The IPO Recap – Party Is Everything But Over

Last week's 19 IPO week had a lot of life sciences and software. This week, US IPO activity continues at a record with 25 scheduled IPOs, marking the fifth week in 2021 with at least 17 US IPOs, the most since 2000. With the August lull just around the corner, five SPACs raised $895.

Here is a little recap as we prepare for another record week.

Protein therapy platform Absci Corp ABSI raised $200 million at a $1.6 billion market cap, finishing up 43%. It has nine active programs across seven partners, which include Merck & Co MRK and Astellas Pharma Inc ALPMY, for which it has either negotiated or plans to negotiate license agreements. It remains highly unprofitable with 90% of its tech development revenue coming from a single partner in the first quarter of the year.

Couchbase BASE finished up 42%, raising $200 million at a $1.2 billion market cap. Although unprofitable due to high S&M costs, it has a sticky customer base for which it provides a NoSQL database that enterprises and developers can use to build and run applications across various environments.

Legal software provider CS Disco LAW rose $224 million at a $1.9 billion market cap, finishing up 40%. Fast-growing and unprofitable, it provides a cloud-native, AI-powered platform that simplifies legal case management. Although near term rise in expenses is expected with a post-COVID environment, margins have improved.

A company providing a B2C e-commerce platform that combines commerce, order management, and marketplace functionality to enterprises, Latin America's VTEX VTEX raised $361 million at a $3.8 billion market cap and finished up 34%. Despite its R&D investments weighing on profits, this is a positive growth story.

Though highly leveraged post its IPO, Ryan Specialty Group Holdings RYAN raised $1.3 billion at a $6.1 billion market cap. Risk is part of its DNA as this company assists retail brokers place and manage hard-to-place risks, demonstrating strong organic growth along the way.

Profitable with steadily improving margins water infrastructure company Core & Main Inc CNM rose $698 million at a $4.8 billion market cap. Its infrastructure connects 4,500 suppliers to over 60,000 customers.

Provider of live and on-demand video products, Kaltura Inc KLTR, raised $150 million at a $1.4 billion market cap, finishing up 18%. As the world is increasingly adopting digital events, the company's revenue expanded during the first quarter of the year, but the gross margin contracted.

HR software provider Paycor HCM Inc PYCR rose $426 million at a $4.0 billion market cap, finishing up 17%. Although net revenue retention fell last fiscal year, the company has a track record of profitability and is targeting a larger audience.

Profitable with explosive growth cell analysis instruments provider Cytek BioSciences CTKB raised $285 million at a $2.3 billion market cap, finishing up 10%. It provided over 750 instruments to over 620 companies around the world by the end of March.

Miami community bank owning 11 banking centers and a digital banking platform, U.S. Century Bank USCB, raised $40 million at a $183 million market cap, finishing up 8%. Total assets amounted to $1.6 billion as of March 31^st.

Largest boutique fitness franchisor in the US with over 1,750 studios operating across nine distinct brands, Xponential Fitness XPOF, raised $120 million at a $529 million market cap. Q2 results show it has rebounded from the pandemic 60% revenue growth and adjusted EBITDA swinging positive

Gene editing biotech Caribou Biosciences CRBU raised $304 million at a $972 million market cap. It is developing genome-edited allogeneic cell therapies, with its main product in Phase 1, targeting relapsed or refractory B cell non-Hodgkin lymphoma.

The LMS market leader in higher education and paid K-12, with over 6,000 global customers across 90 countries, Instructure Holdings Inc INST, raised $250 million at a $2.9 billion market cap. Profitable on an EBIT basis with solid growth, but with a contracting gross margin over the last two fiscal years and the latest quarter.

Content marketing platform that helps engage users and monetize visits by gathering over 1 billion data events each minute, Outbrain Inc OB, raised $160 million at a $1.2 billion market cap, finishing flat.  Although profitable and growing, it does not have long-term commitments from advertisers.

Performance marketing company and a digital marketing services provider Gambling.com Group GAMB raised $42 million at a $288 million market cap, finishing flat. It focuses on iGaming and sports betting.

Beverage brand Zevia PBC ZVIA raised $150 million at a $986 million market cap, finishing 2% down. It is consistently growing and steadily expanding its retail footprint in an increasingly crowded market of the US and Canada.

Swiss health tech company that provides a cloud-based SaaS platform capable of analyzing data and generating insights from complex multimodal data sets, SOPHiA GENETICS SOPH, raised $234 million at a $1.2 billion market cap.

Brazil's Zenvia Inc ZENV, whose software platform facilitates the flow of communication, raised $150 million at a $508 million market cap, finishing down 22%. It served more than 10,190 customers in Latin America as of March 31^st, achieving a net revenue expansion of nearly 110%, but EBITDA turned negative in the first quarter.

Immunotherapy biotech HCW Biologics Inc HCWB raised $56 million at a $290 million market cap, finishing down 35%. Its molecule is currently being evaluated in two ongoing Phase 2 trials for relapsed/refractory acute myeloid leukemia with preliminary results expected in the second half of the year.

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