initial public offerings (IPOs) trading on American exchanges
Showing posts with label first day of trading. Show all posts
Showing posts with label first day of trading. Show all posts

Wednesday, July 16, 2025

Aura Minerals (AUGO) began trading on the Nasdaq on Wed 16 July 25

Aura Minerals Inc. is a Canadian multi-national mining company that owns and operates gold and copper mines in Honduras, Brazil and Mexico. 
The company is headquartered in the British Virgin Islands, operated from its corporate office in Florida and has its stocks traded on the Toronto Stock Exchange and BDR on the B3.
  • Founded: 1946
  • Headquarters: Coral Gables, Florida
  • Website: auraminerals.com
  • Employees: 1,337
  • CEO: Rodrigo Barbosa

 Ticker: AUGO

Aura Minerals priced 8.10 mln share IPO at $24.25 per share; 
Stock is already listed on Toronto Stock Exchange and Brazilian Stock Exchange and will now trade on the Nasdaq Global Select Market

 



BofA Securities and Goldman Sachs & Co. LLC are acting as Global Coordinators, BTG Pactual and Ita BBA are acting as Joint Bookrunners and Bradesco BBI, National Bank of Canada Financial Markets, RBC Capital Markets and Scotiabank are acting as Co-Managers of the offering.

Wednesday, January 22, 2025

Diginex (DGNX) began trading on the Nasdaq on Wed 22 Jan 25

Diginex Ltd. is a blockchain financial services and technology company. Its products include diginexESG, diginexLUMEN, diginexAPPRISE, diginexLUMEN Pro, and CSRD framework. 
  • Sector: Industrials
  • Industry: Consulting Services
  • Full Time Employees: 19
  • Founded by Miles Christian Pelham in 2020 
  • Headquartered in Telegraph Bay, Hong Kong
  • https://www.diginex.com

Ticker: DGNX

Thursday, July 2, 2020

Lemonade (LMND) began trading on the NYSE on Thur 2 July 20

  • Lemonade Inc. snagged 2020’s strongest initial public offering debut of a U.S. company as shares of the mobile-based insurance startup became the latest to more than double on their first day of trading. 



Lemonade (LMND) shares, which skyrocketed as much as 144% to hit an intraday high of $70.80, finished up 139% at $69.41 on Thursday, following an IPO pricing of $29 a share late Wednesday. That pricing was above an already increased IPO pricing to range of $26 to $28 a share, which topped a previous range of $23 to $26 apiece.

That’s the best debut for a U.S.-based company since shares of Inari Medical Inc. (NARI) closed at $42.51 on May 22, above its pricing of $19 for a 124% gain. American Depositary Receipts of Shanghai-based video-interaction company Agora Inc. did slightly better than Lemonade, jumping 152% on their first day to close at $50.50.


Most recently, shares of online used-car seller Vroom Inc. (VRM) closed at $47.90 on June 9 a day after pricing its IPO at $22, for a 117% gain, and ZoomInfo Technologies Inc. (ZI) shares closed at $34 on June 4, its first day of trading, after hitting an intraday high of $42 after pricing at $21.

Lemonade sold 11 million shares, with up to 1.7 million available to underwriters to cover overallotments. Taking into account those additional shares, Thursday’s close values the company at $3.93 billion.

Before the IPO, the company had already raised $480 million through several funding rounds, according to Crunchbase, with a $300 million round in April 2019 led by SoftBank Group Corp. 9984, +2.62% bestowing a “pre-money” valuation of $1.7 billion.

Friday, May 15, 2020

ADC Therapeutics (ADCT) began trading on the NYSE on Fri 15 May 20

ADC Therapeutics prices upsized 12.45 mln share IPO at $19, above the $16-$18 expected price range
  • The IPO was originally expected to consist of 10.3 mln shares.
  • The lead underwriters on the deal were Morgan Stanley, BofA, and Cowen and Company.
  • Ticker: ADCT

The funds will be used to complete a pivotal phase II trial of the company’s lead candidate Lonca in patients with the blood cancer diffuse large B-cell lymphoma, and ultimately bring the drug to the US market.

