December closed out the month's initial public offering (IPO) market with another active week last week, with eight traditional IPOs completing offerings ahead of the holiday season. Surprisingly, last week saw the best performing debut of the year, while overall returns surged remarkably higher as investors were optimistic towards coronavirus economic recovery in 2021.
Wunong Net Technology Co Ltd (WNW ) was last week's best overall IPO performance and claimed the title of best performing debut of the year, with the stock surging 1,460% in its first trading week. Wunong priced its offering at its share midpoint of $5 each to raise $30 million at a $125 million market cap in its debut. The company operates an online food retail store in franchise throughout China.
Last week's most anticipated offering ContextLogic Inc (WISH ), better known as Wish, was unexpectedly one of the market's weakest debuts. Wish priced its offering at the high end of its range at $24 per share to raise over $1.1 billion at a $17.1 billion market capitalization. Despite the unicorn status, the stock fell 17% in first day trading and ended its first week down 2%. Wish is an ecommerce platform that connects bargain shoppers in Europe and North America with China-based merchants.
Here's the rest of last week's pricings in order of offering amount:
Upstart Holdings, Inc. (UPST ) prices its shares at the low end of $20 each to raise $240 million at a $1.8 billion market cap. The consumer lending platform increased 47% on its first day of trading and ended the week up 121%.
BioAtla, Inc. (BCAB ) priced its upsized offering above the range at $18 per share to raise $189 million at a $612 million market cap. The solid-tumor-focused biotechnology company popped over 70% on its first day and finished up its week up 94%.
908 Devices Inc. (MASS ) priced its shares above its upwardly revised range at $20 each to raise $130 million at a $585 million market cap. The bioscience handheld and desktop mass spectrometry device maker soared 145% for the week.
Midwest Holding Inc. (MDWT ) priced its shares at the low end of its range at $70 each to raise $70 million at a $262 million market cap. The insurance products developer and distributor ended its first week down 19%, making it the week's worst performer.
Virios Therapeutics, Inc (VIRI ) priced its shares at the midpoint of $10 each to raise $30 million at a $78 million market cap. The novel antiviral therapy biotech finished the week up 4%.
Oriental Culture Holding LTD (OCG ) priced its shares at $4 each to raise $20 million at an $81 million market cap. The Chinese online art trading marketplace platform rose 50% for the week.
No companies are set to price in the week ahead due to the shortened trading week. However, a few surprise companies could debut via blank-check company mergers before the year's end.
