It was one of the wildest weeks for the IPO market in recent memory. And any and all hype leading up to this week lived up to the billing.
The week will be remembered for the abundance of technology offerings and, in particular, the performance and trading of Snowflake Inc (SNOW).
In fact, there were two IPOs this week, Snowflake and Outset Medical, that closed their respective opening sessions more than 100% above their issue price. They were the 11th and 12th IPOs in 2020 to do such.
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Last week, we labeled Snowflake (SNOW) as potentially being the most high-profile deal of 2020… and after all was said and done it left a buzz in its wake.
Snowflake Inc. (SNOW) priced a full-size deal, 28.0mm shares, at $120.00 ($10.00 above the upwardly-revised range) and opened at $245.00 for a gain of 104.2% at first trade. The stock spiked erratically out of the gates and was halted in the first two minutes. After the halt, SNOW hit a high of $319.00 for a gain of 165.8% at the top. Snowflake closed its first session at $253.93.
JFrog Ltd. (FROG) priced a full-size deal, 11.6mm shares, at $44.00 ($3.00 above the upwardly-revised range) and opened at $71.27 for a gain of 62% at first trade. FROG hit an immediate high of $77 before trading lower and closing the opening session at $64.79.
Unity Software, Inc. (U) priced a full-size deal, 25.0mm shares, at $52.00 ($4.00 above the upwardly-revised range) and opened at $75.00 for a gain of 44.2% at first trade.
Sumo Logic, Inc. (SUMO) priced a full-size deal, 14.8mm shares, at $22.00 ($1.00 above the range) and opened at $26.64 for a gain of 21.1% at first trade.
The healthcare space followed a similar 2020-theme with all deals opening positive. Medical device company, Outset Medical (OM), opened the highest and traded the best in its opening week.
Outset Medical, Inc. (OM) priced 8.95mm shares (upsized from 7.6mm) at $27.00 ($3.00 above the range) and opened at $52.00 for a gain of 92.6% at first trade. OM’s first session range consisted of a low of $49 and a high of $61.75 before closing at $60.68. The stock hit a high of $65.00 in its first week as a publicly traded company for a top tick of 140.7%.
American Well Corporation (AMWL) priced 41.2mm shares (upsized from 35.0mm shares) at $18.00 ($2.00 above the range) and opened at $25.51 for a gain of 41.7% at first trade.
COMPASS Pathways plc (CMPS) priced 7.5mm shares (upsized from 6.7mm) at $17.00 ($1.00 above the range) and opened at $23.40 for a gain of 37.6%.
Dyne Therapeutics Inc. (DYN) priced 12.3mm shares (upsized from 10.3mm shares) at $19.00 ($1.00 above the range) and opened at $22.59 for a gain of 18.9% at first trade.
Metacrine, Inc. (MTCR) priced a full-size deal, 6.54mm shares, at $13.00 (midpoint of the range) and opened at $14.39 for a gain of 10.7% at first trade.
Athira Pharma, Inc. (ATHA) priced 12.0mm shares (upsized from 10.0mm) at $17.00 (high-end of the range) and opened at $19.95 for a gain of 17.4% at first trade.
Sectors outside the two main ones (tech, biotech) had an “up-and-down” type of performance.
StepStone Group Inc. (STEP) priced a full-size deal, 17.5mm shares, at $18.00 ($1.00 above the range) and opened at $24.75 for a gain of 37.5% at first trade.
Broadstone Net Lease Inc. (BNL) priced a full-size deal, 33.5mm shares, at $17.00 (low-end of range) and opened at $16.50 for a loss of 2.9% at first trade.
There were two deals that priced below their original ranges this week and both underperformed.
Pactiv Evergreen Inc (PTVE ) priced a full-size deal, 41.026mm shares, at $14.00 ($4.00 below the range) and opened at $12.75 for a loss of 8.9% at first trade.
Vitru Limited (VTRU) priced 6.0mm shares at $16.00 (low-end of the downwardly-revised range) and opened at $16.25 for a gain of 1.6% at first trade. The stock broke its issue price within minutes and traded well below the $16 issue price for most of its opening session.
Looking ahead to this week, there are six IPOs on the schedule:
Debuting Wednesday (9/23)
Bentley Systems, Inc. (BSY) — Their mission is to provide innovative software to advance the design, construction, and operations of the world’s infrastructure—sustaining both the global economy and environment, for improved quality of life.
Corsair Gaming, Inc. (CRSR) — They are a leading global provider and innovator of high-performance gear for gamers and content creators.
GoodRx Holdings, Inc. (GDRX) — They are building the leading, consumer-focused digital healthcare platform in the United States.
Debuting Thursday (9/24)
Taysha Gene Therapies, Inc. (TSHA) — They are a patient-centric gene therapy company focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the central nervous system in both rare and large patient populations.
Debuting Friday (9/25)
Hygo Energy Transition Ltd. (HYGO) — They provide integrated downstream LNG solutions to underserved markets by delivering low cost, environmentally sound energy alternatives to consumers around the world.
Laird Superfood, Inc. (LSF) — Laird Superfood is an emerging consumer products platform focused on manufacturing and marketing highly differentiated plant-based and functional foods.
For IPO Boutique Research, Ratings and Commentary on all traditional IPO offerings (not direct listings), try us out: http://www.ipoboutique.com/blog/register/
IPO Boutique: Indicate with Confidence.
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