Lausanne-based ADC Therapeutics specializes in the development of antibody-drug conjugates, in which an antibody is attached to a chemotherapy drug. The antibody is designed to selectively bind to tumor cells, and once bound, the drug is internalized by the tumor where it releases its toxic effects. The specificity to the tumor means the treatment minimizes toxicity to healthy cells, reducing potential side-effects.

The company has a number of other candidates, targeting both blood cancers and solid tumors, in either the preclinical stage or early clinical trials. The funds raised from the IPO will also be used to further the development of these products.

Despite closing a €271M ($303M) Series E funding round in July 2019, adverse market conditions in October 2019 led ADC Therapeutics to withdraw its Nasdaq IPO.


The biotech’s IPO accompanies a €106M loan agreement made with the US firm Deerfield Management Company at the beginning of this month. Of the total loan, ADC Therapeutics can expect €60M upon completing its IPO, and another €46M once Lonca gets regulatory approval, amongst other conditions.  

Friday, May 8, 2020

Kingsoft Cloud (KC) began trading on the Nasdaq on Fri 8 May 2020

Chinese cloud computing company Kingsoft Cloud Holdings Ltd raised $510 million in its U.S initial public offering, the first Chinese company to list in the United States since the coronavirus pandemic outbreak sent markets tumbling.
  • Kingsoft Cloud (KC) closes its first U.S. trading day up 38% to $23.49.
  • The company priced 30M ADS at $17 each, raising $510M in the offering at a roughly $3.7B valuation. The company originally planned to sell 25M shares but increased the size due to demand.
  • Spun off from software giant Kingsoft.  KC competes with cloud services from tech giants Alibaba (BABA) and Tencent (TCEHY). Alibaba controls nearly half of China's cloud market and Tencent has about a fifth.
  • Like other cloud services companies, Kingsoft Cloud could benefit from the new normal of remote working, gaming and learning online. While China's cloud market is only 4% of the global total, it is growing fast.
  • Kingsoft Cloud boasts some heavy hitters as clients, including smartphone maker Xiaomi and ByteDance, the Beijing-based startup behind popular apps TikTok and Douyin. ByteDance has seen huge user growth and a record revenue haul during the pandemic.
  • Kingsoft Cloud's chairman, Lei Jun, is no stranger to buzzy public offerings. He is the founder of smartphone maker Xiaomi, which raised $4.7 billion in a highly anticipated public offering in Hong Kong in 2018.
The cloud service provider had planned to sell 25 million shares but increased the size of the deal to 30 million on Friday on the back of better than expected demand from shareholders, parent company Kingsoft Corp said in a statement on Friday.

The deal represented 13.9% of the company's issued capital and was priced at $17 per share, in the middle of its expected range, valuing the Xiaomi-backed group at $3.7 billion.

Loss-making Kingsoft offers cloud infrastructure as well as enterprise cloud and artificial intelligence services.

Cloud computing has so far been one of the sectors boosted by the novel coronavirus outbreak as it drives more businesses to operate digitally and rely on cloud computing.

The value of the company will rise if a so called 'greenshoe' option is exercised and an extra 4.5 million shares are sold within the next 30 days by the banks which underwrote the deal.


Existing shareholders Kingsoft Group, Xiaomi and Carmignac Gestion anchored the IPO, with Kingsoft buying up to $25 million of the stock offered, and Xiaomi and Carmignac buying up to $50 million each, Kingsoft said.

Kingsoft is the first major U.S. IPO by a company that is neither a biotechnology firm nor special purpose acquisition company (SPAC) since Canadian waste management company GFL Environmental in early March. Biotech and SPAC IPOs are typically immune to broader market swings.

