The initial public offering (IPO) market screeched to a halt in August, ending July's explosive momentum, with four traditional IPOs and four postponements last week. The week ahead also plans to be a slow one, with only two micro-cap U.S. banks looking to join public markets.
In the biggest deal of the week, Adagio Therapeutics, Inc. (NASDAQ: ADGI) priced its upsized offering at the midpoint to raise more than $309 million. The biotech develops antibody therapies to treat and prevent SARS-CoV-2, with its lead program currently in a Phase 2/3 clinical trial. The stock ended the week up 23%.
In the week's best performance, European Wax Center, Inc. (NASDAQ: EWCZ) finished the week up 31% after pricing its shares within its range to raise more than $180 million. The company franchises a chain of over 800 hair removal salons across the United States.
Last week, four companies postponed their offerings, citing current market conditions: Cadre Holdings, Healthcare Royalty, The Better Being Co., and WCG Clinical.
Here's the rest of the week's debuts in order of offering amount:
Weber Inc. (NYSE: WEBR) priced its downsized offering below its range to raise $250 million. The company offers gas grills, charcoal grills, electric grills, app connected grills, smokers, and wood pellet grills, holding a large share of the U.S. outdoor grilling market. The stock ended the week up 29%.
Orange County Bancorp, Inc. (NASDAQ: OBT) priced its upsized offering at the midpoint to raise $34 million. The New York-based bank offers 14 full-service branches and one loan production office, with the company having $1.9 billion in assets, $1.2 billion in loans, $1.7 billion in deposits, and $135 million in stockholders' equity as over March 31, 2021. The stock finished its first week up 2%.
For the week ahead:
FinWise Bancorp (NASDAQ: FINW) plans to raise nearly $70 million from over 4.12 million shares priced in the range of $13 to $15 each. The Utah-based bank offers loans and other banking services to small businesses and consumers across the U.S., with $330 million in total assets, $245 million in total loans, $189 million in total deposits, and $52 million in total shareholders' equity as of March 31, 2021.
Southern States Bancshares, Inc. (NASDAQ: SSBK) plans to raise $48.3 million from 2 million shares priced between $19 to $21 each. The Alabama-based full service community bank serves both businesses and consumers through 15 branches throughout Alabama and Georgia, with $1.5 billion in total assets, $1.1 billion in total loans, $1.3 billion in total deposits, and $145 million in total shareholders' equity as of March 31, 2021.