In the first busy week since the August break, six companies and two SPACs entered the public market. VC-backed health and tech fared well, led by 10x Genomics (TXG) and Cloudflare (NET), while SmileDirectClub (SDC) saw its initial hype evaporate.
The largest deal of the week, SmileDirectClub priced its $1.3 billion IPO above the range and promptly fell below issue; it's the first company in three years to price above the range and trade down on its first day. SmileDirectClub came public at a premium to close peer Align Technology (ALGN), reflecting its large potential