The initial public offering (IPO) market is preparing for another explosive week ahead, with the direct listing of the highly anticipated Coinbase Global Inc. finally making its debut. Last week's was muted compared to how strong the year's pipeline has been so far, with only two names pricing. The week ahead plans to be more active, with five traditional IPOs ready for launch.
To recap last week, VectivBio Holding AG (VECT ) offering was both the highest amount and best performer, with the stock raising $128 from pricing its shares at its midpoint and closing out the week up 48%. The Swiss rare disease biotech's lead candidate is currently in a Phase 3 trial for short bowel syndrome with topline data expected in the second half of 2023.
Last week's other offering was by Reneo Pharmaceuticals, Inc. (RPHM ), who raised $94 million by pricing shares at the low end of its range. The rare disease biotech's sole clinical candidate is currently in Phase 2b trial for primary mitochondrial myopathies, with data expected in 2023. The stock finished the week down 7%.
The week ahead promises to be more exciting, with five traditional IPOs--three of them planning to raise over $1 billion at debut--scheduled to raise nearly $5.4 billion alongside Coinbase's highly anticipated direct listing.
Coinbase Global, Inc. (COIN ) plans to be the Nasdaq's first major direct listing, with the cryptocurrency transaction platform's market value estimated to be more than $50 billion at listing. Coinbase operates the largest cryptocurrency exchange in the United States by trading volume, allowing both individuals and institutions trade popular digital currencies like Bitcoin and Ethereum along with other coins and assets. The company's competitors include Binance and Kraken.
AppLovin Corp (APP ) plans to be this week's largest debut, with the stock aiming to raise a whopping $2.4 billion from 25 million shares priced in the range of $75 to $85 each. The company provides a popular platform that enables mobile app developers to both monetize and market their apps. The stock's top competitors include Unity (U ).
TuSimple Holdings Inc. (TSP ) plans to raise more than $1.5 billion from about 33.8 million shares pricing in the range of $35 to $39 each. The autonomous semi-truck startup is developing technology to build the first Autonomous Freight Network (AFN). The stock's competitors include General Motors' (GM ) Cruise, Google's (GOOGL ) Waymo and Amazon's (AMZN ) Zoox.
Agilon Health, Inc. (AGL ) plans to raise over $1.2 billion from 46.6 million shares priced between $20 to $23 each. The healthcare platform is focused on senior care for primary care physicians. The stock's competitors include Qualtrics International (XM ).
Alkami Technology, Inc. (ALKT ) plans to raise more than $193 million from 6 million shares priced between $26 to $28 each. The digital banking platform provides services to community, regional, and super-regional financial institutions. The stock's competitors include nCino (NCNO ).
Karat Packaging Inc. (KRT ) plans to raise about $91 million from 3.95 million shares priced between $18 to $20 each. The company manufactures and distributes disposable food packing for many fast food restaurant chains, with this offering being its second IPO attempt.