The initial public offering (IPO) market continues to maintain momentum following its extended halt back in April. Last week saw the single biggest day of the year so far, as five companies and three special purpose acquisition companies (SPAC) priced on the same day. This week plans to be similar, with four companies planing to debut despite the shortened holiday week.
To recap last week, Agora Inc. (NASDAQ: API) was the clear frontrunner for the market as the stock jumped 153% in its debut. The communications API platform priced well above its range at $20 per share to raise an offering of $350 million. The company is based in both Shanghai and Santa Clara, offering a platform for companies to embed video, audio and messaging in their web based services.
Not too far behind Agora in share growth in its initial trading day was the biotech Akouos, Inc. (NASDAQ: AKUS), finishing up 29% in its debut. The hearing loss focused biotech priced its upsized offering high at $17 per share to raise over $212 million. PolyPid Ltd (NASDAQ: PYPD) was next, pricing its upsized offering at its midpoint of $16 per share to raise $60 million. The biotech is focused on medicines to prevent and treat surgical infections and ended its debut up 19%.
Only two companies ended lower last week, with Albertsons Companies, Inc. (NYSE: ACI) finishing down 3% and Ebang International Holdings Inc. (NASDAQ: EBON) dropping 4%. Highly anticipated Albertsons was disappointing in its debut, finally pricing after three attempts and a cut to its valuation. The fourth largest grocer ended up pricing below its range at $16 per share to raise an offering of $800 million. Similarly, Ebang priced below its midpoint at $5.23 per share to raise an offering of about $100 million.
For SPACs, Fusion Acquisition Corp. raised $305 million to target a financial services company, Kensington Capital Acquisition Corp. raised $200 million to focus on an automobile related business, and Brilliant Acquisition Corp. raised $40 million for a company in the Asian market.
Due to the United States Friday holiday, the week ahead is scheduled to be a shortened trading week. However, the IPO market was not deterred, with four companies of various industries slated to price.
Starting the week off with a bang, Dun & Bradstreet Holdings, Inc. plans to raise over $1.5 billion form 65 million shares offering in the range of $19-$21 each. The company provides commercial data analytics services to many of the largest enterprises in the world.
Lemonade, Inc. follows, aiming to raise over $328 million from 11 million shares priced between $23-$26 each. The insurance startup provides and online quotes platform for various renters and homeowners insurance offerings.
DoubleDown Interactive Co. is next, planning to raise over $240 million from 11 million shares priced in the range of $17-$19 each. The Seoul-based developer is a leader in social casino games applications.
Finally, Accolade, Inc. plans to raise over $211 million from about 8.7 million shares offered between $19-$21 each. The company provides a platform for healthcare benefits management for self-insured employers.