initial public offerings (IPOs) trading on American exchanges

Friday, May 7, 2021

-=Orphazyme (ORPH) : topline data from pivotal trial of arimoclomol in Amyotrophic Lateral Sclerosis (ALS)

  • Pivotal trial did not meet primary and secondary endpoints evaluating impact on function and survival
  • Orphazyme remains focused on commercial readiness and potential U.S. approval of arimoclomol for Niemann-Pick disease type C (NPC) in June 
  • Sept 29, 20: Orphazyme, a Danish late-stage biotech developing protein therapies for rare neurodegenerative diseases, raised $84 million by offering 7.6 million ADS equivalents at $11, below the as-converted last close of its shares on the Nasdaq Copenhagen (ORPHA). At pricing, the company raised -16% less in proceeds than anticipated.



Copenhagen – May 7, 2021 – Orphazyme A/S (ORPHA.CO; ORPH), a late-stage biopharmaceutical company pioneering the heat shock protein response for the treatment of rare diseases, today announced that the ORARIALS-01 pivotal trial of arimoclomol in amyotrophic lateral sclerosis (ALS) did not meet its primary and secondary endpoints to show benefit in people living with ALS. No important safety signals were reported in the trial. Topline data will be presented at the upcoming virtual European Network to Cure ALS (ENCALS) meeting, May 12-14, and complete data from the study will be published later this year.

“We are disheartened by these results, as we had hoped arimoclomol might represent a viable new approach against the formidable challenge of this devastating disease. We express our sincere thanks to the investigators, patients and families for their participation and collaboration in our program,” said Thomas Blaettler, MD, Chief Medical Officer, Orphazyme. “With over 18 months of evaluation, this trial represents one of the longest running clinical studies in this category. While unsuccessful, the data generated will contribute meaningfully to the scientific dialogue on this challenging disease. We will apply the invaluable insights from this and other studies to further our pipeline as we continue to pursue the full potential of the heat shock protein response.”

The randomized, placebo-controlled Phase 3 trial was conducted among 245 patients at 29 sites in 12 countries in North America and Europe. Participants were randomized (2:1 ratio) to receive either arimoclomol (248 mg three times daily)i or placebo for up to 76 weeks. The primary endpoint was to determine the efficacy of chronic treatment with arimoclomol compared to placebo in participants with ALS as assessed by the combined assessment of function and survival (CAFS). This endpoint was selected to illustrate the overall treatment effect based on survival and the change in the ALS Functional Rating Scale-Revised (ALSFRS-R) score. Secondary endpoints included survival, change in ALSFRS-R, and slow vital capacity (SVC).

About arimoclomol
Arimoclomol is an investigational drug candidate that amplifies the production of heat shock proteins (HSPs). HSPs can rescue defective misfolded proteins, clear protein aggregates, and improve the function of lysosomes. Arimoclomol is administered orally, and has now been studied in 10 phase 1, four phase 2 and three pivotal phase 2/3 trials. Arimoclomol is in clinical development for NPC and Gaucher disease. Arimoclomol has received orphan drug designation (ODD) for NPC in the US and EU. Arimoclomol has received fast-track designation (FTD) from the U.S. Food and Drug Administration (FDA) for NPC. In addition, arimoclomol has received breakthrough therapy designation (BTD) and rare-pediatric disease designation (RPDD) from the FDA for NPC. Arimoclomol is an investigational treatment and has not been approved by the FDA.

Monday, May 3, 2021

IPOs this week : May 3 - 7, 2021 (wk 18)

IPOs expected to price
  •  Honest Company (HNST) and 
  • Five Star Bancorp (FSBC). 
 IPO quiet period expirations
  • UTime (NASDAQ:UTME) on May 3,

  • VectivBio (NASDAQ:VECT) and Reneo Pharma (NASDAQ:RPHM) on May 4. 

IPO lockup expirations
  • Gatos Silver (NYSE:GATO) on May 3. . Honest IPO preview: 
 
The Honest Company (HNST) is looking to raise as much as $439M in an IPO next week that could give co-founder Jessica Alba a stake valued at about $96M. Honest Company sells baby products, cleaning supplies and cosmetics. The company plans to sell 6.5M shares and existing shareholders will sell 19.4M shares in an expected range of $14 to $17. At the top end of the range, Honest would have a market value of $1.54M. Selling shareholders include private equity firm L Catterton, Institutional Venture Partners, Lightspeed Venture Partners and General Catalyst. Jessica Alba doesn't plan to sell any of her shares. them in the offering, according to the filing. The Los Angeles-based company had a net loss of $14.5M on revenue of $301M in 2020, compared with a loss of $31M on revenue of $236M the previous year. HNST expects 2019-2025 compound annual growth rates in the clean-and-natural part of those businesses to hit 16% for diapers/wipes, 10% for skin/personal care and 4% for household/wellness.

