Shares of Robinhood plunged in their trading debut on Thursday after raising $2B in one of 2021's most anticipated IPOs.
LATEST IPOS AND DIRECT LISTINGS:
Maxcyte (MXCT) opened on July 30 at $16.99. The company had priced 13M shares at $13.00. The deal size was increased to 13M shares from 12M shares and the range was $11.50-$13.00. Cowen, Stifel and William Blair acted as joint book running managers for the offering. Maxcyte is a commerical cell engineering company focused on providing enabling platform technologies to advance cell-based research as well as next-generation cell therapeutic discovery, development and commercialization.
RxSight (RXST) opened on July 30 at $17.50. The company had priced 7.35M shares at $16.00. The deal priced at the low end of the $16.00-$18.00 range. RxSight is a commercial-stage medical technology company dedicated to improving the vision of patients following cataract surgery.
Tenaya Therapeutics (TNYA) opened on July 30 at $19.50. The company had priced 12M shares at $15. The deal size was increased to 12M shares from 10M shares and the range was $14.00-$16.00. Morgan Stanley, Cowen and Piper Sandler acted as joint book running managers for the offering. Tenaya Therapeutics is a biotechnology company "committed to discover, develop and deliver curative therapies that address the underlying drivers of heart disease."
Rani Therapeutics (RANI) opened on July 30 at $11.26. The company had priced 6.67M shares at $11.00, below the $14.00-$16.00 target range. BofA, Stifel, Cantor Fitzgerald and Canaccord are acting as joint book running managers for the offering. Rani Therapeutics is a clinical stage biotherapeutics company advancing technologies to enable the development of orally administered biologics.
Omega Therapeutics (OMGA) opened on July 30 at $22.10. The company had priced 7.4M shares at $17.00. The deal priced at the midpoint of the $16.00-$18.00 range. Goldman Sachs, Jefferies, Piper Sandler and Wedbush are acting as joint book running managers for the offering. Omega Therapeutics' "goal is to pioneer a new class of DNA-sequence-targeting, mRNA-encoded therapeutics to fundamentally transform human medicine in the service of patients."
Immuneering (IMRX) opened on July 30 at $19.50. The deal size was increased to 7.5M shares from 7M shares and priced between the $14.00-$16.00 range at $15.00. Immuneering is a biopharmaceutical company with "an emerging pipeline focused on improving patient outcomes across a spectrum of debilitating oncologic and neurologic diseases by applying deep knowledge of translational bioinformatics to every stage of the drug development process."
IN8BIO (INAB) opened on July 30 at $10. The company had priced 4M shares at $10.00. The deal range was $10.00-$12.00. B. Riley acted as sole book running manager for the offering. IN8BIO is a clinical-stage biopharmaceutical company focused on discovery, development and commercialiation of gamma-delta T cell therapies for the treatment of cancer.
Dole (DOLE) opened on July 30 at $15. The fruit and vegetable distributor priced 25M shares at $16.00. The deal size was cut to 25M shares from 30.3M shares and priced at the bottom of the $16.00-$17.00 range. Goldman Sachs, Deutsche Bank and DAVY acted as joint book running managers for the offering.
Robinhood (HOOD) opened on July 29 at $38. The company had priced 55M shares at $38.00, at the low end of the $38.00-$42.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Robinhood said it "aims to build the most trusted and most culturally relevant money app worldwide." "With Robinhood, people can invest with no account minimums through Robinhood Financial LLC, buy and sell crypto through Robinhood Crypto LLC, and learn about investing through easy-to-understand educational content," the company stated.
Atlantic Equities analyst John Heagerty initiated coverage of Robinhood on Thursday with an Overweight rating ahead of Thursday's initial public offering. Robinhood has delivered a four-year user annual growth rate of over 100% and this continued in the second quarter with 25% growth quarter-over-quarter to 22.5M, Heagerty told investors in a research note. The analyst believes this "superior" user growth will continue given the success of Robinhood's referral program and the "product appeal among its target demographic." His sales- and user-based multiples deliver a stock valuation of $65.
