Five companies went public today. Here is how they did it.
Five companies opened on Wednesday in another big week for initial public offerings.
At least 20 companies are expected to list their shares this week, in one of the busiest times in the IPO market, according to data from Renaissance Capital.
So far this year, 240 companies have gone public using a traditional IPO, raising $ 91.6 billion, according to Dealogic. That’s more than double the 76 companies, valued at $ 28.3 billion, that listed their shares for the same period in 2020.
Wednesday’s group includes CS Disco,
Paycor HCM, VTEX and Twin Vee PowerCats. CS Disco and VTEX trade on the New York Stock Exchange; the others are listed on the Nasdaq.
Three of the companies, CS Disco, Paycor HCM and VTEX, have set their prices above their expected price ranges. Such increases are usually a sign of strong demand.
One of the strongest debuts came from CS Disco (ticker: LAW). The stock opened at $ 45.26, peaked at $ 45.55, and recently traded at $ 42.59, up 333% from its offer price.
The Austin, Texas company raised $ 224 million after selling 7 million shares at $ 32 each. CS Disco had filed a request to sell $ 7 million between $ 26 and $ 29, which it raised to $ 7 million between $ 30 and $ 31 on Monday.
and Dragoneer Investment Group have expressed interest in purchasing shares for $ 25 million each at the IPO price, according to a prospectus for the offering.
Founded in 2013, CS Disco provides cloud-based software that aims to simplify ediscovery, legal document review and case management for businesses, law firms, legal service providers and governments. The software allows legal data to be centralized in a single solution, while improving client security and privacy. As of March 31, CS Disco had 909 customers, including DISH,
WeWork, Perkins Coie and Shearman & Sterling, according to the prospectus.
Shares of VTEX (VTEX) started at $ 25.10, peaked at $ 25.85 and recently changed hands at $ 24.85, up 31% from its offer price. The New York-based company sold 19 million shares at $ 19 each, above its price range of $ 15 to $ 17.
The company has raised $ 365 million in funding, Crunchbase said. Investors include Tiger Global, Lone Pine Capital, Constellation, Endeavor Catalyst, and SoftBank. Tiger Global has indicated that it is interested in buying $ 50 million in shares at the offer price, according to a prospectus.
Founded in Brazil, VTEX provides a cloud-based commerce platform that helps brands and retailers execute their business strategy, including building their online stores, managing orders, and building marketplaces to sell products. from third-party suppliers, according to a prospectus. Customers include L’Oréal,
Paycor HCM (PYCR) started at $ 28, peaked at $ 30.25 and recently traded at $ 27.10, up almost 18% from the offer price.
The HR software vendor has also set a price above its expected range. Paycor ended up selling 18.5 million shares at $ 23, up from its price range of $ 18 to $ 21.
Paycor provides software that helps small and medium businesses manage their payroll, recruit employees, update personnel information, and comply with tax requirements. Most of its customers, representing 81% of its billings, have between 10 and 1,000 employees. The company has more than 40,000 customers, including the Detroit Zoo, Wendy’s and Two Men and a Truck, according to its website.
Shares of Kaltura (KLTR), a provider of real-time and on-demand video products, opened at $ 11.50, peaked at $ 12 and recently changed hands at $ 11.27, up close of 12% compared to its offer price.
The New York-based company raised $ 150 million after reducing the size of its deal from 36% to 15 million shares at $ 10 each. He had filed to offer 23.5 million shares at $ 14 to $ 16, which he reduced to 15 million from $ 9 to $ 11 on July 12, according to a prospectus.
Founded in 2006, Kaltura provides technology that powers multiple forms of video, including video portals, town halls, video messaging, webinars, virtual events and meetings, and virtual classrooms. It has more than 1,000 clients including
(TRI) and SAP (SAP).
The Twin Vee PowerCats (VEEE) stayed out of the water. The stock opened at $ 6.70, peaked at $ 6.80 and recently traded at $ 6.16, up almost 3% from its offer price. The Fort Pierce, Fla. Company raised $ 18 million after slightly increasing the size of its deal to 3 million shares at $ 6 each. He had deposited to offer 2.8 million shares at $ 5 to $ 6 each.
Launched in 1996, Twin Vee manufactures and markets recreational and commercial power catamarans. It currently has ten gasoline-powered models in production varying in size from a 24-foot twin-engine center console to its newer 40-foot offshore 400 GFX.