Riskified (RSKD) began trading on the NYSE on Thur 29 July 21

Riskified offers an e-commerce risk management platform that aims to prevent fraud. 

Riskified (NYSE) priced 17.5 mln share IPO at $21.00 per share, above the $18-20 expected range

Opened at $27 and closed at $26, up nearly 24% from the offer price.

Raised $367.5 million

Robinhood Markets (HOOD) began trading on the Nasdaq on Thur 29 Jul 21

Robinhood Markets, Inc. operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies.

• Sector(s): Technology
• Industry: Software—Infrastructure
• Full Time Employees: 2,300
• Founded: Apr 18, 2013
• Headquartered: Menlo Park, California
• CEO:  Vladimir Tenev
• https://robinhood.com

 

 

Robinhood Markets co-Founders Baiju Bhatt and Vladimir Tenev

Oscar Health (OSCR) began trading on the NYSE on Wed 3 March 21

Oscar Health is a provider of health insurance coverage serving individuals, families, small businesses, and Medicare users. According to Reuters, the company currently provides for 529,000 customers on its technology platform across 18 states.

In 2020, the company said that its customers increased year-over-year by 75%, thanks to the pandemic increasing the demand for healthcare delivery through online, mobile and at-home methods. The insurtech’s premiums also increased last year to $1.67 billion, representing a 60% increase from the previous year.

• Co-founded by Josh Kushner in 2012, the managing partner of the venture capital firm Thrive Capital, and the son of billionaire real estate developer Charles Kushner.
• Oscar Health made headlines in 2018, when Google parent company Alphabet took an almost 10% stake in the health insurance startup for $375 million.
• The company was named after Kushner’s great-grandfather, an immigrant given the name Oscar at Ellis Island, according to a letter in the filing from Kushner and co-founder Mario Schlosser.

Sector(s): Healthcare

Industry: Healthcare Plans

https://www.hioscar.com

Oscar Health co-founders Josh Kushner and Mario Schlosser.

Alset EHome (AEI) Prices Public Offering of Shares, Warrants

 

Alset EHome International Inc. said it has priced an underwritten public offering of 6.4 million common shares to be issued by the company at $2.12 a share.

 

 The holding company also is issuing pre-funded warrants to purchase 8.7 million shares at $2.11 per pre-funded warrant. The pre-funded warrants have an exercise price of one cent a share.

The proceeds from the offering, are expected to be $32 million.

Alset EHome granted the underwriters a 45-day option to purchase additional shares, representing up to 15% of the number of the shares and pre-funded warrants sold in the base offering, solely to cover over-allotments, if any.

Waterdrop (WDH) began trading on the NYSE on Fri 7 May 21

Waterdrop Inc. provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in China.

• Sector(s): Financial Services
• Industry: Insurance—Diversified
• Full Time Employees: 4,291
• Founded in 2016
• Headquartered in Beijing, China
• http://www.waterdrop-inc.com

Inovalon (INOV) to be acquired by Nordic Capital?

• Update: Acquired by Nordic Capital and Insight Partners for $7.3 Billion. (Aug 19, 2021) 

(Bloomberg) -- Private equity firm Nordic Capital is in advanced talks on a potential acquisition of health-care technology company Inovalon Holdings Inc., according to people familiar with the matter.

A final agreement hasn’t been reached and discussions could still fall apart, said the people, who asked not to be identified because the information was private. Representatives for Nordic Capital and Inovalon didn’t immediately respond to requests for comment outside of normal business hours.

 

 

 

 

 

 

 

Shares of Inovalon have risen about 80% this year through Monday, giving it a market value of about $5.1 billion. Inovalon jumped as much as 13% in pre-market U.S. trading Tuesday.

Inovalon, based in Bowie, Maryland, went public in 2015 in an initial public offering that raised about $685 million. The company’s software is used to aggregate and analyze health-care data from researchers and providers, according to its website.

Its database includes information from more than 1 million physicians, 580,000 clinical facilities and 336 million patients. The software is used by all of the top 25 U.S. health plans as well as the world’s top 25 pharmaceutical companies, the company said. Inovalon is scheduled to report its second-quarter earnings on July 28.