Thursday, April 29, 2021

Cara Therapeutics (CARA) : Korsuva fails for the treatment in atopic dermatitis (AD) patients

   

 
 
  

 

 


Cara Therapeutics announces topline results from its KARE Phase 2 dose-ranging clinical trial of Oral KORSUVA for the treatment of moderate-to-severe pruritus in mild-to-severe atopic dermatitis patients
  • Study did not meet Primary Endpoint of worst-itch NRS change from baseline at week 12 or Secondary Endpoint of 4-point responder analysis in the ITT patient population.
  • Study achieved Primary Endpoint of worst-itch NRS change and Secondary Endpoint of 4-point responder analysis in pre-specified analyses of mild-to-moderate AD patients (64% of ITT patient population).
  • Statistically significant improvement in 4-point responder analysis in mild-to-moderate (BSA <10%) AD patients with 32% of KORSUVA-treated patients achieving a > 4-point reduction vs. 19% in placebo group (p=0.03).
  • KORSUVA was well tolerated at all dose levels.
  • Monday, April 26, 2021

    The Honest Company Seeks $1.5B IPO

    Jessica Alba's The Honest Company said today it would list on Nasdaq in an initial public offering valued over $1.5 billion. 

    The Los Angeles-based company said in its filing with the Securities and Exchange Commission that it was offering around 25.8 million shares between $14 and $17 each. Honest would receive around $110 million at the upper end of the range, excluding proceeds from shares offered by stockholders.

    The company said it was planning to use the proceeds from the offering to fund marketing and direct-to-consumer advertising, as well as launch new products and buy complementary businesses.

    IPOs this week : Apr 26 - 30, 2021 (wk 17)

    IPOs expected to price
    • FTC Solar (FTCI) on April 28 
    • Endeavor Group (NYSE:EDR) and Fortegra Group (FRF) on April 29. 
    IPO lockup expirations
    • Root (NASDAQ:ROOT), 
    • MediaAlpha (NYSE:MAX), 
    • Gatos Silver (NYSE:GATO), 
    • Biodesxi (NASDAQ:BDSX), 
    • Leslie's (NASDAQ:LESL), 
    • Allegro MicroSystems (NASDAQ:ALGM), 
    • Lufax Holding (NYSE:LU), 
    • Atea Pharmaceuticals (NASDAQ:AVIR), 
    • SQZ Biotechnologies (NYSE:SQZ) and 
    • Galecto (NASDAQ:GLTO). 

    IPO quiet period expirations
    • Frontier (NASDAQ:ULCC), 
    • Coursera (NYSE:COUR), 
    • Compass (NYSE:COMP), 
    • Karooooo (NASDAQ:KARO) and 
    • Smart Share (NASDAQ:EM).

    Monday, April 19, 2021

    IPOs this week : Apr 19 - 23, 2021 (wk 16)

    IPOs expected to price
    • UiPAth (NYSE:PATH), DoubleVerify (NYSE:DV) and NeuroPace (NASDAQ:NPCE) on April 20, 
    • Zymergern (NASDAQ:ZY) and KnowBe4 (NASDAQ:KNBE) on April 22. 

    IPO lockup expirations
    • Datto Holding (NYSE:MSP), 
    • Topaz Energy (NYSE:TPZ), 
    • McAfee (NASDAQ:MCFE), 
    • Guild Holdings (NYSE:GHLD), 
    • Foghorn Therapeutics (NASDAQ:FHTX) and 
    • ComSovereign Holding (NASDAQ:COMS). 

    IPO quiet period expirations
    • ThredUp (NASDAQ:TDUP) on April 20 to free up analysts to post ratings. 

    Shares of Trip.com (NASDAQ:TRIP) will begin trading in Hong Kong next week following a new listing.

    Monday, April 12, 2021

    IPOs this week : Apr 12 - 16, 2021 (wk 15)

    IPOs expected to price
    •  Alkami Technology (ALKT), 

    • AppLovin (APP), 

      TuSimple (TSP) and 

    • Karat Packaging (KRT

     
     IPO quiet period expirations
    • Duckhorn Portfolio (NYSE:NAPA), 
    • Olo (NYSE:OLO), 
    • Sun Country Airlines (NASDAQ:SNCY), 
    • Tuya (NYSE:TUYA), 
    • Vine Energy (NYSE:VEI), 
    • Connect BioPharm (NASDAQ:CNTB) and 
    • Finch Therapeutics (NASDAQ:FNCH) next week. 
    Sun Country may be the most interesting of the bunch to watch. The airline stock trades more than 50% over its IPO pricing level, but industry booking trends have started to heat up.

