It was another robust week of IPO activity but that will pale in comparison to the number of deals that are scheduled for the upcoming week.
It is evident that the underwriters and companies are “jamming in” as many deals ahead of the election as they can.
As for IPOs this week, it was a mixed bag in terms of performance with many of the new issues succumbing to selling pressure.
Datto Holding Corp. (MSP) priced a full-size deal, 22.0mm shares, at the high-end of the range, $27.00 and opened at $32.00 for a gain of 18.5% at first trade. The stock faced immediate selling pressure and drifted back toward its IPO priced on day one. The deal, in fact, broke issue on day two before rebounding and closing the week near the $29.00 level.
Foghorn Therapeutics Inc. (FHTX) priced a full-size deal, 7.5mm shares, at the midpoint of the range, $16.00, and opened at $19.00 for a gain of 18.8% at first trade. FHTX popped to a high of $20.30 in the first 15-minutes but settled in around the $18.00 level before a late selloff in Friday’s opening session.
Abcam plc (ABCM) priced 8.95mm ADSs at $17.50 and opened at $18.00 for a gain of 2.9% at first trade. This company also trades on the AIM (London) and turned out to be the “best trader” of the week. ABCM traded as high as $20.81 for a gain of 18.9% at top tick.
McAfee Corp. (MCFE) priced a full-size deal of 37.0mm shares at $20.00 and opened at $18.60. The private-equity backed company traded as high as $19.50 on day one and $19.78 on day two (Friday) but continued to meet selling pressure by investors.
Guild Holdings Company (GHLD) came and went with minimal fanfare. GHLD priced 6.5mm shares (downsized from 8.5mm) at $15.00 ($2.00 below range) and opened at $15.00 flat at first trade.
Looking ahead to this week, there are eleven (!) IPOs currently on the schedule:
Debuting Wednesday (10/28)
Biodesix Inc (BDSX) — They are a leading data-driven diagnostic solutions company leveraging state of the art technologies with their proprietary artificial intelligence (AI) platform to discover, develop, and commercialize solutions for clinical unmet needs, with a primary focus in lung disease.
Gatos Silver, Inc. (GATO) — They are a U.S.-based precious metals production, development and exploration company with the objective of becoming a premier silver producer.
MediaAlpha, Inc. (MAX) — Their mission is to help insurance carriers and distributors target and acquire customers more efficiently and at greater scale through technology and data science.
Root, Inc. (ROOT) — Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience.
Allegro MicroSystems, Inc. (ALGM) — Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the most important emerging technologies in the automotive and industrial markets.
AmeriHome, Inc. (AHM) — They are a leading U.S. residential mortgage producer and servicer focused on driving profitable growth across market environments.
Caliber Home Loans (HOMS) — They are a proven leader in the U.S. mortgage market with a uniquely diversified, customer-centric, purchase-focused platform.
Galecto, Inc. (GLTO) — They are a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer.
Leslie’s, Inc. (LESL) — They are the largest and most trusted direct-to-consumer brand in the nearly $11 billion United States pool and spa care industry, serving residential, professional, and commercial consumers.
Mavenir plc (MVNR) — They provide software to drive the digital transformation of mobile networks. Their suite of cloud-native software applications delivers the critical network functionality that allows Wireless Service Providers to meet the needs of their enterprise and consumer customers.
Debuting Friday (10/30)
Lufax Holding Ltd (LU) — They are a leading technology-empowered personal financial services platform in China.
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