deal size was increased to 6.47M shares from 5.88M shares and priced at the high-end of the $15.00-$17.00 range. Barclays, Cantor Fitzgerald, Raymond James and Allen acted as joint book running managers for the offering. NexImmune is a clinical-stage biotechnology company developing a novel approach to immunotherapy designed to employ the body's own T cells to generate a specific, potent and durable immune response that mimics natural biology.
Longeveron (LGVN), a clinical stage biotechnology company developing cellular therapies for chronic aging-related and life-threatening conditions, priced its initial public offering of 2.66M shares at $10.00 per share and opened on February 12 at $10. Kingswood Capital Markets, division of Benchmark Investments, acted as sole book-runner for the offering.
Bumble (BMBL) opened on February 11 at $76. The company had priced 50M shares at $43.00. The deal size was increased to 50M shares from 45M and priced above the $37.00-$39.00 range. Goldman Sachs and Citi acted as joint book running managers for the offering. Bumble operates the dating app under the same name.
Apria (APR) opened on February 11 at $28. The company had priced 7.5M shares at $20. The deal priced at midpoint of $19.00-$21.00 target range. Citi and Goldman Sachs acted as joint book running managers for the offering. Apria provides home healthcare equipment and services in the U.S.
Bioventus (BVS) opened on February 11 at $15.10. The company had priced 8M shares at $13.00. The deal size was increased to 8M shares from 7.35M shares and priced below the $16.00-$18.00 range. Morgan Stanley, JPMorgan and Goldman Sachs acted as joint book running managers for the offering. Bioventus offers orthobiologics products for musculoskeletal conditions.
Signify Health (SGFY) opened on February 11 at $32. The company had priced 23.5M shares at $24.00. The deal priced above the revised range of $20.00-$21.00. Goldman Sachs, JPMorgan, Barclays and Deutsche Bank acted as joint book running managers for the offering. Signify Health provides a value-based billing platform for in-home and bundled health services.
loanDepot (LDI) opened on February 11 at $14. The company had priced 3.85M shares at $14.00. The deal size was slashed to 3.85M shares from 15M shares and priced below the $19.00-$21.00. Goldman Sachs, BofA, Credit Suisse and Morgan Stanley acted as joint book running managers for the offering. loanDepot is an online mortgage lender.
Viant (DSP) opened on February 10 at $44. The company had priced 10M shares at $25.00. The deal size was increased to 10M shares from 8.5M shares and priced above the high end of $22.00-$24.00 range. BofA and UBS acted as joint book running managers for the offering. Viant operates a demand-side advertising platform, or DSP, called Adelphic.
Biophytis (BPTS) opened on February 10 at $18.50. The company had priced 1.2M shares at $16.75. The deal range was $15.00-$18.00. Aegis acted as sole book running manager for the offering. Biophytis is a Phase 2 biotech developing therapies for COVID-related complications and age-related diseases.
Vallon Pharmaceuticals (VLON) opened on February 10 at $9.01. The company had priced 2.25M shares at $8.00. The deal size was increased to 2.25M shares from 1.67M shares and the deal range was $8.00-$10.00. ThinkEquity acted as sole book running manager for the offering. Vallon Pharmaceuticals is a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of CNS disorders.
Global Internet of People (SDH) opened on February 9 at $7.99. The company had priced its initial public offering of 6.72M ordinary shares at $4.00 per ordinary share. ViewTrade Securities acted as sole book-running manager for the offering and National Securities Corporation acted as co-underwriter. Headquartered in Beijing and Shanghai, Global Internet of People operates an online knowledge sharing and enterprise service platform.
Adagene (ADAG) opened on February 9 at $20.40. The company had priced 7.35M shares at $19.00. The deal priced at the high-end of the $17.00-$19.00 range. Goldman Sachs, Morgan Stanley, Jefferies and China Renaissance acted as joint book running managers for the offering. Adagene is a clinical-stage biopharmaceutical company developing novel antibody-based cancer immunotherapies.
Cloopen (RAAS) opened on February 9 at $27. The company had priced 20M shares at $16.00. The deal priced above the $13.00-$15.00 range. Goldman Sachs, Citi and CICC acted as joint book running managers for the offering. Cloopen provides cloud-based communication services in China.
Baosheng Media (BAOS) opened on February 8 at $8.25. The company had priced 6M shares at $5.00. Univest Securities acted as the representative of the underwriters and sole book-running manager for the offering. Baosheng Media is a China-based online marketing solution provider.