    Coinbase preview: Coinbase (COINB) is expected to start trading on April 14. Ahead of the direct listing, the company reported Q1 revenue of about $1.8B vs. $191M a year ago. Coinbase also said it has 56M verified users. Trading on the private market has valued Coinbase at about $68B or $100B after factoring in a fully-diluted share count. D.A. Davidson is already on the books with a price target on Coinbase of $440.

    Monday, April 5, 2021

    IPOs this week : Apr 5 - 9, 2021 (wk 14)

    IPOs expected to price
    • Inspira Technologies Oxy B.H.N. (NASDAQ:IINN) . The Israel-based medtech company is selling 2.8M shares. 

    IPO quiet period expirations
    • Coupang (NYSE:CPNG) and First High-School Education (NYSE:FHS) on April 5, as well as
    • Joann (JOANN), Hayward (NYSE:HAYW), Prometheus Bio (NASDAQ:RXDX) and Longboard Pharma (NASDAQ:LBPH) on April 6. 

    IPO lockup expirations
    • Presidio Property (NASDAQ:SQFT) on April 5, 
    • Aziyo Bioogics (NASDAQ:AZYO) on April 6 and 
    • Kronos Bio (NASDAQ:KRON) on April 7. 
    Across the Pacific, Trip.com (NASDAQ:TRIP) could launch a secondary listing in Hong Kong that reportedly could be valued at more than $1B.

    Monday, March 29, 2021

    IPOs this week : March 29 - Apr 1, 2021 (wk 13)

    IPOs expected to price
    • Compass (NYSE:COMP), 
    • Frontier Group (NASDAQ:ULCC), 
    • Coursera (COURS), 
    • Kaltura (KLTR), 
    • Karooooo (NASDAQ:KARO), 
    • Muliang Viagoo Technology (OTC:MULG) and 
    • Flora Growth (FLGC). 
    IPO quiet period expirations
    • Oscar Health (NYSE:OSCR) and Innovage (NASDAQ:INNV) on March 29,

    IPO lockup expirations
    • Chindata Group (NASDAQ:CD), 
    • Yalla Group (NYSE:YALA), 
    • Boqii Holding (NYSE:BQ), 
    • Pulmonx (NASDAQ:LUNG), 
    • Mission Produce (NASDAQ:AVO) and 
    • Lixiang Education Holding (NASDAQ:LXEH).

    Thursday, March 18, 2021

    Duckhorn Portfolio (NAPA) began trading on the NYSE on Wed 18 March 2021

    The Napa Valley winery said 20.0 million shares were sold in the IPO, 13.3 million shares directly from the company and the rest by selling shareholders. 
    • The IPO priced overnight at $15 a share, in the middle of the expected range of between $14 and $16 a share, as the company raised $200.0 million and was valued at about $1.73 billion. 
    • Opened 24% above its initial public offering price. 
    • The first trade was at $18.60 at 11:41 a.m. Eastern for about 1.8 million shares. 

    Wednesday, March 17, 2021

    Upstart (UPST) reported earnings on Wed 17 March 21 (a/h)

      ** charts after earnings **






    Upstart beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY21 revs above consensus
  • Reports Q4 (Dec) earnings of $0.07 per share, $0.05 better than the S&P Capital IQ Consensus of $0.02; revenues rose 41.9% year/year to $86.7 mln vs the $73.5 mln S&P Capital IQ Consensus.
  • Bank partners originated 123,396 loans across our platform in the fourth quarter of 2020, up 57% from the same quarter of the prior year.
  • Conversion on rate requests was 17.4% in the fourth quarter of 2020, up from 14.9% in the same quarter of the prior year.
  • Co issues upside guidance for Q1, sees Q1 revs of $112-$118 mln vs. $75.30 mln S&P Capital IQ Consensus. Sees adjusted net income of $13.4-$14.2 mln.
  • Co issues upside guidance for FY21, sees FY21 revs of approximately $500 mln vs. $359.45 mln S&P Capital IQ Consensus. Contribution Margin of approximately 41%.

  • Upstart agrees to acquire Prodigy Software; terms not disclosed
  • Upstart has entered into a definitive agreement to acquire Prodigy Software, a provider of cloud-based automotive retail software. With the acquisition of Prodigy, Upstart will accelerate its efforts to offer AI-enabled auto loans through the tens of thousands of auto dealers nationwide where the majority of auto loans are originated.
  • More than $2 bln in vehicle sales have been powered by Prodigy at franchised dealers from brands such as Toyota, Honda, and Ford.
  • The transaction is expected to close in the second quarter of calendar year 2021.
  • Wednesday, March 10, 2021

    Branson-backed SPAC to raise $500 million

    (Reuters) - A blank-check firm, backed by Virgin Group's billionaire founder Richard Branson, is looking to raise as much as $500 million through an initial public offering, a regulatory filing showed on Tuesday.