Based in Stockholm, Nordic Capital has raised more than 1.2 billion euros ($1.4 billion) for a new fund intended to invest 35 million euros to 150 million euros in health care, technology and financial services firms across northern Europe.

On Monday, it agreed to invest in Dutch outpatient health-care provider Equipe Zorgbedrijven. That followed a roughly $846 million deal in June for speciality pharmaceutical company Advanz Pharma, and the agreement in March to acquire a stake in Danish dermatology firm LEO Pharma A/S.

Private equity firms have agreed $106 billion of acquisitions in the health-care sector globally this year, according to data compiled by Bloomberg. That’s up more than 300% on the same period in 2020, the data show.

ironSource (IS) began trading on the NYSE on Tue 29 June 21

ironSource is an Israeli software company backed by Carmel Ventures, a Viola Group affiliate, as well as CVC Capital Partners. The company focuses on developing technologies for app monetization and distribution, with its core products focused on the app economy.  

• Number of employees: 1000+
• Number of locations: 12
• Founder: Tomer Bar-Zeev
• Headquarters: Israel
• Founded: 2009, Tel Aviv-Yafo, Israel
• Subsidiaries: Luna Labs Limited, Soomla Inc., Upopa Games, AfterDownload Ltd.
• CEO Tomer Bar-zeev
• is.com

 

CEO Tomer Bar-zeev

Founded in 2009, IronSource is based in Tel Aviv, with additional offices in San Francisco, New York, London, and other locations in China, India and South Korea. Originally a downloads optimization software developer, IronSource shifted its focus to rewarded ads following a series of acquisitions between 2013 and 2016. The company has raised $105 million to date.

Aside from company employees, IronSource’s shareholders include Israel-based Viola Ventures, Los-Angeles-based Saban Ventures, the venture arm of the Saban Group, Allied Holdings, the controlling shareholder of Champion Motors Israel, and Arik Czerniak, co-founder of app monetization company Supersonic, which was acquired by IronSource in 2015.

IPOs this week : July 26 - 30, 21 (wk 30)

IPOs expected to price

• Dole (DOLE), Duolingo (DUOL), MeridianLink (MLNK), Snap One (SNPO), Context Therapeutics (CNTX), Riskified (RSKD) and Preston Hollow Community Capital (PHCC) on July 28. 
• Robinhood Markets (HOOD) is also expected to start trading after its direct listing.  Menlo Park, Calif., 55 million shares, priced $38-$42, managed by Goldman Sachs/JP Morgan. Business: Offers a no-commission retail brokerage platform.
• Aspire Global (NASDAQ:ASPG) - 15 million shares, priced $7-$9, managed by Tiger Brokers/EF Hutton. Business: E-cigarette and vaping brand.
• Clarios (NYSE:BTRY) - Milwaukee, 88.1 million shares, priced $17-$21, managed by BofA Securities/JP Morgan.  Business: Global manufacturer of low-voltage vehicle batteries.

 IPO quiet period expirations

• Didi Global (NYSE:DIDI), SentinelOne (NYSE:S), Legalzoom (NASDAQ:LZ), Krispy Kreme (NASDAQ:DNUT), Xometry (NASDAQ:XMTR), EverCommerce (NASDAQ:EVCM), Intapp (NASDAQ:INTA), Torrid Holdings (NYSE:CURV), CVRx (NASDAQ:CVRX), Aerovate Therapeutics (NASDAQ:AVTE), DingDong Cayman (NYSE:DDL), Better Choice Co Inc (OTCQX:BTTR), Pop Culture Group (NASDAQ:CPOP), Glimpse Group (NASDAQ:VRAR), Recruiter Group (NASDAQ:RCRT) and Eco Wave Power Global (NASDAQ:WAVE). 

IPO lockup expirations

Shoals (NASDAQ:SHLS), Tian Ruixiang (NASDAQ:TIRX), Qualtrics (NASDAQ:XM) and ZIM Shipping Services (NYSE:ZIM) to watch.

Xponential Fitness (XPOF) began trading on the NYSE on Fri 23 July 21

Xponential Fitness operates as a boutique fitness franchisor in North America and internationally. The company offers fitness and wellness workouts, including Pilates, barre, cycling, stretch, rowing, yoga, boxing, dance, and running under the Club Pilates, Pure Barre, CycleBar, Stretch Lab, Row House, Yoga Six, Rumble, AKT, and Stride brand names. As of March 31, 2021, it had 1,060 franchisees operating 1,775 open studios. 

