IPO Preview: Coinbase, AppLovin, TuSimple Highlight Big Week Of Market Debuts
The week of April 12 is shaping up to be a big one for public debuts, with many investors watching the highly anticipated direct listing of Coinbase.
Here's a look at the Coinbase IPO and other companies set to go public this week.
Coinbase: One of the most anticipated IPOs of 2021 is cryptocurrency exchange Coinbase (NASDAQ:COIN). The company powers the cryptoeconomy and is seeking to create an open financial system for the world. Coinbase offered its first cryptocurrency with Bitcoin (CRYPTO: BTC), which became available to buy and sell in on the platform in 2012.
Coinbase had 2.8 million monthly transacting users in 2020 and 43 million verified users in 2020. The company also serves over 7,000 institutional customers. Coinbase operates in over 100 countries.
The company recently reported first-quarter revenue of $7.2 billion, greatly outpacing the $1.3 billion reported in all of fiscal 2020. Coinbase reported 56 million verified users globally in the first quarter and 6.1 million monthly transacting users in the first quarter.
Coinbase reports it has an 11% market share of the cryptocurrency market with $223 billion in customer assets. Coinbase is selling 114.9 million shares with its direct listing.
Related Link: Coinbase IPO: 7 Key Takeaways Investors Should Know
Alkami Technology Inc: Cloud based digital banking company Alkami Technology Inc (NASDAQ:ALKY) offers Amazon Web Services-based cloud technology and end-to-end software solutions for banking clients. The company had over 151 financial partners in 2020. Clients used an average of nine of 26 offered software products. The company reported revenue of $112.1 million in fiscal 2020, a 52.5% year-over-year increase. Alkami plans to offer 6 million shares at a price point of $22 to $25.
TuSimple Holdings Inc: TuSimple Holdings Inc (NASDAQ:TSP), which develops autonomous technology for the global truck freight market, plans on selling 33.8 million shares at a price point of $35 to $39.
The company has over 240 technology patents and over 2.8 million road-tested miles. TuSimple has a partnership with Navistar International Corp (NYSE:NAV) and Volkswagen subsidiary Traton. TuSimple has over 5,700 reservations for its autonomous trucks.
TuSimple said it has an addressable market size of $4 trillion. The company hopes its autonomous trucking solutions can help with fewer accidents, driver shortages, safety and efficiency.
Labor is the largest per mile cost in the industry, making up 43% of semi truck operating costs, according to the company.
TuSimple will sell its products under a carrier-owned model and a pay-per-mile option called TuSimple Capacity.
Karat has over 50,000 customers including chains like Chili’s, TGI Friday’s, Chipotle Mexican Grill and In ‘N Out.
The company reported revenue of $296 million in fiscal 2020, a year-over-year increase of 31.4%. Karat plans on building its online distributions, disrupting traditional food service providers and creating a one-stop supplier solution for restaurants.
Applovin: A provider of advance tools for mobile app developers, Applovin (NASDAQ:APP) has over 410 million daily active users. The company had revenue of $1.45 billion in fiscal 2020, a 46% year-over-year increase. Applovin reports 76% compounded annual revenue growth from fiscal 2016 through fiscal 2020.
Applovin says its total market size is expected to grow from $189 billion in fiscal 2020 to $283 billion by 2024. The company plans to grow with market expansion, new market extension and geographic expansion. Applovin plans on selling 25 million shares at a price point of $75 to $85.
The company saw membership rise 45% year-over-year in fiscal 2020 and revenue grow 53% year-over-year in fiscal 2020. Agilon serves over 210,000 patients in 17 geographic areas. The company plans to grow through new regional hubs and expanded its adjacent geographic areas. Agilon plans to sell 46.6 million shares at a price point of $20 to $23.
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