    Virgin Group Acquisition Corp III, a special purpose acquisition company, or SPAC, plans to sell 50 million units, composed of shares and warrants, priced at $10 per unit on the New York Stock Exchange. (https://bit.ly/2OEew3C)

    The firm said in its filing it will be looking for targets to acquire in one of Virgin Group's core sectors, namely travel and leisure, financial services, health and wellness and renewable energy, among others.

    Branson, a serial entrepreneur and a prolific investor, has raised hundreds of millions through multiple blank-check companies so far.

    In February, VG Acquisition Corp (NYSE:VGAC), one of Branson's SPACs, agreed to take consumer DNA-testing firm 23andMe public through a merger, valuing the merged entity at $3.5 billion.

    Plans call for the deal to close during the second quarter, with the combined company trading on the New York Stock Exchange under the ticker symbol “ME.”

    Branson, a multibillionaire, is famous as a swashbuckling entrepreneur who started his first business as a teenager. He eventually founded the Virgin Records music label, Virgin Megastores record store, Virgin Atlantic Airlines, Virgin Galactic space-tourism company (NYSE:SPCE) and other businesses. Branson is also famous for his hobby of flying in hot-air balloons, setting several world records.

    SPACs are shell companies which raise funds to acquire a private company with the intent of taking it public through a merger at a later date, allowing such companies to enter public markets by sidestepping a traditional IPO.

    Credit Suisse is the sole book-running manager for the Virgin Group Acquisition Corp III offering.

    Thursday, February 25, 2021

    Oatly files for IPO; valued at $10 billion

    Swedish oat milk maker Oatly, which is backed by prominent celebrity investors including 
    Oprah Winfrey and Jay Z, plans to go public by filing for an IPO with the Securities and Exchange Committee on Tuesday. The company did not outline how many shares it would sell or what pricing range the stock might debut at, but a report from Bloomberg said shares could be priced to value the company at $10 billion.

    The move comes amid rising demand for plant-based milk alternatives as consumers seek better-for-you beverages with environmental credentials.

    The company follows in the footsteps of other plant-based companies that have gone public such as alternative meat company Beyond Meat, which had its IPO in 2019, and Laird Superfood, which listed on the NYSE last year.

    Meanwhile, Greek yogurt giant Chobani is reportedly considering going public this year, as is plant-based egg maker and cell-based meat developer Eat Just.

    Oatly’s moves in the plant-based arena
    Last summer, Oatly raised US$200 million in funding, which saw Oprah Winfrey, Jay Z and Natalie Portman invest in the alt-milk brand alongside other high profiles investors, including Roc Nation, former Starbucks Chairman and CEO Howard Schultz, Orkila Capital, and Rabo Corporate Investments, the investment arm of Rabobank.

    Oatly’s patented original oat milk created the fast-growing oat milk category. It is considered a pioneer in the plant-based food space.
    Oatly has transformed from a Nordic brand into a global movement by delivering unique, high-quality,
    engaging products based on proprietary, patented oat-technology to the new emerging generation of
    conscious consumers.

    Plant-based portfolio
    Oatly has a range of products, including oat milk, ice cream, cold coffee, yogurt substitutes, cooking cream, spread and custard.
    It was founded in 1990 from Lund University research. The company’s patented enzyme technology turns fiber-rich oats into a highly nutritious beverage.
    The company is located in the southern region of Sweden, with its headquarters in Malmö and the Production and Development Center in Landskrona.

    Starbucks tie-up
    Following a regional US trial, which saw Oatly milk being used across 1,300 stores in Illinois, Indiana, and Wisconsin, last year, Starbucks is preparing to launch Oatly vegan oat milk in all US stores this spring.

    Last September, Starbucks targeted eco-conscious consumers by rolling out more plant-based offerings in selected stores across Asia.

    The plant-based range includes products from alternative meat giants Impossible Foods and Beyond Meat, as well as Oatly.

    Oatly’s process
    In the first phase of the process, Oatly mixes the oats with water and gently grinds the mixture in the grinding room. The natural enzymes convert oat starch into small components, especially maltose (also called malt sugar), which naturally sweetens the products.

    During the separation, Oatly removes the bran, that is, the oats’ small shells, leaving loose fibers and betaglucans. Here is an oat base which is a good source of nutrition.
    Different ingredients (rapeseed oil, calcium or vitamins) are then added depending on the product. The
    products are heat-treated before packaging, with ultra-high temperature (UHT) or pasteurization, to increase their durability.

    After the product has undergone heat treatment, the fat droplets are broken down into smaller droplets to ensure that the liquids are properly mixed.

