A large wave of debuts hit the initial public offering (IPO) market last week, with 17 traditional IPOs and 20 special purpose acquisition companies listing in a volatile market week.
For the biggest offering of the week, DigitalOcean Holdings, Inc. (DOCN ) priced its shares at the high end of $47 each to raise nearly $776 million in its debut. The cloud infrastructure and services provider is highly profitable, but it facing stiff competition from other tech giants. The stock ended the week down 11%.
For the best performer, Design Therapeutics, Inc. (DSGN ) ended the week up 107%. The preclinical biotech priced its shares at the high end of $20 each to raise $240 million in its debut, with the company's lead candidate is expected to begin clinical trials in patients with Friedreich ataxia by the first half of 2022.
Here's the rest of last week's listings in order of offering amount:
Diversey Holdings, Ltd. (DSEY ) priced its shares below its range at $15 each to raise $692 million. The leading global cleaning products provider ended the week up 1%.
Zhihu Inc. (ZH ) priced shares at the low end at $9.50 each to raise $523 million. The Chinese questions and answers platform operator finished the week down 11%.
Alignment Healthcare, Inc. (ALHC ) priced shares at the midpoint of $18 each to raise $490 million. The Medicare Advantage healthcare provider finished down 4%.
ACV Auctions Inc. (ACVA ) priced shares above its upwardly revised range at $25 each to raise $414 million. The car auction platform ended the week up 21%.
Olink Holding AB (OLK ) priced its shares above the range at $20 each to raise nearly $353 million. The Swedish proteomics platform finished the week up 61%.
Cricut, Inc. (CRCT ) priced shares at the low end of $20 each to raise $306 million. The crafting machine maker, which benefited from the coronavirus pandemic, finished down 10%.
Vizio Holding Corp. (VZIO ) priced its downsized offering at the low end of $21 each to raise over $257 million. The low-cost TV and sound bar brand finished the week down 1%.
Edgewise Therapeutics, Inc. (EWTX ) priced its upsized offering at the high end of $16 each to raise $176 million. The rare disease biotech, which is currently conducting a Phase 1 clinical trial for Duchenne muscular dystrophy, Becker muscular dystrophy, and Limb-girdle muscular dystrophy, finished the week up 88%.
ThredUp Inc. (TDUP ) priced its shares at the high end of $14 each to raise $168 million. The secondhand apparel platform, which benefits from current consumer trends, finished up 43%.
SEMrush Holdings, Inc. (SEMR ) priced its downsized offering at the low end of $14 each to raise $140 million. The digital marketing management platform finished down 16%.
Ikena Oncology, Inc. (IKNA ) priced shares at the midpoint of $16 each to raise $125 million. The oncology biotech's most advanced tumor microenvironment candidates are currently in Phase 1 clinical trials, and its lead targeted candidate will be ready to submit an IND in the second half of this year. The stock ended the week up 100%.
LAVA Therapeutics NV (LVTX ) priced shares at the midpoint of $15 each to raise $101 million. The Dutch biotech expected to begin enrollment for a Phase 1/2a clinical trial for its lead candidate in the first half of this year. The stock finished down 17%.
Movano Inc. (MOVE ) priced its shares at $5 each to raise $43 million. The glucose and blood pressure monitor platform to use radio frequency technology developer plans to conduct trials for FDA 510(k) clearance in the second half of this year. The stock finished up 13%.
Hywin Holdings, Inc. (HAYW ) priced its downsized offering at the low end of $10 each to raise $30 million. The Chinese wealth management firm finished the week down 1%.
Universe Pharmaceuticals Inc. (UPC ) priced shares at $5 each to raise $25 million. The Chinese medicine maker, marketer, and distributor finished down 19%.
For SPACs, 20 blank check companies raised $6.5 billion last week, led by the debut of Gores Guggenhiem, Inc. (GGPIU ), which raised $750 million with no specific business target.
