The initial public offering market continued its slow start to the year last week amid Wall Street's recent period of volatility, with only one traditional IPO pricing. The week ahead is also slated to be quiet, with just one biotech company scheduled to price.
In the week's only listing, Credo Technology Group Holding (NASDAQ: CRDO) priced its downsized offering at the low end to raise $200 million in its debut. Founded by three former Marvell Technology (NASDAQ: MRVL) employees, Credo provides semiconductor solutions for optical and electrical ethernet applications. The stock ended the week down about 5%.
For the week ahead, Arcellx, Inc. (NASDAQ: ACLX) plans to raise $132 million from 8.3 million shares priced between $15 to $17 each. The oncology-focused biotech's lead candidate is in Phase 1 development for the treatment of relapsed or refractory multiple myeloma. Arcellx plans to begin a Phase 2 pivotal trial of its lead candidate in late 2022.