    Wednesday, February 24, 2021

    PubMatic (PUBM) reported earnings on Tue 23 Feb 2021 (a/h)

    •  The company said revenue in the fourth quarter of 2020 was $56.2 million, up 64% year-over-year.
    • The company’s chief financial officer Steve Pantelick said in a statement that the quarterly growth was driven by advertising strength in e-commerce, technology, personal finance and on streaming video.  





    PubMatic beats by $0.02, beats on revs; guides Q1 revs above consensus; guides FY21 revs above consensus
  • Reports Q4 (Dec) earnings of $0.34 per share, $0.02 better than the S&P Capital IQ Consensus of $0.32; revenues rose 63.4% year/year to $56.2 mln vs the $47.57 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees Q1 revs of $38.0-40.0 mln vs. $33.90 mln S&P Capital IQ Consensus.
    • Expect Adjusted EBITDA to be in the range of $8.0 million to $9.0 million, or 21% to 23% margin. 
    • Co issues upside guidance for FY21, sees FY21 revs of $180.0-185.0 mln vs. $168.78 mln S&P Capital IQ Consensus.
    • We expect Adjusted EBITDA to be in the range of $45.0 million to $49.0 million or 25% to 27% margin.
  • Tuesday, February 23, 2021

    Olo files to go public with $100M offering

    Software company Olo filed for an initial public offering on Friday with plans to raise $100 million, according to an S-1 filing.

    • As of Q4 2020, Olo processes 1.8 million orders per day and works with 64,000 restaurant locations and 400 brands, according to the filing. During the past year, the company posted a 94% increase in revenue to $98.4 million. The company said its gross merchandise value for 2020 was $14.6 billion.
    • In response to the pandemic, 70% of Olo's customers said in a survey they provided more off-premise delivery and pickup options. Olo adapted its offerings to include enhancements for curbside pickup and notifications upon customer arrival, according to a press release.  

     


    Toast considering IPO valued at $20B

    Toast is reportedly considering going public either through an initial public offering, which would value the restaurant technology company at about $20 billion, or a sale or combination with a special purpose acquisition corporation, The Wall Street Journal reports, citing people familiar with the matter.


    Toast was valued at $4.9 billion about a year ago following a $400 million round of fundraising that included Bessemer Venture Partners, TPG, Greenoaks Capital and Tiger Global Management. If its current valuation sticks, Toast would potentially debut at a much higher price than one of its closest competitors, Square, which went public in November 2015 through an IPO valued at $2.9 billion. 

    While the early months of the pandemic were tough on Toast, which laid off or furloughed about half its staff in early April, the company bounced back as restaurants switched to takeout and turned to Toast to help with this transition. Toast also provided over $40 million in financial support to restaurants through various offers, including free software, software-as-a-service relief and access to capital.

    The company processed nearly 50 million guest orders between March and December through its digital ordering technologies.


    Toast also added contactless payment methods last year, which were adopted by almost 25,000 restaurants in 2020. About 40% of restaurant operators added contactless or mobile payment options last year since March, bolstered by the 29% of customers who said they would pick a business that offered contactless or mobile payment over those that didn't, according to NRA's report. 

    Roblox (RBLX) to go public through a direct listing around March 10

    Roblox, which had delayed its initial public offering, has set a date for a direct listing of its shares.

    The videogame company is now going public “on or about March 10,” according to an amended prospectus filed on Monday. Roblox is seeking to sell 198,917,280 shares, but has not specified a price. In January, the company sold nearly 12 million shares of convertible preferred stock in a private placement at $45 a share. Renaissance Capital said that a listing at that price would value the company at more than $29 billion. Roblox said in the prospectus that the opening price of the roughly 199 million shares would be “determined by buy and sell orders collected by the NYSE from broker-dealers.”

    Roblox will be the fifth company to go public using a direct listing. Palantir Technologies (PLTR), Asana (ASAN), Slack Technologies (WORK), and Spotify Technology (SPOT) all used a direct listing when they made their public equity markets debuts.

    Roblox will trade on the New York Stock Exchange under the ticker RBLX. Goldman Sachs, Morgan Stanley, and Bank of America are acting as financial advisers on the deal. 

    Founded in 2004, Roblox hosts child-friendly games focused on digital characters resembling Lego blocks. An average of 37.1 million people come to Roblox daily to play games.

    The company is not profitable. Losses widened to $253.3 million for the year ended Dec. 31, compared with $71 million in losses for the same period in 2019. Revenue rose nearly 82%, to $923.9 million, for the Dec. 31 period. It has 960 full-time employees. David Baszucki, Roblox co-founder, president and CEO, has 70.1% total voting power, the prospectus said. 

    Roblox’s path to a direct listing wasn’t straightforward. In November, the company initially filed to go public using a traditional initial public offering. Then, in December, it delayed the offering after the strong debuts of Airbnb (ABNB) and DoorDash (DASH) made it too difficult to determine the right price for shares.

