The IPO Buzz: Toast Tops a $5.2 Billion Week

Most IPO investors want  Toast, Inc. (TOST proposed) for breakfast this week. Bankers expect to raise about $5.24 billion from “a baker’s dozen” of deals. Twelve of this week’s 13 deals are traditional IPOs while one is a NASDAQ uplift.

Toast, a payments software system that caters to the restaurant industry, helped its restaurant clientele survive the pandemic by offering innovations to make it simpler for them to handle take-out and delivery. This fact impressed investors at Toast’s roadshow last week. (Please see this CNBC story or delve into the Toast prospectus by clicking on the hyperlink in the company’s name, which takes you to the IPO Profile and a link to the latest S-1/A filing.)

Freshworks (FRSH proposed), a customer relationship management software company, and Remitly Global, Inc.(RELY proposed), a global payments company that makes it easier for immigrants to send money home to their families, are also attracting positive buzz.

This week’s IPO Calendar offers something for everyone – plenty of tech deals, along with IPOs from the consumer products, food, online fashion, jewelry and healthcare fields.

The NASDAQ uplift is Argo Blockchain PLC (ARBK proposed), a cryptocurrency play from London.

“At first glance, I like almost everything that’s coming up,” a veteran IPO investor said, noting that his opinion could change, of course, as the week goes along.

Feeling the IPO Love

This year’s pace of initial public offerings is setting up 2021 as another record year.

The Russell indexes are feeling the IPO love, Bloomberg reported with this headline on Friday:

IPO Stocks Break Into Russell Indexes in Biggest Wave in Decade – Bloomberg

The gains by last week’s IPOs are just whetting investors’ appetite to stay in the game, the pros say.

To check out the deals set for pricing this week, please click on the IPO Calendar.

In addition to the 13 deals on the calendar, one small Canadian bank, Versabank, and a handful of SPACs are also expected to get done this week.

September’s Finale

Next week, two big direct listings – Amplitude (AMPL proposed) on Sept. 28 on the NASDAQ and Warby Parker (WRBY proposed) on Sept. 29 on the New York Stock Exchange – are also generating plenty of conversation.

When the SEC’s filing window opens for business on Monday morning, more names are likely to land on the IPO Calendar for the week of Sept. 20 and the following week.

Stay tuned.

(For more information, please check the IPO Calendar and click on a company’s name, which will take you to the IPO Profile and a link to the prospectus.)

(Never trade on proposed symbols. You might wind up owning something on the OTC Bulletin Board.)

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.