SPAC IPOS:
Tuatara Capital Acquisition (TCAC) opened for trade at $10.61 on February 12 after its initial public offering of 17.5M units priced at $10.00 per unit. The blank check company intends to focus its search for businesses in the cannabis industry "that are compliant with all applicable laws and regulations."
Churchill Capital Corp VI (CCVI) priced its initial public offering of 48M units at $10.00 per unit and opened for trading at $10.71 on February 12. The blank check company was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company, and may pursue an initial business combination target in any business or industry.
Broadscale Acquisition (SCLE) priced its upsized initial public offering of 30M units at a price of $10.00 per unit and opened for trade at $10.55 on February 12. The blank check company intends to focus its search for a business combination target on opportunities that align with its mission of "Disruption for Good"-- "that is, the transformation of traditional industries in positive ways that generate tangible improvements to the well-being of the global population, particularly with respect to energy, transportation, buildings, manufacturing, and food and agriculture."
Rosecliff Acquisition I (RCLF) opened at $10.30 on February 12. The blank check company priced its initial public offering of 22M units at $10.00 per unit. Rosecliff Acquisition I is sponsored by an affiliate of Rosecliff Venture Management, a diversified investment management firm based in New York City. The blank check company intends to focus its search on high growth technology and tech-enabled businesses domestically in industries that are being disrupted by advances in technology and on technology paradigms.
Bite Acquisition Corp. (BITE) priced its upsized initial public offering of 17.5M units at $10.00 per unit and opened for trading at $10.30 on February 12. The blank check company may pursue an initial business combination with a company in any sector or geography, but intends to focus its search on the traditional and non-traditional restaurant sectors in North America.
Social Leverage Acquisition Corp I (SLAC) opened at $10.75 on February 12 after having priced its initial public offering of 30M units at $10.00 per unit. The blank check company intends to focus its search on "innovative and mission-driven businesses in the financial technology, enterprise software or consumer technology sectors."
ION Acquisition Corp 2 (IACB) opened on February 11 at $11.33. The blank check company had priced its initial public offering of 22M units at $10.00 per unit. ION Acquisition Corp 2 intends to focus on the "rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives."
Foresight Acquisition (FORE) opened on February 10 at $10.30. The blank check company had priced its initial public offering of 27.5M units at $10.00 per unit. Foregisht Acquisition is targeting a technology-enabled consumer or consumer healthcare business.
Lazard Growth Acquisition Corp. I (LGAC) opened on February 10 at $10.55. The blank check company had priced its initial public offering of 50M units at $10.00 per unit. Lazard Growth believes the "growth-oriented subsectors of the healthcare, technology, energy transition, financial and consumer sectors present particularly attractive investment opportunities, although it will not be limited to a particular industry or geographic region in its identification and acquisition of a target company."
ScION Tech Growth II (SCOB) opened on February 10 at $10.50. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. ScION intends to focus its search for an initial business combination on technology-enabled businesses that offer specific technology solutions, broader technology software and services in the financial services sector. The company is sponsored by an affiliate of ION Investment Group.
Apollo Strategic Growth Capital II (APGB) opened on February 10 at $10.75. The blank check company had priced its upsized initial public offering of 60M units at $10.00 per unit. Apollo Strategic Growth Capital II is sponsored by APSG Sponsor II, an affiliate of Apollo Global Management (APO).
Progress Acquisition (PGRW) opened on February 9 at $10.24. The blank check company had priced its initial public offering of 15M units at $10.00 per unit. Progress Acquisition intends to focus on opportunities in media, entertainment, and technology, with an emphasis on attractive targets that fall in the digital ecosystem.
Evo Acquisition (EVOJ) opened on February 9 at $10.40. The blank check company had priced its upsized initial public offering of 10.87M units at $10.00 per unit. Evo intends to focus its search on companies in the technology and financial sectors, including companies with a nexus to Japan.
GigCapital4 (GIG) opened on February 9 at $10.19. The blank check company had priced its initial public offering of 3.2M units at a price of $10.00 per unit. GigCapital4 intends to focus on the technology, media and telecommunications and sustainable industries.
Adara Acquisition (ADRA) opened on February 9 at $10.15. The blank check company had priced its initial public offering of 10M units at $10.00 per unit. Adara currently intends to concentrate its search for a target business operating in the consumer products and related industries.
Spartan Acquisition Corp. III (SPAQ) opened on February 9 at $10.90. The blank check company had priced of its initial public offering of 48M units at $10.00 per unit. Spartan Acquisition Corp. III intends to focus its search for a target business in the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes.
