HEADING INTO LABOR DAY: 2021 IPOs by the Numbers

Who needs a breather?

The IPO market is on a frenetic pace by all metrics. The speed has been exacerbated by the quantity of new issues that came to market in July.  July brought a total of 54 IPOs for $16.9b in cash raised. A few more IPOs trickled in during the month of August to bring the grand total (thus far) for 2021 to 236 IPOs raising $94.2b. 

Among those deals there have been aftermarket winners and losers. And overall, IPOs in 2021 have traded down once hitting the IPO market. The average first trade of the 236 IPOs we track (we do not track SPACs or direct listings) is +20.4% versus issue. The same 236 IPOs, as of August 13, are trading at only +10.4% versus issue price. February, in partcular, is weighing down the entire year as 25 IPOs came to market with an average opening of +36.8%. Those same 25 IPOs are now trading at-19.6% versus issue, collectively.  Fifteen of the 25 deals that month were from the biotech sector which is “feeling” the effects of valuation sensitivity since the early stages of 2021.

Interestingly enough, 102 IPOs of the 236 that have debuted this year are currently trading under the issue price. 

Winners and losers…we want names! It’s time to break down the best and worst of the year thus far.

Top Five Winners at Opening Trade

1. Vor Biopharma, Inc. +133.4%
2. Poshmark Inc. +132.1%
3. Cullinan Management +100%
4. Janux Therapeutics +100%
5. Aerovate Therapeutics, Inc. +100%

Top Five Winners Now vs. Issue

1. Verve Therapeutics, Inc. +200.4%
2. ZIM Integrated Shipping +199.0% 
3. Doximity Inc +189.4%
4. Global-E Online Ltd. +182%
5. DLocal Limited +147.2%

Top Five Losers at Opening Trade

1. Home Point Capital Inc. -26.2%
2. ZIM Integrated Shipping -23.3%
3. Cricut Inc -21.0%
4. Stevanato -20.7%
5. Zenvia, Inc. -20.4%

Bottom Five Now vs. Issue

1. Waterdrop Inc. -71.3%
2. Cloopen Group Holding Limited -70.8%
3. Zymergen Inc. -66.6%
4. Achilles Therapeutics Inc. -63.9%
5. Home Point Capital Inc. -63.6%

Top Five Largest Deals — 20 IPOs raised more than $1bn 

1. Didi Global, Inc. –  $4.435bn
2. Coupang Inc. –  $4.2bn
3. Bumble Inc. – $2.15bn
4. Robinhood Markets, Inc. – $2.09bn
5. Applovin Corporation – $2.0bn

It should be noted that the 20 IPOs that raised more than $1bn are trading at +2.0% versus issue. Those same 20 IPOs opened +27.9%.