Opening Day: Vizio Slides In NYSE Debut After Downsized IPO

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Shares of Vizio, one of the top sellers of high-definition TVs in the U.S., slipped as much as 17% in the company's NYSE debut on Thursday. Vizio had previously filed to go public in 2015.

LATEST IPOS:

ThredUp (TDUP) opened on March 26 at $18.25 after having priced 12M shares at $14.00. The deal priced at the high end of the $12.00-$14.00 range. Goldman Sachs, Morgan Stanley, Barclays and William Blair acted as joint book running managers for the offering. ThredUp is an online clothing resale company.

Ikena Oncology (IKNA) opened on March 26 at $22.40 after its 7.813M share IPO priced at $16. The deal priced at the midpoint of the $15.00-$17.00 target range. Jefferies, Cowen, Credit Suisse and William Blair acted as joint book running managers for the offering. Ikena Oncology is developing treatment candidates for various cancers.

Zhihu (ZH) opened on March 26 at $8.05 after having priced 55M shares at $9.50, at the low end of the deal range of $9.50-$11.50. Credit Suisse, Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Zhihu is a Chinese online content community.

Alignment Healthcare (ALHC) opened on March 26 at $19.05. Alignment priced 27.2M shares at $18.00, the midpoint of the $17.00-$19.00 target range. Goldman Sachs, Morgan Stanley, JPMorgan, BofA and William Blair acted as joint book running managers for the offering. Alignment offers a proprietary alignment virtual application for senior care.

Design Therapeutics (DSGN) opened on March 26 at $28 after having priced 12M shares at $20. The deal range was $18.00-$20.00. Goldman Sachs, SVB Leerink and Piper Sandler acted as joint book running managers for the offering. Design Therapeutics is developing treatments for Friedreich ataxia and myotonic dystrophy.

Edgewise Therapeutics (EWTX) opened on March 26 at $27 after the company priced 11M shares at $16.00. The deal size was increased to 11M shares from 10M and priced at the high end of the $14.00-$16.00 range. JPMorgan, Goldman Sachs and SVB Leerink acted as joint book running managers for the offering. Edgewise Therapeutics is a Phase 1 biotech developing small molecule therapies for rare muscle disorders.

Hywin Holdings (HYW) opened on March 26 at $11.25 after pricing 3M shares at $10. Network 1 Financial, Alexander Capital and Valuable Capital acted as joint book running managers for the offering. Hywin says it is "the third largest third-party wealth management service provider in China," with primary services that include wealth management, insurance brokerage, and asset management.

Olink (OLK) opened on March 25 at $30.10. The company had priced 17.657M shares at $20.00. The deal priced above the $16.00-$18.00 range. Goldman Sachs, Morgan Stanley, SVB Leerink and BTIG acted as joint book running managers for the offering. Olink provides proteomics equipment and technologies to academic and biopharmaceutical research organizations worldwide.

Vizio (VZIO) opened on March 25 at $17.50. The company had priced 15.12M shares at $21.00. The deal size was reduced to 12.25M shares from 15.12M and priced at the low end of a $21.00-$23.00 range. JPMorgan and BofA acted as joint book running managers for the offering. Vizio is a SmartTV and SmartCast operating system operator.

Lava Therapeutics (LVTX) opened on March 25 at $12. The company had priced 6.7M shares at $15.00. The deal priced at the midpoint of a $14.00-$16.00 range. JPMorgan, Jefferies and SVB Leerink acted as joint book running managers for the offering. Lava Therapeutics is a biotechnology company focused on applying its expertise in bispecific gamma-delta T cell engagers to transform cancer therapy.

Semrush (SEMR) opened on March 25 at $11.50. The company had priced 10M shares at $14.00. The deal priced at the low end of a $14.00-$16.00 range. Goldman Sachs, JPMorgan and Jefferies acted as joint book running managers for the offering. Semrush is an online visibility management SaaS company.

Diversey (DSEY) opened on March 25 at $13.50. The company had priced 46.2M shares at $15.00, below the $18.00-$21.00 range. Citi, Morgan Stanley, Barclays and JPMorgan acted as joint book running managers for the offering. Diversey is a hygiene and infection prevention products company.

