Highly anticipated Casper Sleep (NYSE: CSPR) started public trading out strong in its first day but then slumped below its initial public offering price on its second day of trading. The direct to consumer mattress and sleep brand had opened on the New York Stock Exchange with an offering over $100 million from about 8.35 million shares prices at $12 per share on February 6. The company had surged on its first day, opening up 21%. But shares had fallen 18% on Friday, making the stock end the week down 8%. The company had already slashed its last private valuation, and its further slump shows the signs that investors are over unicorn companies--startups whose private valuation totals $1 billion or more.
Other IPOs that entered the market last week include Beam Therapeutics Inc. (NASDAQ: BEAM), who raised $180 million from over 10.5 million shares prices at $17 per share on February 6. The preclinical gene editing biotech is one of the largest IPOs of its kind and finished last week up 21%. Schrodinger, Inc. (NASDAQ: SDGR) also rocketed into the market on February 6, raising over $202 million from 11.8 million shares priced at $17 per share. The life sciences software producer increased 68% in its first day, and though the company has been criticized as being unprofitable, finished the week up 88%. PPD, Inc. (NASDAQ: PPD) was the last IPO to price on February 6, raising a whopping $1.62 billion from 60 million shares priced at $27 per share. The contract researcher has become the global CRO of choice with clients including the top 50 biopharmaceuticals worldwide. The stock ended the week up 15%.
One February 7, OneWater Marine Inc. (NASDAQ: ONEW) and NexPoint Real Estate Finance, Inc. (NYSE: NREF) joined public trading. The recreational boat company, OneWater Marine, raised $55.4 million from 4.6 million shares priced at $12 per share. The stock finished the week up 26%. The mortgage REIT, Nexpoint Real Estate Finance, raised $95 million from 5 million shares priced at $19 per share. The company ended the week up 6%.
Upcoming IPOs:
Huize Holding LTD is set to price on the global Nasdaq on February 12. The Chinese online insurance marketplace aims to raise over $60.9 million from 4.65 million offered shares priced between $9.40-$11.40 each.
Revolution Medicines, Inc. is also scheduled to debut on February 12 on the global Nasdaq. The early stage oncology biotech plans to raise $184 million from 10 million shares estimated to be priced between $14-$16 each. Another recent early stage oncology biotech IPO, Black Diamond Therapeutics (NASDAQ: BDTX), is currently up over 100%.