IPO Outlook This Week: Bentley Systems, GoodRX Holdings, Corsair Gaming Lead The Pack

After a busy week of double digit IPOs, the next week features a smaller slate of IPOs.

This week's offerings will try to match the momentum seen by upsized pricings and big debuts from names like Snowflake SNOW, JFrog FROG, and Unity Software U.

Bentley Systems Inc.

Founded in 1984, Bentley Systems BSY helps with design, construction and operations of the world’s infrastructure. The company calls itself “The Infrastructure Engineering Software Company.”

In 2019, Bentley Systems had revenue of $736.7 million, serving over 31,000 customers. Customers that represented $1 million or more in revenue were 96 in 2019. Growth in Greater China is one of the company’s key focuses, where it has become the fastest growing regions for Bentley’s revenues.

The company is offering 10.75 million shares at a price point of $17 to $19 and will list on the Nasdaq with symbol BSY.

Corsair Gaming

The growth of gaming and streaming has helped Corsair Gaming CRSR grow its revenue. Fiscal 2019 revenue was $1.1 billion. First half 2020 revenue was $688.9 million.

Corsair has strong market share in items like keyboards, mice, headsets, and high-performance memory, making it a leader in high-performance gear for gamers and streamers.

Corsair plans to offer 14 million shares at a price point of $16 to $18.

GoodRx Holdings Inc.

GoodRx GDRX strives to “help Americans get the health care they need at a price they can afford.” This business model has been profitable for the company since 2015.GoodRx uses its app, which is the most downloaded medical app, to show consumers where they can get the cheapest prescriptions and other medical services. A July 2020 survey found that 68% of health care providers recommended the GoodRx app to customers.

GoodRx had 15 million monthly visitors in the second quarter. Revenue has grown at a compound annual growth rate of 57% since 2016. Revenue was $388 million in fiscal 2019. First half 2020 revenue grew 48% year over year to $257 million. The company believes revenue can continue to grow, with a total addressable market of $800 billion.

The offering calls for 34.6 million shares to be sold at a price point of $24 to $28.

Laird Superfood

Founded by professional surfer Laird Hamilton, Laird Superfood LSF makes plant based superfoods. The company has seen CAGR of 185% since 2016. Revenue is $18.8 million over the last 12 months, growth of 92%. First half revenue is $11.1 million, up 104% year over year.

The company gets 57% of its stores through its own website and Amazon.com AMZN. Laird products are also available in over 5,500 stores.

This will be a small IPO with only 2.2 million shares offered at a price point of $18 to $20. With close to 8 million total shares out, the company will be valued at close to $150 million.

Danone DANOY will own nearly 10% after the IPO and has the option to buy $10 million worth of shares as part of the IPO. Founder Hamilton will own 9.6% after the IPO.

Taysha Gene Therapies

Pre-clinical Taysha Gene Therapies will list shares on the Nasdaq as TSHA. The company plans to sell 6.6 million shares at a price point of $18 to $20.

The company has a partnership with the University of Texas Southwestern Medical Center. Taysha is working on developing treatments for neurodegenerative diseases, neurodevelopment disorders, and genetic epilepsies.

Taysha is using the same AAV9 technology that was used by Novartis NVS for its approved Zolgensma. The FDA approved Zolgensma used to treat spinal muscular atrophy in infants and it is now the most expensive drug ever.