The US IPO Market Braces For 17 Debuts

17 IPOs are slated to raise $9.1 billion in the week ahead, led by long-awaited Chinese ride-hailing giant DiDi Global DIDI, scheduled to make its billion-dollar debut.

DiDi

DiDi is aiming for a market cap of $67.5 billion. China's dominant ride-hailing app expects to raise more than $4 billion in its IPO, which could be one of the year's largest. With 15 million drivers across 4,000 cities, Didi ranks among the five largest privately held start-ups in the world, backed up by SoftBank Group Corp SFTBY, Uber UBER, and Tencent TCEHY. Revenue more than doubled in the first quarter of the year for this unprofitable company, with an accumulated deficit that China's regulators have probed due to anti-trust violations.

SentinelOne

Cybersecurity platform, which provides an AI-powered and automated cybersecurity defense, SentinelOne S, plans to raise $880 million at an $8.2 billion market cap. Fast-growing and unprofitable, it counts 4,700 customers as of April 30^th.

D-MARKET Electronic Services & Trading

Istanbul-based e-commerce platform D-MARKET Electronic Services & Trading HEPS plans to raise $681 million at a $3.9 billion market cap. Under the name Hepsiburada, it connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants last year. Although fast-growing, EBITDA turned negative during the first quarter of the year.

Krispy Kreme

A brand famous for its glazed doughnuts, Krispy Kreme DNUT plans to raise $600 million at a $3.8 billion market cap. An omnichannel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business have a long track record and strong brand awareness. Still, it has yet to prove its growth strategy.

LegalZoom.com

At its second IPO attempt, the legal solutions provider LegalZoom.com LZ plans to raise $488 million at a $5.3 billion market cap. It claims to be a leading online platform for legal and compliance solutions that helped form 10% of new LLCs and 5% of new corporations in the US last year. It was profitable on an EBITDA basis during the first quarter, operating across all 50 states in the US.

Clear Secure

Identity verification platform Clear Secure YOU targets to raise $396 million at a $4.34 billion market cap. Its secure identity platform uses biometric technology to validate identity. As of the end of May, its network included 38 airports, 26 sports and entertainment partners, along 67 Health Pass-enabled partners.

Dingdong

Chinese grocery delivery platform Dingdong DDL pegged its valuation at $6 billion, hoping to raise $343 million. With fresh groceries as its core product categories, this unicorn Shanghai-based company is unprofitable but explosive growth, claiming to be the fastest-growing on-demand e-commerce company in China.

eCommerce

A leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs serves over 500,000 customers; EverCommerce EVCM set the terms for a $3.4 billion IPO, hoping to raise $325 million. The business has three core verticals: Home Services, Health Services, and Fitness & Wellness Services.

Intapp

A provider of industry-specific, cloud-based software solutions for the professional and financial services industry across the globe, Intapp INTA filed for a $278 million IPO. As of March 31^st, it had over 1,600 clients, and it currently has more than 20 clients with contracts greater than $1 million of ARR. It is aiming for a market cap of $1.9 billion.

Xometry

Online manufacturing marketplace Xometry XMTR proposed to raise $275 million at a $1.9 billion market cap. As an AI-enabled marketplace for on-demand manufacturing, its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6 million parts have been manufactured through its platform.

Integral Ad Science Holding

Integral Ad Science Holding IAS is pursuing a $240 million IPO with a value of $2.5 billion. The company's technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. It is profitable on an EBIT basis.

Torrid Holdings

Plus-sized women's apparel brand Torrid Holdings CURV filed for a rare public debut in the mall sector, aiming to raise $156 million, valuing the company at $2.1 billion. This profitable company is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales.

Acumen Pharmaceuticals

Alzheimer's biotech Acumen Pharmaceuticals ABOS plans to raise $125 million at a $607 million market cap. Its lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. Currently, in the Phase 1 trial in patients with mild dementia or cognitive impairment due to AD, data is expected at the end of 2022.

AMTD Digital

Digital financial services provider in Asia, AMTD Digital HKD, aims to raise $120 million, valuing the company at $1.4 billion. Profitable with explosive growth, it generates revenue from fees and commissions from two business lines.

Aerovate Therapeutics

Drug formulation developer Aerovate Therapeutics AVTE plans to raise $100 million at a $325 million market cap. It is focused on advancing AV-101, a dry powder inhaled formulation of imatinib to treat pulmonary arterial hypertension, with a completed Phase 1 study in healthy volunteers and Phase 2b/3 trial in PAH patients scheduled to begin.

CVRx

Neuromodulation device provider manufactures and markets its minimally invasive neuromodulation solutions on its proprietary platform, CVRx CVRX, plans to raise $100 million at a $333 million market cap. With a first-of-its-kind FDA approval under its belt, it claims its BAROSTEM NEO is the first and only commercially available neuromodulation device that improves symptoms for patients with heart failure with reduced ejection fraction.

Nyxoah

Belgium-listed Nyxoah NYXH plans to raise $87 million at an $803 million market cap. Its lead product is a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. It began generating revenue from Genio in Europe last July and is currently conducting a pivotal trial to support authorization in the US.

By the looks of it, the IPO market is on fire- so much we can argue that it has never been hotter.

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