    Roblox in January changed its mind about a traditional IPO, choosing to go public through a direct listing.

    Roblox’s switch came after the Securities and Exchange Commission approved a rule change from the New York Stock Exchange that allowed direct floor listings in December. Companies that use direct floor listings can now sell new shares and raise fresh capital in a single large transaction directly on the exchange without underwriters. 

    Direct listings aim to level the playing field for investors. The pricing is set by the orders received by the exchange. For example, a designated market maker will determine Roblox’s opening public price based on buy and sell orders the NYSE collects from broker-dealers. The market maker will decide Roblox’s opening price in consultation with its financial advisers, Goldman, Morgan, and BofA.

    Monday, February 22, 2021

    NextGen Acquisition (NGAC) to merge with electric truck maker Xos

    The Xos transaction is set to close in the second quarter with the combined company listing on the Nasdaq under the symbol XOS.




    The deal will provide Xos with $575 million in proceeds and values the company at $2 billion. It expects to be cash flow positive by 2023.

    Unlike many EV startups debuting on the stock market, Xos has EVs on the road. It also offers a package that bundles commercial electric trucks and vehicle services to fleet operators for a monthly fee. Customers include UPS (UPS).


    The transaction includes a $220 mln oversubscribed and fully committed common stock PIPE anchored by Janus Henderson Investors, as well as a consortium of truck dealers led by Thompson Truck Centers.

    Xos is expected to deliver industry-leading total cost of ownership through proprietary purpose-built battery and powertrain systems, integrated vehicle software and controls, and a modular OEM powertrain architecture built on the adaptable X-Platform. Multi-year manufacturing partnership with Metalsa for purpose-built frame rails and chassis components.

    The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on The Nasdaq Stock Market under the symbol "XOS".

    IPOs this week : Feb 22 - 26, 2021 (wk 8)

    IPO quiet period expirations
    • Ortho Clinical Diagnostics (NASDAQ:OCDX), 
    • Shoals Technologies Group (NASDAQ:SHLS), 
    • Vinci Partners (NASDAQ:VINP), 
    • Qualtrics (NASDAQ:XM), 
    • ZIM Integrated Shipping (NYSE:ZIM), 
    • Home Point Capital (NASDAQ:HMPT) and 
    • Trinity Capital (OTCQX:TRIN). 

    IPO lockup expirations
    • JFrog (NASDAQ:FROG) expires on February 22, 
    • as well as on both Montrose Environmental Group (NYSE:MEG) and Xpeng Motors (NYSE:XPEV) on February 23.

    Monday, February 15, 2021

    IPOs this week : Feb 15 - 19, 2021 (wk 7)

    IPO quiet period expirations
    • Dream Finders Homes (NASDAQ:DFH), 
    • Mytheresa (NASDAQ:MYTE), 
    • Patria Investments (NASDAQ:PAX) and 
    • RLX Technology (NYSE:RLX). 
    IPO lockup expirations
    • Harmony Biosciences (NASDAQ:HRMY), 
    • Inhibrx (NASDAQ:INBX), 
    • Kymera Therapeutics (NASDAQ:KYMR) and 
    • Nano-X Imaging Ltd (NASDAQ:NNOX).

    Thursday, February 11, 2021

    Bumble (BMBL) began trading on the Nasdaq on Thur 11 Feb 21

    Bumble Inc. operates online dating and social networking platforms. 
    • Sector(s): Technology
    • Industry: Software—Application
    • Full Time Employees: 650
    • https://bumble.com/

    Bumble (BMBL 75.21, +32.00, +74.6%) opened for trading at $76/share after pricing its IPO at $43/share. 


    The display outside the Nasdaq MarketSite is pictured as the dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange in New York City, New York, U.S., February 11, 2021. (REUTERS)

    The Bumble app — on which women make the first move, was started by Whitney Wolfe Herd, co-founder of the IAC-owned Tinder. At age 31, Wolfe Herd is the youngest female CEO to take a large US company public.

    The company operates two apps, Bumble and Badoo, with more than 40 million users a month, according to the company’s S-1 filing.

    The Bumble IPO has been one of the most anticipated high brand recognition debuts since Airbnb (ABNB) and Doordash (DASH). Both the vacation rental marketplace and food delivery platform went public in December, soaring on their first day of trading. 










    In 2019, private equity giant Blackstone Group purchased a majority stake in Bumble

    Wolfe Herd will own about 11% of outstanding interests in Bumble and control 14% of the voting power, according to the company's securities filings. Blackstone will own about 67% of the outstanding economic interests in Bumble and control 83% of the outstanding voting power.


