The initial public offering (IPO) market slowed down last week ahead of the holiday week, with only seven traditional IPOs raising a total of $1.5 billion. This week plans to be even slower, with only one company slated to debut.
In the biggest deal of the week, Braze, Inc. (BRZE ) raised $520 million after pricing its shares well above its range. The company provides a customer engagement platform used by businesses to improve their marketing, serving over 1,100 clients as of 7/31/21. The stock ended the week up 45%.
In the week's best performance, Sweetgreen, Inc. (SG ) finished the week up 89% after pricing its upsized offering well above its range to raise $364 million in its debut. The fast casual salad restaurant chain owns and operated 140 locations across 13 states and Washington D.C.
Here's the rest of the week's debuts in order of offering amount:
Iris Energy, Ltd. (IREN ) priced its shares above its range to raise $232 million. The Australian Bitcoin mining company is primarily powered by renewable energy. The stock ended the week down 11%.
Sono Group N.V. (SEV ) priced its shares at the midpoint to raise $150 million. The German company is developing what it calls disruptive solar technology, as well as a solar and battery powered vehicle. After popping up 155% on its first day, the stock ended the week up 65%.
UserTesting, Inc. (USER ) priced its downsized offering below its range to raise $140 million. The company provides a video-first customer feedback platform for enterprises, which captures various human signals. The stock finished the week down 4%.
FinWise Bancorp (FINW ) priced its shares within its range to raise $37 million. The Utah-based digital bank makes loans to and takes deposits from consumers and small businesses across the United States. FinWise had total assets of $338 million, total loans of $249 million, total deposits of $253 million, and total shareholders' equity of $69 million as of 9/30/21. The stock ended the week up 21%.
Snow Lake Resources Ltd. (LITM ) priced its upsized offering at the high end to raise $24 million. The Canadian lithium mining company aims to focus its sales to the electric vehicles and battery storage markets in the United States, as well as international. The stock ended the week up 73%.
For the week ahead:
Austin Gold Corp. (AUST ) plans to raise $15 million from 3 million shares offered between $4 to $6 each. The Canadian gold exploration company is focused on gold targets and marking district-scale gold discoveries with its four properties in Nevada.