initial public offerings (IPOs) trading on American exchanges

Thursday, December 16, 2021

Global private equity firm TPG Partners files for IPO

  • Private-equity firm TPG was founded in 1992 and later changed its name from Texas Pacific Group
  • TPG currently counts about 912 employees.
  • Rivals: Blackstone Group (BX), KKR & Co. Inc. (KKR), Carlyle Group (CG) and Apollo Global Management (APO) 

Private-equity firm TPG Partners LLC is going public with $109 billion of assets under management in one of the more highly anticipated public stock debuts from the world of alternative investing.

TPG on Thursday filed its IPO prospectus with plans to trade on Nasdaq under the symbol “TPG. “

The Fort Worth, Texas-based financial firm, that previously operated under the name Texas Pacific Group, plans to raise up to $100 million in the IPO, but the dollar figure is likely a placeholder that will change once the company sets terms for the deal.

Reddit files confidentially for IPO

Reddit, the social-media platform that is home to WallStreetBets and other forums, confidentially has filed for an initial public offering.

  • The company, founded in San Francisco in 2005, as of August had a valuation of about $10 billion.
  • Along with Fidelity, Reddit’s investors include venture-capital firms Andreessen Horowitz and Sequoia Capital, and Chinese technology conglomerate Tencent Holdings Ltd.
  • Reddit said that it had more than 52 million daily active users as of January, spanning 100,000-plus online communities. Its most notorious community is 10.8 million user-strong WallStreetBets, which was at the heart of a trading frenzy earlier this year in stocks such as GameStop (ticker: GME) and AMC Entertainment (AMC).

In recent years, Reddit has been taking steps to grow by investing in areas such as video and consumer products, as well as by moving into international markets. But like many other social-media companies, it’s also been plagued with content-moderation challenges, including how to stop the spread of misinformation and calls for violence.


As of August, Reddit said it had a valuation of about $10 billion after raising more than $400 million from Fidelity Investments Inc. In February, the social-media company said it had raised about $500 million at a $6.5 billion valuation.

Reddit has been looking to build on the attention it gained when at the start of the year its WallStreetBets forum became a hot spot for the individual investors who rallied around GameStop Corp. and other stocks.

The episode brought in millions of new users, Reddit Chief Executive Steve Huffman said in its wake, as well as new advertisers, the source of the bulk of the company’s revenue. He has also said that with an IPO, he would want to make Reddit’s share offering more accessible to individual investors.

San Francisco-based Reddit, founded in 2005, is known for its message boards on an array of topics, plus its “ask me anything” digital town halls with celebrities, politicians and subject-matter experts. The company was sold to Condé Nast in 2006, and the magazine publisher’s parent, Advance Publications Inc., spun Reddit off in 2011 and remains a shareholder.

Over time, Reddit has grown to outpace rivals such as Digg to become a haven for niche communities to gather and a go-to source of news. Reddit had more than 50 million daily users as of January, according to its website. The company aired its first Super Bowl ad the following month and in August it said it reached $100 million in advertising revenue in a quarter for the first time, almost triple the prior-year figure but that it remained unprofitable.

Wednesday, December 15, 2021

Samsara (IOT) began trading on the NYSE on Wed 15 Dec 21

Samsara Inc. Samsara develops a connected operations platform for tracking fleets of vehicles and other equipment.
  • Sector(s): Technology
  • Industry: Software—Infrastructure
  • Full Time Employees: 1,616
  • Founder: Sanjit Biswas
  • Founded: 2015
  • Headquarters: San Francisco, California
  • https://www.samsara.com
Samsara priced 35.0 mln share IPO at $23/share, at the high end of the $20-$23 expected range
Opened at $24.90.

