The initial public offering (IPO) market lit up last week as two companies skyrocketed almost 200% in their public trading debut. Last week saw the introduction of 8 new companies, most related to the healthcare industry, and six special purpose acquisition companies (SPAC) companies. The week ahead plans to maintain last week's momentum with 6 new companies from an array of different industries slated to price.
To recap last week, GoHealth, Inc. (NASDAQ: GOCO) raised the biggest deal, pricing its upsized deal above range to raise about $914 million from shares set at $21 each. The medicare-focused insurance marketplace is fast-growing, but is in a competitive field. The stock finished its week down 7%.
Relay Therapeutics, Inc. (NASDAQ: RLAY) was next, raising a total of $400 million from its upsized deal priced above range at $20 per share. The early-stage tumor-focused biotech ended the week up 75%.
NCINO, Inc. (NASDAQ: NCNO) thundered onto the Nasdaq, raising an offering of about $250 million from pricing its shares above range shares at $31 each. The cloud banking software company is fast growing, but unprofitable. However, NCINO was popular amongst investors, ending its first week up 195%.
Berkeley Lights, Inc. (NASDAQ: BLI) also did well in its debut, rising an offering of $178 million from pricing its shares above its range at $22 each. The digital cell biology company was also favored by investors, with the stock finishing its week up 198%.
Trean Insurance Group, Inc. (NASDAQ: TIG) raised about $161 million from pricing shares at the high-end of $15 each. The specialty casualty insurance company that focuses on workers' compensation finished its week debut up 3%.
ALX Oncology Holdings Inc. (NASDAQ: ALXO) priced its upsized deal above its range at $19 per share to raise about $162 million in its debut. The early-stage oncology biotech ended its first day up 58%.
Pandion Therapeutics, Inc. (NASDAQ: PAND) raised $135 million from pricing its upsized deal at the higher end of $18 per share. The early-stage biotech is developing T-cells for autoimmune diseases and had a muted debut, ending its first week only up 1%.
Renalytix AI plc (NASDAQ: RNLX) raised the smallest offering of $74 million from pricing below its range at $13.50 per share. The diagnostics tests company ended its first week relatively flat.
SPACs were busy last week, with six pricing on the public market to raise capital to invest in a targeted company. The companies were: Artius Acquisition raising $630 million, HPX Corp raising $220 million, D8 Holdings raising $300 million, Malacca Straights Acquisition raising $125 million, Deerfield Healthcare Technology Acquisitions also raising $125 million, and PTK Acquisition raising $100 million.
The week ahead plans to debut 6 companies from a range of industries, including software companies and more biotechs:
Jamf Holding Corp. plans to raise about $423 million form 16 million shares priced in the range of $21-$23 each. The company provides software for enterprises to remotely deploy Apple (NASDAQ: AAPL) devices.
iTeos Therapeutics, Inc. aims to raise about $184 million from 8.9 million shares offered between $16-$18 each. The early/mid-stage oncology biotech is currently developing therapies for various cancers.
Nurix Therapeutics, Inc. plans to raise about $182 million from 8.8 million shares offered between $16-$18 each. The preclinical biotech is currently developing small molecule therapies for cancer treatments.
Inozyme Pharma, Inc. is planning to raise $92 million from 5 million shares priced in the range of $14-$16 each. The preclinical biotech is developing therapies from abnormal diseases.
Harbor Customer Development, Inc. aims to raise about $20 million from over 2.1 million shares priced in the range of $6-$8 each. The real estate development company provides all aspects of land development from acquisition to home building to sales.
Skillful Craftsman Education Technology Ltd plans to raise $19 million form 3 million shares offered between $4.50-$5.50 each. The Chinese company provided online education and technology services.