In another busy week for the initial public offering (IPO) market, 12 new companies went public, with Rivian leading the wall with the largest offering since Alibaba (BABA ) in 2014.
In the largest offering of the week, Rivian Automotive, Inc. (RIVN ) raised more than $11.9 billion after pricing its upsized offering well above its upwardly revised range. The electric vehicle company is launching a portfolio of adventure-ready consumer and commercial SUVs, vans and pickup trucks. The stock ended the week up 67%.
In the week's best performance, micro-cap Society Pass, Inc. (SOPA ) finished the week up 384% after raising $26 million from pricing its shares at its midpoint. The stock also popped more than 400% on its first day. The company acquires and operates e-commerce platforms through its subsidiaries, currently marketing to both consumers and merchants in Vietnam.
Here's the rest of the week's listings in order of offering amount:
Hertz Global Holdings, Inc. (HTZ ) priced its upsized offering at the high end of its range to raise more than $1.29 billion. The company provides vehicle rental services globally through its Hertz, Dollar, and Thrifty brands. The stock ended the week down 7%.
Expensify, Inc. (EXFY ) priced its shares at the high end of its upwardly revised range to raise $263 million. The company provides a mobile-first expense management platfrom for SMBs. The stock finished the week up 76%.
CI&T, Inc. (CINT ) priced shares at the low end of its range to raise $196 million. The Brazilian company provides strategy, design, and software engineering services to customers including Johnson & Johnson (JNJ ) and Google (GOOGL ). The stock ended the week up 33%.
Weave Communications, Inc. (WEAV ) priced its shares below the range to raise $120 million. The company provides a customer communication and engagement software platform to healthcare-focused SMBs. The stock finished down 23%.
Backblaze, Inc. (BLZE ) priced its shares at its midpoint to raise $100 million. The cloud storage platform offers storage, usage, and data protection to over 480,000 customers across 175 countries. The stock ended the week up 38%.
Lulu's Fashion Lounge Holdings, Inc. (LVLU ) priced its shares at the low end to raise $92 million. The online fashion retailer sells apparel primarily geared towards Millennial and Gen Z women. The stock finished down 14%.
Third Coast Bancshares, Inc. (TCBX ) priced its upsized offering at the midpoint to raise $87.5 million. The commercially-focused Texas-based bank operates 12 branches, with $2.0 billion assets, $1.6 billion total loans, $1.8 billion total deposits, and $138 million total shareholders' equity as of 6/30/21. The stock ended the week flat.
Vaxxinity, Inc. (VAXX ) priced its downsized offering below its range to raise $78 million. The biotech is developing vaccines therapies for chronic diseases using synthetic peptides, with its lead candidate being developed for the treatment of Alzheimer's Disease. The stock finished the week up 4%.
Kidpik Corp. (PIK ) priced its upsized offering within the range to raise $18 million. The company provides a children's clothing subscription boxes of varying sizes from toddler to youth. The stock finished the week down 11%.
Winc, Inc. (WBEV ) priced its shares at the midpoint to raise $22 million. The company states that it is one of the fastest growing at scale wineries in the United States. The stock ended the week down 20%.
For the week ahead:
KinderCare Learnings Companies, LLC (KLC ) plans to raise more than $622 million from nearly 26 million shares priced between $18 to $21 each. The company provides childcare services from 6 weeks to 12 years of age through 1,480 early childhood education centers and 650 before- and after-school sites across 40 states.
Braze, Inc. (BRZE ) plans to raise $528 million from 8 million shares priced between $55 to $60 each. The company provides a customer engagement platform used by businesses to improve their marketing, serving over 1,100 clients as of 7/31/21.
Sweetgreen, Inc. (SG ) plans to raise more than $359 million from 12.5 million shares priced between $23 to $25 each. The fast casual salad chain owns and operates 140 resturants in 13 states and Washington D.C. as of 9/26/21.
UserTesting, Inc. (USER ) plans to raise $277 million from nearly 14.2 million shares priced between 15 to 17 each. The company provides a video-first customer feedback platform for enterprises, providing more contextualized insights by capturing various human signals.
