S - A Shortened IPO Holiday Week
Last week turned out to be the busiest IPO week since 2004. Nearly $10 billion was raised in 19 public offerings. DiDi Global (NYSE: DIDI), a Chinese ride-hailing app with 15 million drivers across 4,000 towns and cities, led the way by raising $4.4 billion at a $70.4 billion market cap. SentinelOne (NYSE: S) managed to raise $1.2 billion at a $10.6 market cap. At the end of April, this cybersecurity platform had over 4,700 customers, which is a great growth compared to last year’s 2,700 active clients. E-commerce platform D-MARKET Electronic Services & Trading (NASDAQ: HEPS) is number 2 in Turkey where it operates under the brand Hepsiburada. It managed to raise $681 million at a $3.4 billion market cap. The remaining IPOs from last week include LegalZoom.com (NASDAQ: LZ), Krispy Kreme (NASDAQ: DNUT), Clear Secure (NYSE: YOU), EverCommerce (NASDAQ: EVCM), Xometry (NASDAQ: XMTR), Intapp (NASDAQ: INTA), Integral Ad Science Holding (NASDAQ: IAS), Torrid Holdings (NYSE: CURV), Acumen Pharmaceuticals (NASDAQ: ABOS), CVRx (NASDAQ: CVRX), Aerovate Therapeutics (NASDAQ: AVTE) and others.
This week’s IPOs
The IPO market is taking it a bit slower this week with just 2 scheduled IPOs.
A Beijing-based company offering cancer healthcare services, LinkDoc (NASDAQ: LDOC), filled for an IPO, backed up by Alibaba Health’s subsidiary (OTC: 0241.HK). The IPO plan is to raise $200 million, at a $1.5 billion market cap. Although still unprofitable, the healthcare company provided longitudinal care plans for more than 2.5 million patients since 2015, while it cared for over 3.5 million patients cumulatively.
Minim (NASDAQ: MINM) has developed an intelligent networking platform, making its products easy to use in everyday life and work. Their products power the applications for businesses, home users, and service providers. The company achieved record revenues for the last three quarters. Vertical integration is the company’s main strategy, which proved to be a right way to go, as its products can be found across the U.S. and in over 100 Internet Service Providers’ offerings. Pricing terms have not been disclosed, and the sole bookrunner for this deal is B. Riley Securities.
IPOs in the coming weeks
Maybe this shorter week is a bit slower, but several other companies are getting ready to start trading. We will have an opportunity to choose from several interesting offerings. A banking platform Blend Labs which plans to start trading on NYSE under the ticker name BLND, aims to raise up to $100 million. Fitness franchise F45 Training, backed by Mark Wahlberg and its functional 45-minute workouts, plans to list on the NYSE under the ticker FXLV and to raise up to $100 million. Couchbase, a provider of modern databases for enterprises also filed for an IPO. It will be listed on NASDAQ under the symbol BASE.
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