It was another busy week for the initial public offering (IPO) market last week, with 12 traditional listing raising over $4.5 billion. The week ahead is slated to be less active, with only three traditional IPOs and two direct listing planned to debut.
In the largest deal of the week, Freshworks Inc. (NASDAQ: FRSH) raised over $1 billion after pricing shares above its upwardly revised range. The company offers customer support software and IT service management software, as well as a nascent competitor to CRM solutions. The stock ended the week up 30%.
In the week's best performance, Clearwater Analytics Holdings, Inc. (NYSE: CWAN) finished the week 41% above its IPO price after pricing shares above its range to raise $540 million in its debut. The company provides cloud-native software that allows clients to simplify their investment accounting operations.
Here's the rest of the week's debuts in order of offering amount:
Toast, Inc. (NYSE: TOST) priced its shares above its upwardly revised range to raise nearly $870 million. The company provides a suite of integrated payment and software solutions that in effort to streamline restaurant operations. The stock ended the week up 39%.
Remitly Global, Inc. (NASDAQ: RELY) priced its shares above its range to raise nearly $523 million. The company provides digital financial services for immigrants and their families in over 135 countries. The stock finished the week up 3%.
EngageSmart, Inc. (NYSE: ESMT) priced its shares above its range to raise more than $378 million. The company provides software that helps simplify online workflows, like paperless billing, electronic payment processing, scheduling, and client communication. The stock ended the week up 34%.
Sterling Check Corp. (NASDAQ: STER) priced its shares above its range to raise nearly $329 million. The company is one of the leading providers of background checks for corporate and federal customers in the United States. The stock finished the week up 15%.
Sovos Brands, Inc. (NASDAQ: SOVO) priced its shares below the range to raise more than $280 million. The company offers a select group of acquired premium food brands. The stock ended the week up 14%.
Cue Health Inc. (NASDAQ: HLTH) priced its shares at the midpoint to raise $200 million. The company makes COVID-19 diagnostic tests, with its first commercially available test being authorized for emergency use with its Cue Health Monitoring System. The stock ended the week up 25%.
Argo Blockchain Plc (NASDAQ: ARBK) raised $113 million in its debut. The London-listed cryptocurrency mining company is focused on large-scale mining of Bitcoin and other cryptocurrencies, with a fleet of more than 21,000 mining machines. The stock finished the week up 11%.
A.K.A. Brands Holding Corp. (NYSE: AKA) priced its downsized offering below its downwardly revised range to raise $110 million. The company offers an online platform which acquires brands geared toward Millennial and Gen Z consumers. The stock ended the week down 9%.
Brilliant Earth Group, Inc. (NASDAQ: BRLT) priced its downsized offering below its range to raise nearly $100 million. The company is a digital-first jewelry company and a global leader in ethically sourced jewelry. The company ended the week up 27%.
Thorne Healthtech, Inc. (NASDAQ: THRN) priced its downsized offering at the low end of its downwardly revised range to raise $70 million. The company's integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. The stock finished the week down 17%.
For the week ahead:
Olaplex Holdings, Inc. (NASDAQ: OLPX) plans to raise over $1.2 billion from 67 million shares priced between $14 to $16 each. The company is a leading brand of hair health products, using its patented repair technology ingredient.
Allvue Systems Holdings, Inc. (NYSE: ALVU) plans to raise more than $334 million from 15.3 million shares priced between $17 to $19 each. The company provides cloud-based software solutions to about 400 investment managers in the private capital and credit markets industry.
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) plans to raise nearly $218 million from nearly 9.5 million shares priced between $17 to $20 each. The restaurant chain owns and franchises over 420 locations across the United States, only serving breakfast, brunch, and lunch.
Amplitude, Inc. (NASDAQ: AMPL) plans to be the Nasdaq's second major direct listing, with an estimated market value at least of nearly $5 billion. The company provides customer behavior analytics for over 1,200 customers, aimed at improving and optimizing digital products and businesses.
Warby Parker Inc. (NYSE: WRBY) plans to list on the New York Stock Exchange with an estimated market value at listing of nearly $3 billion. The company sells prescription glasses through its online marketplace and over 145 brick-and-mortar locations.