The initial public offering (IPO) market continues to operate at a red hot pace, with 19 traditional IPOs going public this past week, raising over $6.4 billion.
In the week's largest debut, Robinhood Markets, Inc. (NASDAQ: HOOD) raised $2.1 billion from pricing its shares at the low end of its range. The no-commission retail brokerage platform boosts over 18 million monthly active users. Still, even though it was a highly anticipated listing, investors worry that its business model is unsustainable, with the stock finishing down 8% for the week.
In the week's best performance, Icosavax, Inc. (NASDAQ: ICVX) popped 133% in its first day of trade and ultimately finished up 66%. The vaccine-focused biotech priced its upsized offering at its midpoint to raise $182 million in its debut. The company's most advanced candidate is currently in a Phase 1/2 trial for SARS-CoV-2.
Here's the rest of the week's debuts in order of offering amount:
PowerSchool Holdings, Inc. (NYSE: PWSC) priced its shares at the low end to raise $711 million. The company serves over 12,000 customers in over 90 countries globally, providers an education platform for teachers to manage classroom activities. The stock ended the week up 3%.
Duolingo, Inc. (NASDAQ: DUOL) priced its shares above its upwardly revised range to raise $521 million. The language learning platform serves over 300 million users, teaching over 30 languages. The stock ended the week up 38%.
Traeger, Inc. (NYSE: COOK) priced shares at the high end to raise $424 million. The outdoor grill company makes premium wood pellet grills with a tech feature, allowing owners to program, monitor, and control their grill through an app. The stock finished the week up 23%.
Dole plc (NYSE: DOLE) priced its downsized offering at the low end of its downwardly revised range to raise $400 million. The company is a leader in the fruit and vegetable market, offering over 300 products sourced from over 30 countries to over 80 countries globally. The stock ended the week down 9%.
Riskified Ltd. (NYSE: RSKD) priced shares above its range to raise $368 million. The Israeli anti-fraud firm provides a software platform that improves e-commerce fraud protection for enterprise merchants. The stock finished the week up 31%.
MeridianLink, Inc. (NYSE: MLNK) priced its upsized offering at the high end to raise $343 million. The company offers a cloud-based digital lending and account opening platform for mid-market community banks and credit unions. The stock finished down 9%.
Snap One Holdings Corp. (NASDAQ: SNPO) priced shares at the low end to raise $249 million. The company provides smart home technology products to over 16,000 professional integrators. The stock ended the week relatively flat.
Tenaya Therapeutics, Inc. (NASDAQ: TNYA) priced its upsized offering at its midpoint to raise $180 million. The heart disease focused biotech plans to submit Investigative New Drug (IND) forms to the Food and Drug Administration in 2022 for its drug discovery platform. The stock finished the week up 2%.
MaxCyte, Inc. (NASDAQ: MXCT) priced its upsized offering within its range to raise $176 million. The company's Flow Electroporation technology facilitates the complex engineering of a variety of cells. The stock ended the week up 31%.
Nuvalent, Inc. (NASDAQ: NUVL) priced its upsized offering at the midpoint to raise $166 million. The oncology biotech's lead candidate, NVL-520, is expected to begin clinical trials in patients with POS1-positive non-small cell lung cancer and other advanced solid tumors in the second half of the year, pending the acceptance of its IND. The stock ended the week up 7%.
Omega Therapeutics, Inc. (NASDAQ: OMGA) priced its shares at the midpoint to raise $126 million. The gene therapy biotech's pipeline consists of preclinical programs that span a variety of indications. The stock finished down 6%.
RxSight, Inc. (NASDAQ: RXST) priced its shares at the low end to raise $118 million. The intraocular lens platfrom boasts that its RxSight Light Adjustable Lens system is the first and only commercially available intraocular lens technology that enables doctors to customize and optimize visual acuity for patients after cataract surgery. The company ended the week flat.
Immuneering Corp. (NASDAQ: IMRX) priced its upsized offering at the midpoint to raise $133 million. The oncology biotech's lead program, IMM-1-104, is a highly selective dual-MEK inhibitor being developed for advanced solid tumor patients with RAS mutant tumors. The stock ended the week up 17%.
Rallybio Corp. (NASDAQ: RLYB) priced its shares at the low end to raise $81 million. The rare disease biotech is developing antibody therapies, with its lead program being evaluated to treat fetal and neonatal alloimmune thrombocytopenia in a Phase 1/2 trial. The stock finished up 31%.
Rani Therapeutics Holdings, Inc. (NASDAQ: RANI) priced shares well below its range to raise $73 million. The company is advancing technologies to enable the development of orally administered biologics. The stock ended the week flat.
Candel Therapeutics, Inc. (NASDAQ: CADL) raised $72 million, after lowering its deal size earlier in the week. The stock's most advanced candidate is currently in a Phase 3 trial as a combination therapy for newly diagnosed localized prostate cancer. The stock ended the week down 5%.
IN8bio, Inc. (NASDAQ: INAB) priced its shares at the low end to raise $40 million. The Phase 1 biotech is developing allogeneic gamma-delta T cell therapies to treat solid tumors. The stock finished the week flat.