Tuesday, December 14, 2021

Stran & Company (STRN) began trading on the Nasdaq on Tue 11 Nov 21

Stran & Company, Inc. provides outsourced marketing solutions.
  • Sector(s): Communication Services
  • Industry: Advertising Agencies
  • Founded in 1994 
  • HQ in Quincy, Massachusetts
  • https://www.stran.com

Molecular Partners AG (MOLN) to collaborate with Novartis (NVS)

 Molecular Partners AG operates as a clinical-stage biopharmaceutical company.
  


Molecular Partners AG to collaborate with Novartis (NVS) to develop DARPin-conjugated radioligand therapeutic candidates for oncology
  • Molecular Partners announced a collaboration with Novartis in the form of a license agreement to develop, manufacture and commercialize DARPin-conjugated radioligand therapies. The collaboration will combine Molecular Partners' industry-leading ability to rapidly generate high-affinity DARPins and the RLT capabilities and expertise of Novartis.
  • Under the agreement, both parties will collaborate on the discovery and optimization of the therapeutic candidates. Novartis would be responsible for all clinical development and commercialization activities. Novartis will pay $20 million upfront to Molecular Partners, total potential development, regulatory and commercialization milestone payments of up to $560 million, and up to low double-digit percent of royalties.

Monday, December 13, 2021

ALX Oncology (ALXO) : Evorpacept Data Fails To Impress At ASH Presentation

  •  Announced initial data from the its Phase 1/2 ASPEN-02 study of evorpacept in combination with azacitidine for the treatment of patients with previously untreated higher-risk or relapsed or refractory myelodysplastic syndrome. The combination was well tolerated; among efficacy results, in six previously untreated HR MDS response-evaluable patients, three patients achieved an objective response and two achieved stable disease. Trades at record lows. 


 
 



Saturday, December 11, 2021

IPOs this week : Dec. 13 - 17, 2021 (wk 50)

IPOs expected to price
  • Fresh Vine Wine (VINE), Samsara (IOT) and Sidus Space (SIDU). 
IPO quiet period expirations
  • Braze (NASDAQ:BRZE), Iris Energy (NASDAQ:IREN), Sono Group (NASDAQ:SEV), Sweetgreen (NYSE:SG), Crescent Capital BDC (NASDAQ:CCAP) and UserTesting (NYSE:USER) on December 13, 
  • Finwise (NASDAQ:FINW), Snow Lake Resources (NASDAQ:LITM) and Advanced Human Imaging (NASDAQ:AHI) on December 14. 
IPO lockup expirations
  • WalkMe (NASDAQ:WKME), Convey Health Solutions (NYSE:CNVY), Alzamend Neuro (NASDAQ:ALZN), ATRenew (NYSE:RERE), Century Therapeutics (NASDAQ:IPSC), Atai Life Sciences (NASDAQ:ATAI), Cyteir Therapeutics (NASDAQ:CYT), Ambrx Biopharma (NYSE:AMAM), Codex DNA (NASDAQ:DNAY), Femasys (NASDAQ:FEMY) and Meiwu Technology (NASDAQ:WNW)

Monday, December 6, 2021

Del Taco (TACO) to be acquired by Jack in the Box (JACK) for $12.51/share in cash

San Diego, California-based Jack in the Box, which would now have over 2,800 restaurants spanning 25 states, said the deal would help the chain beef up its off-restaurant premise sales. About 99% of Del Taco restaurants feature a drive-thru. 
  

** TACO **





Del Taco to be acquired by Jack in the Box (JACK) for $12.51/share in cash
  • Cos announced that the companies have entered into a definitive agreement pursuant to which Jack in the Box will acquire Del Taco for $12.51 per share in cash in a transaction valued at approximately $575 million, including existing debt. While this price per share offers an attractive premium to Del Taco shareholders, Jack in the Box estimates that the transaction values Del Taco at a synergy adjusted multiple of approximately 7.6x trailing twelve months Adjusted EBITDA.
  • Jack in the Box expects the transaction to be mid-single-digit accretive to earnings per share excluding transaction expenses in year one and meaningfully accretive beginning in year two once full synergizes are realized.
  • Jack in the Box expects the combined company to realize run-rate strategic and cost synergies of approximately $15 million by the end of fiscal year 2023, with approximately half of the synergies achieved in the first year. Jack in the Box expects to achieve these synergies largely through procurement and supply chain savings, technology and digital efficiencies and other financial benefits, as well as knowledge-sharing initiatives.