Nuvalent (NUVL) opened on July 29 at $18.10. The company had priced 9.5M shares at $17.00. The deal size was increased to 9.75M shares from 8.9M shares and priced between the $16.00-$18.00 range. JPMorgan, Cowen and Piper Sandler acted as joint book running managers for the offering. Nuvalent, which said it is "creating precisely targeted therapies designed to overcome the limitations of existing therapies for clinically proven kinase targets for patients with cancer," has parallel lead programs in ROS1-positive and ALK-positive NSCLC, along with multiple discovery-stage research programs.
Icosavax (ICVX) opened on July 29 at $29. The company had priced 12.13M shares at $15.00. The deal size was increased to 12.13M from 10M shares and priced at the midpoint of the $14.00-$16.00 range. Jefferies, Cowen, Evercore ISI and William Blair acted as joint book running managers for the offering. Icosavax is a biopharmaceutical company working to develop vaccines against infectious diseases, with an initial focus on life-threatening respiratory diseases.
Riskified (RSKD) opened on July 29 at $27. The company had priced 17.5M shares at $21.00. The deal priced above the $18.00-$20.00 target range. Goldman Sachs, JPMorgan and Credit Suisse are acting as joint book running managers for the offering. Riskified operates an e-commerce risk management platform that it said "allows online merchants to create trusted relationships with their consumers."
Traeger (COOK) opened on July 29 at $22. The company had priced 23.53M shares at $18.00. The deal range was $16.00-$18.00. Morgan Stanley, Jefferies, Baird and William Blair acted as joint book running managers for the offering. Traeger Grills identifies itself as "the creator and category leader of the wood pellet grill, a versatile and easy to use outdoor cooking system."
Rallybio (RLYB) opened on July 29 at $14.92. The company had priced 6.2M shares at $13.00. The deal size was increased to 6.2M shares from 5.75M shares and priced at the bottom of the $13.00-$15.00 range. Jefferies, Cowen and Evercore ISI acted as joint book running managers for the offering. Rallybio is a clinical-stage biotechnology company whose product candidates are now in development to address rare diseases in the areas of hematology, immuno-inflammation, maternal fetal health and metabolic disorders.
Duolingo (DUOL) opened on July 28 at $137. The company had priced 5.1M shares at $102.00. The deal priced above $95.00-$100.00 target range. Goldman Sachs and Allen & Co. acted as joint book running managers for the offering. Duolingo operates a mobile learning platform that offers courses in 40 languages to approximately 40M monthly active users.
Snap One (SNPO) opened on July 28 at $16. The company had priced 13.85M shares at $18.00, at the low end of the $18.00-$21.00 range. Morgan Stanley, JPMorgan, Jefferies and UBS acted as joint book running managers for the offering. Snap One provide a suite of "smart living" products, services and software to professional do-it-for-me integrators.
MeridianLink (MLNK) opened on July 28 at $27.50. The company had priced 13.2M shares at $26.00. The deal size was increased to 13.2M shares from 12M shares and priced at the high-end of the $24.00-$26.00 range. BofA, Credit Suisse and Barclays acted as joint book running managers for the offering. MeridianLink is a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies to streamline loan decision making, loan origination, and customer collection workflows.
PowerSchool (PWSC) opened on July 28 at $18.50. The company had priced 39.5M shares at $18.00, at the bottom of the $18.00-$20.00 range. Goldman Sachs, Barclays, Credit Suisse and UBS acted as joint book running managers for the offering. PowerSchool identifies itself as "the leading provider of cloud-based software for K-12 education in North America."
Candel Therapeutics (CADL) opened on July 27 at $8. The company had priced 9M shares at $8.00. Jefferies, Credit Suisse, BMO Capital and UBS acted as joint book running managers for the offering. Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies.
PERFORMANCE:
RECENT IPOS TO WATCH:
Sentage Holdings (SNTG), Transcode Therapeutics (RNAZ), AgriFORCE Growing Systems (AGRI), Moving iMage (MITQ), Inspira Technologies (IINN) and Unicycive Therapeutics (UNCY) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.
