Shares of personal finance site NerdWallet soared over 70% in their first trading day, while the home furnishings retailer Arhaus dropped below its offer price. Meanwhile, the eco-friendly shoe company Allbirds also jumped about 93% earlier this week when the company made its trading debut.
LATEST IPOS AND DIRECT LISTINGS:
The Real Good Food Company (RGF) opened on November 5 at $11.66. The company had priced 5.333M shares at $12.00. The deal priced below the $14.00-$16.00 target range. Jefferies and William Blair are acting as joint book running managers for the offering. Real Good Foods develops, markets, and manufactures comfort foods designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients.
IO Biotech (IOBT) opened on November 5 at $16. The company had priced 7.15M shares at $14.00. The deal size was increased to 7.15M shares from 6.5M shares and priced at the bottom of the $14.00-$17.00 range. Morgan Stanley, Jefferies and Cowen acted as joint book running managers for the offering. IO Biotech is a clinical-stage biopharmaceutical company developing immune-modulating cancer therapies based on its T-win technology platform designed to activate naturally occurring T cells to target immunosuppressive mechanisms.
Mainz Biomed (MYNZ) opened on November 5 at $14.35. The company had priced 2M shares at $5.00, in the middle of the $4.00-$6.00. Boustead acted as sole book running manager for the offering. Mainz Biomed N.V. is a molecular genetics diagnostics company specializing in the early detection of cancer.
Cian (CIAN) opened on November 5 at $17.40. The IPO priced 18.21M shares at $16.00, at the top of the $13.50-$16.00 range. Morgan Stanley, Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Cian PLC operates an online real estate classifieds platform in Russia.
NerdWallet (NRDS) opened on November 4 at $23.50. The company had priced 7.25M shares at $18.00, at the midpoint of the $17.00-$19.00 range. Morgan Stanley, KeyBanc, BofA, Barclays and Citi acted as joint book running managers for the offering. NerdWallet operates a personal finance website and app available for consumers in the U.S., U.K. and Canada.
Arhaus (ARHS) opened on November 4 at $12.50. The company had priced 12.9M shares at $13.00, below the $14.00-$17.00 range. BofA and Jefferies acted as joint book running managers for the offering. Arhaus is a lifestyle brand and omni-channel retailer of premium home furnishings with more than 75 showroom and design center locations across the U.S.
Cadre (CDRE) opened on November 4 at $15. The company priced 6M shares at $13.00. The deal size was increased to 6M shares from 5.77M shares and priced between the $12.00-$14.00 range. Stifel, Raymond James and B. Riley acted as joint book running managers for the offering. Cadre Holdings manufactures and distributes safety and survivability equipment for first responders.
Evotec SE (EVO) opened on November 4 at $20.90. The company had announced the sale of 10M ordinary shares of Evotec in the form of 20M ADSs at a price of $ 21.75 per ADS. Each ADS will represent one-half of an ordinary share of Evotec. Evotec, which said it "aims to create the world-leading co-owned pipeline for innovative therapeutics and make them accessible to patients worldwide," has established a portfolio of more than 200 proprietary and co-owned R&D projects from early discovery to clinical development.
MDxHealth (MDXH) opened on November 4 at $12.15. The commercial-stage precision diagnostics company had priced its initial public offering in the United States of 3.75M American depositary shares at a price to the public of $12.00. MDxHealth's ordinary shares are currently listed on Euronext Brussels under the symbol "MDXH." The ADSs are trading on the Nasdaq under the symbol "MDXH." Piper Sandler and Oppenheimer acted as lead book-running managers, BTIG is acting as a lead manager, and KBC Securities USA is acting as a co-manager for the offering.
Claros Mortgage (CMTG) opened on November 3 at $16.14. The company had priced 5.52M shares at $18.65. The deal size was cut to 5.52M shares from 7M shares and priced at the low-end of the $18.65-$19.65 range. Morgan Stanley and JPMorgan acted as joint book running managers for the offering. Claros Mortgage Trust is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S.
Allbirds (BIRD) opened on November 3 at $21.21. The company had priced 20.192M shares at $15.00. The deal size was increased to 20.2M shares from 19.2M shares and priced above the $12.00-$14.00 range. Morgan Stanley, JPMorgan and BofA acted as joint book running managers for the offering. Allbirds describes itself as "a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way."
LianBio (LIAN) opened on November 1 at $15.50. The company had priced 20.3M shares at $16.00. The deal priced in the middle of the $15.00-$17.00 range. Goldman Sachs, Jefferies and BofA acted as joint book running managers for the offering. LianBio is a biotechnology company "on a mission to bring transformative medicines to historically underserved patients in China and other Asian markets" through partnerships with biopharmaceutical companies around the world. LianBio is advancing a portfolio of clinically validated product candidates across cardiovascular, oncology, ophthalmology, inflammatory disease and respiratory indications.
PERFORMANCE:
RECENT IPOS TO WATCH:
Paragon 28 (FNA), MiNK Therapeutics (INKT), GitLab (GTLB), IHS Holding (IHS), Lucid Diagnostics (LUCD), Context Therapeutics (CNTX), Cyngn (CYN) and Stronghold Digital Mining (SDIG) 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), HashiCorp (HCP), FreeCast (CAST), 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), has filed documents for an initial public offering on the Nasdaq under the symbol "RIVN." Amazon recently 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. 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. On November 5, Rivian Automotive raised its IPO price range to $72.00-$74.00 from $57.00-$62.00.
HashiCorp has filed with the SEC for an initial public offering of shares of Class A common stock. The company said it will apply to list its Class A common stock on the New York Stock Exchange, or the NYSE, under the symbol "HCP." The company's prospectus stated that, "Our foundational technologies solve the core infrastructure challenges of cloud adoption by enabling an operating model that unlocks the full potential of modern public and private clouds... We have deliberately built our products using an open-core software development model. All of our products are developed as open-source projects, with large communities of users, contributors, and partners collaborating on their development. We sell proprietary, commercial software that builds on our open-source products with additional enterprise capabilities."
FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol "CAST." FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television, or TV, guide.
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.
Real Good Food
-0.8 (-6.78%)
IO Biotech
-0.38 (-2.35%)
Mainz Biomed
-5.47 (-36.47%)
Cian
+0.51 (+2.92%)
NerdWallet
-2.61 (-9.23%)
Arhaus
-0.39 (-3.03%)
Cadre
+0.23 (+1.53%)
Evotec
+0.69 (+3.13%)
MDxHealth
+ (+0.00%)
Claros Mortgage
-0.035 (-0.21%)
Allbirds
+0.01 (+0.04%)
LianBio
+1.01 (+7.51%)
Paragon 28
+0.55 (+2.36%)
MiNK Therapeutics
-1.9 (-9.99%)
GitLab
+4.62 (+3.88%)
IHS Holding
-0.11 (-0.67%)
Lucid Diagnostics
-0.25 (-2.54%)
Context Therapeutics
+0.04 (+0.73%)
Cyngn
-0.03 (-0.40%)
Stronghold Digital Mining
+0.235 (+0.87%)
Rivian Automotive
+
HashiCorp
+
FreeCast
+
Sono Group
+ (+0.00%)
Lulu's Fashion Lounge
+
Qiniu
+
Authentic Brands Group
+ (+0.00%)
Amazon.com
+38.945 (+1.12%)
Ford
-0.13 (-0.67%)
Alibaba
-6.05 (-3.67%)