IPOs this week : Dec. 6 - 10, 2021 (wk 49)

IPOs expected to price
  • Chicago Atlantic Real Estate Finance (NASDAQ:REFI), Nu Holdings Ltd (NYSE:NU) and HashiCorp (NASDAQ:HCP). 
IPO quiet period expirations
  • Rivian (RIVN), Hertz Global (NASDAQ:HTZ)  
  • Expensify (NASDAQ:EXFY), CI&T Inc (NYSE:CINT), Weave Communications (NYSE:WEAV), Backblaze (NASDAQ:BLZE), Lulu's Fashion Lounge (NASDAQ:LVLU), Third Coast Bancshares (NASDAQ:TCBX), Vaxxinity (NASDAQ:VAXX), Society Pass (NASDAQ:SOPA), Winc (NYSE:WBEV), Kidpik (NASDAQ:PIK) and Tivic Health Systems (NASDAQ:TIVC).
IPO lockup expirations
  • 1stDibs.Com (NASDAQ:DIBS), Lifestance Health Group (NASDAQ:LFST), monday.com (NASDAQ:MNDY) and Zeta Global (NYSE:ZETA) on December 7, as well as on Splash Beverage Group (NYSE:SBEV) on December 8.

Monday, November 29, 2021

Phoenix Motors files for IPO

(Reuters) -Phoenix Motors filed for an initial public offering in the United States on Monday, becoming the latest electric-vehicle (EV) maker looking to cash in on a growing investor appetite for eco-friendly automobiles.

The Ontario, California-based company also disclosed its finances for the first time in its filing https://www.sec.gov/Archives/edgar/data/1879848/000110465921144051/tm2122230-4_s1.htm, revealing a fall in revenue and wider losses for the nine months ended September 2021.
 

Founded in 2003, Phoenix manufactures electric buses and trucks and has been developing commercial EVs for various government fleet markets and commercial clients.

The company operates under the brand Phoenix Motorcars and launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014.

Phoenix, which was acquired by renewable energy company SPI Energy in November last year, had delivered 84 shuttle buses and 14 work and delivery trucks as of Sept. 30, it said.

EV companies have emerged as some of the hottest investment targets since last year, as investors and lawmakers alike push for more sustainability in businesses.

Earlier this month, Amazon-backed EV maker Rivian Automotive made its stock market debut https://www.reuters.com/business/autos-transportation/ev-maker-rivian-set-high-profile-market-debut-after-mammoth-ipo-2021-11-10 in New York, fetching a market valuation of more than $100 billion after the world's biggest initial public offering this year.

Luxury electric vehicle maker Lucid Group Inc also went public this year through a mega $24 billion merger with a special purpose acquisition company.

Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for Phoenix's offering.

The company will be listed on the Nasdaq under the symbol "PEV."

IPOs this week : Nov. 29 - Dec. 3, 21 (wk 48)

IPOs expected to price
  • Nuvectis Pharma (NVCT
IPO quiet period expirations
  • Evotec SE (NASDAQ:EVO), Allbirds (NASDAQ:BIRD) , Arhaus (NASDAQ:ARHS), NerdWallet (NASDAQ:NRDS), Claros Mortgage Trust (NYSE:CMTG) , Cadre Holdings (NYSE:CDRE) , MDxHealth SA (NASDAQ:MDXH) and Blue Star Foods (NASDAQ:BSFC) on November 29. 
  • Cian (NYSE:CIAN), IO Biotech (NASDAQ:IOBT), Real Good Food (NASDAQ:RGF), Biorestorative Therapies (NASDAQ:BRTX) and Mainz Biomed (NASDAQ:MYNZ) on November 30.
IPO lockup expirations
  • Dlocal (NASDAQ:DLO), which is up more than 50% from its IPO pricing level.