UPCOMING IPOS:
Upcoming IPO and direct listings expected include Chobani, Qiniu (QNIU), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Warby Parker, Perspectum Group (SCAN), Braze, Authentic Brands (AUTH), Portillo's, and Fabletics.
Food maker Chobani announced that it filed a confidential draft registration statement with the Securities and Exchange Commission on July 6, 2021 for a proposed underwritten public offering of common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. Chobani expects to commence the public offering following completion of the SEC review process, subject to market and other conditions.
Qiniu has filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itselfs as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."
Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.
Spark Education has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares of Spark Education Limited. In the filing, Spark said that, "We are a pioneer and innovator in China's K-12 after-school tutoring, or AST, market, offering foundational learning services to K-12 students... As a result of our unique approach to learning, we have become China's largest online small-class education company in terms of gross billings in 2020 and the number of students as of December 31, 2020, according to CIC."
Sweetgreen announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
Warby Parker announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.
Perspectum Group filed with the SEC for an initial public offering of American depositary shares. Perspectum is a commercial-stage precision health company focused on "democratizing" care globally through the use of digital technologies. The company said its software products "combine expertise in image formation, magnetic resonance image analysis and artificial intelligence to support healthcare provider diagnosis, treatment decision-making and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies and cancer, and determine whether the patient is responding to therapy."
Braze announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
Authentic Brands has filed with the SEC for an initial public offering, stating that it intends to have its Class A common stock listed on the New York Stock Exchange under the symbol "AUTH." Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings. In the regulatory filing, Authentic Brands lists asset manager BlackRock (BLK), private equity firm General Atlantic and mall owner Simon Property Group (SPG) among its shareholders.
Portillo's Hot Dogs, the fast-casual restaurant chain held by private-equity firm Berkshire Partners, is expected to confidentially submit a draft registration statement for a public offering with federal regulators, reported The Wall Street Journal's Heather Haddon, citing sources close to the company.
Fabletics, the workout-apparel brand backed by Kate Hudson, has tapped banks to help it prepare for an initial public offering that it hopes would value it at more than $5 billion, The Wall Street Journal's Cara Lombardo and Corrie Driebusch reported, citing people familiar with the matter. Fabletics, owned by TechStyle Fashion Group, recently selected Morgan Stanley (MS), Goldman Sachs (GS), Barclays (BCS) and Bank of America (BAC) for its IPO and is aiming to raise around $500 million in an offering, they said.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
MaxCyte
-0.11 (-0.65%)
RxSight
-1.33 (-7.49%)
Tenaya Therapeutics
-3.94 (-20.01%)
Rani Therapeutics
-0.37 (-3.27%)
Omega Therapeutics
-4.43 (-21.63%)
Immuneering
-1.94 (-9.87%)
IN8bio
-0.13 (-1.28%)
Dole
-0.65 (-4.28%)
Robinhood
+0.75 (+2.15%)
Nuvalent
-0.39 (-2.07%)
Icosavax
-8.68 (-25.77%)
Riskified
+0.99 (+3.78%)
Traeger
+0.2 (+0.91%)
Rallybio
+3.02 (+20.97%)
Duolingo
+3.13 (+2.29%)
MeridianLink
-0.63 (-2.57%)
PowerSchool
+0.02 (+0.11%)
Candel Therapeutics
+0.06 (+0.79%)
Sentage
+0.55 (+11.43%)
Transcode Therapeutics
+0.035 (+1.20%)
AgriFORCE Growing Systems
+0.32 (+10.32%)
Moving iMage
-0.1 (-2.51%)
Inspira Technologies
-0.05 (-1.27%)
Unicycive Therapeutics
-0.05 (-1.78%)
Spark Education
+
Qiniu
+
Camposol
+
Perspectum Group
+
Authentic Brands Group
+ (+0.00%)
Morgan Stanley
-0.295 (-0.31%)
Goldman Sachs
-2.43 (-0.64%)
Barclays
-0.18 (-1.81%)
Bank of America
-0.335 (-0.87%)
BlackRock
-1.6 (-0.18%)
Simon Property
+0.63 (+0.50%)