initial public offerings (IPOs) trading on American exchanges

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, 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 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
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

** 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).