Monday, November 22, 2021

IPOs this week : Nov. 22 - 26, 21 (wk 47)

IPO quiet period expirations
  • Globalfoundries (NASDAQ:GFS), Fluence Energy (NASDAQ:FLNC), Informatica (NYSE:INFA), Rent the Runway (NASDAQ:RENT), Solo Brands (NYSE:DTC), Arteris (NASDAQ:AIP), Augmedix (NASDAQ:AUGX) and Marpai (NASDAQ:MRAI) on November 22. 
  • HireRight (NYSE:HRT), Udemy (NASDAQ:UDMY), Entrada Therapeutics (NASDAQ:TRDA), Sonendo (NYSE:SONX), AirSculpt Technologies (NASDAQ:AIRS), Aura Biosciences (NASDAQ:AURA), Biofrontera (NASDAQ:BFRI) on November 23.
IPO lockup expirations
  • Paymentus (PAY) on November 22, 
  • Figs (NYSE:FIGS), Singular Genomics Systems (NASDAQ:OMIC) and Day One Biopharmaceuticals (NASDAQ:DAWN) on November 23. 
  • Centessa Pharmaceuticals (NASDAQ:CNTA) and Zivo Bioscience (NASDAQ:ZIVO) see IPO lockup periods end on November 24 and LianBio (NASDAQ:LIAN) has its lockup period expiring on November 26.

Monday, November 15, 2021

IPOs this week : Nov. 15 - 19, 2021 (wk 46)

IPOs expected to price
  • Braze (NASDAQ:BRZE), UserTesting (NYSE:USER), Iris Energy (NASDAQ:IREN), Sono Group (NASDAQ:SEV) on November 17, as well as KC Holdco (NYSE:KLC) and Sweetgreen (NYSE:SG) on November 18. 
Of the bunch, Sono Group is capturing the most attention. The parent company for Sono Motors describes itself as being on a pioneering mission to accelerate the revolution of mobility by making every vehicle solar. The company's Sion solar electric vehicle is expected to be the first of its kind and more than 16K reservations with advance payments have been made. The vehicle will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023. Sono Motors (SEV) believes that SEVs will be the next big wave in e-mobility and calls combustion engines a thing of the past. The company wants to take the solar concept to trucks, trailers and buses.

IPO quiet period expirations
  • Vita Coco Company (NASDAQ:COCO), Enfusion (NYSE:ENFN), Portillo's (NASDAQ:PTLO), P10 (NYSE:PX), Runway Growth Finance (NASDAQ:RWAY), Stronghold Digital Mining (NASDAQ:SDIG) and Ventyx (VYTX) on November 15. 
  • Aris Water Solutions (NYSE:ARIS), Xilio Therapeutics (NASDAQ:XLO) and Minerva Surgical (NASDAQ:UTRS) on November 16.
IPO lockup expirations
  • Jiuzi Holdings (NASDAQ:JZXN), Oatly Group (NASDAQ:OTLY), Procore Technologies (NYSE:PCOR) and Virpax Pharmaceuticals (NASDAQ:VRPX).

Monday, November 8, 2021

Privia Health Group (PRVA) reported earnings on Mon 8 Nov 21 (b/o)

Sector(s): Healthcare
Industry: Health Information Services
Full Time Employees: 559
http://www.priviahealth.com
IPO: Thur Apr 29, 21



  • Total revenue for the quarter grew ~21.4% YoY to reach $251.5M, with Practice Collections rising ~18.1% YoY to $401.5M.
  • However, the company reported a net loss of $9.1M compared to ~$16.7M of net income in the previous year as general and administrative expenses more than trebled to $33.9M.
  • “We expect to accelerate top-line growth and continue to expand our profit margin as we execute on our multiple market opportunities in the coming year,” CEO Shawn Morris remarked, noting a ~31.5% YoY increase in care margin and ~51.9% YoY rise in adj. EBITDA.
  • For 2021, the company has raised its guidance with newly projected GAAP revenue standing at $900M – $920M, well ahead of $876.8M in the consensus.

