Last week we had a few deals priced including GAN Limited (GAN) which we had been waiting for and the shares haven't been a disappointment. They priced at the high end of their range at $8.50 and closed the week at $14.41. We expect the shares to continue to appreciate as more states roll out legal online gambling and sports betting. Some think of GAN as a "poor man's DraftKings (DKNG)."
If you missed the GAN writeup: GAN is SaaS for online gambling.
And if you want to see more on DraftKings: DraftKings SPAC IPO.
Here were the other deals completed last week:
Kingsoft Cloud (KC) was the big deal of the week at over $500M. The deal came in the middle of the range at $17 but finished the week up 40% to $23.84. This is a cloud services play in China where they probably want to have their own alternative to Amazon AWS, Microsoft Azure and Google Cloud Services.
Ayala Pharmaceuticals (AYLA) is another small biotech name that priced in the range at $15 and finished the week unchanged.
We also had three more SPAC deals price last week - raising a total of close to $600M. They included Live Oak Acquisition (LOAK), Sustainable Opportunity Acquisition (SOAC) and Roth CH Acquisition (ROCH).
Two new filings hit the SEC last week - a small "mobile data traffic sharing marketplace in China" called uCloudlink (UCL) and a another big SPAC deal at $750M called Foley Transimene Acquisition (WPF).
WPF is another "celebrity SPAC" kind of like Vertiv Holdings (VRT) which made much of having David Cote, ex-CEO of Honeywell. In this case the man is William Foley who is currently Chairman of Fidelity National Financial (NYSE: FNF ~$7B market cap), Black Knight (NYSE: BKI ~$11B market cap), and Cannae Holdings (NYSE: CNNE ~$2.6B market cap.)
There's nothing on the calendar this week but there are quite a few filings that are sitting in the wings right now. Maybe they are all waiting to see if there is a "second wave" and if we get one how the market will reaction.
Given the strength we see in the food area it would seem like very good timing for Albertsons (ACI) to kick off their IPO. They are planning to raise $2B with just about every tier 1 bank being a "bookrunner" and another cast of co-managers. That's a total of 9 bookrunners and 18 total banks on the cover!
The Candyman
P.S. - Did someone forward this to you? You can join over 2,000 regular readers here:
About IPO Candy
IPO Candy was founded in 2009 to be the best source for IPO information, analysis, insights and alerts. Top investment banks, investors and companies planning their IPO enjoy our services. We also maintain a model portfolio, provide investment alerts and are developing new services all the time so feel free to make suggestions!
DISCLAIMER: What we provide is only for informational use. It is not intended to provide investment, tax, legal, or personal advice. Anything we publish does not constitute a suggestion, solicitation, or offer to purchase or sell securities. We do not warrant the completeness or accuracy of anything and assume no such duty to update such information - although you know we would! For more, please refer to the sections of our website that deal with our terms & conditions and privacy policies.
The Candyman
Did someone forward this to you? You can join over 2,000 regular readers here:
About IPO Candy
IPO Candy was founded in 2009 to be the best source for IPO information, analysis, insights and alerts. Top investment banks, investors and companies planning their IPO enjoy our services. We also maintain a model portfolio, provide investment alerts and are developing new services all the time so feel free to make suggestions!
DISCLAIMER: What we provide is only for informational use. It is not intended to provide investment, tax, legal, or personal advice. Anything we publish does not constitute a suggestion, solicitation, or offer to purchase or sell securities. We do not warrant the completeness or accuracy of anything and assume no such duty to update such information - although you know we would! For more, please refer to the sections of our website that deal with our terms & conditions and privacy policies.