initial public offerings (IPOs) trading on American exchanges

Saturday, February 29, 2020

IPOs this week : March 2 - 6, 20 (wk 10)

IPOs expected to price
  • GFL Environment (GFL) is expected to price its $1.77B IPO on March 3. 

IPO quiet period expirations
  • The analyst quiet period expires on Casper Sleep (NYSE:CSPR) on March 2. Shares of Casper closed at $9.02 on Friday vs. the IPO pricing level of $12. Will analysts boost the online bedding stock with bullish reports? 
  • Schrodinger (NASDAQ:SDGR) and PPD (NASDAQ:PPD) on March 2 
  • OneWater Marine (NASDAQ:ONEW), Nexpoint Real Estate (NYSE:NREF) and Professional Holding (NASDAQ:PFHD) on March 3. 

Also, watch for news on DoorDash (DASH) after the company disclosed that it filed confidentially for an IPO. The DoorDash IPO could be of interest to Uber Eats (NYSE:UBER), Postmates (POSTM) and GrubHub (NYSE:GRUB).

Monday, February 24, 2020

IPOs this week : Feb 10 - 14, 20 (wk 9)

IPOs expected to price
  • Passage Bio (PASG) on February 27.

IPO quiet period expirations
  • Black Diamond Therapeutics (NASDAQ:BDTX) and Annovis Bio (ANVS) on February 24, 
  • Reynolds Consumer (NASDAQ:REYN), 1Life Healthcare (NASDAQ:ONEM), Arcutis Bio (NASDAQ:ARQT) and Anpac Bio-Medical (NASDAQ:ANPC) on February 25.
Also of interest to investors, Peloton Interactive (PTON) moved up its IPO share lockup expiration period to February 24 from March 24. Wedbush Securities analyst James Hardiman believes the value in the Peloton long-term business model could be appreciated even more by investors after the lockup overhang is in the rear-view mirror.

Tuesday, February 11, 2020

LMP Automotive (LMPX) : 2-month performance

  • 3 days later:

-=YayYo (YAYO) to delist from the Nasdaq

YayYo, Inc. Announces Intention to Voluntarily Delist Its Common Stock From the NASDAQ Capital Market Effective February 20, 2020

YayYo Common Stock Expected to be Quoted on OTCQB

BEVERLY HILLS, Calif., Feb. 10, 2020 (GLOBE NEWSWIRE) -- YayYo, Inc. (YAYO) (the “Company” or “YayYo”) today announced its intention to voluntarily delist its common stock from the NASDAQ Stock Market (“NASDAQ”) effective on February 20, 2020. The Company expects that its common stock will be approved for quotation on the OTCQB from and after that date. The Company has elected to effect the voluntary delisting of its common stock after discussions with NASDAQ’s staff and based on the determination of the Company’s board of directors that voluntarily delisting the common stock from the NASDAQ is in the best interests of the Company and its stockholders. NASDAQ has advised the Company that it believes that the Company has failed the conditions for continued listing of its common stock set forth in Listing Rule 5250(a). The voluntary delisting will permit the Company to operate its business free from restrictions imposed by NASDAQ rules and the conditions applicable to the listing of the Company’s common stock on the NASDAQ.

Monday, February 10, 2020

IPOs this week : Feb 10 - 14, 20 (wk 7)

IPOs expected to price
A quiet week for IPO pricings is set up with only

  • small-caps Huize (HUIZ) on February 11 and 
  • Revolution Medicines (RVMD) on February 12 on the calendar. 

IPO quiet period expirations
Analyst quiet period expirations during the week include

  • Phoenix Tree (NYSE:DNK), I-Mab (NASDAQ:IMAB), Velocity Financial (NYSE:VEL) and Lizhi (NASDAQ:LIZI) on February 11.
IPO lockup expirations
IPO lockup periods expire for

  • China Xiangtai Food (NASDAQ:PLIN) on February 10 and 
  • 9F (NASDAQ:JFU) on February 11.

-=Vertiv (VRT) began trading on the NYSE on Mon 10 Feb 20

  • Became publicly traded through a merger with GS Acquisition Holdings (GSAH)
  • Vertiv Holdings Co., a Columbus-headquartered provider of critical digital infrastructure and continuity solutions.

GS Acquisition Holdings Corp is a special purpose acquisition company co-sponsored by an affiliate of The Goldman Sachs Group Inc. and David M. Cote. Vertiv was called Emerson Network Power until Platinum Equity acquired it in 2016.

Cote, CEO of GSAH and former executive chairman of the board and CEO of Honeywell, will serve as executive chairman of Vertiv. Vertiv’s existing management team will continue to be led by 30-year industry veteran CEO Rob Johnson.

Upon closing, Platinum Equity held approximately 38 percent of the outstanding common stock of Vertiv Holdings Co., the former GS Acquisition Holdings Corp stockholders held approximately 25 percent of the outstanding shares, and investors in the private placement held the remaining 37 percent.

Thursday, February 6, 2020 (BILL) reported earnings on Thur 6 Feb 20 (a/h) beats by $0.02, beats on revs 

  • Reports Q2 (Dec) loss of $0.06 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of ($0.08); revenues rose 50% year/year to $39.1 mln vs the $33.82 mln S&P Capital IQ Consensus.
  • Subscription and transaction revenue was $33.0 million, an increase of 61% from the second quarter of fiscal 2019.
  • Warner Music Group files registration statement on Form S-1 for IPO

    • The shares of common stock to be sold in this offering are proposed to be sold by certain of Warner Music Group's stockholders. 