IPOs this week : Nov. 8 - 12, 2021 (wk 45)

IPOs expected to price
  • Rivian Automotive (RIVN) (see preview below), CI&T (CINT), Expensify (EXFY) and Third Coast Bancshares (TCBX) on November 10
  • Weave Communications (WEAV) and Backblaze (NASDAQ:BLZE) on November 11. 
It is also round two for Hertz Global Holdings (OTCPK:HTZZ), with the rental car company having a re-IPO under the old ticker HTZ. Hertz plans to offer 37.1M shares at $25 to $29 each. At the midpoint of the indicated range, Hertz would have a fully diluted market value of $13.9B. As part of the offering, Hertz intends to repurchase between $250M to $500M worth of shares from the underwriters. Knighthead Capital and Certares Management will still own about 37% of Hertz after all the smoke clears. The Hertz offering is expected to attract quite a bit of attention following the high-profile agreements with Tesla (NASDAQ:TSLA) and Uber Technologies (NYSE:UBER), as well as the meme rally explosion of shares of Avis Budget Group (NASDAQ:CAR).

IPO quiet period expirations: Analysts can start posting ratings on Gitlab (NASDAQ:GTLB), AvidXchange (NASDAQ:AVDX), Ihs Holding (NYSE:IHS), Lucid Diagnostics (NASDAQ:LUCD), Healthcare Triangle (NASDAQ:HCTI) and Xortx Therapeutics (NASDAQ:XRTX) on November 8. The quiet periods expire on Paragon 28 (NYSE:FNA) and MiNK Therapeutics (NASDAQ:INKT) on November 9.

IPO lockup expirations
  • Global-e Online (NASDAQ:GLBE), IPower (NASDAQ:IPW), SimilarWeb (SMWB)and Flora Growth (NASDAQ:FLGC) on November 8. 
Of the last 20 IPO lockup periods, 16 of the stocks saw a share price decline the day before the lockup period ended. Only 8 stocks saw a decline on the same day as the lockup expiration, but then 12 of the stocks saw a decline on the day after the expiration. The general trend was for more selling pressure in front of the expirations.

Rivian Automotive IPO preview: 
The electric vehicle sector will have another stock generating buzz with Rivian Automotive (RIVN) planning to raise $9.7B in its initial public offering by selling 135M shares at $72 to $74 per share. Including stock options and restricted units, the implied valuation for Rivian is over $62B, which is above the market caps of Honda Motors and Ferrari. In the filing, Rivian (RIVN) says its began making customer deliveries of the R1T pickup truck in September and produced 180 R1Ts and delivered 156 R1Ts by the end of October. Most of the deliveries so far have been to Rivian employees, but the company expects to ramp deliveries to third-party customers as the production rate accelerates. Rivian plans to launch and commence customer deliveries for the R1S SUV in December following the completion of ongoing vehicle validation and testing. By the end of the year, the electric vehicle upstart intends to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss. Rivian (RIVN) also highlighted its ecosystem in advance of the IPO, which includes vehicle technology, the Rivian Cloud, product development, analytics, accessories and services. The ecosystem is described as competitive in comparison to peers. Important to the upside case, Rivian (RIVN) estimates its total addressable marker at $9T and its serviceable available market at $1T.