• Sector(s): Consumer Cyclical
• Industry: Leisure
• Full Time Employees: 240
• Founded in 2017 
• Headquartered in Irvine, California
• http://www.xponential.com

Xponential Fitness priced 10 mln share IPO at $12.00 per share, below the $14-16 expected range

Opened at $11.20 after pricing IPO at $12 

Paycor (PYCR) began trading on the Nasdaq on Wed 21 July 21

Paycor HCM, Inc. provides software-as-a-service (SaaS) human capital management (HCM) solutions for small and medium-sized businesses (SMBs) primarily in the United States. 

In its filings with the U.S. Securities and Exchange Commission, the company said that it has more than 28,000 customers across all 50 states in the U.S.

• Sector(s): Technology
• Industry: Software—Application
• Full Time Employees: 1,945
• founded in 1990 and is headquartered in Cincinnati, Ohio.
• Chief Executive Officer Raul Villar Jr.
• http://www.paycor.com
• Funds controlled by private equity firm Apax Partners will own 82% of its common stock after its listing.

Paycor priced 18.5 mln share IPO at $23.00 per share, above the $18-21 expected range

July 21: Opened at $28, rose as much as 32%, closed at $26.05 in New York trading, giving the company a market value of $4.46 billion.

For the nine months ended March 31, Paycor had a net loss of $46 million on revenue of $265 million, compared with a loss of $47 million on revenue of $255 million for the same period a year earlier, according to the filings.

Zevia PBC (ZVIA) began trading on the NYSE on Thur 22 July 21

Zevia PBC, a beverage company, develops, markets, sells, and distributes various zero calorie carbonated soft drinks under the Zevia brand name in the United States and Canada.

• Sector(s): Consumer Defensive
• Industry: Beverages—Non-Alcoholic
• Full Time Employees: 98
• Founded in 2007 
• HQ: Encino, California
• http://www.zevia.com

Zevia PBC opened at $12.50 after pricing downsized 10.7 mln share IPO at $14/share, at the midpoint of the $13-15 expected range

 

 

 

 

N-able Technologies (NABL) completes its spin-off from parent company SolarWinds (SWI)

 Open $14.95

Close $12.50

SolarWinds completes spin-off of managed service provider business into N-able 

• SolarWinds and N-able, a provider of cloud-based software solutions for managed service providers, today announced the completion of the previously announced spin-off of the SolarWinds managed service provider ("MSP") business into a standalone, separately-traded public company named N-able.
• Following the separation, which was completed on July 19, N-able will provide cloud-based software solutions for MSPs, enabling them to support digital transformation and growth within small and medium-sized enterprises. SolarWinds will retain its Core IT Management business focused primarily on providing IT infrastructure management software to corporate IT organizations.

Five9 (FIVN) to be acquired by Zoom (ZM) for $14.7 bln

   

Five9 to be acquired by Zoom (ZM) in all-stock transaction valued at $14.7 bln

• Zoom Video Communications (ZM) announced it has entered into a definitive agreement to acquire Five9 (FIVN) in an all-stock transaction valued at approximately $14.7 billion. Combining Five9's Contact Center as a Service solution with Zoom's broad communications platform will transform how businesses connect with their customers, building the customer engagement platform of the future.
• The acquisition is expected to help enhance Zoom's presence with enterprise customers and allow it to accelerate its long-term growth opportunity by adding the $24 billion contact center market. Five9 is a pioneer of cloud-based contact center software. Its highly-scalable and secure cloud contact center delivers a comprehensive suite of easy-to-use applications that allows management and optimization of customer interactions across many different channels.
• As part of the agreement, Five9 stockholders will receive 0.5533 shares of Class A common stock of Zoom Video Communications, Inc. for each share of Five9, Inc. Based on the closing share price of Zoom Class A common stock as of July 16, 2021, this represents a per share price for Five9 common stock of $200.28 and an implied transaction value of approximately $14.7 billion.
• The Boards of Directors of Zoom and Five9 have approved the transaction. The Board of Directors of Five9 recommends that Five9 stockholders approve the transaction and adopt the merger agreement. The transaction, which is anticipated to close in the first half of calendar year 2022, is subject to approval by Five9 stockholders, the receipt of required regulatory approvals and other customary closing conditions.