Cricut (CRCT) opened on March 25 at $15.80. The company had priced 15.315M shares at $20.00. The deal priced at low end of $20.00-$22.00 range. Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Cricut is a arts-and-crafts equipment maker.

DigitalOcean (DOCN) opened on March 24 at $41.50. The company had priced 16.5M shares at $47.00, at the high end of a $44.00-$47.00 target range. Morgan Stanley, Goldman Sachs and JPMorgan acted as joint book running managers for the offering. DigitalOcean is a cloud computing platform-on-demand company.

ACV Auctions (ACVA) opened on March 24 at $31. The company had priced 16.55M shares at $25.00. The deal priced above the $20.00-$22.00 range. Goldman Sachs, JPMorgan, Citi, BofA and Jefferies acted as joint book running managers for the offering. ACV Auctions is a wholesale vehicle company.

Movano (MOVE) opened on March 23 at $6. The company had priced 8.5M shares at $5.00. National Securities acted as sole book running manager for the offering. Movano is developing wearable health monitoring technologies for consumer use.

PERFORMANCE:

  • ThredUp ended the week at $20.
  • After opening at $22.40, Ikena finished Friday $32.
  • Zhihu ended the week at 8.50
  • Alignment Healthcare finished Friday at $17.31.
  • After opening at $28, Design Therapeutics ended the week at $41.49.
  • Edgewise Therapeutics finished Friday at $30.
  • After opening at $11.25, Hywin Holdings finished Friday at $9.90.
  • Olink ended Friday at $32.20.
  • Vizio finished the week at $20.75.
  • Lava Therapeutics ended Friday at $12.50 after opening at $12.
  • Semrush finished the week at $11.80.
  • Diversey ended Friday at $15.08.
  • After opening at $15.80, Cricut finished the week at $18.
  • DigitalOcean ended the week at $41.63.
  • After opening at $31, ACV Auctions ended the week at $30.27.
  • Movano finished Friday at $5.64.

UPCOMING IPOS: Among the upcoming IPOs are Coinbase (COIN), Havre Global AB, Agilon Health (AGL), Save Foods (SVFD), Frontier (FRNT), and Regencell Bioscience (RGCB). According to recent reports, upstart food companies Chobani and Oatly and business payments processor AvidXchange are also making plans to come public.

Cryptocurrency platform Coinbase Global is now aiming to go public in April after its plans for a direct listing this month have slipped, Bloomberg's Katie Roof reported this week, citing people familiar with the matter. The U.S. Securities and Exchange Commission has been reviewing the company's plans for a direct listing, an alternative to a traditional initial public offering, the author noted.

Cryptocurrency platform Coinbase Global disclosed that it has filed paperwork with the SEC for a direct listing of its common stock. "On the day that our shares of Class A common stock are initially listed on the Nasdaq Global Select Market, the Nasdaq Stock Market LLC, or Nasdaq, will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders," the filing noted. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "COIN."
 
Sprinklr announced the confidential submission of draft registration statement for proposed initial public offering. With the filing, Sprinklr is the latest high-profile start-up to seek an IPO.

Agilon Health has filed with the SEC for the initial public offering of shares of its common stock and intends to apply to list its common stock on the New York Stock Exchange under the symbol "AGL."

Save Foods has filed with the SEC for an initial public offering and applied to list its common stock on the Nasdaq Capital Market under the symbol "SVFD." The common stock is currently traded on the OTC Markets, Pink Open Market, under the symbol "SAFO."

Frontier Group announced the launch of its initial public offering of 30 million shares of its common stock. The offering consists of 15 million shares of common stock offered by Frontier and 15 million shares of common stock to be sold by certain of Frontier's existing stockholders. Frontier will not receive any proceeds from the sale of the shares by the selling stockholders. A selling stockholder intends to grant the underwriters a 30-day option to buy an additional 4.5 million shares of common stock from such selling stockholder at the initial public offering price, less the underwriting discount and commissions. The initial public offering price is currently expected to be between $19 and $21 per share. Frontier intends to list its common stock on the Nasdaq Global Select Market, under the ticker symbol "ULCC."

Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB."

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

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