Eight IPOs and a direct listing came to market in another robust week for new issues.
Of the eight ‘traditional IPOs’ that came to market, six priced at the high-end or above their original filing ranges.
Biotech and healthcare offerings were particularly strong again this week.
Recursion Pharmaceuticals Inc (RXRX) priced 24.2mm shares (upsized from original filing range of 18.0mm shares) at $18.00 (high-end of the $16-$18 range) and opened at $30.00 for a gain of 66.7% at first trade. RXRX closed the week at $31.30 for a gain of 74% for its first session.
Akoya Biosciences, Inc. (AKYA) priced a full-size deal, 6.6mm shares, at $20.00 (high-end of the $18-$20 range) and opened at $26.00 for a gain of 30.0% at first trade.
Biomea Fusion Inc (BMEA) priced 9.0mm shares (upsized from 7.5mm) at $17.00 (high-end of the $15-$17 range) and opened $20.00 for a gain of 17.6% at first trade.
agilon health, Inc. (AGL) priced a full-size deal, 46.6mm shares, at the high-end of the range, $23.00, and opened at $28.25 for a gain of 22.8% at first trade. AGL traded at high as $33.94 for a top tick of 48% above the issue price before closing Friday’s session at $30.00 or 30.4% in the black.
Technology IPOs continued to come under pressure this past week.
Alkami Technology Inc (ALKT) avoided that fate by pricing a full-size deal, 6.0mm shares, at $30.00 ($2 Above the upwardly-revised range) and opening at $41.26 for a gain of 37.5% at first trade. The stock maintained its initial pop and closed the week at $42.13.
TuSimple Holdings Inc (TSP) priced a full-size deal, 33.8mm shares, at $40 ($1 Above the $35-$39 Range) and opened at $40.25 for a gain of 0.6% at first trade. The stock briefly hit a high of $40.67 to achieve IPO Boutique’s ‘3’ rating, however, the aftermarket action was abysmal after that. TSP hit a low of $32.13 in its opening session (close to 20% down!) before rebounding. The stock closed on Friday at $39.95.
Applovin Corporation (APP) priced a full-size deal, 25.0mm shares, at the midpoint of the range, $80.00, and opened at $70.00 for a loss of 12.5% at first trade. The selling did not stop there as APP closed Friday at $61.00 or 23.8% below issue.
Disposable foodservice products company, Karat Packaging, came to market with success despite pricing below-range. Karat Packaging (KRT) priced a full-size deal, 3.95mm shares, at $16.00 ($2 Below the $18-$20 range) and opened at $18.60 for a gain of 16.3% at first trade.
The high-profile direct listing, Coinbase Global Inc (COIN), set a reference price of $250.00 and opened for trade at $381.00. The stock, as expected, experienced significant volatility and traded as high as $429.54 and as low as $310.00 in its first week. The cryptocurrency exchange closed the week at $342.00.
Looking ahead to this week, there are currently eight IPOs on the schedule.
Wednesday (4/21) Debut
- DoubleVerify Holdings Inc (DV) — They are a leading software platform for digital media measurement and analytics. The company is seeking a market cap of $3.7b-$4.2b based on the $24-$27 range.
- Neuropace Inc (NPCE) — They are a commercial-stage medical device company focused on transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. The company is seeking a market cap of $334m-$378m based on the $15-$17 range.
- SkyWater Technology Inc (SKYT) — They are a U.S. investor-owned, independent, pure-play technology foundry that offers advanced semiconductor development and manufacturing services from their fabrication facility, or fab, in Minnesota and advanced packaging services from their Florida facility. The company is seeking a market cap of $442m-$516m based on the $12-$14 range.
- UiPath Inc (PATH) — They provide their customers with a robust set of capabilities to discover automation opportunities and build, manage, run, engage, measure, and govern automations across departments within an organization. The company is seeking a market cap of $22.2b-$25.9b based on the $43-$50 range.
Thursday (4/22) Debut
- KnowBe4, Inc (KNBE) — KnowBe4 has developed the leading security awareness platform enabling organizations to assess, monitor and minimize the ongoing cybersecurity threat of social engineering attacks. The company is seeking a market cap of $2.7b-$3.0b based on the $16-$18 range.
- Zymergen Inc (ZY) — They partner with Nature to design, develop, and commercialize bio-based breakthrough products that deliver extraordinary value to customers in a broad range of industries. The company is seeking a market cap of $2.7b-$3.0b based on the $28-$31 range.
Friday (4/23) Debut
- Agiliti Inc (AGTI) — Agiliti is an essential service provider to the U.S. healthcare industry with solutions that help support a more efficient, safe and sustainable healthcare delivery system. The company is seeking a market cap of $2.3b-$2.5b based on the $18-$20 range.
- Latham Group Inc. (SWIM) — They are the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. The company is seeking a market cap of $2.3b-$2.53b based on the $19-$21 range.
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