    Warner Music Group Corp. filed plans for an initial public offering Thursday, 15 years after its last IPO and nine years after the company was taken private

    Warner Music, one of three large companies that dominate the recorded-music industry, said in a filing with the Securities and Exchange Commission that it plans to seek $100 million in the IPO, though that is typically a placeholder amount that is updated in later filings. Warner is the parent company for prominent record labels including Atlantic Records, Warner Records and Elektra Records, and prominently mentioned artists Ed Sheeran, Bruno Mars, Cardi B, Twenty One Pilots, Lizzo and Katy Perry in its filing. Warner Music said that in its most recently completed fiscal year -- which ended Sept. 30, 2019 -- the company had profit of $258 million on revenue of $4.48 billion. In the two previous fiscal years, Warner Music respectively had net income of $312 million and $149 million, and revenue of $4.01 billion and $3.58 billion, according to the filing. After going public in 2005, Warner Musicwas taken private by Access Industries Inc. in 2011 for $3.3 billion. Rival Universal Music Group was valued at roughly $34 billion last year in investments from around the globe. Access will still have control of the company if it manages to go public, the company said in its IPO filing. The IPO is being led by Morgan Stanley, Credit Suisse and Goldman Sachs, and the filing did not list a prospective ticker symbol nor name the exchange on which the company intends to list its shares.

    Casper Sleep (CSPR) began trading on the NYSE on Thur 6 Feb 20

    Casper Sleep Inc. offers a range of Casper mattresses, pillows, sheets and duvets, bedroom furniture and accessories, sleep technology, and related services through its e-commerce platform, 60 Casper retail stores, and 18 retail partners.
    The company was formerly known as Providence Mattress Company and changed its name to Casper Sleep Inc. in January 2014.
    • Sector: Consumer Cyclical
    • Industry: Furnishings, Fixtures & Appliances
    • Full Time Employees: 597
    • Incorporated in 2013 
    • Headquartered in New York, New York
    Casper Sleep opened at $14.50 after pricing IPO at $12, the low end of the $12-13 range that was expected.
    CSPR finished the trading day at $13.50 after rising as high at $15.85.

    Philip Krim, co-founder and CEO of mattress company, Casper, holds his son as he prepares to celebrate the companies IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020. REUTERS/Lucas Jackson

    2nd day of trading

    Philip Krim, CEO and co-founder of sleep product company Casper, right, is applauded as he rings the New York Stock Exchange opening bell, before their IPO, Thursday, Feb. 6, 2020.

    Co-founders of Casper: Luke Sherwin, Gabe Flateman, CEO Philip Krim, Jeff Chapin and Neil Parikh.

    Philip Krim, CEO and co-founder
    • Casper estimated that the global sleep economy was worth about $432 billion last year.
    • One potential investor who went into the company’s Thursday presentation at the St. Regis hotel in Midtown said he decided to pass on Casper after hearing executives like Chief Executive Philip Krim talk about their planned expansion to brick-and-mortar shops. “It doesn’t make sense,” the investor said on his way out. “Isn’t the whole thesis about being a disruptor?”
    • Casper lost $67 million during the first nine months of last year on $312 million in revenue, and was on track to lose more for the full year than in 2018, according to Casper’s public filing.
    Casper once occupied the same strata as other “unicorns,” or startups valued above $1 billion, but is now closer to $600 million. The IPO’s reception is an effective temperature read for other Silicon Valley hopefuls like Airbnb that may also go public this year.

    According to its regulatory filing, Casper is hoping to raise just under $125 million with its IPO, and hopes to capitalize on the growing emphasis on health and wellness — estimating the “global sleep economy” is worth about $432 billion. Last year, the company raised over $300 million from a list of big name investors, including actor Leonardo DiCaprio, rapper 50 Cent and retail giant Target (TGT).

    Casper retail store

    However, investors have laid siege to a wide range of companies with lofty visions and valuations — but no actual profits. Casper reported $312.3 million in revenue in the first nine months of last year, but lost over $67 million as it expanded its retail footprint, and spent lavishly on marketing to fend off challenges from competitors like Sleep Number (SNBR).

    The long and growing list of newly-minted public companies that have tumbled sharply since their debuts include Uber (UBER), Lyft (LYFT) , Peloton (PTON) and Slack (WORK). All of those stocks crashed in their market debuts, and continued to slide afterward.

    Meanwhile, the debacle of WeWork’s aborted IPO is still fresh in the minds of chastened investors.

    The mattresses range in price from $695 for a twin to $3,495 for the king size of its most advanced mattress, the hybrid wave. Casper also has 20 retail stores around the country and says it has plans for 200 more. With retail partners including Costco, Nordstrom, Target, as well as American Airlines, its mattresses, pillows, bed frames and accessories are available at more than 1,500 retail destinations nationwide. Its latest product — Glow — is what the company calls a “magical light for better sleep.”
    Casper box

    The foam mattresses are made by Leggett & Platt, a Missouri-based bed-parts behemoth with $4.65 billion in revenue. Leggett also makes bed parts for several Casper competitors, including bed-in-a-box mattresses for Leesa, a privately owned mattress startup, and Serta Simmons’ Tuft & Needle, according to sources.

    Leggett also makes springs for Sealy, Serta and Simmons — all of which are far bigger clients.

    There are other manufacturers that make foam: Carpenter, Future Foam and Innocor Foam Technologies. Still, the relatively small pool is a sign that Casper may struggle to cut its manufacturing costs in the future.

    The mattress space becomes increasingly crowded with deep-pocketed competitors like Walmart, Amazon and Ikea.

    Casper lost $67 million during the first nine months of last year on $312 million in revenue, and was on track to lose more for the full year than in 2018, according to Casper’s public filing.