Pivotal Investment Corp. III (PICC) opened on February 9 at $10.80. The blank check company had priced its upsized initial public offering of 24M units at $10.00 per unit. Pivotal Investment Corp. III intends to focus its search on companies in North America in industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior.
Crown PropTech Acquisitions (CPTK) opened on February 9 at $10.28. The blank check company had priced its upsized initial public offering of 24M units at $10.00 per unit. Crown PropTech intends to concentrate on businesses that provide technological innovation to the broader real estate ecosystem. Certain funds and accounts managed by subsidiaries of BlackRock (BLK) have agreed to make an anchor investment in Crown PropTech.
Priveterra Acquisition (PMGM) opened on February 9 at $10.35. The blank check company had priced its initial public offering of 24M units at $10.00 per unit. Priveterra intends to focus on the healthcare industry, particularly the medical technology sector.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Coupang (CPNG), Roblox (RBLX), Coinbase (COIN), Caliber Home Loans (HOMS), Pharming Group (PHAR), and Cricut (CRCT). According to recent reports, upstart food companies Chobani and Oatly are also making plans to come public.
Coupang, which identifies itself as "one of Asia's largest eCommerce companies," announced on February 12 that it publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Coupang has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol "CPNG". Coupang's IPO could take place as soon as March and is expected to garner a valuation exceeding $50B, The Wall Street Journal's Maureen Farrell reported, citing people familiar with the matter. Alibaba (BABA) was valued at about $168B when it went public, the report noted.
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."
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.
Cricut announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The public offering is expected to commence following completion of the SEC review process, subject to market and other conditions. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Cricut intends to list its common stock on The Nasdaq Global Select Market under the symbol "CRCT."
On February 4, Cara Lombardo and Dana Cimilluca of The Wall Street Journal reported that Greek yogurt maker Chobani is eyeing an initial public offering later this year that it hopes could value the company at as much as $7 billion to $10 billion.
On February 5, Bloomberg's Ruth David and Agnieszka de Sousa said that Malmo, Sweden-based Oatly is considering seeking a value of around $10 billion in a U.S. listing. The maker of vegan food and drink products is working with advisers on an IPO that could come as soon as May, the report said.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Acquired by REGN
-3.65 (-16.77%)
Talis Biomedical
-3.93 (-12.67%)
Neximmune
+3.05 (+13.71%)
Longeveron
-2.31 (-23.10%)
Bumble
+5.46 (+7.80%)
Bought by OMI
-2.25 (-9.68%)
Bioventus
-1.76 (-9.28%)
Signify Health
+3.58 (+11.21%)
LoanDepot
+10.485 (+50.73%)
Viant
+8.87 (+15.76%)
Biophytis
+0.15 (+0.90%)
Vallon Pharmaceuticals
+0.03 (+0.39%)
Global Internet of People
+0.265 (+5.67%)
Adagene
-1.58 (-5.43%)
Cloopen
-0.94 (-2.93%)
Baosheng Media
+0.1 (+1.40%)
Tuatara Capital Acquisition
+ (+0.00%)
Churchill Capital Corp VI
+ (+0.00%)
Broadscale Acquisition
+ (+0.00%)
Rosecliff Acquisition I
+ (+0.00%)
Bite Acquisition
+ (+0.00%)
Social Leverage Acquisition Corp I
+ (+0.00%)
ION Acquisition Corp 2
+ (+0.00%)
P3 Health Partners
+ (+0.00%)
Lazard Growth Acquisition Corp. I
+ (+0.00%)
ScION Tech Growth II
+ (+0.00%)
Apollo Strategic Growth Capital II
+ (+0.00%)
Progress Acquisition
+ (+0.00%)
Evo Acquisition
+ (+0.00%)
GigCapital4
+ (+0.00%)
Adara Acquisition
+ (+0.00%)
Spartan Acquisition Corp. III
+ (+0.00%)
Pivotal Investment Corp. III
+ (+0.00%)
Crown PropTech Acquisitions
+ (+0.00%)
Priveterra Acquisition
+ (+0.00%)
Coupang
+ (+0.00%)
Roblox
+ (+0.00%)
Coinbase
+ (+0.00%)
Caliber Home Loans
+ (+0.00%)
Pharming
+ (+0.00%)
Cricut
+ (+0.00%)
Alibaba
-1.16 (-0.43%)
BlackRock
+1.515 (+0.21%)