Friday, October 25, 2019

Cabaletta Bio (CABA) began trading on the Nasdaq on Fri 25 Oct 2019

Cabaletta Bio, Inc.
operates as a clinical-stage biotechnology company that focuses on the discovery and development of engineered T cell therapies for B cell-mediated autoimmune diseases.
The company was formerly known as Tycho Therapeutics, Inc. and changed its name to Cabaletta Bio, Inc. in August 2018.
  • Sector: Healthcare
  • Industry: Biotechnology
  • Full Time Employees: 12
  • Founded in 2017
  • HQ: Philadelphia, Pennsylvania
  • http://www.cabalettabio.com
ticker: CABA
The University of Pennsylvania spinout company priced upsized 6.8 mln share IPO (from 5.8 mln shares) at $11.00, below the expected $14.00-16.00 range.
Raised $74.8 million.
Shares of the firm closed Friday at $10 per share.
Cabaletta posted a loss of $12.2 million in 2018, and $6.9 million through the first six months of this year, according to federal filings.


Founded in 2017, the company is led by Dr. Steven Nichtberger, a former Merck executive who is Cabaletta's co-founder, chairman and CEO. Cabaletta’s foundational platform and lead assets are based on early work conducted at Penn by Drs. Michael Milone and Aimee Payne, both of whom are co-founders of the company.

Nichtberger holds nearly 1.97 million shares of the company, while Payne and Milone both own 1.633 million.

Cabaletta's technology involves the use of Chimeric AutoAntibody Receptor (CAAR) T cells, which are engineered to bind and destroy only disease-causing B cells, while sparing the normal B cells that are essential for human health. CAAR T cells are based on the revolutionary chimeric antigen receptor (CAR) T cell technology developed at the University of Pennsylvania, which led to the first gene therapy approval by the U.S. Food and Drug Administration: the Novartis cancer therapy Kymriah.

The company’s lead therapeutic program is a potential treatment for mucosal pemphigus vulgaris, a rare skin disorder that causes painful blisters and sores on mucous membranes.

Thursday, October 17, 2019

BellRing Brands (BRBR) began trading on the NYSE on Thur 17 Oct 2019

  • BellRing Brands upsized offering by 4.3 mln shares and priced 34.3 mln share IPO at $14.00 per share, below the expected range of $16-19
  • Opened for trading at $15.60  
  • Ticker: BRBR
 



Post +3% after subsidiary BellRing Brands (BRBR) successfully prices IPO
  • Overnight, BellRing priced an IPO consisting of 34.29 mln shares at $14.00. The company had initially expected to offer 30 mln shares between $16.00-19.00. Compared to these earlier expectations, gross proceeds are roughly 9% less than initially projected. The IPO is currently indicating $16/16.50, and should be opening for trade shortly.
  • Upon completion of the offering, Post is expected to own approximately 74% of BellRing, or approximately 71% if the underwriters exercise their option in full.
  • BellRing Brands is a holding company operating in the global convenient nutrition category, whose primary brands include Premier Protein, Dymatize and PowerBar.
  • Friday, September 13, 2019

    Cloudflare (NET) began trading on the NYSE on Fri 13 Sept 2019

    CloudFlare specializes in a cloud-based network platform that promises security, enhanced performance of business-critical applications, and “eliminating the cost and complexity of managing individual network hardware”.
    • Sector: Technology
    • Industry: Software - Application
    • Full Time Employees: 1,069
    • Founded in 2009 
    • HQ in San Francisco, California
    • http://www.cloudflare.com
    Shares hit high of $19.53 after pricing above range at $15. Closed up 20% at $18.



    Cloudflare Inc. Co-founder and CEO, Matthew Prince, along with Co-Founder and COO, Michelle Zatlyn, joined by NYSE President Stacey Cunningham


    Cloudflare Inc. Co-founder and CEO, Matthew Prince, along with Co-Founder and COO, Michelle Zatlyn


    In August, Cloudflare dropped 8chan as a customer, condemning the unmoderated message board as “a receptive audience for domestic terrorists” following recent mass shootings, and this appears in the company’s “risk factors” section. Cloudflare noted that it was not the first time a customer elicited scrutiny after a violent attack.

