The IPO Market Had A Busy Week

Last week was a busy one for the IPO market with 11 IPOs raising $3 billion, joined by 24 SPACs that brought another $8.4 billion to the table.

Chinese IoT platform developer

Tuya Inc TUYA raised $915 million at an $11.8 billion market cap. It supplies businesses and developers with PaaS and SaaS to develop, manage, and monetize software-enabled devices and services. It is fast growing but unprofitable, with its IoT PaaS revenue nearly doubling in the FY20. It finished up 20%.

Restaurant SaaS platform

Olo Inc OLO raised $450 million at a $4.6 billion market cap. Its offerings come in the form of order management software that large chain restaurants use to manage orders, process payments, and facilitate delivery. It is profitable with a lot of multi-year enterprise-wide agreements and even more opportunities ahead for expansion. It finished up 19%.

Cancer biotech

A clinical stage biopharmaceutical company, Instill Bio Inc TIL, raised $320 million at a $2.8 billion market cap. It is developing autologous tumor infiltrating lymphocytes, which TIL stands for, for cell therapies in the treatment of cancer. The Phase 2 trial of its lead TIL candidate for the treatment of melanoma is expected to be initiated in the second half of the year. It finished up 32%.

Natural gas E&P

With more shares priced below the range, Blackstone-backed Vine Energy Inc VEI raised $301 million at a $1.0 billion market cap. The company maintained positive earnings and free cash flow last year, but growth is expected to slow down this year and it finished flat.

Luxury wine

A pure play producer with a portfolio of ten brands, The Duckhorn Portfolio NAPA raised $300 million at a $1.8 billion market cap. It sells its brands through wholesale distributors and retailers, and directly to consumers. Despite fluctuations in costs that come from harvest yields, it maintained strong EBITDA margins and finished up 27%.

Low-cost airline

Leisure and family-focused Sun Country Airlines SNCY raised $218 million at a $1.5 billion market cap. The airline also offers charter flights to customers such as casino operators and college sports teams. With positive EBITDA margins throughout 2020, the company has secured an Amazon AMZN contract that provides high-margin revenue. It finished up 42%.

Chinese inflammatory disease biotech

A Phase 2 biotech Connect Biopharma Holdings Limited CNTB raised $191 million at a $949 million market cap. The company is developing therapies to treat T cell-driven inflammatory diseases. Its lead candidate is currently in a Phase 2b trial for atopic dermatitis, with top-line results expected in the second half of the year. It finished up 9%.

Microbiome therapy biotech

Finch Therapeutics Group Inc FNCH upsized and raised $128 million at an $819 million market cap. The company is developing orally administered therapeutics that correct dysbiosis and its resulting diseases. Its lead candidate aims to treat Clostridioides difficile infection and positive data was reported from its first pivotal trial. It finished up 25%.

Cannabis financing

The commercial mortgage REIT AFC Gamma AFCG raised $119 million at a $240 million market cap with plans to issue regular quarterly distributions of all or substantially all of its REIT taxable income. It finished up 21%.

Lysosomal storage disorder biotech

A preclinical biotech that is preparing IND submissions this year, Gain Therapeutics Inc GANX, raised $40 million at a $129 million market cap. It is developing small molecule therapies that treat protein misfolding diseases, beginning with lysosomal storage disorders. It finished up 11%.

Chinese home goods seller

Jowell Global Ltd JWEL raised $26 million at a $174 million market cap. It sell cosmetics, health and nutritional supplements, and household products from its own brand, as well as from third party sellers directly to consumers. It is fast-growing and profitable, and finished up 5%.

8 IPOs and 46 SPACs submitted initial filings last week.

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