Thursday, November 4, 2021

NeoPhotonics (NPTN) to be acquired by Lumentum (LITE) for $16.00/share

  • Agreed to be acquired by Lumentum (LITE) for $16.00/share in cash, representing a total equity value of approx. $918 mln. Also reported upside Q3 results; products capable of use for 400G and above applications were 50% of revenue. At multi-year highs. 
  • NeoPhotonics IPO: February 2, 2011
   LITE


** NPTN **

 
 





NeoPhotonics agrees to be acquired by Lumentum (LITE) for $16.00/share in cash
  • Lumentum and NeoPhotonics announced that they have entered into a definitive agreement under which Lumentum will acquire NeoPhotonics for $16.00/share in cash, which represents a total equity value of approx. $918 mln.
    • Lumentum intends to finance the transaction through cash from the combined company's balance sheet.
    • Related to the transaction, Lumentum will provide up to $50 mln in term loans to NeoPhotonics to fund anticipated growth.
  • The addition of NeoPhotonics expands Lumentum's opportunity in some of the fastest growing areas of the more than $10 bln market for optical components used in cloud and telecom network infrastructure.
  • The combined company is expected to generate more than $50 mln in annual run-rate synergies within 24 months of the closing of the transaction. The transaction is expected to be immediately accretive to the combined company's non-GAAP EPS upon closing.
  • The transaction has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the second half of calendar year 2022.

 

Monday, November 1, 2021

IPOs this week : Nov. 1 - 5, 2021 (wk 44)

IPOs expected to price
  • Allbirds (BIRD) on November 3. 
  • NerdWallet (NASDAQ:NRDS)
  • Arhaus (NASDAQ:ARHS) IPOs. 

IPO quiet period expirations
  • Life Time Group (NYSE:LTH), 
  • Tricon (NYSE:TCN), 
  • Nuvei (NASDAQ:NVEI), 
  • Volcon (NASDAQ:VLCN) to set analyst free to issue ratings. 
IPO lockup expirations
  • Honest Company (NASDAQ:HNST), Sprinklr (NYSE:CXM), Waterdrop (NYSE:WDH), Talaris Therapeutics (NASDAQ:TALS), Onion Global (NYSE:OG), Bowman Consulting Group (NASDAQ:BWMN) and Anebulo Pharmaceuticals (NASDAQ:ANEB).

Friday, October 29, 2021

Udemy (UDMY) began trading on the Nasdaq on Fri 29 Oct 21

Sector(s): Consumer Defensive
Industry: Education & Training Services
Full Time Employees: 1,238
Incorporated in 2010
HQ in San Francisco, California
https://www.udemy.com


Thursday, October 28, 2021

CareDx Inc. (CDNA) reported earnings on Thur 28 Oct 21 (a/h)

  •  For Q3, co posted upside results for EPS and for revs, which rose +42% yr/yr to $75.6 mln. Testing services volume grew +86% yr/yr. Raised its guidance for FY21 revs to $290-293 mln, in-line with estimates. Falls to 52-week lows. 
** charts after earnings **



 






CareDx beats by $0.05, beats on revs; raises FY21 revs in-line
  • Reports Q3 (Sep) earnings of $0.07 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.02; revenues rose 41.6% year/year to $75.6 mln vs the $74.11 mln S&P Capital IQ Consensus.
  • Co issues raised guidance for FY21, sees FY21 revs of $290-293 mln from $280-290 mln vs. $290.48 mln S&P Capital IQ Consensus.

Wednesday, October 27, 2021

Rent the Runway (RENT) began trading on the Nasdaq on Wed 27 Oct 21

Rent the Runway, Inc. rents designer wear for women through its stores and online retail. 
  • Sector(s): Consumer Cyclical
  • Industry: Apparel Retail
  • Full Time Employees: 958
  • Incorporated in 2009 
  • Headquartered in Brooklyn, New York
  • https://www.renttherunway.com
 

Rent the Runway priced upsized 17.0 mln share IPO at $21/share, at the high end of the $18-21 expected range
Opened at $23 after pricing IPO at $21

 
CEO Jennifer Hyman's 5.1% wnership stake is now worth about $48.9 million.

 The 41-year-old Jennifer Hyman (right) launched the company is 2008 with Harvard Business School classmate Jennifer Carter Fleiss (left), who left in 2018 but still owns 1%.