Five new initial public offering and three special-purpose acquisition companies, which are shell or blank-check companies that have no operations other than to enter public markets with the intention of merging with or acquiring a company with the proceeds for trading, are the last to join U.S. markets before the holiday season. Last week's best performer was Bill.com, who continues to climb as software investors buy in.
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Liv Capital Acquisition Corp. (NASDAQ: LIVKU) priced on December 11 at $10 per share. The blank check company offered 7 million shares and an offering of $70 million. The company traded pretty flat on its first day and has only increased as much as +0.2% in regular trading.
XP Inc. (NASDAQ: XP) also joined global markets on December 11, pricing its shares at $27 initially. The stock had 72,510,641 shares offered and a large offering of $1,957,787,307. The Brazilian technology-driven financial services platform climbed well above its initial pricing in its first few days of trading, finishing up the week +40%.
Bill.com Holdings, Inc. (NYSE: BILL) entered public trade on December 12, with its share price set at $22. The cloud-based platform for business payments offered an amount of $216,117,638 and had a total of 9,823,529 public shares. In its first day of trading, the company surged +61%, giving new hope to software investors in a mixed year for initial public offerings.
Ehang Holdings, Inc. (NASDAQ: EH) gave a global offering starting on December 12, with its stock initially priced at $12.50 per share. The Chinese developer of autonomous drones used for passenger services had an offering of $40 million an 3.2 million shares. The company fell flat on its first day and has had only a slight return in its first week.
CIIG Merger Corp. (NASDAQ: CIICU) priced on December 13 at $10 per share. The blank check company formed to acquire a technology, media, or telecom offered 22.5 shares for public trade and had an amount of $225 million. The company ended its first day up +2% and continues to remain above its initial price.
Healthcare Merger Corp. (NASDAQ: HCCOU) also entered public markets on December 13, with 20 million shares priced at $10 per share. The blank check company that targets the healthcare industry had an offering amount of $200 million. The merger company had a return of +3% at the end of its first day and continues to grow.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) is another stock that debuted on December 13, with its share price set at $10. The Chinese technology platform had 31.2 million shares and an offering of $312 million. The company had a rocky start, with the stock slowly declining in its first week.
Sprout Social (NASDAQ: SPT) is the last of the group that joined public markets of December 13. The stock was priced at $17 per share, with 8,823,529 shares and and offering amount of $150 million. The U.S. social media management software has demonstrated modest growth in its initial week, but faces significant competition, leaving the stock down 2%.
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Loha Co. Ltd., a Chinese organic food distributor, filed on December 9 with a current offering amount of $37, 605, 000.
Ucommue Group Holdings Ltd., a Chinese competitor to WeWork, put in paperwork for public trade on December 11 with a raised offering of $100 million.
Duos Technologies Group, Inc., the U.S. based firm that provides a range of automated railway inspection systems, also filed to trade on December 11 with an offering amount of $9.2 million.