    The company also disclosed that it may have done business with individuals and entities tied with narcotics and terrorism according to the U.S. Department of the Treasury’s Office of Foreign Assets Control blacklists, and that it was introducing additional controls and screening to prevent similar activity occurring in the future.


    Cloudflare’s IPO comes just a few months after cybersecurity company CrowdStrike (CRWD) went public in June. While CrowdStrike shares are trading 91% above their IPO price, the ETFMG Prime Cyber Security (HACK) is up 14% for the year and the Renaissance IPO ETF (IPO) is up 31%. The First Trust Cloud Computing ETF (SKYY) is up 19% for the year, compared with a 23% gain in the tech-heavy Nasdaq Composite Index COMP, -0.22%.

    Cybersecurity has become a hot space recently as a buy or be bought mentality has crept into the year as VMware (VMW)  announced an acquisition of cybersecurity company Carbon Black (CBLK) Broadcom (AVGO)  made a bid for Symantec Corp.’s (SYMC)  enterprise business, and BlackBerry Ltd.’s (BB)  acquisition of Cylance in February.

    Prince said an IPO has always been an implicit assumption at the company. As soon as you start taking venture capital money or start issuing options to employees, there’s an implicit signal that you’re going to have to turn that into something you can buy a house with or send a kid to college with, and that there was no pressure from early investors or employees, he said.

    Thursday, September 12, 2019

    10x Genomics (TXG) began trading on the Nasdaq on Thur 12 Sept 19

    • Sector: Healthcare
    • Industry: Health Information Services
    • Full Time Employees: 557
    • Incorporated in 2012 
    • HQ Pleasanton, California
    • http://www.10xgenomics.com

    Priced upsized 10 mln share (from 9 mln shares) IPO at $39.00, above the increased $36.00-38.00 range
    Opened for trading at $54

    Thursday, August 15, 2019

    9F Inc. (JFU) began trading on the Nasdaq on Thur 15 Aug 2019

    9F Inc. operates an online consumer finance platform that integrates and personalizes financial services in the People's Republic of China.

    • Sector: Technology
    • Industry: Software—Application
    • Full Time Employees: 1,649
    • Founded in 2006
    • Headquartered in Beijing, China.
    • http://www.9fgroup.com


    9F (JFU) priced 8.9 mln ADS IPO at $9.50, the high-end of the expected $7.50-9.50 range


    Thursday, August 1, 2019

    Sundial Growers (SNDL) began trading on the Nasdaq on Thur 1 Aug 2019

    • Sundial Growers (SNDL) prices upsized 11 mln share IPO (from 10 mln shares) at $13.00, the midpoint of the expected $12.00-14.00 range
    IPO day

    next day

    1 week

    Dynatrace (DT) began trading on the NYSE on Thur 1 Aug 2019

    • Dynatrace  prices 35.6 mln share IPO at $16.00 per share, above the increased $13.00-15.00 range
    • Opens for trading at $25.75 after pricing IPO at $16



    Kura Sushi USA (KRUS) began trading on the Nasdaq on Thur 1 Aug 2019

    Kura Sushi, a  chain of 22 revolving sushi restaurants, sold 2.9 million shares of stock at $14 a share.
    The  raised $41 million in the IPO.
    Ticker: KRUS
    • That was the lower end of its expected range of $14 to $16, but there was plenty of interest on Thursday after trading began as shares soared past $19.
    • Kura Sushi opened for trading at $14.89. The first trade was 6.4% above the somewhat disappointing pricing of its initial public offering, before extending gains.  
    • It was the first IPO in the restaurant industry in four years, and the smallest concept to go public in a traditional offering in far longer. Kura Sushi USA, a subsidiary of 400-unit Kura Japan, generated just $4.5 million in adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization. 



    “We’re pretty happy” with the IPO, CEO Hajime “Jimmy” Uba said in an interview. He said the company plans to use the proceeds from the offering to help it expand. Kura Sushi believes it has the ability to grow to nearly 300 restaurants in the U.S.


