As the SPAC craze continues, Virpax Pharmaceuticals and podcast app developer Auddia made their public debuts on Wednesday.
LATEST IPOS:
Virpax Pharmaceuticals (VRPX) opened on February 17 at $8. The company had priced 1.8M shares at $10.00. ThinkEquity acted as sole book running manager for the offering. Virpax Pharmaceuticals creates new formulations for the use of existing, approved drugs for various forms of pain management applications.
Auddia (AUUD) opened on February 17 at $4. The company had priced 3.992M units at $4.125. Each unit consists of one share of common stock and one Series A warrant to purchase one share of common stock. Maxim acted as sole book running manager for the offering. Auddia is a technology company and developer of consumer apps and content platforms that change how audio media is consumed, interacted with and monetized.
SPAC IPOS:
B. Riley Principal 150 Merger (BRPM), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial (RILY), priced its initial public offering of 15M units at a price of $10.00 per unit and opened for trading at $10.61 on February 19. B. Riley Principal intends to focus on "established businesses that have an aggregate enterprise value of approximately $300 million to $1 billion and would benefit from access to public markets and the operational and strategic expertise of its management team and board of directors."
Alpha Capital Acquisition (ASPC) opened for trading at $10.35 on February 19 after the SPAC priced its initial public offering of 20M units at $10.00 per unit. Alpha Capital Acquisition intends to seek a business combination with a Latin American-focused technology business.
Simon Property Group Acquisition (SPGS) opened for trading at $10.60 on February 19 after having priced its initial public offering of 30M units at $10.00 per unit. Simon Property Group Acquisition is sponsored by SPG Sponsor, an indirect wholly owned subsidiary of Simon Property Group (SPG). The company is targeting innovative businesses that operate in the "Live, Work, Play, Stay, Shop" ecosystem.
Figure Acquisition Corp. I (FACA) priced its initial public offering of 25M units at $10.00 per unit and opened for trade at $11.27 on February 19. Figure Acquisition intends to focus its search for businesses in the financial technology and financial services sector.
Choice Consolidation Corp. (CDXX), a newly-organized Special Purpose Acquisition Company, made its public markets debut on the NEO Exchange, opening at $10 per unit on February 19, after having closed a $150M initial public offering. The Choice Consolidation acquisition strategy will target the U.S. cannabis industry "including, among others, existing single-state operators in U.S. markets with high barriers to entry, distressed assets that require minimal to moderate incremental capital to turn around, and sellers that need help bringing their own assets to the finish line. The company's management team believes that it can capitalize on the 'second mover advantage' -- lessons learned from legacy entrants -- and enable efficiencies across all aspects of the supply chain," the company stated.
FinServ Acquisition Corp. II (FSRX) opened on February 18 at $11. The blank check company had priced its upsized initial public offering of 26.5M units at $10.00 per unit. FinServ intends to focus its search on businesses in the financial technology and financial services industries.
Kismet Acquisition Three (KIII) opened on February 18 at $10.20. The blank check company had priced its initial public offering of 25M units at $10.00 per unit. Kismet Acquisition Three intends to focus on businesses in the internet and technology sectors primarily operating in Europe, including Russia.
FS Development Corp. II (FSII) opened on February 17 at $10.50. The blank check company had priced its initial public offering of 17.5M shares of class A common stock at $10.00 per share. FS, sponsored by Foresite Capital, is led by President and CEO Jim Tananbaum. The company was formed for the purpose of effecting a business combination with one or more businesses in the biotechnology and life sciences sector.
SportsTek Acquisition (SPTK) opened on February 17 at $10.35. The blank check company had priced its initial public offering of 15M units at a price of $10.00 per unit. SportsTek intends to focus on a target within the sports and related sectors including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.
Moringa Acquisition (MACA) opened on February 17 at $10.65. The blank check company had priced its initial public offering of 10M units at $10.00 per unit. Moringa intends to focus its search on Israel-related technology companies.
Pathfinder Acquisition (PFDR) opened on February 17 at 10.50. The blank check company had priced its upsized initial public offering of 30M units at $10.00 per unit. Pathfinder expects to focus on "growth-oriented or technology-enabled targets that are at a key inflection point in their business evolution."
New Vista Acquisition (NVSA) opened on February 17 at $10.57. The blank check company had priced its upsized initial public offering of 24M units at $10.00 per unit. New Vista intends to focus on businesses engaged with emerging and transformational technologies, focusing particularly on businesses operating within space, defense and communications and advanced air mobility and logistics industries.
ABG Acquisition Corp. I (ABGI) opened on February 17 at $10.50. The blank check company had priced its initial public offering of 13.1M class A ordinary shares at $10.00 per share. ABG Acquisition Corp. I intends to focus on the global healthcare industry, with a particular focus on the medical technology and biotechnology verticals.
Medicus Sciences (MCAS) opened on February 16 at $10.30. The blank check company had priced its initial public offering of 8M units at $10.00 per unit for aggregate gross proceeds of $80M. Medicus Sciences intends to focus on the healthcare industry, particularly the medical technology sector, both in the United States and internationally.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Coupang (CPNG), Roblox (RBLX), Coinbase (COIN), Caliber Home Loans (HOMS), Pharming Group (PHAR), Cricut (CRCT), and Gold Royalty (GROY). 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 e-commerce 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."
GoldMining (GLDG) announced that its subsidiary, Gold Royalty has launched a roadshow for the proposed IPO of its units. GRC is offering up to 6,000,000 Units under the IPO at a price of $5.00 per Unit. Each Unit will be comprised of one common share of GRC and one-half of a warrant to purchase a common share. Each full warrant will entitle the holder thereof to acquire one common share at a price of $7.50 per share for a period of three years. H.C. Wainwright and BMO Capital Markets are acting as the book running managers and co-lead underwriters of a syndicate that includes CIBC Capital Markets, Haywood Securities, Raymond James, Roth Capital Partners, Scotiabank, Sprott Capital Partners L.P. and TD Securities.
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.
Virpax Pharmaceuticals
+0.34 (+5.56%)
Auddia
+0.05 (+1.67%)
B. Riley Principal 150 Merger
+ (+0.00%)
B. Riley Financial
+3.77 (+7.16%)
Alpha Capital Acquisition
+ (+0.00%)
Simon Property Group Acquisition
+ (+0.00%)
Simon Property
+3.03 (+2.85%)
Figure Acquisition Corp. I
+ (+0.00%)
Choice Consolidation
+ (+0.00%)
FinServ Acquisition Corp. II
+ (+0.00%)
Kismet Acquisition Three
+ (+0.00%)
FS Development Corp. II
+0.14 (+1.31%)
SportsTek Acquisition
+ (+0.00%)
Moringa Acquisition
+ (+0.00%)
Pathfinder Acquisition
+ (+0.00%)
New Vista Acquisition
+ (+0.00%)
ABG Acquisition Corp. I
+0.07 (+0.68%)
Medicus Sciences
+ (+0.00%)
Coupang
+ (+0.00%)
Roblox
+ (+0.00%)
Coinbase
+ (+0.00%)
Caliber Home Loans
+ (+0.00%)
Pharming
+0.38 (+2.83%)
Cricut
+ (+0.00%)
Alibaba
-0.85 (-0.32%)
GoldMining
-0.03 (-1.80%)