Traeger CEO Jeremy Andrus celebrates the grill maker’s debut on the New York Stock Exchange with NYSE President Stacey Cunningham.
NYSE
Five companies—three biotechs, a fintech and a grill maker—joined Robinhood Markets in going public Thursday.
The five are Icosavax, Rallybio, Riskified, Nuvalent, and Traeger. Riskified and Traeger opened on the New York Stock Exchange; like Robinhood, Icosavax, Rallybio, and Nuvalent are on the Nasdaq.
More than 20 companies were slated to make their market debuts this week. So far, five have listed their shares. Roughly 10 companies are scheduled to list on Friday, including Dole, the well-known food company.
Much of the IPO market was focused on Robinhood (ticker: HOOD), the upstart trading app. The company raised $2.1 billion after selling 55 million shares at $38 each, the low end of its $38-to-$42 price range. Robinhood’s stock was down nearly 10% in mid-day trading.
Shares of the biotech Icosavax (ICVX), meanwhile, nearly tripled from its offer price. The stock kicked off at $29, peaked at $48.60 and recently traded at $47.14, up 214% from its IPO price. Icosavax offer is developing vaccines to treat infectious diseases.
All three of the biotechs—Icosavax, Rallybio and Nuvalent, all boosted the size of their deals.
Icosavax raised about $182 million after selling 12.13 million shares at $15 each. The company had planned to offer 10 million shares at $14 to $16, a prospectus said.
Rallybio (RLYB), which focuses on therapies to treat severe and rare diseases, came in at $80.6 million. The biotech had filed to offer 5.75 million shares. It ended up selling 6.2 million shares at $13, the bottom of its $13-to-$15 price range. The stock opened at its high of $14.92 and recently changed hands at $14.08, up more than 8% from its IPO price.
Nuvalent (NUVL), which is developing “precisely targeted” therapies to treat cancer, collected nearly $166 million. It had planned to offer 8.9 million shares at $16 to $18, but ended up selling 9.75 million at $17. The stock kicked off at $18.10, peaked at $18.66 and recently traded at $18.15, up nearly 7% from its offer price.
Riskified (RSKD) was the only company Thursday to exceed its IPO expectations. The fintech sold 17.5 million shares at $21, above its $18-to-$20 price range. Riskified, which raised $367.5 million, offers an e-commerce risk management platform that aims to prevent fraud. Shares launched at $27, peaked at $29.18 and recently traded at $26.56, up 26% from the offer price.
Lastly, Traeger (COOK), which makes wood-pellet grills, rose nearly 28% . The stock opened at $22, hit a high of $23.74, and recently changed hands at $23.02, up $5.01 from its offer price. The company collected $423.5 million after selling roughly 23.5 million shares at $18 each, the top of its $16-to-$18 price range.
Write to Luisa Beltran at [email protected]
