IPO Preview: Roblox, Coupang, Joann Lead Busy Week Of Offerings - Roblox (NYSE:RBLX)

This week’s IPO calendar has several high profile offerings coming to the public markets. The delayed and highly anticipated direct listing from Roblox leads the week, along with South Korean e-commerce company Coupang and U.S. arts and craft retailer Joann.

Roblox Corporation: Online gaming company Roblox Corporation RBLX is going public with a direct listing to sell 196.7 million shares. The company has 31.1 million daily active users as of September, up 81% year-over-year. In the most recent reported nine-month period, users spent 22.2 billion hours engaged on the company’s platform.

Roblox had revenue of $589 million in the nine-month period ending in September, a 68% year-over-year increase.

The company plans to continue its growth with a platform expansion appealing to an older audience and international growth. Roblox has a joint venture with Tencent Holdings TCEHY to expand in China.

Coupang: South Korean e-commerce company Coupang CPNG plans to sell 120 million shares at a price point of $27 to $30. The company offers some same day delivery services and offers next day delivery if orders are placed by midnight. Coupang offers millions of items to customers including fresh groceries.

Seventy percent of the population of South Korea is within seven miles of a logistics center. The company has the largest B2C logistics footprint of all South Korean e-commerce companies.

In 2019, the company launched a membership program with a flat monthly fee for free shipping on all items without a minimum order size. The company’s Coupang Eats and Rocket Fresh are the nation’s leading food delivery and online grocers, respectively.

Revenue for the company was $3.8 billion in the fourth quarter of 2020. Fiscal 2020 revenue of $12 billion was up 90.8% year-over-year.

Joann: Leading sewing and arts and crafts retailer Joann JOAN is returning to the public market. The company said it is the leader in sewing with around a one-third market share in the U.S. and is a fast growing player in the arts and crafts segments.

The company has grown its omnichannel presence with growth of online sales and buy online, pick up in-store initiatives.

The company had sales of $1.92 billion in the first nine months of 2020, up 24.3% year-over-year. Preliminary fourth-quarter sales of $840.8 million were up 20.9% year-over-year. Preliminary full fiscal year sales of $2.76 billion were up 23.3% year-over-year. The company had 855 retail locations as of Jan. 30 and a database of more than 69 million customers.

Joann plans to sell 10.9 million shares at a price point of $15 to $17.

First High-School Education: The largest operator of private high schools in Western China and third largest private school by student enrollment is going public.

First High School Education Group FHS is planning to sell 7.5 million ADS at a price point of $9.50 to $10.50. The company had compounded annual enrollment growth of 77.3% from 2015 to 2019. The company has 19 schools, including 14 with high school programs.

As of Sept. 30, the company had 25,867 students, including 17,230 high school students. Revenue in fiscal 2019 was $49.6 million and for the first nine months of 2020 was $41.6 million.

Hayward Holdings: Pool equipment designer and manufacturer Hayward Holdings HAYW is set to go public this week with a 40.3-million-share offering at a price point of $17 to $19. The company is the No. 1-rated company for energy efficiency pool pumps. Other products sold by the company include automation, lighting, heaters, water care and automatic cleaners.

The company had revenue of $875.4 million in fiscal 2020. Revenue has growth at a compounded annual growth rate of 3.4% from fiscal 2012 to fiscal 2020.

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