DoubleDown Interactive is the name on many IPO investors’ “most wanted” list for this four-day week. The U.S. stock market will take a holiday on Friday – a day ahead of the Fourth of July. Five IPOs are scheduled, with bankers expecting to raise about $2.66 billion.
More companies are likely to land on the IPO launch pad when the U.S. Securities and Exchange Commission’s filing window opens again for business on Monday morning, June 29th. A week ago, on June 21st, only three companies were set to go public for the coming week. By Monday morning, June 22nd, five new names had popped onto the week’s IPO Calendar, courtesy of S-1/A filings early in the day with the SEC. Nine companies, including three blank checks, went public last week.
The pace was torrid at the SEC’s filing window last week. Sixteen companies filed plans to go public (S-1 filings) with expectations of raising $5.24 billion. One of those new filings generated plenty of headlines: The $3 billion proposed IPO – the largest ever for a blank check company as Reuters reported – of Pershing Square Tontine Holdings, led by hedge fund billionaire Bill Ackman. In addition, 13 companies amended their prospectuses with S-1/A filings and indicated that they aim to raise $2.55 billion.
This traffic is in stark contrast to other years, when the IPO market would traditionally slow down around the Fourth of July holiday.
A Moonshot in Late June
The fireworks show started early for IPOs. Agora (API) lit up the IPO sky with a moonshot on Friday, June 26th. The IPO was priced at $20 on Thursday night, June 25th. Agora opened Friday at $45 – a moonshot right at the start – and closed its first day of trading on the NASDAQ at $50.50. (A moonshot occurs when a stock gains 100 percent or more on its opening day.)
Agora, based in Shanghai with a U.S. headquarters in Santa Clara, California, is an API developer and a pioneer in the Real-Time Engagement Platform-as-a-Service, according to the prospectus. Its goal is to make real-time engagement ubiquitous, allowing everyone to connect with anyone, anytime, anywhere. The company describes itself as “the global leader by market share in this rapidly growing industry.”
This Week’s IPO Calendar
Let’s take a look at the five IPOs scheduled this week, organized by pricing and trading dates.
Monday evening pricing for Tuesday trading:
GS Acquisition Holdings Corp II (GSAH.U proposed), based in New York, is the second special-purpose acquisition company (SPAC) or blank check company formed by Goldman Sachs. The prospectus says: “While we plan to evaluate opportunities in many sectors, we believe particularly attractive opportunities exist in the Diversified Industrial, Healthcare, Technology, Media and Telecom, and Alternative Asset Management sectors.”
This is an IPO of 70 million units at $10 each to trade on the New York Stock Exchange.
Tuesday evening pricing for Wednesday trading:
DoubleDown Interactive (DDI proposed), based in Seoul, South Korea, is a profitable developer and publisher of digital games on mobile and web-based platforms. The company says that its flagship game, DoubleDown Casino, has been in the top 20 grossing mobile games annually on the Apple App Store since 2015, according to App Annie.
This is an IPO of 11 million shares at $17 to $19 each to raise $198 million, if priced at the midpoint. DoubleDown Interactive is a NASDAQ listing.
Dun & Bradstreet Holdings (DNB proposed), based in Short Hills, N.J., is known for its proprietary and curated data and analytics that help its global clientele make business decisions about commercial credit and other matters as well as to confirm that suppliers “are financially viable and compliant with laws and regulations,” the prospectus says. This IPO will mark Dun & Bradstreet’s second time as a publicly traded company. The company was taken private in February 2019, according to the prospectus.
This is an IPO of 65.75 million shares at $19 to $21 each to raise $1.315 billion, if priced at the midpoint. This is an NYSE listing.
Wednesday evening pricing for Thursday trading:
Accolade (ACCD proposed), based in Seattle, provides personalized technology-enabled solutions to help people better understand, navigate and use the healthcare system and their workplace benefits, the prospectus says. Its four largest customers are American Airlines, Comcast Cable, Lowe’s and State Farm, according to the prospectus.
This is an IPO of 8.75 million shares at $19 to $21 each to raise $175 million, if priced at the midpoint. This is a NASDAQ listing.
Lemonade (LMND proposed), based in New York, is a start-up that provides a digital platform to sell renters’ and homeowners’ insurance in the United States and Europe.
This is an IPO of 11 million shares at $23 to $26 each to raise $269.5 million, if priced at the midpoint. This is an NYSE listing.
After the Fourth
For the week of July 6th, the IPO Calendar is blank so far. That could change quickly when the SEC’s filing window opens again for business on Monday morning, June 29th. That’s the way it’s been going for the past few weeks. A week ago, on June 21st, only three companies were set to go public for the coming week. By Monday morning, five new names jumped onto the week’s IPO Calendar, courtesy of S-1/A filings early in the day with the SEC.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions.