The wave of IPOs continued on Thursday with six companies opening to trade.
The group includes Instructure Holdings, Ryan Specialty Group Holdings and Zevia – which are traded on the New York Stock Exchange – along with Absci,
that open on the Nasdaq. Elicio therapeutics, a biotech company expected to price its deal Wednesday, is expected to be on the list next week, a spokeswoman said.
About 20 companies will list their shares this week, during one of the busiest periods for the IPO market. On Wednesday, five companies—
Kaltura, Paycor HCM, VTEX and Twin Vee PowerCats – went public. All five made solid aftermarket debuts. An additional eight companies are expected to trade on Friday.
Thursday was the only one of six companies to push the deal size and price above the expected range. Such increases are typical signs of strong demand. couch sold 8.3 million shares for $24 each, up from the 7 million shares at $20 to $23 it planned to offer.
Shares of Couchbase (ticker: BASE) opened at $29.60, peaked at $31.95 and recently changed hands at $30.31, up 26% from the offer price.
Couchbase provides cloud-based database software that helps businesses manage their mobile applications. The company had 549 customers as of April 30, up from 511 in 2020. The list includes Cisco Systems (CSCO), eBay (EBAY), General Electric (GE), PayPal (PYPL) and Marriott International (MAR), according to his website.
(ABSI), Thursday’s lone biotech, started at $21. The stock peaked at $22.89 and recently traded at $21.75, up nearly 36%. The company, based in Vancouver, Washington, has since raised $200 million sale of 12.5 million shares for $16 each, the middle of its $15 to $17 price range. Absci offers an AI-powered drug-making platform that identifies biologic or protein-based drugs.
Ryan Specialty Group Holdings
(RYAN), the specialty insurance wholesaler, is easily Thursday’s biggest deal. Ryan raised $1.3 billion after Sell 56.9 million shares for $23.50, the midpoint of its $22 to $25 range. The stock started at $25.60, peaked at $27.10 and recently traded at $27.02, up nearly 15% from the offer price.
Founded in 2010 by Patrick Ryan, who also
(AON), Ryan Specialty provides products and solutions for insurance brokers, agents and carriers. This includes distribution, underwriting, product development, administration and risk management services. Ryan, who is also chairman and CEO, will hold 67% of the combined voting rights following the IPO. the prospectus said:.
Shares of Instructure Holdings (INST), the educational technology company, opened at $23.05, peaked at $23.75 and recently changed hands at $21.01, up 5% from the bid price. On Wednesday,
collected $25 million after sales 12.5 million shares at $20 each, the middle of its $19 to $21 price range.
The IPO is the second time that Instructure is a publicly traded company. Thoma Bravo, the software-focused private equity firm, closed its $2 billion acquisition of Instructure in March 2020. The PE company will own 87% of the company after the IPO, a prospectus said:.
Instructure provides a cloud-based learning platform for more than 6,000 customers, including higher education institutions, K-12 districts, and schools in more than 90 countries.
Zenvia (ZENV) was one of the first IPOs this week to drop below the bid price, making it a broken deal. Shares of the Brazilian technology company opened at $10.35 and reached a high of $10.94. The stock recently traded at $10.90, down 16% from its bid price.
The lackluster debut came after Zenvia raised about $150 million. The São Paulo company had applied to offer 12.9 million shares, but ended up selling slightly less 11.5 million shares for $13 each, the lower end of the $13 to $15 price range.
Zenvia provides a customer experience platform that helps its more than 7,700 customers interact with consumers. Zenvia uses channels like WhatsApp,
messenger, Instagram and web chat to target consumers. Clients include:
(BUD), LG Electronics, Rappi, Tivit and Mobly, the prospectus said:.
Zevia PBC (ZVIA) also fell under the IPO award. Shares started at $12.50, peaked at $13.40 and recently changed hands at $13.34, nearly 5% below the bid price.
The Los Angeles beverage company had applied to offer 14.3 million shares of stock for $13 to $15. In the end, it cut the size of its deal by 25% to 10.7 million shares, which it sold for $14 each, the middle of its price range.
Zevia sells plant-based drinks sweetened with stevia. The portfolio includes soft drinks, energy drinks, organic teas, mixers, children’s drinks and sparkling water.
Write to Luisa Beltran at email@example.com