    Kura is one of the most unique companies to go public in a long time. The company is highly tech-dependent. In addition to the conveyor belts that deliver sushi to tables, allowing customers to take what they want, it uses touch screens that enable customers to make specific orders that are express-delivered.

    In the back, the restaurants use robots to make the sushi. Kura also uses RFID readers and food replenishment algorithms to reduce labor and food costs.

    That shields the company somewhat from growing labor costs that are proving to be a risk for many publicly traded chains at the moment.

     “We use a lot of technology to drive efficiencies in operations and costs,” Uba said. Through a translator, he added, “We believe that technology and automation to drive efficiencies are already part of other restaurants and will only continue to grow.”

    Average unit volumes are about $3.5 million, and same-store sales have risen in 10 of the past 11 quarters.

    The company’s menu features 140 dishes, most of which are priced below $3, even though average check was more than $19. The low price points of individual menu items make price increases seem like less of a problem while also giving customers more control over how much they spend.

    The IPO is giving Kura Sushi more attention for its attributes, which the company believes will help it as it looks to grow. “That’s what we expected,” Uba said. BMO Capital Markets and Stephens were the joint bookrunners for the IPO.

    The success of the offering, despite its relatively small size, will likely raise eyebrows in an industry that has been devoid of traditional IPOs since Wingstop and Fogo de Chao both went public in 2015.

    Many of the chains that went public from 2013 to 2015 have struggled, notably Noodles & Co. and Potbelly, while some have gone private, including Papa Murphy’s, Bojangles’, Zoes Kitchen, Fogo de Chao and, soon, Del Frisco’s Restaurant Group.

    That has scared many bankers and investors off of such offerings. What’s more, bankers typically don’t take public companies looking to raise a small amount like the $40 million Kura raised.

    That it was able to orchestrate an IPO, and then get a welcome reception from investors, could well reopen the market for small chain offerings.

    Thursday, July 25, 2019

    ProSight Global (PROS) began trading on the NYSE on Thur 25 July 2019

    ProSight Global, Inc. operates as an entrepreneurial specialty insurance company in the United States.
    ProSight Global priced 7,857,145 share IPO at $14.00 per share, below the expected range of $16-18
    Opens for trading at $16.10


    Thursday, June 20, 2019

    Grocery Outlet (GO) began trading on the Nasdaq on Thur 20 June 2019

    • Priced 17.2 mln share IPO at $22.00 per share, above the revised expected range of $18-19 per share
    • Opened for trading at $31.


     



    Slack (WORK) began trading on the NYSE on Thur 20 June 2019

    Slack directly listed its shares on the New York Stock Exchange, bypassing the usual fundraising process of an IPO and allowing shareholders to sell right away without a lockup period.
    • No lock-up for insiders next week 
    • A parallel for this unusual type of stock listing is Spotify Technology SA. The music-streaming provider went public using a similar maneuver last year, the last high-profile company to do so. Spotify’s stock is up 14% since then.
    • Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. advised Slack on the listing, the same trio of banks that lined up when Spotify went public.
    • Opened for trading at $38.50.

    Slack is an internet-based platform that allows teams and businesses to communicate with each other. It organizes discussions by topic and group, is similar to instant messaging chatrooms, and allows cooperation on documents and files.

    Launched in 2013, Slack has replaced e-mail discussions at many companies, although e-mail is still the dominant medium of communication in workplaces.

    Slack CEO Stewart Butterfield outside the New York Stock Exchange on Thursday morning. 


      

    Slack Chief Executive Officer Stewart Butterfield said Thursday that the company chose not to have a traditional IPO for a pragmatic reason: It didn’t need the cash. “We’re not ideological crusaders on this stuff,” he said. The direct listing process is a more efficient way to price a stock, he said, “but I don’t think anything comes close to not having to dilute existing shareholders by 10%.”

