U.S. IPO market braces for 17 deals this week, and at least two of them are worth more than $1 billion

Each ADS represented 20 ordinary shares. With 21.73 billion ordinary shares outstanding, the IPO pricing values the company at about $20.64 billion. The stock is expected to start trading Tuesday on the NYSE under the ticker symbol “YMM.” Morgan Stanley, CICC and Goldman Sachs are the lead underwriters.

For the quarter ending March 31, the company recorded a net loss of RMB197.0 million ($30.2 million) on revenue of RMB867.2 million ($132.9 million), following a loss of RMB63.3 million on revenue of RMB438.6 million in the same period a year before. 

“It’s a very fast-growing business, almost like an Uber for trucks,” said Dr. Josef Schuster, founder of IPOX Schuster LLC and chief architect of the IPOX Indexes.

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The company has institutional investor backing from the Ontario Teachers’ Pension Plan Board and an entity affiliated with Mubadala Investment Company PJSC, an Abu Dhabi–based sovereign investor, which have agreed to act as anchor investors, he added.

“That’s always good for initial sentiment,” said Schuster. “It’s not cheap — all logistics companies trade at 10 to 20 times sales so investors need to pay up but it’s top of our list.”

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The second biggest deal of the week is that of healthcare manager Bright Health Group BHG, , which is aiming to raise $1.38 billion at the top of its price range. The company has applied to list on the NYSE under the ticker “BHG.”

Data software company Confluent Inc. CFLT, is aiming to raise up to $759 million at the top of its price range. The company has applied to list on Nasdaq under the ticker “CFLT.”

“We have pioneered a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system,” the company says in its IPO filing documents. “This new data infrastructure software has emerged as one of the most strategic parts of the next-generation technology stack, and using this stack to harness data in motion is critical to the success of modern companies as they strive to compete and win in the digital-first world.”

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Mister Car Wash MCW, , the biggest car-wash brand in the U.S., is aiming to raise $600 million at a market cap of $5.3 billion, according to Renaissance Capital, a provider of institutional research and IPO ETFs. The company has 344 locations across 21 states. It has applied to list on the NYSE under the ticker “MCW.”

Digital doctors network Doximity DOCS, is planning to raise $501 million at a $4.5 billion valuation. It has applied to list on the New York Stock Exchange under the ticker “DOCS.” There are nine banks underwriting the deal, led by Morgan Stanley and Goldman Sachs. Proceeds of the deal are slated to be used for working capital and other general corporate purposes.

“We are the leading digital platform for U.S. medical professionals, as measured by the number of U.S. physician members, with over 1.8 million medical professional members as of March 31, 2021,” the company says in its IPO filing documents. “Our members include more than 80% of physicians across all 50 states and every medical specialty.”

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“It’s more like a seasoned private-equity deal,” said Schuster. “I think it will be well received given its growth rates. Again, it’s not cheap, at the midpoint of its price range it’s about 19 times sales in valuation, so there is no room for error once they report.”

Rounding out the list: customer-experience software maker Sprinklr CXM, , which is aiming to raise $361 million at a $5.5 billion valuation; human-resources platform First Advantage FA, , which is aiming to raise $298 million at a $2.1 billion valuation, according to Renaissance; Graphite Bio GRPH, , a gene-editing biotech aiming to raise $200 million at a $915 million valuation; Chinese social-networking platform Soulgate SSR, , aiming to raise $185 million at a $1.8 billion valuation; biotech Monte Rosa Therapeutics GLUE, , aiming to raise $176 million; Irish biotech GH Research GHRS, , aiming to raise $125 million; AMTD Digital HKD, , a Hong Kong–based digital financial services company seeking to raise $120 million; Elevation Oncology, ELEV, aiming to raise $100 million; biopharma Alpha Teknova TKNO, , aiming to raise $75 million; bioengineering company Miromatrix Medical, aiming to raise $32 million; kidney-disease biotech Unicycive Therapeutics, aiming to raise $25 million; and Acurx Pharmaceuticals, aiming to raise $15 million.

The Renaissance IPO ETF IPO, +0.37% is flat in 2021, but it’s up 56% from 12 months ago, while the S&P 500 SPX, +0.37% has gained 12.5% so far this year and is up 35.5% over the past year.