The initial public offering (IPO) market picked back up last week with nine traditional IPOs raising $5.4 billion alongside Coinbase's blockbuster direct listing.
Coinbase Global, Inc. (NASDAQ: COIN) opened for trading at $381, or 52% above its reference price of $250, charging forward as the first major direct listing on the Nasdaq. The cryptocurrency exchange financial platform see-sawed in its first few sessions last week, ultimately ending the week down 10%.
For the week's largest offering, AppLovin Corp. (NASDAQ: AAP) raised $2 billion from pricing shares at its midpoint. The mobile ad tech company, however, faces significant competition, leading the stock to finish the week down 24%.
The best performance of the week was from eSports Technologies, Inc. (NASDAQ: EBET), popping over 500% on its first day and finishing the week up 323%. The online gambling platform raised $14.4 million in its debut by pricing its shares at the high end of its upwardly revised range.
Here's the rest of the week's debuts in order of offering amount:
TuSimple Holdings Inc. (NASDAQ: TSP) priced its shares above its range to raise $1.4 billion. The autonomous driving technology company is working towards building the first Autonomous Freight Network for semi-trucks. The stock ended the week flat.
Agilon Health, Inc. (NYSE: AGL) priced its shares at the high end to raise nearly $1.1 billion. The senior-focused healthcare platform ended the week up 30%.
Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX) priced its upsized offering at the high end of its range to raise more than $436 million. The AI-platform biotech expected to move four drug candidates into Phase 2 clinical trials within the next five quarters, with its platforms used to discover drugs for rare diseases. The stock ended the week up 74%.
Alkami Technology, Inc. (NASDAQ: ALKT) priced its shares above the upwardly revised range to raise $180 million. The digital banking platform for community, regional, and super-regional financial institutions ended the week up 40%.
Biomea Fusion, Inc. (NASDAQ: BMEA) priced its upsized offering at the high end of its range to raise $153 million. The oncology-focused biotech's lead candidate is currently in Investigative New Drug (IND) enabling studies, with the company expects to file an IND in the second half of the year. The stock finished up 9%.
Akoya Biosciences, Inc. (NASDAQ: AKYA) priced its shares at the high end to raise $132 million. The company offers end-to-end solutions for tissue analysis and spatial phenotyping for both academic and biopharma scientists. The stock ended the week up 30%.
Karat Packaging, Inc. (NASDAQ: KRT) priced its shares below its range to raise more than $63 million. The disposable packaging manufacturer and distributor ended the week up 13%.
Only two special purpose acquisition companies went public last week as the market cools off for now. Those debuts were TCV Acquisition (TCVA) and TPG Pace Beneficial II (YTPG), both raising $350 million.