Top 10 IPOs In Q2 2021: AppLovin And UiPath Lead Way, While Offering Numbers Drop

The number of IPOs launched in the second half of 2021 fell due to a lower number of SPAC IPOs. Traditional IPOs rebounded and saw eight listings that raised $1 billion or more.

IPO Offerings: There were 1,708 IPO offerings that raised $251.68 billion in the second quarter. This was a drop from the 2,215 IPOs and $351.33 billion raised in the first quarter, according to S&P Global. 

Second-quarter offerings and money raised was the lowest since the second quarter of 2020.

One number that changed significantly in the second quarter was the percentage of SPACs in the offerings. SPAC offerings hit 26.7% of IPOs in the second quarter, which is significantly lower than the 75.4% in the first quarter and the lowest percentage since the third quarter of 2019.

Here is a look at the top 10 IPOs of the second quarter of 2021 and how they have performed.

1. AppLovin Corp APP: A provider of advanced tools for mobile app developers, AppLovin has more than 410 million daily active users. The company reported revenue of $1.45 billion in 2020, up 46% year-over-year. The company raised $2 billion in its IPO pricing shares at $80.

Shares of AppLovin currently trade at $70.78, falling since the April listing.

2. UiPath Inc PATH: Software company UiPath Inc raised $1.54 billion in its April IPO. The company had annual recurring revenue of $580 million in the fiscal year ending Jan. 31, 2021. The company had more than 7,900 customers at the time of its offering, with over 1,000 of them paying $100,000 or more annually to the company.

Shares priced at $56 and hit a high of $90 after going public. Shares currently trade at $63.17, up from the IPO price.

3. Neuberger Berman Next Gen Connectivity Fund NBXG: Launched in May, NBXG raised $1.50 billion in an offering for a closed-end fund. The closed-end fund has a theme of next-generation connectivity, which includes companies involved in the growth of 5G.

Shares priced at $20 and trade at $20.02, flat since the offering.

4. Marqeta Inc (NASDAQ: MQ): Card issuing company Marqeta raised $1.41 billion with a June IPO. The company provides a platform powered by APIs that enable frictionless payment card experiences for its customers. The company has issued more than 320 million cards since launching. Marqeta had revenue of $290.3 million in 2020, up 100% year-over-year.

The company priced shares at $27. Shares currently trade at $28.86, up slightly from the offering.

5. SentinelOne Inc S: Cybersecurity company SentinelOne is the world’s first purpose-built artificial intelligence-powered extended detection and response company. The company had revenue of $93.1 million in fiscal 2021. The company raised $1.41 billion in its IPO, pricing shares at $35 each.

The stock has been one of the best-performing IPOs of the second quarter, with shares currently trading at $63.93.

Related Link: 7 IPOs To Watch In The Second Half Of 2021

6. TuSimple Holdings Inc TSP: Autonomous trucking company TuSimple raised $1.35 billion in an April IPO. The company has over 2.8 million road-tested miles and more than 5,700 reservations for its autonomous trucks. The company plans to sell its products under a carrier-owned model and a pay-per-mile option.

Shares were priced at $40 and hit a high of $79.83 in June. Shares currently trade at $41.98.

7. Agilon Health Inc AGL: Medicare-centric company Agilon Health raised $1.23 billion in an April IPO. The company serves more than 210,000 patients in 17 geographic areas. Membership and revenue grew 45% and 53% year-over-year respectively in fiscal 2020.

The company priced shares at $23 a share. Agilon shares currently trade at $34.73, up from the IPO.

8. Western Asset Diversified Income Fund WDI: In June, Western Asset Diversified Income Fund raised $1.0 billion. The company is a closed-end fund that seeks to find high current income and capital appreciation.

Shares were priced at $20 and currently trade at $20.02. The fund has traded in a close range of $19.76 to $20.60 since going public. 

9. Bright Health Group Inc BHG: Healthcare company Bright Health Group raised $0.92 billion in its June IPO. The company operates in 99 markets across 13 states and works with more than 200,000 providers and 600,000 members. The company had revenue of $1.2 billion in fiscal 2020.

Bright Health priced shares at $18, below the initial range of $20 to $23. Shares have fallen by around 50% since the offering, currently trading at $9.26.

10. Confluent Inc CFLT: Data infrastructure company Confluent helps more than 2,500 customers with omnichannel solutions, real-time inventory management solutions and other items. The company had revenue of $236.6 million in 2020.

Confluent priced shares at $36 and raised $0.83 billion in its IPO. Shares have performed well since the June IPO and are trading at $55.95.

Photo: Gerd Altmann via Pixabay