CALENDAR: Rivian in Rear-View Mirror, IPO Market readies for final week before holiday

The IPO market put the year’s largest deal, Rivian Automotive Group (RIVN) behind them with big profits. Rivian Automotive, Inc. priced 153.0mm (upsized from 135.0mm) at $78.00 ($4 Above the upwardly-revised $72-$74 range) raising $11.9b with the stock opening at $106.75 for a gain of 36.9% at first trade.

Rivian’s successful IPO is a direct result of going public at the exact right time. Sector sentiment and direct comps have been trading with strength. Combine this with backing from Amazon and Ford with anchor orders from large funds and the result is one of the best transactions of the year.

In what has been a robust year for IPOs, the underwriters deserve all the superlatives with what was at stake as the largest deal of the year. The underwriters and Rivian management worked together to effectively price and place this deal to the satisfaction of all parties.

From a valuation perspective, this was always a “concept play” and the next challenge for Rivian will be meeting production goals.

Looking ahead to this week, there are currently six deals on the schedule. Will the IPO market finish November strong ahead of the Thanksgiving holiday break?

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Wednesday (11/17) Debut

Braze Inc (BRZE) — They are a leading comprehensive customer engagement platform that powers customer-centric interactions between consumers and brands. The company is seeking a market cap of $5.0b-$5.4b based on the $55-$60 range. Link to Prospectus: Terms Added: 11-8-21
Iris Energy Limited (IREN) — They are a Bitcoin mining company. They build, own and operate data center and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy. The company is seeking a market cap of $1.4b-$1.5b based on the $25-$27 range. Link to Prospectus: Terms Added: 11-9-21
UserTesting Inc (USER) — They have pioneered a video-first, enterprise-grade software-as-a-service (SaaS) platform that enables organizations to see and hear the experiences of real people as they engage with products, designs, apps, processes, concepts, or brands. Link to Prospectus: Terms Added: 11-8-21

THURSDAY, 11/18 DEBUT

KinderCare Learning Companies, Inc. (KLC) — They are the largest private provider of high-quality early childhood education and care services (“ECE”) in the United States by center capacity. The company is seeking a market cap of $2.5b-$3.0b based on the $18-$21 range. Link to Prospectus: Terms Added: 11-8-21
Sweetgreen Inc (SG) — They are building the next generation restaurant and lifestyle brand that serves healthy food at scale. The company is seeking a market cap of $2.5b-$2.7b based on the $23-$25 range. Link to Prospectus: Terms Added: 11-9-21)

WEEK OF 11/15

Sono Group N.V. (SEV) — They believe they are a pioneer and technological leader in the field of solar-powered electric mobility. They focus relentlessly on giving their customers what they want. The company is seeking a market cap of $967m-$1.1b based on the $14-$16 range. Link to Prospectus: Terms Added: 11-8-21

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CALENDAR: Rivian in Rear-View Mirror, IPO Market readies for final week before holiday