    Bumble’s IPO and opening valuation will open significantly higher than competitor Match Group’s 2015 IPO, which was valued at $2.9 billion when it raised about $400 million.  The rival is the parent company of a number of dating platforms including Match.com, Tinder, Plenty of Fish, Hinge and OkCupid.

    In a securities filing, Wolfe Herd said Bumble has the ability to become a "preeminent woman's brand" where people can meet "no matter who you might be looking for or what stage of life you're in." 

    The company reported revenue of $376.6 million in the first nine months of 2020, with the company reporting a net loss of $84.1 million. That compares to the first nine months of 2019, during which reported revenue of $362.6million and the company reported a profit of $68.6 million. For 2019 in total, the company reported $488.9 million in revenue.

    Wolfe Herd previously said the company was profitable since its second year. 

    Monday, February 8, 2021

    IPOs this week : Feb 8 - 12, 2021 (wk 6)

    IPOs expected to price 
    • Adagene Inc. (ADAG), 
    • Viant Technology (DSP), 
    • Bumble (BMBL), 
    • Apria (APR), 
    • Signify Health (SGFY), 
    • AFC Gamma (AFCG) and 
    • Vallon Pharmaceuticals (VLON
    IPO lockup expirations
    • NetStreit (NYSE:NTST), 
    • CureVac (NASDAQ:CVAC), 
    • Duck Creek Technologies (NASDAQ:DCT) and 
    • InMed Pharmaceuticals (NASDAQ:INM).

    Thursday, February 4, 2021

    Clover Health Investments (CLOV) began trading on the Nasdaq on Fri 8 Jan 21

    Social Capital Hedosophia Hldgs Corp. III (IPOC) announces closing of business combination with Clover Health. The newly formed company is named Clover Health Investments, and its shares of Class A commonstock and warrants will start trading on theNasdaq Global Select Market under the new ticker symbols"CLOV" and "CLOVW," respectively.

    Clover Health Investments provides Medicare Advantage health plans to 57,000 members.
    • Sector(s): Healthcare
    • Industry: Healthcare Plans
    • Full Time Employees: 327
    • http://www.cloverhealth.com
    • Founded in 2012 
    • Based in Franklin, Tennessee.


    Chamath Palihapitiya on CNBC


    Clover Health Investments (CLOV) and the special purpose acquisition company (SPAC) led by Chamath Palihapitiya that took the tech-focused healthcare company public in January came under attack on Thursday based on claims by Hindenburg Research.

    The report claims that Clover unfairly lured retail investors into purchasing shares while failing to disclose that it was under active investigation by the Department of Justice.

    Clover, which sells Medicare insurance, has a mission of serving “low-income and often overlooked communities.” According to Hindenburg, a civil investigative demand letter shows that the Department of Justice is investigating 12 issues related to Clover, including its software “Clover Assistant,” as well as kickbacks, marketing practices, and undisclosed third-party deals.

    Bumble aims for nearly $6 billion valuation in IPO

     (Reuters) - Bumble Inc, which operates its eponymous dating app, is aiming for a valuation of nearly $6 billion in its initial public offering (IPO), as it prepares for a high-profile market debut at a time when U.S. capital markets have touched record highs.

    The company, in a regulatory filing on Tuesday, said it would sell about 34.5 million shares, raising over $1 billion at the upper end of the price range.

    Bumble, which is unique among dating apps for letting women make the first move, is seeking to cash in on what is the strongest U.S. IPO market in over two decades. Companies raised a record $168 billion through IPOs on stock exchanges in 2020, according to data from Dealogic.

    Bumble was founded in 2014 by Whitney Wolfe Herd, who was also one of the founders of rival app Tinder, which she left earlier that year.

    In 2019, private equity giant Blackstone took a majority stake in Bumble, valuing the firm at around $3 billion, according to PitchBook.

    Bumble also counts the likes of tennis legend Serena Williams and actress Priyanka Chopra, who starred in the TV series Quantico, among its investors.

    The app, which is immensely popular among millennials, has grown rapidly worldwide over the past few years, but its popularity took a hit last year due to the COVID-19 pandemic as users stayed at home and practised social distancing.

    It had 42 million monthly active users as of the third quarter of 2020, and 2.4 million paying users in the nine months ended September, according to its latest filing.

    Austin, Texas-based Bumble had confidentially filed for an IPO late last year. It said it plans to list on Nasdaq under the symbol “BMBL”.

    Wednesday, February 3, 2021

    USA Rare Earth to explore IPO

     (Reuters) - USA Rare Earth LLC has hired bankers to explore going public in a deal that could value the strategic minerals company at more than $1 billion, according to a source familiar with the matter and documents seen by Reuters.

    The company, which is developing the Round Top rare earths deposit in Texas, is considering an initial public offering (IPO) or going public via a special purpose acquisition company (SPAC), though it does not plan to issue debt, according to the source and documents.

