initial public offerings (IPOs) trading on American exchanges

Monday, September 28, 2020

IPOs this week : Sept. 28 - Oct. 2, 20 (wk 40)

IPOs expected to price

  • The big debut of the week is Palantir Technologies (PLTR), which is expected to start trading in a direct listing on the NYSE on September 30. Bankers think the software/data analytics company could start off in the $10 range, which would give it a lush market cap of just under $22B. The Denver-based company lost $580M in 2019. 
  • Academy Sports and Outdoors (ASO), 
  • Asana (ASAN),  (direct listing?)
  • Boqii Holding (BQ), 
  • Chindata Group Holdings (CD),  (data centers?)
  • Immunome (IMNM), 
  • WiMi Hologram Cloud (NASDAQ:WIMI), 
  • Mission Produce (AVO), 
  • Pulmonx (LUNG) and 
  • Yalla Group (YALA
IPO quiet period expirations
  • PainReform (NASDAQ:PRFX) on September 29.

Tuesday, September 22, 2020

Stitch Fix (SFIX) reported earnings Tue 22 Sept 20 (a/h)

 ** charts before earnings **



 









** charts after earnings ** 







Stitch Fix misses by $0.27, beats on revs

  • Reports Q4 (Jul) loss of $0.44 per share, $0.27 worse than the S&P Capital IQ Consensus of ($0.17); revenues rose 2.6% year/year to $443.4 mln vs the $415.52 mln S&P Capital IQ Consensus.
  • Reports active clients of 3.5 million, an increase of 9% year over year.
  • Net revenue per active client of $486, an increase of 2% year over year on an adjusted basis.

  • The San Francisco-based company reported a fourth-quarter loss of $44.5 million, or 44 cents a share, vs. a profit of $7.2 million, or 7 cents a share, in the year-ago period. Adjusted Ebitda, excluding stock-based compensation, was $11.8 million. Revenue rose to $443 million from $432 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 16 cents a share on revenue of $415.2 million.

    Stitch Fix grew its active clients 9% year-over-year to 3.5 million, and CEO Katrina Lake said in a statement that she was proud of her team for “successfully navigating through the deepest impacts of COVID-19” and expressed optimism about the future of online shopping.

    Stitch Fix shares have risen more than 19% so far this year, about on par with the Nasdaq Composite Index COMP, -2.73%, which is up about 20%.

    Monday, September 21, 2020

    IPOs this week : September 21 - 25, 20 (wk 39)

    IPOs expected to price

    • Corsair Gaming (CRSR), GoodRx (NASDAQ:GDRX), RiverNorth Flexible Income Fund (NYSE:RFM) and Amesite Operating (AMST). 
    Of the bunch, Corsair may generate the most interest with the gaming sector heating up. The California-based provider of gaming gear and content is aiming to sell up to $252M worth of shares to value the company at up to $1.65B. 

    IPO lockup expirations
    Also, keep an eye on TELA Bio (NASDAQ:TELA), with 34% of its outstanding float being freed up through the expiration of an IPO lock-up period. 

    Across the Pacific in Hong Kong, secondary share offerings are expected to start trading for ZTO Express (NYSE:ZTO), Zai Lab (NASDAQ:ZLAB) and Baozun (NASDAQ:BZUN), while SoftBank (SFTNY) aims to hand over shares between September 23-25 for its secondary offering of its telcoms business.

    Thursday, September 17, 2020

    JFrog (FROG) began trading on the Nasdaq on Wed 16 Sept 20

    JFrog Ltd. provides DevOps platform to achieve continuous software release management platform enabling organizations to deliver software updates across any system. Its platform acts as bridge between software development and deployment, which enable organizations to build and release software faster. JFrog’s DevOps platform is available as open-source, self-managed, and SaaS services on AWS, Microsoft Azure, and Google Cloud. The company serves technology, financial services, retail, healthcare, and telecommunications organizations.
    • Sector(s): Technology
    • Industry: Software—Application
    • Founded in 2008 in Israel
    • CEO Shlomi Ben Haim
    • HQ: Sunnyvale, California
    • http://www.jfrog.com
    Priced 11.6 mln share IPO at $44.00 per share, above the expected range of $33-37
    Closed +47% to $64.79, putting the market value at $6.6 billion. The company raised $352 million.






