Five companies opened for trading on Wednesday in yet another big week for IPOs.
This week, in one of the busiest periods for the IPO market, at least 20 companies are expected to list their shares, data from Renaissance Capital shows.
According to Dealogic, 240 companies have gone public this year through a traditional IPO, raising $91.6 billion. That’s more than double the 76 companies, worth $28.3 billion, that listed their shares for the same period in 2020.
Wednesday’s group includes CS Disco,
Paycor HCM, VTEX and Twin Vee PowerCats. CS Disco and VTEX are traded on the New York Stock Exchange; the others are listed on the Nasdaq.
Three of the companies – CS Disco, Paycor HCM and VTEX – had priced their deals higher than their expected price ranges. Such increases are typical signs of strong demand.
One of the stronger debuts came from
(ticker: LAW). The stock opened at $45.26 and closed at $41, up 28% from the bid price.
Black Rock (BLK)
and Dragoneer Investment Group have expressed interest in purchasing shares worth $25 million each at the IPO price, according to a prospectus for the offering.
Founded in 2013, CS Disco provides cloud software designed to simplify ediscovery, legal document review, and case management for businesses, law firms, legal service providers, and governments. The software helps centralize legal data in one solution, while improving security and privacy for customers. As of March 31, CS Disco had 909 customers, including DISH,
WeWork, Perkins Coie and Shearman & Sterling, the prospectus said.
(VTEX) shares started at $25.10 and ended at $22.18, up nearly 17% from the bid price. The New York company sold 19 million shares for $19 each, above the $15 to $17 price range.
The company has raised $365 million in funding, crunchbase said:. Investors include Tiger Global, Lone Pine Capital, Constellation, Endeavor Catalyst and SoftBank. Tiger Global has indicated that it is interested in buying shares worth $50 million at the offer price. a prospectus said:.
Founded in Brazil, VTEX offers a cloud-based trading platform that helps brands and retailers execute their trading strategy, including building their online stores, managing orders and creating marketplaces to sell products from third-party suppliers, according to a prospectus . Clients include L’Oreal,
(PYCR) started at $28 and ended at $26.05, up 13% from the bid price.
The workforce software vendor also had a price that was above its expected range. Paycor ended selling 18.5 million shares at $23, moving up from the $18 to $21 price range.
Paycor provides software that helps small and medium businesses manage payroll, onboard employees, update workforce information, and meet tax requirements. Most of its customers, accounting for 81% of its invoices, have 10 to 1,000 employees. The company has more than 40,000 customers, including the Detroit Zoo, Wendy’s and Two Men and a Truck. her website.
Paycor employs just over 2,000 people, including 400 salespeople and about 700 in customer service. It plans to use the proceeds from the IPO to increase both, according to CEO Raul Villar Jr.
One of the main reasons Paycor wanted to go public was to reward its employees, Villar . said barons. “We will have an employee stock purchase plan available for every employee at Paycor to participate in our growth,” he said.
Paycor has been cash-flow neutral for the past few years, Villar said. “We will have no debt at the end of the transaction,” he said.
(KLTR), a provider of real-time and on-demand video products, opened at $11.50 and closed at $12, up 20% from the listing price.
The New York company raised $150 million after reducing the size of its deal by 36% to 15 million shares for $10 each. It had applied to offer 23.5 million shares at $14 to $16, which it reduced to $9 to $115 million on July 12, a prospectus said:.
Founded in 2006, Kaltura provides technology that enables various forms of video, including video portals, town halls, video messaging, webinars, virtual events and meetings, as well as virtual classrooms. It has more than 1,000 customers, including:
(TRI) and SAP (SAP).
Twin Vee Power Cats
(VEEE) also posted a solid first day. The stock started at $6.70 and ended at $7.49, nearly 25% higher than the offer price. The Fort Pierce, Florida firm has raised $18 million after slightly increasing the size of its deal to: 3 million shares for $6 each. It had submitted to bid 2.8 million shares from $5 to $6 each.
Launched in 1996, Twin Vee makes and sells recreational and commercial power catamaran boats. It currently has 10 gas-powered models in production that range in size from a 24-foot, twin-engine, center console to the latest 40-foot offshore 400 GFX.
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