The initial public offering (IPO) market is starting to heat back up after February's cool down, with two traditional IPOs raising about $1.8 million and a whopping 39 special purpose acquisition companies (SPAC) raising over $11 billion in last week's public listings. The week ahead promises to reignited the year's earlier hot momentum, with four traditional IPOs and one direct listing planning to debut, including highly anticipated names like Coupang and Roblox.
Last Week's Recap
Oscar Health, Inc. (NYSE: OSCR) raised over $1.4 billion by pricing about 37 million shares at $39 each in the week's largest offering. The health insurer provides individual, small group, and Medicare Advantage health insurance to over 529,000 members via its online platform. However, the company is highly unprofitable, and investors reacted accordingly, with the stock finishing the week down 21%.
InnovAge Holding Corp. (NASDAQ: INNV) raised just over $350 million by pricing its about 17 million shares at $21 each. The senior care provider services over 6,600 seniors under the Program of All-Inclusive Care for the Elderly (PACE). The company ended the week up 15%.
For SPACs, 39 blank check companies listed last week, led by the the $800 million offering raised by FTAC Hera Acquisition Corp. (NASDAQ: HERAU).
The Week Ahead
Roblox Corp. (NYSE: RBLX) plans to bring its highly anticipated direct listing to the New York Stock Exchange this week, but has done little to disclose how much its deal will be worth and what its share price will be. The online gaming platform has benefitted from the coronavirus pandemic as has made recent moves to expand its user base and monetizable offerings.
Coupang, Inc (NYSE: CPNG) plans to be the largest offering this week, with the Korean ecommerce giant aiming to raise $3.6 billion from 120 million shares priced in the range of $27 to $30 each. The company nearly doubled its revenue in 2020, making it a leader in the Korean ecommerce market.
Hayward Holdings, Inc. (NYSE: HAYW) plans to raise over $880 million from about 40.3 million shares priced between $17 to $19 each. The pool equipment supplier holds an estimated 30% share of the North American residential pool market, with the company benefiting from the pandemic's consumer push to single family home ownership.
JOANN Inc. (NASDAQ: JOAN) plans to raise over $213 million from roughly 11 million shares priced between $15 to $17 each. The fabric and crafts retailer operating a nationwide network of both brick-and-mortar and online marketplaces for sewing, fabrics, and arts and crafts needs in the United States, with the company holding about 33% of the market.
First High-School Education Group Co., Ltd. (NYSE: FHS) plans to raise over $90 million from 7.5 million shares priced between $9.50 to $10.50 each. The Chinese education network is the largest operator of private high schools in Western China and the largest operator in all of China in terms of student enrollment as of December 31, 2019.