Rent The Runway opened strong, but saw its gains vanish by the end of its first trading day as it closed down 8%. The pandemic has adversely affected the company's subscriber base and revenue, shrinking its valuation last year to roughly $750 million.
LATEST IPOS AND DIRECT LISTINGS:
Entrada Therapeutics (TRDA) opened on October 29 at $26.50. The company had priced 9.075M shares at $20.00. The deal size was increased from 7.5M shares and priced between the $19.00-$21.00 range. Goldman Sachs, Cowen and Evercore ISI acted as joint book running managers for the offering. Entrada is a biotechnology company aiming to transform the lives of patients by establishing Endosomal Escape Vehicle therapeutics as a new class of medicines and "become the world's foremost intracellular therapeutics company."
Sonendo (SONX) opened on October 29 at $9. The company had priced 7.8M shares at $12.00, below the $15.00-$17.00 range. BofA, Goldman Sachs, Piper Sandler and Stifel acted as joint book running managers for the offering. Sonendo is a commercial-stage medical technology company focused on saving teeth from tooth decay with its GentleWave System.
Aura Biosciences (AURA) opened on October 29 at $14.10. The company had priced 5M shares at $14.00, at the low-end of the $14.00-$16.00 range. Cowen, SVB Leerink and Evercore ISI acted as joint book running managers for the offering. Aura Biosciences is a clinical-stage oncology company developing a novel class of virus-like drug conjugate therapies for multiple oncology indications.
Udemy (UDMY) opened on October 29 at $27. The company had priced 14.5M shares at $29.00, at the high-end of the $27.00-$29.00 range. Morgan Stanley and JPMorgan acted as joint book running managers for the offering. Udemy operates a destination for learning and teaching online for learners, businesses, and governments.
AirSculpt Technologies (AIRS) opened on October 29 at $12.84. The company had priced 7M shares at $11.00, at the low-end of the $11.00-$12.00 revised range. Morgan Stanley, Piper Sandler and SVB Leerink acted as joint book running managers for the offering. AirSculpt Technologies is a provider of body contouring procedures under its Elite Body Sculpture brand.
HireRight (HRT) opened on October 29 at $18. The company had priced 22.22M shares at $19.00, below the $21.00-$24.00 range. Credit Suisse and Goldman Sachs acted as joint book running managers for the offering. HireRight is a Nashville-based employment screening company.
Biofrontera (BFRI) shares opened on October 29 at $4.09 while warrants opened at 71c. Biofrontera, a biopharmaceutical company specializing in the commercialization of dermatological products, priced its underwritten initial public offering of 3.6M units, each consisting of one share of common stock and one warrant to purchase a share of common stock, at a public offering price per unit of $5.00. The warrants have an exercise price of $5.00 per share and are exercisable for a period of five years after the issuance date. Roth Capital and Benchmark acted as joint book running managers for the offering.
Fluence Energy (FLNC) opened on October 28 at $33.50. The company had priced 31M shares at $28.00. The deal priced above the $21.00-$24.00 range. JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Fluence, a provider of energy storage products and services and digital applications for renewables and storage, is a joint venture of AES Corporation (AES) with Siemens (SIEGY).
GlobalFoundries (GFS) opened on October 28 at $47. The company had priced 55M shares at $47.00, at the high-end of the $42.00-$47.00 range. Morgan Stanley, BofA, JPMorgan, Citi and Credit Suisse acted as joint book running managers for the offering. GlobalFoundries is one of the world's leading semiconductor manufacturers with a manufacturing footprint spanning the U.S., Europe and Asia.
Solo Brands (DTC) opened on October 28 at $22.36. The company had priced 12.903M shares at $17.00, at the high-end of the $14.00-$17.00 range. BofA, JPMorgan and Jefferies acted as joint book running managers for the offering. Solo Brands offers products directly to consumers primarily online through its four lifestyle brands - Solo Stove, Chubbies, Oru Kayak, and Isle paddleboards.
Rent The Runway (RENT) opened on October 27 at $23. The company had priced 17M shares at $21.00. The deal size was increased to 17M shares from 15M shares and priced at the high-end of the $18.00-$21.00 range. Goldman Sachs, Morgan Stanley and Barclays acted as joint book running managers for the offering. Through Rent the Runway's "Closet in the Cloud," customers can subscribe, rent items a-la-carte and shop resale from over 750 designer brands.
Informatica (INFA) opened on October 27 at $27.55. The company had priced 29M shares at $29.00, at the low-end of the $29.00-$32.00 range. Goldman Sachs, JPMorgan, BofA and Citi acted as joint book running managers for the offering. Informatica says that its Intelligent Data Management Cloud "empowers businesses to realize the transformative power of data" by connecting, managing and unifying data across any multi-cloud, hybrid system.
