The initial public offering (IPO) market stayed hot last week, with 11 traditional IPOs raising $3 billion. Blank check companies remain a popular trend for 2021, with last week added another 24 special purpose acquisition companies (SPAC) to the market, raising $8.4 billion.
Last week's top offering was raised by Tuya Inc. (TUYA ), with the Chinese Internet-of-Things platform developer raising over $915 million in its debut. The company offers both Platform-as-a-Service and Software-as-a-Service products to businesses to develop, manage, and monetize IOT devices and services. The stock finished the week up 20%.
The week's top performer was Sun Country Airlines Holdings, Inc. (SNCY ), with the airline ending the week up 42% from its debut share price of $24. The stock raised over $218 million in its debut. Sun Country offers low-cost flights to primarily leisure and family markets in the United States, as well as charter flights to various businesses and organizations.
The rest of the week's debuts:
Olo Inc. (OLO ) priced its shares above its upwardly revised range to raise $450 million in its listing. The restaurant-focused Software-as-a-Service platform offers order management software to large chain restaurants and has benefited from the pandemic-induced rise in online orders and deliveries. The stock ended the week up 19%.
Instil Bio, Inc. (TIL ) priced its shares at the high end to raise $320 million in its debut. The oncology-focused biopharmaceutical expects to initiate a Phase 2 clinical trial of its lead tumor infiltrating lymphocytes (TIL) candidate for the treatment of melanoma in the second half of the year. The stock finished up 32%.
Vine Energy Inc. (VEI ) priced its shares below the range to raise $301 million in its offering. The natural gas E&P company has a net acreage of 125,000 in Northeast Louisiana, and is set to benefit from North America's increasing demand for natural gas. The company ended the week flat at its initial pricing of $14 per share.
Duckhorn Portfolio, Inc. (NAPA ) priced its shares at its midpoint to raise $300 million. The stock is a pure play producer of luxury wives with brands for both wholesale distributors and retailers as well as direct to consumer labels. The stock ended the week up 27%.
Connect Biopharma Holdings Ltd. (CNTB ) priced its upsized offering at the high end of its range to raise over $191 million in its debut. The Chinese inflammatory-disease- focused biotech's lead candidate is currently in Phase 2b clinical trials for atopic dermatitis, with top-line results expected in the second half of the year. The stock finished up 9%.
Finch Therapeutics Group, Inc. (FNCH ) also priced its upsized offering at the high end to raise about $128 million in its listing. The microbiome-therapy-focused biotech reported positive top-line data for its first trial of its lead candidate. The stock finished up 25%.
AFC Gamma, Inc. (AFCG ) raised about $119 million in its debut. The commercial mortgage REIT is focused on the cannabis industry, and is set to benefit from to growing legalization in the United States. The stock ended the week up 21%.
Gain Therapeutics, Inc. (GANX ) priced its shares at its midpoint to raise $40 million. The lysosomal-storage-disorder-focused biotech expects to begin prepping for Investigative New Drug submissions to the U.S. Food and Drug Administration this year. The stock finished up 11%.
Jowell Global Ltd. (JWEL ) raised $26 million in its debut, with the Chinese market place offering both personal and home consumer products form its own brand, as well as from third party sellers. The stock finish the week up 5%.
