Three IPOs came to market…none with more power than Lemonade in its opening session.
This Lemonade (LMND) packed a punch.
The company that describes itself as rebuilding insurance from the ground up on a digital substrate and an innovative business model…priced a full-size deal, 11.0mm shares, at $29.00 ($1.00 above the upwardly-revised $26-$28 range) and opened at $50.06 for a gain of 72.6% at first trade. The stock rallied for much of the day and traded as high as $70.80 before closing at $69.41 for a gain of 139% at the end of its opening session.
Marketwatch states that its the best performance for a US based company in 2020. The 139% close on day one trailed only Agora Inc (API) for 2020 first-day IPO honors. Agora closed its opening session 153% versus its IPO price.
The week’s second best IPO was also a good one. Accolade Inc. (ACCD) priced 10.0mm shares (upsized from 8.75mm) at $22.00 ($1.00 above the $19-$21 range) and opened at $35 for a gain of 59.1% at first trade. ACCD traded lower from its opening print and closed Friday at $29.70 for a gain of 35% versus its IPO price.
The largest deal of the week, Dun & Bradstreet (DNB), also achieved an above-range outcome. Dun & Bradstreet Holdings (DNB) priced 78.3mm shares (upsized from 65.75mm) at $22.00 ($1.00 above range) and opened at $25.00 for a gain of 13.6% at first trade. DNB traded well in its opening week and closed the week near its high with a final Friday print of $27.10 or 23.2% in the black.
One deal anticipated for this week, DoubleDown Interactive (DDI), postponed and withdrew its offering citing “market conditions”.
Looking ahead to this week, there are three IPOs currently on the calendar and we anticipate more to launch Monday and “potentially” debut in the same week.
Need to know which IPOs to indicate for? We have you covered.
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