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Five companies opened on Wednesday in another big week for initial public offerings.
At least 20 companies are expected to list their shares this week, in one of the busiest times in the IPO market, according to data from Renaissance Capital.
So far this year, 240 companies have gone public using a traditional IPO, raising $ 91.6 billion, according to Dealogic. That’s more than double the 76 companies, valued at $ 28.3 billion, that listed their shares for the same period in 2020.
Wednesday’s group includes CS Disco,
Kaltura,
Paycor HCM, VTEX and Twin Vee PowerCats. CS Disco and VTEX trade on the New York Stock Exchange; the others are listed on the Nasdaq.
Three of the companies, CS Disco, Paycor HCM and VTEX, priced their offers above their expected price ranges. Such increases are usually a sign of strong demand.
One of the strongest beginnings came from
CS nightclub
(ticker: LAW). The stock opened at $ 45.26 and closed at $ 41, up 28% from its offer price.
The Austin, Texas company raised $ 224 million after selling 7 million shares at $ 32 each. CS Disco had filed a request to sell $ 7 million between $ 26 and $ 29, which it raised to $ 7 million between $ 30 and $ 31 on Monday.
BlackRock (BLK)
and Dragoneer Investment Group have expressed interest in purchasing shares worth $ 25 million each at the IPO price, according to an offering prospectus.
Founded in 2013, CS Disco provides cloud-based software that aims to simplify ediscovery, legal document review and case management for businesses, law firms, legal service providers and governments. The software allows legal data to be centralized in a single solution, while improving client security and privacy. As of March 31, CS Disco had 909 customers, including DISH,
Southwest Airlines,
WeWork, Perkins Coie and Shearman & Sterling, according to the prospectus.
VTEX
(VTEX) started at $ 25.10 and ended at $ 22.18, up almost 17% from its offer price. The New York-based company sold 19 million shares at $ 19 each, above its price range of $ 15 to $ 17.
The company has raised $ 365 million in funding, Crunchbase said. Investors include Tiger Global, Lone Pine Capital, Constellation, Endeavor Catalyst, and SoftBank. Tiger Global has indicated that it is interested in buying $ 50 million in shares at the offer price, according to a prospectus.
Founded in Brazil, VTEX provides a cloud-based commerce platform that helps brands and retailers execute their business strategy, including building their online stores, managing orders, and building marketplaces to sell products. from third-party suppliers, according to a prospectus. Customers include L’Oréal,
Motorola,
and
Sony
(SONY).
Paycor HCM
(PYCR) started at $ 28 and ended at $ 26.05, up 13% from the offer price.
The HR software vendor has also set a price above its expected range. Paycor ended up selling 18.5 million shares at $ 23, up from its price range of $ 18 to $ 21.
Paycor provides software that helps small and medium businesses manage their payroll, recruit employees, update personnel information, and comply with tax requirements. Most of its customers, representing 81% of its billings, have between 10 and 1,000 employees. The company has more than 40,000 customers, including the Detroit Zoo, Wendy’s and Two Men and a Truck, according to its website.
Paycor employs just over 2,000 people, including 400 sales and around 700 in customer service. He plans to use the proceeds of the IPO to increase both, according to CEO Raul Villar Jr.
One of the main reasons Paycor sought to go public was to reward its employees, Villar said. that of Barron. “We will have an employee stock purchase plan available for every associate of Paycor to participate in our growth,” he said.
Paycor has operated cash flow neutral for the past several years, Villar said. “We will have no debt at the end of the transaction,” he said.
Actions of
Kaltura
(KLTR), a provider of real-time and on-demand video products, opened at $ 11.50 and closed at $ 12, up 20% from its offering price.
The New York-based company raised $ 150 million after reducing the size of its deal from 36% to 15 million shares at $ 10 each. He had filed to offer 23.5 million shares at $ 14 to $ 16, which he reduced to 15 million from $ 9 to $ 11 on July 12, according to a prospectus.
Founded in 2006, Kaltura provides technology that powers multiple forms of video, including video portals, town halls, video messaging, webinars, virtual events and meetings, and virtual classrooms. It has more than 1,000 clients including
IBM
(IBM),
Drop box
(DBX), Bosch,
Thomson reuters
(TRI) and SAP (SAP).
Twin Vee PowerCats
(VEEE) also had a strong first day. The stock started at $ 6.70 and ended at $ 7.49, up almost 25% from its offer price. The Fort Pierce, Fla. Company raised $ 18 million after slightly increasing the size of its deal to 3 million shares at $ 6 each. He had deposited to offer 2.8 million shares at $ 5 to $ 6 each.
Launched in 1996, Twin Vee manufactures and markets recreational and commercial power catamarans. It currently has 10 gasoline-powered models in production varying in size from a 24-foot twin-engine center console to its newer 40-foot offshore 400 GFX.
Write to Luisa Beltran at [email protected]
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