Lizhi (LIZI), one of China's biggest audio content apps, debuted on Nasdaq Friday, opening at $11.03 after pricing 4.1M shares at $11. In an interview with TechCrunch, the company's CEO Marco Lai had said the company was planning to use proceeds from the IPO to invest in product development and its AI technology. Meanwhile, Phoenix Tree (DNK), the Chinese e-commerce company that operates the co-living platform Danke Apartment, also debuted on Friday at $13.50, ending its opening session unchanged.

LATEST IPOS:

Velocity Financial (VEL) opened on January 17 at $13.85. The company had priced 7.25M shares at $13.00, below the $14.00-$16.00 target range. Wells Fargo, Citi and JMP Securities acted as joint book running managers for the offering. Velocity Financial provides lending services to real estate investors.

Lizhi opened on January 17 at $11.03. The company had priced 4.1M shares at $11.00. The deal was priced at the bottom of the $11.00-$13.00 range. Citi acted as lead book running manager for the offering. Lizhi is a provider of audio streaming services for Chinese consumers.

Phoenix Tree opened on January 17 at $13.50. The company had priced 9.6M shares at $13.50, after cutting deal size from $10.6M shares and pricing below the $14.50-$16.50 range. Citi, Credit Suisse and JPMorgan acted as joint book running managers for the offering. Phoenix Tree operates a network of co-living spaces in China.

I-Mab (IMAB) opened on January 17 at $14.75. The company had priced 7.4M shares at $14.00, inside the target range of $12.00-$15.00. Jefferies and CICC acted as joint book running managers for the offering. I-Mab is a clinical-stage biopharma company.

Bogota Financial (BSBK) opened on January 16 at $11.40. Bogota Financial, the holding company for Bogota Savings Bank, sold 5,657,735 shares of common stock at a price of $10.00 per share in its subscription offering in connection with the completion of the reorganization of Bogota Savings Bank into the two-tier mutual holding company form of organization. Piper Sandler acted as marketing agent in connection with the stock offering.

PERFORMANCE:

• Velocity Financial finished its first trading day at $13.84 after opening at $13.51.
• After opening at $11.03, Lizhi finished Friday at $11.63.
• Phoenix Tree ended the week at $13.50.
• In its first trading day, I-Mab finished at $12.50.
• Bogota Financial finished the week at $11.63.

UPCOMING IPOS: Among the upcoming IPOs are Casper Sleep (CSPR).

Casper Sleep has filed a form S-1 with the SEC as it seeks an initial public offering of its common stock. The company has applied to list its common stock on the New York Stock Exchange under the symbol "CSPR." The filing stated: "We have achieved rapid growth, generating 45.5% net revenue CAGR from 2016 to 2018, and 20.3% year-over-year net revenue growth for the nine months ended September 30, 2019. We have also expanded our gross margin from 42.8% in 2016 to 44.1% in 2018 and to 50.7% for the three months ended September 30, 2019, while making significant long-term investments in human capital, research and development, brand-building, and distribution. Our continued investment in, and expansion of, the Casper brand, distribution, and product offerings will further increase opportunities to acquire new customers and expand relationships with our existing customer base. We believe we are creating a meaningful future customer asset. As of September 30, 2019, over 16% of customers who have purchased at least once since Casper's inception have made a repeat purchase, despite the fact that the traditional replacement cycle of many of our products is longer than Casper's existence...While we are proud of our accomplishments to date, we believe the most exciting opportunities for Casper's growth story lie ahead, and we intend to pursue the following strategies to help us achieve this growth."

Ardent Health, which operates 30 hospitals, withdrew its plan for an initial public offering January 8. The company did not disclose a reason for withdrawing the IPO. 

"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.