IPO Market Lights Up Ahead of Shortened Holiday Week

The initial public offering (IPO) market lit up ahead of the short holiday week last week, with six traditional IPOs and one direct listing raising over $1.8 billion. Only one offering is planned for the week ahead, but the current IPO pipeline is promising a packed summer market.

In both the largest offering and best performance, FIGS, Inc. (NYSE: FIGS) priced its upsized offering above its range to raise $580 million. The healthcare apparel brand also outperformed the rest of the new listings, finishing the week up 55%.

For the week's only direct lising, ZipRecruiter, Inc. (NYSE: ZIP) opened traded at $20 on the New York Stock Exchange, which was 11% above its reference price, for an implied market value of $2.6 billion. The job marketplace platform finished up 5% from its opening trade last week.

Here's the rest of the week's debuts in order of offering amount:

Centessa Pharmaceuticals plc (NASDAQ: CNTA) priced its upsized offering at the high end to raise $330 million. The company has a broad pipeline of 16 programs for various biotech indications, with 12 being preclinical. The stock finished up 9%.

Flywire Corp. (NASDAQ: FLYW) priced its upsized offering at the high end of its range to raise $251 million. The payment processor provides a global payments platfrom for education, healthcare, and travel verticals. The stock ended the week up 43%.

Singular Genomics Systems, Inc. (NASDAQ: OMIC) priced its upsized offering at the high end to raise $224 million. The genetic sequencer has developed an unique and proprietary next generation sequencing technology, with commercial launches expected in 2021 and 2023. The stock finished the week up 23%.

Paymentus Holdings, Inc. (NYSE: PAY) priced its shares at the high end to raise $210 million. The electric billing platfrom provides cloud-based bill payment technology and finished the week up 45%.

Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) priced its shares at the high end of its range to raise $160 million. The pediatric cancer biotech's lead candidate is currently in a Phase 2 clinical trial for the treatment of patients with relapsed or progressive low-grade glioma. Day One anticipates an initial data readout in the first half of 2022, and expects to file an NDA in 2023. The stock ended the week up 48%.

For the week ahead:

dLocal Ltd. (NASDAQ: DLO) plans to raise more than $608 million from over 29.4 million shares priced between $16 to $18 each. The payment processor enables global merchants to make and receive both cross-border and local-to-local payments in 29 countries. The company also has hundreds of merchant partners, including Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT) and Spotify (NYSE: SPOT).