The initial public offering (IPO) market is keeping a steady pace as it heads into mid-August, with four businesses and six special purpose acquisition companies (SPAC) debuting last week.
The offerings were led by China's largest housing platform, KE Holdings, Inc. (BEKE ), which priced its stock above the range at 20 per share to raise an offering of $2.1 billion. The company, now the largest U.S. IPO from a Chinese issuer in over two years, operates largely under the Lianjia and Beike real estate brands, alongside over 260 other brands in over 103 cities. The stock was popular with investors, popping over 65% in its first week.
Last week also saw the introduction of the German biotech CureVac N.V. (CVAC ), which soared nearly 250% on its first day of trading. The company raised over $213 million from pricing shares at $16 each. The biotech boosts of multiple candidates in development, including a potential mRNA coronavirus vaccine that is in early-stage clinical testing. While the company has yet to progress a candidate to late-stage trials, or regulatory approval, the company's developing coronavirus vaccine is at a competitive level with other mRNA candidates from giants like AstraZeneca (AZN ).
Duck Creek Technologies, Inc. (DCT ) priced its public offering at the high end of its upwardly revised range at $27 per share to raise $405 million. The insurance software provider provides a Software-as-a-Service platform for popular property and casualty carriers and is now trading closers to its rivals. The stock ended its week up 48%.
NetSTREIT Corp. (NTST ) was the only lagging offering last week, pricing its shares below its range at $18 each in its downsized deal to raise $225 million. The commercial retail REIT stated that it plans to offer a 4.4% yield based on that offer price. Yet, investors were not really interested, with the stock finishing its first week relatively flat.
For SPACs, Dragoneer Growth Opportunities Corp. raised $600 million, RedBall Acquisition Corp. raised $500 million, Fortress Value Acquisition Corp. II raised $300 million, dMY Technology Group, Inc. II raised $240 million, Lionheart Acquisition Corp. II raised $200 million, and FS Development Corp raised $105 million. All six did not select a target or focus for the funds.