CERT - This Week's IPOs
This week’s IPOs with their expectation to raise $1.7 billion might not seem as big as last week’s when six IPOs and two SPACs altogether expected to raise $7.2 billion, but there are still some promising names to make it interesting. Last week, we had big names like Airbnb, Inc. (NASDAQ: ABNB), DoorDash Inc (NYSE: DASH), as well as an AI software provider C3.ai (NYSE: AI), Certara (NASDAQ: CERT), a leader in bio-simulation, Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) and an AdTech platform PubMatic, Inc. (NASDAQ: PUBM). This week, we are expecting four IPOs and one SPAC, the highlight being the e-commerce platform Wish (NASDAQ: WISH), Upstart (NASDAQ: UPST), a lending platform, Midwest Holding (NASDAQ: MDWT), a solid tumor biotech BioAtla (NASDAQ: BCAB), and a blank check company Dune Acquisition (NASDAQ: DUNEU).
Wish
E-commerce marketplace platform Wish plans to raise $1.1 billion at a $16.4 billion market cap. According to the filing, the company will sell 46 million shares priced between $22 and $24 each. This e-commerce platform mostly connects China-based merchants with customers from Europe and North America who value bargaining deals. Although the business is accelerating due to a big market opportunity, counterfeit and fraudulent goods are keeping the company unprofitable.
Upstart
A cloud-based artificial intelligence lending platform Upstart, located in California, plans to raise $252 million at a $1.9 billion market cap. According to the company, the platform offers a better way to predict credit risk through its AI-powered lending models. During the first nine months of 2020, Upstart generated revenues of $146.71 million with net income of $4.96 million, which is much better than the same period last year when the company reported a loss of $6.52 million.
BioAtla
A Phase 2 biotech BioAtla, developing antibody therapies for solid tumor cancers, plans to raise $150 million at a $527 million market cap, by offering 9.4 million shares at a price range of $15 to $17. This biotech, based in San Diego, CA, is developing a novel class of specific and selective antibody therapies. Its two latest candidates are currently in Phase 2 trials for multiple cancer indications, expecting to get the interim data in 2021.
Midwest Holding
Midwest Holding, the company which underwrites and markets life insurance products in the US, is already listed on the OTCQB. The OTCQB is the middle-tier of OTC markets which lists developing and early-stage companies. The company filed to raise up to $50 million in an IPO on the Nasdaq. It offers financial services that rely on its tech platform and capabilities for reinsurance, aiming to develop and distribute insurance products through third-party independent marketing organizations (IMOs).
Dune Acquisition
This week’s SPAC, a blank check company Dune Acquisition, plans to raise $130 million. The company is having a specific target within the tech sector, businesses with software as a service (SaaS) as a software distribution model.
The holiday spirit
The holidays are coming, and we are slowly sinking into the holiday spirit. Maybe this week is slower IPO-wise, but when we look at the whole year, and especially December overall, the IPO market was as hot as it gets.
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