Shares of UiPath rose 23% in the company's market debut, reeling in $1.34B and making this the third biggest IPO ever for a U.S. software company, behind Snowflake (SNOW) and Qualtrics (XM). Meanwhile, "biofacturing" company Zymergen shares rose as much as 33% after expanding its IPO to raise $500M, and KnowBe4 raised $150M in the first cybersecurity IPO of 2021.
LATEST IPOS AND DIRECT LISTINGS:
Treace Medical Concepts (TMCI) opened on April 23 at $24.50. The company had priced 11.25M shares at $17.00. The deal size was increased to 11.25M shares from 9.375M and priced at high end of $15.00-$17.00 range. JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Treace Medical Concepts makes a medical device system for the treatment of bunions.
Latham (SWIM) opened on April 23 at $22. The company had priced 20M shares at $19.00. The deal priced at low end of $19.00-$21.00 range. Barclays, BofA, Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. Latham Group is a designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand.
Rain Therapeutics (RAIN) opened on April 23 at $22.10. The 7.353M share deal priced at midpoint of a $16.00-$18.00 target range. Goldman Sachs, Citi, Piper Sandler and Guggenheim acted as joint book running managers for the offering. Rain Therapeutics is a Phase 3-ready biotech developing in-licensed therapies for cancer.
Zymergen (ZY) opened on April 22 at $40.30. The company had priced 16.13M shares at $31.00. The deal size was increased to 16.13M shares from 13.6M shares and priced at the high-end of the $28.00-$31.00 range. JPMorgan and Goldman Sachs acted as joint book running managers for the offering. Zymergen is a biofacturing company that designs, develops and manufactures "bio-based breakthrough products" to customers in a broad range of industries.
NeuroPace (NPCE) opened on April 22 at $23.25. The company had priced 6M shares at $17.00. The deal size was increased to 6.0M shares from 5.3M shares and priced at high end of $15.00-$17.00 range. JPMorgan and Morgan Stanley acted as joint book running managers for the offering. NeuroPace is a commercial-stage medical device company focused on "reducing or eliminating the occurrence of debilitating seizures" for people suffering from epilepsy.
KnowBe4 (KNBE) opened on April 22 at $19.95. The company had priced 9.5M shares at $16.00. The deal size was reduced to 9.5M shares from 11.8M shares and priced at the low-end of the $16.00-$18.00 range. Morgan Stanley, Goldman Sachs, BofA and KKR acted as joint book running managers for the offering. KnowBe4 is the provider of a security awareness platform used by approximately 37,000 organizations.
UiPath (PATH) opened on April 21 at $65.50. The company had priced its initial public offering of 23,890,777 shares at a price to the public of $56 per share. Morgan Stanley and J.P. Morgan acted as lead bookrunners for the offering. BofA Securities, Credit Suisse, Barclays, and Wells Fargo Securities acted as active bookrunners for the offering. SMBC Nikko, BMO Capital Markets, Mizuho Securities, KeyBanc Capital Markets, TD Securities, Truist Securities, Cowen, Evercore ISI, Macquarie Capital, Nomura, and RBC Capital Markets acted as passive bookrunners for the offering. Canaccord Genuity, D.A. Davidson, Oppenheimer and Needham acted as co-managers for the offering. UiPath offers a platform for automation.
DoubleVerify (DV) opened on April 21 at $35. The company had priced 13.3M shares at $27.00. The deal range was $24.00-$27.00. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. DoubleVerify is an ad verification and measurement company.
SkyWater Technology (SKYT) opened on April 21 at $15.50. The company had priced 6.96M shares at $14.00. The deal size was increased to 6.96M shares from 5.8M shares and the range was $12.00-$14.00. Jefferies and Cowen acted as joint book running managers for the offering. SkyWater Technology is a semiconductor manufacturing services company.
Infobird (IFBD) opened on April 20 at $7. The company had priced 6.25M shares at $4.00. WestPark Capital acted as sole book running manager for the offering. Infobird is a China-based customer engagement software company.
Troika Media (TRKA) opened on April 20 at $3.60. The company priced 5.78M shares at $4.15. Kingswood acted as sole book running manager for the offering. Troika Media is a brand identity and communications agency that provides integrated branding and advertising solutions.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPO and direct listings are Squarespace (SQSP), Didi Chuxing, Oatly, Sprinklr, Save Foods (SVFD), Regencell Bioscience (RGCB), Endeavor Group (EDR), Camposol (CMSL).
