IPO Preview: Full Truck Alliance, Sprinklr, Mister Car Wash, Soulgate Lead Busy Week Of 10+ Offerings

The week of June 21 is setting up to be one of the busiest IPO weeks in some time with more than dozen companies that could go public with listings.

Here is a look at some of the biggest IPOs of the week with the details investors should know.

Unicycle Therapeutics: Biotech company Unicycle Therapeutics Inc UNCY is focused on preventing chronic kidney diseases. The company has two drugs licensed from Spectrum Pharmaceuticals, Inc. SPPI. The company plans to sell 2.6 million shares at a price point of $8.50 to $10.50.

Full Truck Alliance: The world’s largest digital freight platform Full Truck Alliance plans to sell 82.5 million ADS at a price point of $17 to $19.

The company makes logistics better for powering China’s transportation and infrastructure. The company operates in more than 300 cities in China, the world’s largest road transportation market at $951.5 billion in 2020.

Full Truck Alliance represented 20% of all heavy-duty and medium-duty trucking fulfilled orders in 2020 for China.

The company said it is in the early stages of monetization with several fee-based programs rolled out in late 2020. The company had revenue of $395.5 million in 2020 and $132.9 million in the first quarter of 2021. 

The company plans to list on the New York Stock Exchange as "YMM."

First Advantage Corporation: A global provider of services like criminal backgrounds, drug screens, work verification, data analytics and social media monitoring is set to go public. First Advantage Corporation FA had more than 30,000 customers in 2020 and performed more than 75 million screens.

The company counts five of the top ten private sector employers, 55% of the Fortune 100 and one-third of the Fortune 500 as customers. The company is seeking to sell 21.3 million shares at a price point of $13 to $15. Workday Inc WDAY will own 5.8% of the company after the offering.

Sprinklr: Counting around 50% of the Fortune 100 as customers, Sprinklr, Inc. CXM empowers large brands to make their customers happier. The company had 69 customers that represented 12 month revenue of $1 million or more. Fiscal 2021 revenue of $386.9 million was up 19% year-over-year.

The company uses artificial intelligence to make predictions for its partners every day.

Sprinklr is planning to sell 19 million shares at a price point of $18 to $20.

Soulgate: Virtual social playground Soulgate is planning to sell 13.2 million ADS at a price point of $13 to $15. The company powers a metaverse for younger generations with a large Gen Z user base.

Soulgate had 33.2 million MAUs in 2020, up 109% year-over-year. The company had 9.1 million DAU as of March, up from 5.9 million at the end of 2020. The company’s users known as “Soulers” spend an average of 40 minutes daily on the platform. It plans to list on Nasdaq under the ticker "SSR."

Bright Health Group Inc: Healthcare company Bright Health Group Inc is planning on selling 60 million shares at a price point of $20 to $23. The company operates in 99 markets across 13 states and works with more than 200,000 providers and over 600,000 members. The company’s revenue was $1.2 billion in 2020 and $874.6 million in the first quarter of 2021. It is planning to list on the NYSE as "BHG."

Related Link: IPO Preview: WalkMe, Atai Life Sciences Highlight Week Of Many Offerings

Doximity: Digital medical professional platform company Doximity Inc plans to sell 23.3 million shares at a price point of $20 to $23.

The company helps physicians be more productive and provide better care for patients. Doximity is used by 80% of all U.S. physicians. The company is used by 20 of the top 20 pharmaceutical manufacturers and 20 of the top 20 hospitals in the U.S.

Revenue for the company was $116 million in 2020.

Miromatrix Medical: Life sciences company Miromatrix Medical is working on technology to bioengineer fully transplantable human organs with a mission to eliminate the organ transplant waiting list which has more than 114,000 people in the U.S. Miromatrix has collaborations with Mayo Clinic, Mount Sinai and the Texas Heart Institute.

The company is working on plans for liver and kidney bioengineered organs initially. Investors in Miromatrix include Baxter International Inc BAX at 17%, Davita Inc DVA at 15.2% and CareDx Inc CDNA at 5.7%. The company plans to list on Nasdaq as "MIRO."

Confluent: Data infrastructure company Confluent Inc is seeking to sell 23 million shares at a price point of $29 to $33.

The company helps more than 2,500 customers with omnichannel solutions, real-time inventory management solutions and other items. The company’s revenue was $236.6 million in 2020 and $77.0 million in the first quarter of 2021.

Sixty of the company’s customers represent $1 million annually and 560 customers represent $100,000 in revenue annually.

Mister Car Wash: The nation’s largest car wash brand is going public with and IPO.

The company had 344 locations in 21 states as of the end of March. In the last twelve months ending March, the company washed 59.6 million cars and had revenue of $595 million. The company’s 1.4 million unlimited wash club members represent 62% of sales. Same-store sales for the company have averaged 7% over the last 11 years.

It plans to list on the NYSE as "MCW."

(Photo by Romain Dancre on Unsplash)