The initial public market continued its hot streak since the beginning of the new year this past week, with six traditional IPOs, fourteen special purpose acquisition companies (SPAC), and one direct listing joining the stock market.
Last week's leader was Chinese e-cigarette brand RLX Technology Inc. (RLX ), which raised nearly $1.4 billion in its debut by pricing shares above the range at $12 each to a market capitalization of roughly $18.6 billion. The company produces and sells e-cigarette products in over 250 cities across China, holding over 60% of the market in the nation. The company was popular with investors, finishing the week up 146%.
Patria Investments Ltd (PAX ) was next, raising about $512 million from pricing shares above the range at $17 each to reach a market cap of $2.3 billion. The company is the leading alternative asset manager in Brazil, holding $14.4 billion in assets under management in 2020. Patria ended up 17%.
MYT Netherlands Parent B.V. (MYTE ), also known as Mytheresa Group, priced its shares at the high end of its upsized offering at $26 each to raise about $407 million at a $24 billion market cap. Under the Mytheresa brand, the company operates a global luxury fashion e-commerce platform that produces stable growth despite being in a highly competitive industry. The stock ended the week up 30%.
In the week's only direct listing, Hims & Hers Health, Inc. (HIMS ) completed its reverse merge with the blank check company Oaktree Acquisition Corp, receiving about $279.5 million in proceeds from the deal. The telehealth company offers personal medical care products by subscription, reporting to have over 300,000 paying subscribers. The stock ended its first week down 11% from its opening on Jan. 21.
Dream Finders Homes, Inc. (DFH ) followed, raising nearly $125 million by pricing shares below its midpoint at $13 each to reach a market cap of $1.2 billion. The U.S.-based homebuilder designs, builds, and sells single-family homes for first- and second-time buying markets. The stock finished the week up 65%.
Montauk Renewables, Inc. (MNTK ) lead the rear, pricing its shares above the range at $8.50 each to raise almost $26 million at a $1.2 billion market cap. The renewable energy company specializing in recovering and processing gases from landfills and other non-fossil fuel sources for use as renewable fuel in the transportation industry. The stock ended up 38%.
Huadi International Group Co., Ltd. (HUDI ) was last, pricing its shares at the high end of its range at $8 each to raise $25 million at a $106 million market cap. The Chinese steel manufacturer produces stainless steel pipe and tube products. The stock finished the week down 11%.
For SPACs, fourteen blank check companies priced this past week, raising a combined total of $3.7 billion and continuing the red hot trend from last year.