Marpai (MRAI) opened on October 27 at $4.38. The company had priced 6.25M shares at $4.00. ThinkEquity acted as sole book running manager for the offering. Marpai is an AI-driven health tech company that says it is "transforming third party administration in the self-funded market by deploying deep learning, an advanced form of artificial intelligence, to radically reduce costs, improve lives and simplify everything."
Arteris IP (AIP) opened on October 27 at $16.51. The company, a provider of system-on-chip system intellectual property consisting of network-on-chip interconnect IP and IP deployment software, priced its initial public offering of 5M shares of its common stock at a price to the public of $14 per share. Jefferies and Cowen are serving as lead bookrunners and BMO Capital Markets served as joint book-running manager for the offering. Northland Capital Markets and Rosenblatt Securities acted as co-managers for the offering
PERFORMANCE:
RECENT IPOS TO WATCH:
Pyxis Oncology (PYXS), Cognition Therapeutics (CGTX), IsoPlexis (ISO), Theseus Pharmaceuticals (THRX), Tricon (TCN), and Life Time Group (LTH) 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 Rivian (RIVN), The Real Good Food Company (RGF), Desert Peak Minerals (DPM), Sono Motors (SEV), Lulu's Fashion Lounge (LVLU), Qiniu (QNIU), and Authentic Brands (AUTH).
Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. On Friday, Amazon disclosed in its quarterly filing that its preferred stock of Rivian Automotive represents an approximately 20% ownership interest, carrying a value of $3.8B as of September 30, 2021. Rivian on October 1 filed documents for an initial public offering on the Nasdaq under the symbol "RIVN." The company designs, develops and manufactures electric vehicles and accessories. As of September 30, it had approximately 48,390 R1T and R1S preorders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000, Rivian has stated.
The Real Good Food Company announced that it has commenced the initial public offering of 5,333,333 shares of its Class A common stock. In addition, the company and a selling stockholder, who is an affiliate, intend to grant the underwriters of the offering a 30-day option to purchase up to an additional 800,000 shares of Class A common stock, of which 333,333 shares are intended to be offered by the selling stockholder and 466,667 shares are intended to be offered by the company. The initial public offering price is expected to be between $14.00-$16.00 per share. The company has applied to list its Class A common stock on the Nasdaq Global Market under the ticker symbol "RGF."
Desert Peak Minerals announced that it has launched an all primary initial public offering of 10,000,000 shares of its Class A common stock at an anticipated initial offering price between $20.00-$23.00 per share pursuant to a registration statement on Form S-1 previously filed with the SEC. In addition, Desert Peak intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its common stock. The shares have been authorized for listing on the New York Stock Exchange under the ticker symbol "DPM," subject to official notice of issuance.
Sono Group N.V., the parent company to Sono Motors, announced that it has publicly filed a registration statement on Form F-1 with the SEC for an initial public offering for its common shares in the U.S. Sono Motors says it is developing "the world's first solar electric vehicle - SEV - for the masses, the Sion." Sono Motors says it has amassed more than 14,000 reservations with advance payments for the Sion. These vehicles will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023.
Lulu's Fashion Lounge Holdings filed for its initial public offering. The company intends to apply to list its common stock on the Nasdaq Global Market under the symbol "LVLU." The underwriters for the offering include Goldman Sachs, BofA Securities, Jefferies, Baird, Cowen, KeyBanc, Piper Sandler, and Telsey Advisory Group.
Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutional shareholder with a 17.7% stake.
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.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Entrada Therapeutics
-1.955 (-7.16%)
Sonendo
+0.01 (+0.11%)
Aura Biosciences
+0.89 (+6.26%)
Udemy
+0.36 (+1.34%)
AirSculpt Technologies
+2.77 (+21.36%)
HireRight
-0.75 (-4.17%)
Biofrontera Inc.
+0.14 (+3.29%)
Fluence Energy
+0.42 (+1.20%)
Siemens
-0.1 (-0.12%)
AES Corp.
-0.415 (-1.62%)
GlobalFoundries
+2.05 (+4.43%)
Solo Brands
+0.46 (+2.56%)
Rent The Runway
-1.58 (-8.38%)
Informatica
+0.15 (+0.51%)
Marpai
-0.055 (-0.97%)
Arteris
+4.71 (+25.89%)
Pyxis Oncology
+0.06 (+0.45%)
Cognition Therapeutics
+0.02 (+0.17%)
IsoPlexis
+1.11 (+9.72%)
Theseus Pharmaceuticals
+1.06 (+6.60%)
Tricon Residential
+0.05 (+0.35%)
Life Time Group
-0.655 (-3.64%)
Rivian Automotive
+
Real Good Food
+
Desert Peak Minerals
+
Sono Group
+ (+0.00%)
Lulu's Fashion Lounge
+
Qiniu
+
Authentic Brands Group
+ (+0.00%)
Amazon.com
-75.86 (-2.20%)
Ford
+0.235 (+1.39%)
Alibaba
-4.8 (-2.83%)