Four companies made their public stock market debut on Wednesday, with three of the deals falling below their offer prices.
The four are
MeridianLink, PowerSchool Holdings and Snap One Holdings. Duolingo and Snap One opened on the Nasdaq; MeridianLink and PowerSchool trade on the New York Stock Exchange.
More than 20 companies are expected to list their shares this week, including Robinhood Markets, which is expected to go public on Thursday. The controversial trading app is selling 55 million shares for $38 to $42. It will trade under the ticker HOOD on the Nasdaq.
Dole, the food company known for its bananas and pineapples, was expected to trade on Wednesday but is now slated for Friday, said a person familiar with the situation. On Tuesday, the company changed the terms of its deal, increasing the number of shares it would offer, but lowering the price range. Dole sells now 30.3 million from $16 to $17 each. It had submitted to bid 26 million shares for $20 to $23. It will trade under the ticker DOLE on the NYSE.
First in Wednesday’s group was MeridianLink (ticker: MLNK), the only company of the four to increase the size of its deal and price to the top of its projected range. the fintech sold 13.2 million shares for $26 each, on of the 12 million shares at $24 to $26 it intended to offer.
Shares opened at $26.50 and recently traded at $24.80, nearly 5% lower than the offer price.
MeridianLink provides cloud software to financial institutions, such as banks and credit unions, to help them make loans. Thoma Bravo, the software-focused private equity firm, acquired MeridianLink in 2018. The company will own almost 51% after the IPO, a prospectus said:.
Duolingo (DUOL) reduced the size of its deal by nearly 38%, but priced above its already sweetened range. The mobile language learning platform had signed up 5.1 million shares from $85 to $95 each, who called it up to $95 to $100 on Monday. Duolingo ended at the end of Tuesday sale of 3.7 million shares for $102 each.
Shares started at $141.40, peaked at $145 and recently changed hands at $139.12, up nearly 37% from the bid price.
Duolingo’s app, launched in 2011, offers courses in 40 languages to approximately 40 million monthly active users.
PowerSchool (PWSC) delivered the biggest deal after raising $710 million. Company sold approximately 39.5 million shares for $18, the lower end of its $18 to $20 price range.
Shares sometimes fell below the bid price. The stock opened at $18.50 and recently $17.99, one cent below its IPO price.
Founded in 1997, PowerSchool provides cloud-based software to the K-12 education market. The company has more than 12,000 customers, including 93 of the top 100 US school districts. It is supported by buyout stores Vista Equity Partners and Onex Partners.
PowerSchool is also the newest edtech company to hit the market. Instructure Holdings (INST), which is backed by Thoma Bravo, quoted its shares last week, with the stock rising 5% on its first trading day.
Finally, Snap One (SNPO) has opened. Shares started at $16 and recently traded at $16.01, 11% off the bid price. The company collected $249.3 million after sales 13.85 million shares for $18 . each, the lower end of its $18 to $21 price range.
Snap a sells smart-home technology products and software to residential and commercial audio video dealers, who in turn sell and install the products for consumers. Hellman & Friedman, a private equity firm, will own nearly 72% of Snap One after its IPO.
Write to Luisa Beltran at firstname.lastname@example.org