The initial public offering (IPO) market seems to be recovering in May as four IPOs and another three special purpose acquisition companies (SPAC) entered public trading last week. The week ahead only has one IPO planned, but the forward momentum of the broader stock market as the United States begins to reopen is carrying the IPO market.
Ayala Pharmaceuticals (AYLA ) priced its IPO at the midpoint of its estimated range at $15 per share. The biotech was able to raise $55 million for about 3.7 million offered shares in its debut, but finished its first day relatively flat.
China Liberal Education Holdings Ltd (CLEU ) was a surprise addition to the market last week, with the educational services company pricing at the low end of its range at $6 per share. The company raised close to $8 million from 1.3 million offered shares in its debut. The stock traded below its initial share price in opening, settling down about 18%.
GAN Ltd (GAN ) set its share price at the high end at $8.50 . The gambling software company had raised $54.23 million from 6.38 million offered shares. Following the success of competitor DraftKings (DKNG ), GAN popped 56% in its first day of public trading and settled up 70% for the week.
Kingsoft Cloud Holdings Ltd (KC ) priced its stock at its midpoint at $17 per share. The Chinese cloud services and infrastructure company raised $510 million from 30 million offered shares, finishing up its debut up 40%. Kingsoft is the largest IPO to price since GFL Environmental's (GFL ) $1 billion offering in early March.
For SPACs, Roth CH Acquisitions (ROCHU ) raised $75 million to focus on acquiring a business services, consumer, healthcare, technology, or wellness company. Sustainable Opportunities Acquisition Corp. (SOAC ) raised $300 million for focus on a sustainable business. Lastly, Live Oak Acquisition Corp. (LOAKU ) was able to raise $200 million, but does not specify a business target.
ADC Therapeutics SA plans to debut on the New York Stock Exchange later this week, pricing its stock in the range of $16-$18. The Swiss oncology-focused biotech company plans to raise an upsized $152 million from 7.3 million offered shares.
