The initial public offering (IPO) market had a choppy week last week, with only five of the eight planned traditional IPO listing falling through with their debuts. The week ahead plans to offer quality over quantity, with two traditional IPO pricings, including Oatly Group's $1.6 billion listing, and Squarespace's direct listing.
In the week's largest offering, Global-E Online Ltd. (GLBE ) raised $375 million from pricing its shares at the high end of its range. The ecommerce software provider helps companies sell across international borders with services including compliance and shipping. The stock finished the week up 7%.
In the week's best performance, iPower Inc. (IPW ) ended the week up 16% after pricing its shares below its downwardly revised range to raise $16.8 million. The hydroponic equipment supplier operates its own online retail platform and distributes through other third-party ecommerce platforms such as Amazon (AMZN ), eBay (EBAY ), and Walmart (WMT ).
Here's the rest of last week's debuts in order of offering amount:
Similarweb Ltd. (SMWB ) priced its shares above its range to raise $176 million in its debut. The Israel-based web analytics provider offers software that aggregates data from websites and apps to help businesses improve their decisions. The stock finished down 3%.
Vera Therapeutics, Inc. (VERA ) priced shares well below its range to raise $47.85 million in its listing. The immunological disease biotech plans to initiate a Phase 2b clinical trial of its lead candidate in the second quarter, with topline data results expected in the fourth quarter of 2022. The stock ended the week up 5%.
Flora Growth Corp. (FLGC ) priced its shares at the high end of its range to raise more than $16.6 million in its debut. The Canada-based cannabis company cultivated and processes medical-grade cannabis oil and other cannabis products in Colombia. The stock finished down 19%.
For the week ahead:
Oatly Group AB (OTLY ) plans to raise more than $1.64 billion from over 84.3 million shares priced in the range of $15 to $17 each. The Swedish plant-based daily alternative brand's portfolio includes milk, ice cream, yogurt, cooking creams and spreads made from oats.
Procore Technologies, Inc. (PCOR ) plans to raise over $676 million from 9.47 million shares priced between $60 to $65 each. The construction software company offers cloud-based software for construction management. Procure's rivals include Autodesk (ADSK ).
Squarespace, Inc. (SQSP ) plans to complete its direct listing on the New York Stock Exchange this week, with an estimated market value of more than $10 billion, according to Renaissance Capital. The company provides an all-in-one web design platfrom, with 3.7 million unique subscriptions as of December 31, 2020. Squarespace's competitors include Wix.com (WIX ).