    Butterfield said he also wanted to avoid the lockup period. “Especially in a period when you’re locked up, when the supply is so constrained, the psychological impact of that can be a big negative,” he said. “Giving employees the option early is more important.”
    Slack going public ends a long journey that started with Tiny Speck, a small video game maker. The company, led by Butterfield, was making a game called Glitch, but it didn’t take off. The team, however, had built an internal tool to chat and share files with each other. They had an inkling that the software could be useful to other teams. In 2014, they launched Slack. Now Butterfield, its co-founder and chief executive officer, is worth more than $1 billion.

    One of Slack’s earliest believers was Accel, a venture firm that now owns about 24% of the company. Andrew Braccia, an Accel partner and Slack board member, had worked with Butterfield at Yahoo! Bloomberg Beta, the venture capital arm of Bloomberg LP, is also a Slack investor.

    The service has spread from Silicon Valley into offices around the world, and it does much more than chat. Users can share files, build automated workflows, host video calls, poll colleagues and keep a to-do list. Those who use it tend to adapt quickly, but it has struggled to convey exactly what it is to most of the world, Butterfield said in a recent conference call. “We have to work hard to explain Slack to all the people who have never used it before,” he said. Butterfield called it “one of our biggest challenges and greatest opportunities.”

    Slack faces competition from some of the world’s most valuable companies, including Microsoft Corp., Alphabet Inc. and Facebook Inc. Slack did prevail, however, over another rival: HipChat, a product from Atlassian Corp. Last year, Slack and Atlassian struck a deal in which Slack bought the assets for HipChat, which was eventually wound down, and Atlassian took a stake in Slack.

    Ten million people use Slack every day, according to the company. Many workers rely on a free version of the software, but as of April, 645 companies paid more than $100,000 a year for the service. Those big customers make up about 43% of Slack’s revenue, the company said. Like other big-name public debuts this year, Slack is not profitable. It lost $139 million on $401 million of revenue in the fiscal year that ended in January.

    In contrast to the flagrant cash burning of companies like Uber or Lyft, Slack’s losses have been fairly consistent. But its revenue growth rate has slowed from 110% two years ago to a projected 50% for the fiscal year ending next January.

    SLACK valuation
    2014: $1.2bn
    2015: $2.8bn
    2016: $3.8bn
    2017: $5.1bn
    2018: $7.1bn
    2019: $17bn (IPO)

    Clients
    The San Francisco-based company, whose customers include Electronic Arts Inc, Nordstrom Inc and Ford Motor Co, said it ended the first quarter with 95,000 paid customers.

    Slack had more than 500,000 organizations on its free subscription plan, as of Jan. 31.

    As of April 30, Slack had 645 paid customers with over $100,000 in annual recurring revenue, an 84% increase from a year earlier, and these large customers accounted for 43% of its total revenue.

    Slack also said it had over 10 million daily active users.

    Competition
    Its closest competitor is Microsoft Teams, a free chat add-on for Microsoft Corp’s Office365 users. Other similar platforms include Google Hangouts, Workplace by Facebook and Cisco Systems Inc’s Webex Teams.

    The global market for workplace collaboration is expected to hit $3.2 billion by 2021, according to research firm IDC.

    While Slack is not yet profitable, it’s got liquidity. The company reported cash and cash equivalents of $841 million in its most recent fiscal year, which is enough to keep the company going for nearly a decade based on its current pace of cash outflow.

    Friday, May 17, 2019

    Fastly (FSLY) began trading on the NYSE on 17 May 2019

    Fastly, Inc. operates an edge cloud platform for processing, serving, and securing its customer's applications. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the Internet.
    The company was formerly known as SkyCache, Inc. and changed its name to Fastly, Inc. in May 2012.

    • Sector: Technology
    • Industry: Software - Application
    • Full Time Employees: 449
    • Founded in 2011 
    • Headquartered in San Francisco, California.
    • http://www.fastly.com

    Fastly (FSLY) priced 11.25 mln share IPO at $16.00, the high-end of the expected $14.00-16.00 range.  Opened at $21.50.