ACT - This Week's IPO Repertoire
Private mortgage insurance company and cross-border e-commerce are just among the seven diverse IPOs scheduled this week, with these offerings slated to raise $1.6 billion.
Private mortgage
The largest deal of the week, Enact Holdings (NASDAQ: ACT), is a private mortgage insurance company being spun out of Genworth Financial, plans to raise $497 million at a $3.6 billion market cap. While holding 17% share of the market in 2020, the company saw 60% increase in new insurance written during the year, although COVID-19 also brought higher delinquencies and losses.
Facilitation of cross-border e-commerce
Despite not being a globally renown name, Global-E Online (NASDAQ: GLBE) became an indispensable associate for cross-border e-commerce around the globe. The company is successfully taking on many of the challenges encountered with international selling, such as foreign languages, currency exchange, regulatory compliance, customs and duties. In simple words, it removes many roadblocks that come with international online retail. It plans to raise $360 million at a $4.0 billion market cap. Fast growing and profitable in 2020, it has over 400 merchants on its platform and currently supports transactions in over 200 markets across the globe. It also has a partnership agreement with Shopify (NYSE:SHOP) that last month bought 7.75 million shares in the company. For the year that ended on December 31 st , 2020, revenues amounted to $136.3 million, up 107% YoY. The company also achieved the scale necessary to generate profits, with net income amounting to $3.9 million, which is a great improvement from 2019’s loss of $7.5 million. Its net dollar retention rate shines, as it has been above 134% since 2018 and even climbed an impressive 172% last year.
Data-driven hearing care
Hearing care services provider with a data-driven approach, hear.com (NASDAQ: HCG), is aiming to raise $300 million at a $2.1 billion market cap. Their offering enables hearing care professional to deliver a personalized experience and respond to customer needs in real time. Despite its conversion rate falling slightly during the previous fiscal year, it saw more than 25% increases in both appointments and total customer sales.
CX platform
Brazilian customer experience platform Zenvia (NASDAQ: ZENV) plans to raise $213 million at a $607 million market cap. As of December 31 st last year, the company’s software platform facilitated the flow of communication for more than 9,400 customers throughout Latin America. While it achieved a standalone net revenue expansion rate of over 110%, its EBIT turned negative in 2020. Founded in 2004, this customer experience communications platform provides a combination of solutions focused on campaigns, sales teams, customer service, and engagement tools. From software APIs, chatbots, single customer view, journey designer, documents composer and authentication to channels, such as SMS, Voice, WhatsApp and Webchat, this company has all one can think in CX terms.
SaaS platform
Israeli provider Similarweb (NYSE: SMWB) that provides a SaaS platform for website monitoring, marketing and analytics plans to raise $160 million at a $1.7 billion market cap. Its blue-chip customers vary across a variety of industries, from marketers, strategy teams, salespeople, analysts, to investors. The company has demonstrated growth, but it remains small and unprofitable with widening losses.
Online hydroponic equipment supplier
Fast growing and profitable iPower (NASDAQ:IPW) plans to raise $24 million at a $202 million market cap. This online supplier sells hydroponic equipment that enables its customers to grow fruits, vegetables, flowers, and other plants, including cannabis, through its own website as well as third party retailers, no other than Amazon (NASDAQ: AMZN), eBay (NASDAQ: EBAY), and Walmart Inc (NYSE: WMT).
Cannabis developer
Canadian cannabis products developer Flora Growth (NASDAQ: FLGC) plans to raise $15 million at a $221 million market cap. Flora Growth cultivates and processes medical-grade cannabis oil and other cannabis derived products in Colombia. It aims to become the world’s largest producer of low-cost, naturally grown medicinal grade cannabis oils and extracts but it is highly unprofitable as it just began generating revenues last August.
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