January's initial public offering (IPO) market ended on a high note with seven traditional IPOs and 24 special purpose acquisition companies (SPAC) joining public markets last week. Three companies also raised more than $1 billion last week, bringing the weekly total to about $10.8 billion.
In last week's largest offering, Shoals Technologies Group, Inc. (NASDAQ: SHLS) raised $1.9 billion from prices its upsized offering above its upwardly revised range at $25 per share. The company has an overall market capitalization of $4.2 billion. Shoals designs and manufactures products used that aid in the constructions of large solar energy projects. The stock ended the week up 36%.
In another large debut, Qualtrics International Inc. (NASDAQ: XM) raised nearly $1.6 billion from also pricings its upsized offering above its upwardly revised range at $30 per share. The SAP (NYSE: SAP) spinoff now has a market cap of $15.6 billion. Qualtrics is a provider of customer and employee experience management platforms that aid companies in navigating how consumers are responding with their marketing strategies. The stock ended the week up 47%.
For the last billion dollar debut, Ortho Clinical Diagnostics Holdings plc (NASDAQ: OCDX) raised about $1.3 billion from pricing its upsized offering below its range at $17 per share. The providers of in vitro diagnostics testing equipment has a market cap of $3.9 billion. The stock finished the week down 3%.
Vinci Partners Investments Ltd. (NASDAQ: VINP) priced its shares at the high end of its range at $18 to raise nearly $250 million at a $999 million market cap. The Brazilian alternative asset manager finished the week down 5%.
ZIM Integrated Shipping Services LTD. (NYSE: ZIM) downsized its offering and priced shares below the range at $15 each to raise about $218 million at a $1.8 billion market cap. The Israeli cargo ship operator ended the week down 20%.
Home Point Capital Inc. (NASDAQ: HMPT) also downsized its offering, pricing its shares $6 below its range at $13 each to raise $94 million at a $1.9 billion market cap. The mortgage producer, operating primarily in the wholesale market, finished the week down 13%.
Agrify Corp. (NASDAQ: AGFY) upsized its offering and priced shares at the high end at $10 each to raise $54 million at a $155 million market cap. The company provides equipment for indoor farmings services, offering tech solutions for precision growing. Agrify ended the week up 14%.
Last week, 24 SPACs raised $5.4 billion in total.
Southeastern Grocers Inc. postponed its $134 million offering last week, with the U.S.-based supermarket chains citing current market conditions as the reason behind the delay.