The initial public offering (IPO) market is kept in line with its red hot momentum, with eight new companies and nine special purpose acquisition companies (SPAC) entering public trading last week. The market has nearly recovered from the coronavirus pandemic-induced market crash, with new varieties of businesses feeling confident enough to launch their IPOs after months of only hearty biotechs braving the volatile market.
Passport to Wall Street's IPO pick of the week is BigCommerce Holdings, Inc. (NASDAQ: BIGC), who popped up over 200% in its first day of trading. BigCommerce raised over $216 million from pricing shares above its upwardly revised range at $24 each. The company's IPO success came from a mix of choosing the right market climate to debut and the recent success of its rivals like Shopify (NYSE: SHOP). Due to its stellar entrance into public trading, BigCommerce now trades pretty close to Shopify, with the stock ending its first week up 229%.
Here's the rest of last week's market in descending order of offering raised:
Rocket Companies, Inc. (NYSE: RKT) was a bit of a flop last week, with the online mortgage provider first downsizing its offering and pricing below its range at $18 to raise $1.8 billion when the company set out to raise $3.2 billion. However, investors were encouraged by the highly cyclical sector the company operates in, resulting in Rocket Companies ending the week up 38%.
Rackspace Technology, Inc. (NASDAQ: RXT) was definitely one of the bigger flops of last week, with the company's return to public trading resulting in the company dropping 22% on its first day and ending the week down 27%. The end-to-end multicloud technology services company priced its shares at the low end of its range at $21 each to raise over $703 million.
Oak Street Health, Inc. (NYSE: OSH) was one of the more successful IPOs of last week, pricing its offering above its upwardly revised range at $21 to raise $328 million. The primary care health chain also impressed investors given the increased demand for healthcare, with the stock ending the week up 86%.
Freeline Therapeutics Holdings plc. (NASDAQ: FRLN) entered public markets fairly neutrally last week, with the biotech pricing its upsized offering at the high end of $18 to raise nearly $159 million. The company has a lead candidate currently in Phase 1/2 clinical trials for the treatment of hemophilia. However, the stock did not dazzle investors, with shares ending the week relatively flat.
Acutus Medical, Inc. (NASDAQ: AFIB) priced its upsized offering also at the high end of $18 to raise a similar $159 million in debut. The medical device maker however made a bigger splash in its public entrance, ending the week up 49%.
IBEX Ltd (NASDAQ: IBEX) priced its second IPO attempt at the midpoint of its range to raise $90 million last week. The customer support services provider prides its expending client base as attracting customers like Amazon (NASDAQ: AMZN) and Lyft (NASDAQ: LYFT), but investors were unimpressed, leaving the stock down 19% in its first week.
Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) priced its offering at the midpoint of its range at $15 to raise $75 million in its debut. The biotech's sole candidate is currently in early clinical trials and has been administered to hundreds of participants to date. However, investors looked elsewhere as the company finished down 7%.
For SPACs, nine charged into the public market last week, lead by Go Acquisition Corp's $500 million offering to potentially target a travel orientated business. Here a list of the rest of last week's additions: Gores Holdings V Inc. $475 million, BowX Acquisition Corp raised $420 million, Yucaipa Acquisitions Corp raised $300 million, Holicity Inc. raised $275 million, Kismet Acquisition One Corp. raised $250 million, Health Sciences Acquisitions Corp 2 raised $140 million, ARYA Sciences Acquisitions Corp III raised $130 million, Vistas Media Acquisitions Co Inc. raised 100 million.