The initial public offering (IPO) market lit up ahead of the short holiday week last week, with six traditional IPOs and one direct listing raising over $1.8 billion. Only one offering is planned for the week ahead, but the current IPO pipeline is promising a packed summer market.
In both the largest offering and best performance, FIGS, Inc. (NYSE: FIGS) priced its upsized offering above its range to raise $580 million. The healthcare apparel brand also outperformed the rest of the new listings, finishing the week up 55%.
For the week's only direct lising, ZipRecruiter, Inc. (NYSE: ZIP) opened traded at $20 on the New York Stock Exchange, which was 11% above its reference price, for an implied market value of $2.6 billion. The job marketplace platform finished up 5% from its opening trade last week.
Here's the rest of the week's debuts in order of offering amount:
Centessa Pharmaceuticals plc (NASDAQ: CNTA) priced its upsized offering at the high end to raise $330 million. The company has a broad pipeline of 16 programs for various biotech indications, with 12 being preclinical. The stock finished up 9%.
Flywire Corp. (NASDAQ: FLYW) priced its upsized offering at the high end of its range to raise $251 million. The payment processor provides a global payments platfrom for education, healthcare, and travel verticals. The stock ended the week up 43%.
Singular Genomics Systems, Inc. (NASDAQ: OMIC) priced its upsized offering at the high end to raise $224 million. The genetic sequencer has developed an unique and proprietary next generation sequencing technology, with commercial launches expected in 2021 and 2023. The stock finished the week up 23%.
Paymentus Holdings, Inc. (NYSE: PAY) priced its shares at the high end to raise $210 million. The electric billing platfrom provides cloud-based bill payment technology and finished the week up 45%.
Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) priced its shares at the high end of its range to raise $160 million. The pediatric cancer biotech's lead candidate is currently in a Phase 2 clinical trial for the treatment of patients with relapsed or progressive low-grade glioma. Day One anticipates an initial data readout in the first half of 2022, and expects to file an NDA in 2023. The stock ended the week up 48%.
For the week ahead:
dLocal Ltd. (NASDAQ: DLO) plans to raise more than $608 million from over 29.4 million shares priced between $16 to $18 each. The payment processor enables global merchants to make and receive both cross-border and local-to-local payments in 29 countries. The company also has hundreds of merchant partners, including Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT) and Spotify (NYSE: SPOT).