IPOs this week : July 19 - 23, 2021 (wk 29)

IPOs expected to price

• Paycor HCM (NASDAQ:PYCR), 
• Xponential Fitness (XPOF)
• Vtex (NYSE:VTEX), 
• CS Disco (NYSE:LAW),
• Kaltura (NASDAQ:KLTR), 
• Gambling Group (NASDAQ:GAMB), 
• Ryan Specialty Group (NYSE:RYAN), 
• Instructure (NYSE:INST), 
• Zenvia (NASDAQ:ZENV), 
• Couchbase (NASDAQ:BASE), 
• Zevia (NYSE:ZVIA) and 
• Outbrain (NASDAQ:OB). 

IPO lockup expirations

• MYT Netherlands (NYSE:MYTE), 
• Dream Finders Homes (NASDAQ:DFH), 
• RLX Technology (NYSE:RLX), 
• Patria Investments (NASDAQ:PAX), 
• Montauk Renewables (NASDAQ:MNTK) and 
• Huadi International Group (NASDAQ:HUDI). 

IPO quiet period expirations

The most notable quiet period expiration of the week may be for Chinese EV truck maker Full Truck Alliance (NYSE:YMM).

Imago BioSciences (IMGO) began trading on the Nasdaq on Fri 16 July 21

• Imago BioSciences was founded in 2012 
• HQ in Redwood City, California 
• Hugh Y. Rienhoff, Jr., Founder and Chief Executive Officer

Imago BioSciences priced upsized 8.4 mln share IPO at $16/share, at the high end of the $14-16 expected range
Opened at $17.50.

Erasca (ERAS) began trading on the Nasdaq on Fri 16 July 21

Erasca priced upsized 18.8 mln share IPO at $16/share, at the high end of the $14-16 expected range

Erasca is a precision oncology company working to develop new anti-cancer drugs. The company is following multiple strategies in its research, to discover, develop, and eventually commercialize new medication therapies for RAS and MPAK pathway cancers. Erasca has a pipeline of 9 separate drug candidates.

The lead candidate in the pipeline, EARS-007, is being studied as a treatment for various solid and liquid tumors, as well as non-small cell lung cancer. The drug has four separate tracks under investigation, with one (the tissue agnostic RAS/MPAK altered solid tumor track) entering a Phase 1b/2 clinical trial, the HERKULES-1 trial. The other indications for this drug candidate are the subjects of HERKULES 2 through 4, which are planned to start later this year.

IPOs this week : July 12 - 16, 2021 (wk 28)

IPO quiet period expirations

• Angel Oak Mortgage (AOMR), Convey Health (CNVY), Lyell Immunopharma (LYEL), Verve Therapeutics (VERV), and WalkMe (WKME) on July 12; 
• Ambrx Biopharma (AMAM), Cyteir Therapeutics (CYT), Codex DNA (DNAY), Century Therapeutics (IPSC), AiHuiShou International (RERE), and Tremor (TRMR) on July 13. 

IPO lockup expirations

• Affirm (AFRM) on July 12; 
• Poshmark (POSH) on July 13; and 
• Driven Brands (DRVN) and Playtika (PLTK) on July 14.

23andMe (ME) began trading on the Nasdaq on Thur 17 June 21

Personalized medicine and at-home genetic testing kit company 23andMe went public on Thursday through a merger with a Richard Branson SPAC, VG Acquisition Corp., in a deal that raised near-$600 million and valued the company at $3.5 billion.

• Sector(s): Healthcare
• Industry: Diagnostics & Research
• Founded in 2006 and is 
• Headquartered in Sunnyvale, California
• http://www.23andme.com

 

 Anne Wojcicki, 23andMe co-founder & CEO (right) celebrates with 23andMe employees after remotely ringing the NASDAQ opening bell at the headquarters of DNA tech company 23andMe in Sunnyvale, California, U.S., June 17, 2021.

Founded by Anne Wojcicki — the former spouse of Google founder Sergey Brin, who was an early investor in the company — 23andMe was created 15 years ago. Along with Ancestry, it has helped pioneer the idea that genetic testing is not just a medical field, but a big consumer business. Its at-home testing kits, which allowed people to learn about their genetic profiles and ancestry by sending a bit of saliva through the mail, ushered in a new era of personalized medicine, though not without controversy.

