Vizio is leading a slate of six companies to the public equities markets.
DreamstimeVizio Holding, a provider of smart TVs, led a slate of six companies to the public equities markets Thursday.
Of the six, only one— Olink Holding—rose. The other five dropped below their offer prices.
Shares of Olink (ticker: OLK), a Swedish proteomics company, soared as much as 79%. The stock kicked off at $30.10, peaked at $35.86 and recently changed hands at $33.72, up nearly 69%.
The strong performance came after Olink raised nearly $353 million. The IPO was the only one of the six to price above its expected $16-to-$18 range, selling 17,647,058 shares at $20 each. Goldman, Morgan Stanley, and SVB Leerink are underwriters on the deal.
Olink, based in Uppsala, Sweden, provides products and services for proteomics research. Its Proximity Extension Assay technology helps scientists detect and quantify protein biomarker targets. It has 630 customers, including 30 of the world’s largest 40 biopharmaceutical companies. Olink isn’t profitable, reporting $6.78 million in losses on $54 million in revenue for the year ended Dec. 31, a prospectus said. It had 214 employees.
Vizio (VZIO), meanwhile, dropped below its $21 IPO price. The stock kicked off at $17.50 and recently changed hands at $18.10, off 13.81%.
The tepid performance came after Vizio cut the size of its deal by nearly 19%, selling 12,250,000 shares at $21 each. It had planned to offer 15.12 million shares at the price range of $21 to $23. J.P. Morgan and BofA Securities are underwriters on the deal.
Vizio has sold 82.2 million televisions and 11.8 million sound bars since its founding in 2002, the prospectus said. In addition, Vizio offers a SmartCast platform that lets users stream programs from services such as Hulu, Netflix (NFLX), and Amazon Prime on their TVs. The Irving, Calif.-based company is profitable, reporting $102.5 million in earnings on $2 billion in revenue for the year ended Dec. 31. It had 527 full-time employees.
Cricut (CRCT) also dropped during its first day. The stock opened at $15.80, below its $20 offering price, and recently traded at $17.93, down 10.35%.
Cricut raised $306.2 million late Wednesday after selling about 15.3 million shares at $20 each, the bottom of its $20-to-$22 price range. Goldman Sachs and Morgan Stanley are underwriters on the deal.
Cricut provides computer-controlled cutting machines that are designed for home crafters or hobbyists. The machines, which sell for between $179.99 to $399.99, help users cut different materials, like paper, vinyl, leather, for craft projects. Cricut also offers accessories like mats and craft tools.
The company sells its products through bricks-and-mortar retail stores, including Hobby Lobby, HSN, Joann (JOAN), Michaels (MIK), Target (TGT), and Walmart (WMT). Cricut is profitable: It reported $154.5 million in income on $959 million in total revenue for the year ended Dec. 31, a prospectus said. It employs 640 people.
Shares of SEMrush (SEMR) opened at $11.50, off nearly 18% from its $14 IPO price. The stock recently changed hands at $11.12, down about 21%, in afternoon trading.
Late Wednesday, SEMrush slashed the size of its offering by 40%, selling 10 million shares at $14 each. It had planned to offer 16.8 million shares at $14 to $16 each. Goldman Sachs, J.P. Morgan, Jefferies, and KeyBanc Capital Markets are underwriters on the deal.
SEMrush provides a software-as-a-service platform that helps companies reach the correct audience for their content, using the appropriate channels and in the right context, the prospectus said. SEMrush had 404,000 active free customers and 67,000 paying customers in 2020. The company isn’t profitable, posting $7 million in losses on $124.9 million in revenue for the year ended Dec. 31, a prospectus said. It had 308 employees.
Diversey Holdings (DSEY) delivered the biggest deal, but its shares have yet to trade at or above their $15 IPO price. Diversey’s stock opened at $13.50 and recently changed hands at $14, down 6.7%.
Diversey collected $692.3 million after selling 46,153,846 at $15 each, below its $18-to-$21 price range. Citigroup, Morgan Stanley, Barclays, and J.P. Morgan are underwriters on the deal.
Diversey provides cleaning chemicals, equipment, and services to customers in the food and beverage, healthcare, and building services industries. It has 85,000 clients in over 80 countries. Diversey isn’t profitable, reporting $183.3 million in losses on $2.6 billion in sales for the ended Dec. 31, a prospectus said. The company is highly leveraged, with $2.7 billion in long-term debt in 2020. It has about 8,500 employees.
Sealed Air (SEE) sold the Diversey business to Bain Capital in 2017 for about $3.2 billion. Bain will own nearly 76% of the company after the IPO.
Lastly, LAVA Therapeutics (LVTX) also dropped below its $15 IPO price. Shares opened at $12 and recently traded at $13, down 13.33%.
The company collected $100.5 million after selling 6.7 million shares at $15 each, in the middle of its $14-to-$16 price range. J.P. Morgan, Jefferies, and SVB Leerink were underwriters on the deal.
LAVA, a biotech, is developing therapies to treat tumor cell cancers. Its lead product candidate, LAVA-051, is advancing toward a Phase 1/2a clinical trial for the treatment of hematologic cancers. The company isn’t profitable, reporting $13.9 million in losses on $3.2 million in revenue in 2020, a prospectus said. It had 31 employees.
Write to Luisa Beltran at luisa.beltran@dowjones.com
"Trading" - Google News
March 26, 2021 at 01:19AM
https://ift.tt/3smf90w
6 Companies Made Their Trading Debuts Thursday - Barron's
"Trading" - Google News
https://ift.tt/2tBJjTS
https://ift.tt/3djUFhc
Bagikan Berita Ini
0 Response to "6 Companies Made Their Trading Debuts Thursday - Barron's"
Post a Comment