Doughnuts on a production line inside a Krispy Kreme Doughnuts store in Times Square in Manhattan.
Angus Mordant/BloombergKrispy Kreme is leading a group of six companies to the public markets Thursday.
In addition to the doughnut chain, Acumen Pharmaceuticals, D-MARKET Electronic Services & Trading, Evercommerce, Torrid Holdings, and the Glimpse Group are scheduled to open.
So far this week, 17 companies, including the current six, have listed their shares. There are no initial public offerings on tap for Friday because of the holiday weekend. On Wednesday, 10 companies went public, with DiDi Global, the Uber of China, trading flat and closing at $14.14, 14 cents above its offering price.
On Thursday, Acumen Pharmaceuticals (ticker: ABOS) was one of the first to begin trading. The stock opened at $25.07, hit a high of $26.95, and recently changed hands in late morning trading at $20.23, up 26% from the offering price.
The solid performance came after Acumen also increased the size of its deal by nearly 20%. The biotech company, which is developing therapies to treat Alzheimer’s disease, collected about $160 million. It sold roughly 10 million shares at $16, the top of its $14 to $16 range.
The Glimpse Group (VRAR), which develops and commercializes virtual and augmented reality software products, also opened. Shares kicked off at $11.75, peaked at $16.44, and recently traded at $12.36, up 76%. Glimpse delivered the smallest deal Thursday. The company collected $12.3 million, after selling 1.75 million shares at $7, the midpoint of its $6 to $8 price range.
Torrid Holdings (CURV) began trading, with shares rising 9% from its offering price to $22.96 in late morning trading. The plus-size, direct-to-consumer women’s retailer increased the size of its deal twice. It filed to offer 8 million shares at $18 to $21, which it boosted Wednesday to 10 million. It ended up selling 11 million shares at $21, the top of its expected range, raising $231 million. Sycamore Partners, the retail-focused private-equity firm, will own nearly 76% of Torrid after the IPO.
Krispy Kreme, which has yet to open, is the most well-known of Thursday’s group. The doughnut chain increased the size of its deal by 10% but priced well below its expected range to raise $500 million. Krispy Kreme had planned to offer 26.7 million shares at $21 to $24 each, but ended up selling 29.4 million shares at $17 each. It will trade under the ticker DNUT. JAB Holding, the European investment firm, will own about 39% of Krispy Kreme after the IPO
D-Market Electronic Services & Trading, or Hepsiburada, is also scheduled to open. Hepsiburada, which means “you can find anything you want here” in Turkish, is a leading e-commerce platform from Istanbul. The company raised $680 million after selling 56,740,000 American depositary shares at $12 each, the midpoint of its $11 to $13 price range. Each ADS represents one class B ordinary share. Hepsiburada will trade under the ticker HEPS on the Nasdaq.
Evercommerce came in at $325 million after selling 19.1 million shares at $17, the middle of its $16 to $18 range. The company provides SaaS software for small and midsize service businesses. It will trade under the symbol EVCM.
Write to luisa.beltran@barrons.com
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Krispy Kreme and 5 Other IPOs to Begin Trading - Barron's
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