Autonomous Trucks, Health Care and More: Thursday’s IPOs
In two day this week, the value of U.S.-traded equities will rise by nearly $130 billion thanks to five IPOs. The big one was Wednesday, but there are four others Thursday that are also significant.
While Wednesday’s initial public offering (IPO) of stock in Coinbase Global Inc. (NASDAQ: COIN | COIN Price Prediction) may be hard to top in the excitement department, there are four more noteworthy non-SPAC IPOs launching Thursday.
While no single Thursday IPO can match Coinbase’s $85 billion opening day market cap, the four IPOs combined are set to add more than $44 billion to the value of U.S.-traded firms.
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Agilon
Agilon Health Inc. (NYSE: AGL) offers a software platform and what it calls “value-based” health care for seniors through its own Medicare Advantage plan. Agilon priced its IPO of 46.6 million shares at $23 a share, the top end of the proposed range.
The company stands to raise $1.07 billion in the IPO, at a market cap of about $8.3 billion. JPMorgan, Goldman Sachs, BofA, Deutsche Bank and Wells Fargo were lead managers for the IPO.
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AppLovin
AppLovin Corp. (NASDAQ: APP) provides a platform that mobile app and game developers use to create and monetize new products. The company priced its IPO at $80 per share, the mid-point of the proposed range of $75 to $85.
The IPO will raise $2 billion for the company, at a market cap of more than $28 billion. Lead managers for the IPO include Morgan Stanley, JPMorgan, KKR, BofA, Citigroup, Credit Suisse and UBS Investment Bank.
Esports Technologies
Esports Technologies Inc. (NASDAQ: EBET) is developing and operating software platforms for esports and competitive gaming. The company priced its IPO at $6 per share, the top of its estimated range of $5 to $6.
Esports will raise $14.4 million in Thursday’s IPO, at a market cap of about $70 million. Boustead Securities was the sole bookrunner.
TuSimple
TuSimple Holdings Inc. (NASDAQ: TSP) is developing Level 4 autonomous driving technology for semi-tractor-trailer trucks. The company priced its IPO at $40 a share, above the estimated range of $35 to $39.
The deal will put $1.35 billion into TuSimple’s coffers, at a market cap of around $7.8 billion. Lead managers for the IPO were Morgan Stanley, Citigroup, JPMorgan, BofA, Cowen, Credit Suisse, Nomura and RBC Capital Markets.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
