If there is any “silver lining” with a zero IPO week…its that no IPOs had to endure a week with a volatile broader market. But the slowdown is soon to change.
Two IPOs set terms for next week: Oscar Health (OSCR) and InnovAge Holdings (INNV). Additionally a handful of “interesting” companies filed paperwork for upcoming transactions including luxury winemaker, The Duckhorn Portfolio (NAPA). and Digital Ocean Holdings (DOCN) — a cloud computing platform for small and medium sized businesses.
It was unveiled this week that Coinbase Global (COIN) has elected to forego the traditional IPO route in place of a direct listing. The “crypto-economy” company which doubled its revenue in 2020 could be listed as early as March.
Link to IPO Boutique’s IPO Pipeline
NEW FILINGS
Company: Coinbase Global, Inc.
Symbol: COIN
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: : They are building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system for the internet age that leverages crypto assets: digital assets built using blockchain technology.
Underwriter(s): N/A
Filed: 2-25-21
Direct Listing
Company: DigitalOcean Holdings, Inc.
Symbol: DOCN
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: DigitalOcean is a leading cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups and small and medium-sized businesses, or SMBs.
Underwriter(s): Morgan Stanley, Goldman Sachs, JP Morgan, BofA Securities, Barclays, KeyBanc Capital
Co-Manager(s): Canaccord Genuity, JMP Securities, Stifel
Filed: 2-25-21
Listed Cash Raise: $100m
Company: The Duckhorn Portfolio Inc
Symbol: NAPA
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are the premier scaled producer of luxury wines in North America.
Underwriter(s): J.P. Morgan, Credit Suisse, Jefferies
Co-Manager(s): Barclays, BofA Securities, Citigroup, Evercore ISI, RBC Capital Markets
Filed: 2-23-21
Listed Cash Raise: $100m
Company: Vine Energy, Inc.
Symbol: VEI
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana.
Underwriter(s): Citigroup, Credit Suisse, Morgan Stanley
Filed: 2-22-21
Listed Cash Raise: $100m
PE Backed by Blackstone Group
Company: Prometheus Biosciences, Inc.
Symbol: RXDX
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a biotechnology company pioneering a precision medicine approach to the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease (IBD).
Underwriter(s): SVB Leerink, Credit Suisse, Stifel, Guggenheim Securities
Filed: 2-19-21
Listed Cash Raise: $125m
Company: Longboard Pharmaceuticals, Inc.
Symbol: LBPH
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases.
Underwriter(s): Citigroup, Evercore ISI, Guggenheim Securities, Cantor
Filed: 2-19-21
Listed Cash Raise: $86.25m
Company: Olo, Inc.
Symbol: OLO
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: Olo provides a leading cloud-based, on-demand commerce platform for multi-location restaurant brands.
Underwriter(s): Goldman Sachs, JP Morgan, RBC Capital
Co-Manager(s): Piper Sandler, Stifel, Truist Securities, William Blair
Filed: 2-19-21
Listed Cash Raise: $100m
Company: Gain Therapeutics, Inc.
Symbol: GANX
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a development stage biotechnology company developing novel therapeutics to treat diseases caused by protein misfolding, with an initial focus on lysosomal storage disorders (“LSDs”), including rare genetic diseases and neurological disorders.
Underwriter(s): BTIG, Oppenheimer
Co-Manager(s): National Securities
Filed: 2-19-21
Listed Cash Raise: $40m
Company: Karooooo Ltd.
Symbol: KARO
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: Cartrack is a leading global provider of real-time mobility data analytics solutions for smart transportation
Underwriter(s): Morgan Stanley, BofA Securities, William Blair
Filed: 2-26-21
Listed Cash Raise: $100m
Note: The ordinary shares of Cartrack Holdings Limited, our subsidiary, are listed on the securities exchange operated by JSE Limited (the “JSE”) under the symbol “CTK”.
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Company: Connect Biopharma Holdings Limited
Symbol: CNTB
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell-driven inflammatory diseases.
Underwriter(s): Jefferies, SVB Leerink, Piper Sandler, CICC
Filed: 2-26-21
Listed Cash Raise: $100m
Company: Intermedia Cloud Communications, Inc.
Symbol: INTM
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They provide a leading, proprietary cloud-based communications and collaboration platform, purpose-built for our extensive and expanding network of more than 7,000 channel partners and used by a growing base of over 122,000 business customers as of December 31, 2020.
Underwriter(s): Morgan Stanley, JP Morgan, Credit Suisse, Evercore ISI, Jefferies
Co-Manager(s): William Blair, KeyBanc Capital, TD Securities, Stephens, Loop Capital
Filed: 2-26-21
Listed Cash Raise: $100m
Company: Finch Therapeutics Group, Inc.
Symbol: FNCH
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a clinical-stage microbiome therapeutics company leveraging our Human-First Discovery platform to develop a novel class of orally administered biological drugs
Underwriter(s): BofA Securities, Jefferies, Evercore ISI
Filed: 2-26-21
Listed Cash Raise: $100m
Company: ACV Auctions Inc.
Symbol: ACVA
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They provide a vibrant digital marketplace for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to our customers.
Underwriter(s): Goldman Sachs, JP Morgan, Citigroup, BofA Securities, Jefferies
Co-Manager(s): Canaccord Genuity, Guggenheim Securities, JMP Securities, Piper Sandler, Raymond James
Filed: 2-26-21
Listed Cash Raise: $100m
Company: Instil Bio, Inc.
Symbol: TIL
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They are a clinical-stage biopharmaceutical company focused on developing an innovative cell therapy pipeline of autologous tumor infiltrating lymphocyte, or TIL, therapies for the treatment of patients with cancer.
Underwriter(s): Morgan Stanley, Jefferies, Cowen
Co-Manager: Truist Securities
Filed: 2-26-21
Listed Cash Raise: $100m
Company: Leonardo DRS, Inc.
Symbol: DRS
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: DRS is a leading provider of defense products and technologies that are used across land, air, sea, space and cyber domains.
Underwriter(s): Goldman Sachs, BofA Securities, JP Morgan, Barclays, Citigroup, Credit Suisse, Morgan Stanley
Filed: 2-26-21
Listed Cash Raise: $100m
Company: Tuya, Inc.
Symbol: TBD
Shares: TBD
Price Range: TBD
Trade Date: TBD
Description: They have pioneered a purpose-built IoT cloud platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers.
Underwriter(s): Morgan Stanley, BofA Securities, CICC
Filed: 2-26-21
Listed Cash Raise: $100m
TERMS ADDED
Company: Oscar Health Inc
Symbol: OSCR
Shares: 31 million
Price Range: $32.00-$34.00
Market Cap: $6.3b-$6.7b
Trade Date: Wednesday, 3/3
Description: Oscar is the first health insurance company built around a full stack technology platform and a relentless focus on serving our members.
Underwriter(s): Goldman Sachs, Morgan Stanley, Allen & Company, Wells Fargo Securities, BofA Securities, Credit Suisse
Co-Manager(s): Cowen, LionTree, Ramirez & Co., Siebert Williams Shank
Filed: 2-5-21
Listed Cash Raise: $100m
Company: InnovAge Holding Corp
Symbol: INNV
Shares: 16.7 million
Price Range: $17.00-$19.00
Market Cap: $2.3b-$2.55b
Trade Date: Thursday, 3/4
Description: They are the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, dual-eligible seniors.
Underwriter(s): JP Morgan, Barclays, Goldman Sachs, Citigroup
Co-Manager(s): Baird, William Blair, Piper Sandler, Capital One Securities, Loop Capital
Terms Added: 2-24-21
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