Five companies — three biotechs, a fintech and a grill maker — joined Robinhood Markets in its IPO on Thursday.
The five are
Nuvalent and Traeger. Riskified and Traeger opened on the New York Stock Exchange; such as Robinhood, Icosavax, Rallybio and Nuvalent are on the Nasdaq.
More than 20 companies would make their market debut this week. So far, five have listed their shares. On Friday, there are about 10 companies on the list, including Dole, the well-known food company.
Much of the IPO market has been centered on Robinhood (ticker: HOOD), the entry-level trading app. The company raised $2.1 billion after selling 55 million shares for $38 each, the lowest point of its $38 to $42 price range. Robinhood’s stock fell nearly 10% during afternoon trading.
Shares of the biotech Icosavax (ICVX), meanwhile, have nearly tripled from the bid price. The stock started at $29, peaked at $48.60 and recently traded at $47.14, up 214% from the IPO price. Icosavax’s offering develops vaccines for the treatment of infectious diseases.
All three biotech companies, Icosavax, Rallybio and Nuvalent, have all increased the size of their deals.
Rallybio (RLYB), which focuses on therapies for the treatment of serious and rare diseases, came in at $80.6 million. The biotech had applied to offer 5.75 million shares. It ended Sell 6.2 million shares for $13, the bottom of his Price range from $13 to $15. The stock opened at its high of $14.92 and recently changed hands at $14.08, more than 8% higher than the IPO price.
Nuvalent (NUVL), which is developing “precisely targeted” therapies to treat cancer, has raised nearly $166 million. It had planned to offer 8.9 million shares for $16 to $18, but ended sell 9.75 million at $17. The stock started at $18.10, peaked at $18.66 and recently traded at $18.15, up nearly 7% from the offer price.
Riskified (RSKD) was the only company to beat its IPO expectations on Thursday. The sold fintech 17.5 million shares for $21, above the $18 to $20 price range. Riskified, which has raised $367.5 million, offers an e-commerce risk management platform that aims to prevent fraud. Shares launched at $27, peaked at $29.18 and recently traded at $26.56, up 26% from the bid price.
Finally, Traeger (COOK), which makes wood pellet grills, rose nearly 28%. The stock opened at $22, peaked at $23.74 and recently changed hands at $23.02, up $5.01 from the offer price. The company raised $423.5 million after selling approximately 23.5 million shares for $18 each, the top of the $16 to $18 price range.
Write to Luisa Beltran at firstname.lastname@example.org