23andMe, a five-time CNBC Disruptor 50 company, has not had a straight or sure path to success as a public company.

It faced FDA scrutiny earlier in its history; continues to face questions about consumer privacy as it gathers genetic information on millions of individuals; ran into financial challenges in recent years as the market for personalized genetic tests seemed to get saturated; skepticism over the basis for its gene-based risk analysis remains contentious; and as it dives deeper into drug development, a gap in its current customer base and underlying genetic data between a majority European genetic profile and underrepresentation of many minority and ethnic groups.

Far Peak Acquisition (FPAC) confirms intent to merge with Bullish

Cryptocurrency firm Bullish to go public in $9 billion SPAC deal

• Bullish, a unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year.
• The company is backed by billionaire entrepreneur Peter Thiel's Thiel Capital and Founders Fund, British hedge fund manager Alan Howard, U.S. hedge fund manger Louis Bacon, Hong Kong billionaire Richard Li, German investor Christian Angermayer's Apeiron Investment Group, Galaxy Digital, and Japanese bank Nomura.
• Market sentiment on cryptocurrencies has dimmed as China, Britain and Japan clamp down on the sector.

 

Far Peak Acquisition confirms intent to merge with Bullish

• Bullish, a technology company focused on developing financial services for the digital assets sector, announced it intends to go public on the NYSE through a merger with Far Peak Acquisition Corp., a special purpose acquisition company.
  • Bullish is preparing to release a regulated cryptocurrency exchange that offers deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets.
  • In the coming weeks, Bullish exchange will run a private pilot program leading up to its public launch anticipated later in 2021.
• The business combination of Bullish and Far Peak has a pro forma equity value at signing of approx. US$9.0 bln at US$10 per share, to be adjusted at transaction closing based on crypto asset prices around that time.
• The proceeds include net cash in trust of approx. US$600 mln and US$300 mln of committed private investment in public equity anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and several other institutional investors.
• The transaction is expected to close by the end of 2021.

Doximity (DOCS) began trading on the NYSE on Thur 24 June 21

Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States.

The company was formerly known as 3MD Communications, Inc. and changed its name to Doximity, Inc. in June 2010.

• Sector(s): Healthcare
• Industry: Health Information Services
• Full Time Employees: 953
• Incorporated in 2010 
• Headquartered in San Francisco, California
• https://www.doximity.com

IPOs this week : July 5 - 9, 2021 (wk 27)

No IPOs are expected to price during the holiday-shortened week. 

IPO quiet period expirations

• Marqeta (NASDAQ:MQ), 
• Kanzhun (NASDAQ:BZ), 
• Monday.com (NASDAQ:MNDY), 
• TaskUs (NASDAQ:TASK), 
• Janux Therapeutics (NASDAQ:JANX), 
• Zeta Global (NYSE:ZETA), 
• 1stdibs (NASDAQ:DIBS), 
• AcuityAds (NASDAQ:ATY), 
• Zhangmen Education (NYSE:ZME) and 
• Splash Beverage Group (NYSE:SBEV). 

IPO lockup expirations

• Cullinan Oncology (NASDAQ:CGEM) and Gracell Biotechnologies (NASDAQ:GRCL) on July 7.

 Investors will also be watching for more information on the Robinhood Markets (NASDAQ:HOOD) IPO.

Ireland’s fruit and vegetable producer Dole files for U.S. IPO

(Reuters) -Fruit and vegetable grower Dole Plc filed paperwork on Friday with regulators to return to the U.S. stock market as part of a deal in which its 98-year-old billionaire owner David Murdock finally gave up the reins of the company.

Murdock, who built what was originally a Hawaiian pineapple growing business into one of the world’s biggest fresh food producers and distributors, stepped down from the board earlier this year as part of a merger with Irish peer Total Produce.

The stock market launch is one of the final pieces of a deal that began with the Irish company buying 45% of Dole for $300 million three years ago.

Originally a real estate investor, the American billionaire took over Dole in the 1980s by purchasing its parent company Castle & Cooke. He took Dole private in 2003, only to float it publicly in 2009 and then buy it out again four years later.