    Any offering is expected to raise between $300 million to $500 million, which would be used in part to finance the Texas mine and processing facility. The company hopes to have it operating by 2023.

    Investors are growing more interested in exposure to rare earths, 17 minerals used to build weapons and electronics. China is the world’s largest producer and has threatened to stop exporting these minerals to the United States.

    Goldman Sachs Group Inc and BMO are serving as advisors to USA Rare Earths. Company representatives did not immediately respond to a request for comment.

    Goldman also is handling the company’s negotiations with potential customers.

    Reviving domestic rare earths production has become a priority in Washington as relations with China have grown more frayed, and with U.S. lawmakers leery of relying on a rival for critical defense components.

    U.S. President Joe Biden has repeatedly said he wants to boost manufacturing, a goal that likely would require more domestically-produced minerals. He plans to issue an executive order this month mandating a review of critical U.S. supply chains, sources separately told Reuters on Tuesday.

    USA Rare Earth rival MP Materials Corp, which controls California’s Mountain Pass mine, went public last year in a SPAC deal worth nearly $1.5 billion. Its stock price has more than doubled since its November debut.

    A SPAC is a shell company that raises funds in an initial public offering (IPO) with the aim of acquiring a private company, which then becomes public as result of the merger. For the company being acquired, the merger is an alternative way to go public over a traditional IPO.

    The U.S. Department of Defense has awarded grants to several rare earths producers in the past year, including MP as well as Australia’s Lynas Rare Earths Ltd , in an attempt to boost domestic production. The Pentagon has not given grants to USA Rare Earth or partners.

    USA Rare Earth, which is developing the Texas site with Texas Mineral Resources Corp, has said it does not need U.S. government funding to advance its development plans.

    MP Materials (MP) began trading on the NYSE on Wed 18 Nov 2020

    • IPO via a Fortress SPAC transaction. 
    • Stock closed its first day on the market at $15 a share.



    The mining company, which owns the Mountain Pass open-pit mine in southeastern California, supplies rare earth magnets to electric vehicle makers.

    Rare earth magnets are used in green technologies, such as electric vehicles and wind turbines, to turn energy into motion. Electrification trends are leading to growing demand for what’s called Neodynium-Praseodymium, or NdPr. MP Materials is the largest producer of NdPr magnets in the West and predicts it will be the dominant technology for the coming decades.

    Tuesday, February 2, 2021

    Robinhood IPO expected in Q2 2021

    Robinhood Markets, the trading app that has come under scrutiny for GameStop trading, is moving forward with plans to go public, four bankers and venture capitalists said. 
    • Founded in 2013, Robinhood offers commission-free trading in stocks, ETFs, options, and cryptocurrencies as well as margin. 
    • The company sends customer orders to market makers like Citadel Securities, Virtu Americas, and G1X Execution services. 
    • It had 1,281 employees in 2020. 
    The startup’s IPO plans are on track and an offering is expected in the next few months, likely in the second quarter, three of the people said. 

    “The [Robinhood] IPO is full steam ahead,” one of the bankers said. Goldman Sachs (ticker: GS) is advising on the offering, one of the people said. 

    An IPO would let Robinhood raise fresh capital while allowing the company, once public, to access financing, people said. Robinhood was pushed to raise $3.4 billion in the past week after a buying frenzy forced the trading platform to boost the money it deposits with the clearinghouses that process its trades. 

    Executives for Robinhood and Goldman declined to comment. 

    On Monday, Robinhood said it added another $2.4 billion in a round led by Ribbit Capital. That funding came after the startup raised $1 billion from current investors last week. 

    Monday, February 1, 2021

    IPOs this week : Feb 1 - 5, 2021 (wk 5)

    IPOs expected to price 
    • Telus International CDA (TIXT), 
    • ON24 (NYSE:ONTF), 
    • LoanDepot (LDI), 
    • Atotech (ATC) and 
    • Evaxion Biotech (EVAX). 
    Across the Atlantic, Dr. Martens will start week two of trading after a successful first day in London. 

    IPO lockup expirations
    • Rackspace Technology (NASDAQ:RXT), BigCommerce (NASDAQ:BIGC) and CNS Pharma (NASDAQ:CNSP) on February 2, 
    • Freeline Therapeutics (NASDAQ:FRLN), Ibex Holdings (NASDAQ:IBEX), Checkmate Pharmaceuticals (NASDAQ:CMPI) and Olb Group (NASDAQ:OLB) on February 3. 

    IPO quiet period expirations
    • Cullinan (NASDAQ:CGEM) and Gracell Bio (NASDAQ:GRCL) on February 3 
    One of the most anticipated IPO debuts of the year was pushed back when Roblox postponed its offering after recently raising private funding at a $29.5B valuation.