11 IPOs have been scheduled this week, aiming to raise more than $2.7 billion, led by dating app Bumble's billion-dollar offering.
Bumble BMBL operates the Bumble and Badoo apps, the world's second and fourth highest grossing dating apps. It initially planned to raise $1.0 billion at a $5.8 billion market cap. On Monday, it raised the size of its IPO offering to 45 million shares, now expecting to raise $1.8 billion and targeting a valuation of $7 billion. Operating in a competitive market with low barriers to entry, Bumble was profitable on an EBITDA basis in the first three quarters of 2020, with growth accelerating in the most recent quarter. The filing reveals its average monthly userbase has 42 million, out of which 2.4 million are paying users.
A value-based billing platform for in-home and bundled health services, Signify Health SGFY, plans to raise 423 million at a $4.1 billion market cap. The Norway-based company has demonstrated growth and was profitable on an EBIT basis during the first nine months of 2020.
After delaying its IPO last week, the nonbank lender loanDepot LDI now plans to raise $300 million at a $6.2 billion market cap. The company offers loan origination and servicing, while focusing on mortgage and unsecured personal loans. Although it is fast growing and profitable, it operates in a highly cyclical industry and if we are to judge by recent mortgage lenders that went public, there probably won't be much of a reception.
Cloopen Group Holding
China's largest multi-capability cloud-based communications solution provider by 2019 revenue, Cloopen Group Holding RAAS plans to raise $280 million at a $2.1 billion market cap. Unprofitable with decelerating growth during the first nine months of 2020, Cloopen Group had an active customer base of over 12,000 enterprises as of the end of September 2020.
Advertising software maker Viant Technology DSP initially planned to raise $150 million at a $1.3 billion market cap. The Irvine, CA-based company raised the deal size by 30% and it now plans to raise $196 million. The company's software brings programmatic advertising to life by enabing the electronification of the advertising buying process. While the company's active customers declined during the first three quarters of 2020, average revenue ex-TAC per active customer rose 23% YoY.
A provider of integrated home healthcare equipment and services, Apria APR plans to raise $150 million at a $756 million market cap. The company is profitable but it is growing slowly, having served almost 2 million patients, with 2.4 million deliveries, and over 744,000 clinician interactions with patients in 2019.
Chinese cancer biotech Adagene ADAG plans to raise $132 million at an $831 million market cap. Its most advanced candidate ADG106 is undergoing Phase 1 trials both in the US and China. The drug that is designed to target a unique antibody that is different from any anti-CD137 antibodies currently in development.
After four years, orthobiologic therapy developer Bioventus BVS is hoping that second time's the charm as it plans to raise $125 million at a $922 million market cap. The company's competitive advantage lies in developing and commercializing clinically differentiated, cost efficient, and minimally invasive treatments that aim to boost the body's natural healing capability. It is profitable despite revenue falling due to COVID-related declines in volume during the first three quarters of 2020.
REIT AFC Gamma
Cannabis finance REIT AFC Gamma AFCG plans to raise $100 million at a $214 million market cap. A West Palm Beach, Florida-based company was founded in July 2020 and it offers loans to established cannabis companies in states where marijuana is legal for medical or recreational use.
Cell therapy biotech Longeveron LGVN plans to raise $25 million at a $194 million market cap. Longeveron is developing cellular therapies for specific aging and life-threatening conditions. It is currently sponsoring Phase 1 and 2 trials in five indications of its lead product.
French-listed biotech Biophytis BPTS plans to raise $20 million at a $195 million market cap. Its lead candidate is an orally administered small molecule in development for the treatment of neuromuscular diseases and is currently in a Phase 2 trial for sarcopenia, with top-line results expected in the 2Q21, along with an ongoing Phase 2/3 study for SARS-CoV-2 pneumonia.
The IPO market is still hot
By the looks of it, the IPO market is not losing momentum and we are in for another diverse IPO week, including dating, cannabis, communication with biotech and healthcare leading the way.
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