IPO Weekly Summary: Endeavor launches higher in debut

Seven IPOs were on the schedule for this week, however, only six debuted. The most high-profile deal of the group, Endeavor Holdings Group (EDR), debuted with strength and followed through with solid aftermarket action on day two.

Endeavor Group Holdings Inc (EDR) priced a full-size deal, 21.3mm shares, at $24.00 (high-end of the range) and opened at $27.00 for a gain of 12.5% at first trade. EDR, which owns the UFC, traded with increased volatility on day one. The stock broke its $24.00 issue price briefly before closing its opening session at $25.20. As previously mentioned, Endeavor traded well during its second session and closed the week at $27.56 or 14.3% above the issue price.

The best performing deal of the week came from the healthcare space. Technology-driven, national physician-enablement company, Privia Health Group, Inc. (PRVA) priced a full-size deal, 19.5mm shares, at $23.00 (high-end of upwardly-revised range) and opened at $30.00 for a gain of 30.4% at first trade. PRVA closed its opening session at $34.75 and traded even higher in its second session and closed the week at $36.32 or 58% above the issue price.

The rest of the healthcare-related offerings had a mixed bag.

Aveanna Healthcare Holdings Inc (AVAH) priced a full-size deal, 38.2mm shares, at $12.00 (low-end of the downwardly-revised range) and opened at $12.00. The stock immediately broke and traded the majority of the week below issue.

Both biotech IPOs traded below issue on their first week, albeit the Werewolf Therapeutics did just briefly.

Werewolf Therapeutics Inc (HOWL) priced 7.5mm shares (upsized from 6.25mm) at $16.00 (midpoint of the range) and opened at $18.21 for a gain of 13.8% at first trade. The stock traded wildly in its Friday debut session…hitting as high as $23.99 and as low as $15.59 before closing at $16.10 — slightly above the issue price.

Vaccitech plc (VACC) priced a full-size deal, 6.5mm ADSs, at $17.00 (midpoint of the range) and opened at $13.62 for a loss of 19.9% at first trade.

The lone energy deal of the week, FTC Solar, Inc. (FTCI) priced 19.8mm shares (upsized from 18.4mm) at $13.00 ($5 Below the $18-$20 Range) and  opened at $15.21 for a gain of 17% at first trade. The deep discount proved to be enough to get the stock out the door with a win.

The lone IPO to fail to get out the door was specialty insurer, The Fortegra Group, which saw its deal postpone due to market conditions.

Looking ahead to this week, there are currently six IPOs on the schedule.

Wednesday (5/5) Debut

• Five Star Bancorp (FSBC) — They are a bank holding company that operates through our wholly owned subsidiary, Five Star Bank, or the Bank, a California state-chartered bank. The company is seeking a market cap of $293m-$325m based on the $18-$20 range.
• The Honest Company Inc. (HNST) — They are a digitally-native, mission-driven brand focused on leading the clean lifestyle movement, creating a community for conscious consumers and seeking to disrupt multiple consumer product categories. The company is seeking a market cap of $1.3b-$1.55b based on the $14-$17 range.

Thursday (5/6) Debut

• Bowman Consulting Group Ltd (BWMN) — Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. The company is seeking a market cap of $106m-$124m based on the $12-$14 range.
• Valneva SE (VALN) — They are a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The company is seeking a market cap of $1.4b based on the $28.24 ~ price of the ADSs.

Friday (5/7) Debut

• iPower Inc (IPW) — iPower Inc. is one of the largest online hydroponic equipment and accessory retailers and suppliers in North America. The company is seeking a market cap of $239m-$293m based on the $9-$11 range.
• Onion Global Limited (OG) — They are a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands, which we refer to as “3F brands,” to young people in China and across Asia. The company is seeking a market cap of $670m-$855m based on the $7.25-$9.25 range.

Indicating for IPOs or Secondary offerings? Place IPO Boutique on your team.

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