    JFrog focuses on a growing niche called developer operations, or DevOps, which aims to streamline software development and management within organizations. 

    The company's platform powers what it calls continuous delivery of software updates, helping to get new software versions to end customers more quickly and reliably.

    The company says that covid-19 has increased the urgency of fast, reliable software updates -- and demand for its platform. 

    "Every company is a software company today ... that is evident and clear," JFrog Chief Technology Officer Yoav Landman said. "You’ll be eaten by your competition if you can't release software versions fast enough." 

    Saturday, September 12, 2020

    IPOs this week : September 14 - 18, 20 (wk 38)

    IPOs expected to price
    • Amwell (AMWL), 
    • JFrog (FROG), 
    • Outset Medical (OM), 
    • Pactiv Evergreen (PTVE), 
    • Broadstone Net Lease (BNL), 
    • Snowflake (SNOW), 
    • Sumo Logic (SUMO), 
    • Unity Software (U) and 
    • Vitru (VTRU). 
    Snowflake is the big name to watch after the company attracted $570M from Berkshire Hathaway (NYSE:BRK.A) and $250M from Salesforce.com (NYSE:CRM) for Class A shares. The data warehouse company plans to raise $2.2B by offering 28M shares in a price range of $75 to $85 to give it a market valuation in the range of $20.9B to $23.7B. The IPO will result in Class B shareholders having about 98% of the voting power at the company.

    Monday, September 7, 2020

    Ant Group is going public

    The crown jewel of the sprawling Alibaba (NYSE:BABA) empire, Ant Group - formerly known as Ant Financial - has filed for an IPO on the Shanghai stock exchange's STAR market and the Hong Kong stock exchange. 
    The firm is reportedly targeting a valuation of about $225B, based on an IPO of about $30B if markets are favorable, making it larger than some of America's biggest banks. Ant Group, which is still controlled by Alibaba founder Jack Ma, runs the popular Alipay mobile payments app in China which has over 900M users. It also offers other financial products and could use proceeds from the IPO to expand cross-border payments and enhance its research and development capabilities.

    Thursday, September 3, 2020

    Electric cars : Solid-state lithium battery maker QuantumScape

    Solid-state lithium battery maker QuantumScape is becoming a publicly traded entity through a merger with special purpose acquisition company, or SPAC, Kensington Capital Acquisition (NYSE:KCAC). QuantumScape wants to disrupt the automotive industry—and the EV space—by offering a better mousetrap.

    Including $200 million from the Kensington’s trust fund and a $500 million private investment in public equity, or PIPE, the transaction will provide about $700 million in proceeds to QuantumScape. The deal values the company at about $3.3 billion.


    None of the current shareholders are using the transaction as a chance to cash out—a good sign for any SPAC transaction. After the deal closes, QuantumScape will have north of $1 billion of cash on its balance sheet.

    For QuantumScape, the “SPAC deal represented was a much faster and more streamlined way to become public compared with the traditional IPO process,” explains founder and CEO Jagdeep Singh. “Combined with the value that partnering with Kensington in particular brings—they’re a bunch of auto guys—it just made the most sense to take this route.”

    Kensington Capital, the SPAC sponsor, is an automotive industry focused investment bank based outside of New York City. Justin Mirro, the SPAC’s chairman and CEO, began his career at General Motors (GM) before moving to investment banking focused on the automotive sector.
    EVs appear to be taking over the car business—as the epic rise in Tesla (TSLA) stock portends. Telsa is now the world’s most valuable car company by a wide margin.

    That makes EV batteries very important to the auto industry and to investors. Solid-state batteries promise lower cost and higher power density than existing battery technology. That’s a panacea for EV makers—a battery that is relatively cheap and light weight, making the upfront costs of EVs comparable to gasoline-powered cars. Solid state batteries charge faster too.

    It’s taken a while to get solid state right. QuantumScape believes it is there, pointing out that Volkswagen (VOW.Germany) has tested and validated Quantum’s solid-state batteries and plans to commercialize them by 2025. That might feel like a long way off, but “the automotive cycle is long,” explains Singh. “People have recognized solid state potential for decades.”