It was another week of record-setting IPO performance and wild trading activity that set the whole market “abuzz”. And this included winners and losers.
The BIG winner… was the BigCommerce Holdings, Inc (BIGC) IPO….which priced 9.02mm shares at $24.00 ($1 above upwardly revised range) and opened at $68.00 for a gain of 183.3% at first trade. And the fireworks continued as BIGC traded as high as $93.99 in its opening session before closing at $72.27 on day one (201% gainer). BIGC traded as high as $104.00 in its second session for a top-tick of 333.3% above the issue price.
The largest deal of the week, Rocket Companies Inc (RKT), priced a downsized deal, 100.0mm shares, at $18.00 ($2.00 below range) and opened at $18.00. Traders took it from there as RKT closed its opening session at $21.51 for a gain of 19.5% on day one. The stock gapped up in its opening session on day two and traded as high as $26.85.
Oak Street Health, Inc. (OSH) performed as expected — very strong. The company priced a full-size deal, 15.6mm shares, at $21.00 ($1.00 above the upwardly-revised range) and opened at $42.50 for a gain of 102.4% at first trade.
Acutus Medical Inc (AFIB) priced 8.8mm shares (upsized from 7.35mm) at $18.00 (high end of range) and opened at $24.11 for a gain of 33.9% at first trade.
The big LOSER of the week was the disaster from a PE-backed company, Rackspace Technology Inc (RXT). The Apollo backed offering priced a full size deal, 33.5mm shares, at the low end of the range, $21.00, and opened at $16.85 for a loss of 19.8% at first trade. The stock continued to be under heavy selling pressure and hit new lows during its second and third sessions on Friday.
Freeline Therapeutics Holdings plc (FRLN) priced 8.8mm ADSs (upsized from 7.35mm ADS) at $18.00 (high-end of the range) and opened at $18.50 for a gain of 2.8% at first trade.
Checkmate Pharmaceuticals, Inc. (CMPI ) priced a full size deal, 5.0mm shares, at the midpoint of the range, $15.00, and opened at $14.90 for a loss of 0.7% at first trade.
IBEX Holdings Limited (IBEX) priced a full-size deal, 4.76mm shares, at $19.00 ($1 below range) and opened at $18.00 for a loss of 5.3% at first trade.
Looking ahead to this week, there are three IPOs currently on the calendar.
DEBUTING THURSDAY, 8/13
KE Holdings Inc. (BEKE) — Beike is the leading integrated online and offline platform for housing transactions and services.
NETSTREIT Corp. (NTST) — They are an internally-managed real estate company that acquires, owns and manages a diversified portfolio of single-tenant, retail commercial real estate subject to long-term net leases with high credit quality tenants across the United States.
DEBUTING FRIDAY, 8/14
Duck Creek Technologies, Inc. (DCT) — They are the leading Software-as-a-Service (SaaS) provider of core systems for the P&C insurance industry.
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