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
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 9 Nov 21

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

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), (NASDAQ:MNDY) and Zeta Global (NYSE:ZETA) on December 7, as well as on Splash Beverage Group (NYSE:SBEV) on December 8.