On April 16, in a regulatory filing with the SEC, Squarespace said it intends to apply to list its Class A common stock on the NYSE under the symbol "SQSP." The company plans to pursue a direct listing and not a "traditional" IPO. In the filing, Squarespace states: "Squarespace is a leading all-in-one platform for businesses and independent creators to build a beautiful online presence, grow their brands and manage their businesses across the internet. We offer websites, domains, e-commerce, tools for managing a social media presence, marketing tools and scheduling capabilities... As of December 31, 2020, we had 3.66M unique subscriptions to our platform... We generated in 2019 and 2020, respectively: revenue of $484.8M and $621.1M; net income of $58.2M and $30.6M; adjusted EBITDA of $97.6M and $116.7M; cash flow from operating activities of $102.3M and $150.0M; and unlevered free cash flow of $94.6M and $152.4M."
Bloomberg reported earlier this month that China's Didi Chuxing has filed confidentially for a U.S. IPO. The Chinese ridesharing company could seek a valuation of $70B to $100B, according to Bloomberg. Other U.S.-listed ridesharing companies include Uber (UBER) and Lyft (LYFT).
Oat milk producer Oatly Group formally filed paperwork Monday for a U.S. initial public offering after having confidentially filed in February. Blackstone Group (BX) and a handful high-profile celebrities, including Oprah Winfrey and former Starbucks (SBUX) CEO Howard Schultz, took a stake in the alternative milk products maker last July, The Wall Street Journal has noted.
Sprinklr has also announced the confidential submission of draft registration statement for proposed initial public offering. With the filing, Sprinklr is the latest high-profile start-up to seek an IPO. Sprinklr is a customer experience company.
Save Foods has filed with the SEC for an initial public offering and applied to list its common stock on the Nasdaq Capital Market under the symbol "SVFD." The common stock is currently traded on the OTC Markets, Pink Open Market, under the symbol "SAFO." Save Foods develops products to improve the food safety and shelf life of fresh produce.
Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB." Regencell Bioscience Holdings is developing formulations of traditional Chinese medicine for ADHD and ASD.
Endeavor Group has filed with the SEC for an initial public offering of shares of Class A common stock of being offered for sale by the company. Endeavor is "a premium intellectual property, content, events, and experiences company" that owns and operates sports properties, including the UFC, produces and distributes sports and entertainment content, owns and manages exclusive live events and experiences, and represents top sports and entertainment talent.
Camposol Holding has filed with the SEC regarding a planned initial public offering. "We are a global provider of fresh and healthy foods, serving retail and wholesale consumers in over 40 countries across the globe, such as Costco [COST], Walmart [WMT], OGL, ALDI, Edeka, Sam's Club, Publix, Kaufland, Tesco and Lidl, among others. Our offering is sustained by our recognized value proposition: high consistency, superior quality and full traceability... During 2020, we sold our products in over 40 countries worldwide and sold directly to five of the world's top 10 food retailers as determined by the National Federation of Retailers based on top 100 retailers in 2020 for their sales in 2019, among others," Camposol stated in its filing.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Snowflake
+4.29 (+1.85%)
Qualtrics
-0.92 (-2.21%)
Treace Medical
+1.155 (+4.65%)
Latham Group
+2.76 (+11.27%)
Rain Oncology
-7.13 (-31.07%)
Bought by DNA
+2.38 (+6.35%)
NeuroPace
+0.41 (+1.65%)
KnowBe4
-1.305 (-5.44%)
UiPath
-0.5 (-0.66%)
DoubleVerify
-1.535 (-4.28%)
SkyWater Technology
+1.23 (+6.30%)
Infobird
-0.29 (-6.44%)
Troika Media
+0.15 (+5.34%)
Squarespace
+
Save Foods
+
Regencell Bioscience
+
Endeavor Group
+ (+0.00%)
Camposol
+
Costco
+1.93 (+0.52%)
Walmart
+0.24 (+0.17%)
Uber
+1.685 (+3.00%)
Lyft
+2.78 (+4.56%)
Starbucks
+1.59 (+1.37%)
Blackstone
+4.285 (+5.17%)