Shares of South Korean e-commerce giant Coupang jumped 70% in its market debut on Thursday, making it the largest initial public offering so far this year. On Wednesday, shares of Roblox had also soared in their public debut, with the stock leaping over 54% above the $45 reference price for its direct listing.

LATEST IPOS:

Arts-and-crafts retailer Joann (JOAN) priced 10.94M shares at $12.00 and opened for trading at $11.75 on March 12. The deal priced below the $15.00-$17.00 target range. Bank of America and Credit Suisse acted as joint book running managers for the offering.

Prometheus Biosciences (RXDX) opened on March 12 at $24.95 after having priced 10M shares at $19.00. The deal size was increased to 10M from 9M shares and priced at the high end of the $18.00-$19.00 range. SVB Leerink, Credit Suisse, Stifel and Guggenheim are acting as joint book running managers for the offering. Prometheus Biosciences is a a Phase 1 biotech developing precision antibody therapies for IBD and related diseases.

MeaTech 3D (MITC) priced 2.427M shares at $10.30 and opened for trading at $9.47 on March 12. H.C. Wainwright acted as sole book running manager for the offering. MeaTech is developing a novel, proprietary three-dimensional bioprinter to deposit layers of differentiated stem cells, scaffolding, and cell nutrients in a three-dimensional form of structured cultured meat, often called "clean meat" or "cultured meat."

Longboard Pharmaceuticals (LBPH) priced 5M shares at $16.00 and opened at $16 per share on March 12. Citi, Evercore ISI, Guggenheim and Cantor Fitzgerald acted as joint book running managers for the offering. Longboard was formed in January 2020 by Arena Pharmaceuticals (ARNA)
to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors, or GPCRs.

Hayward (HAYW) opened at $17 on March 12 after having priced 40.278M shares at $17.00, at the low end of the $17.00-$19.00 range. BofA, Goldman Sachs and Nomura are acting as joint book running managers for the offering. Hayward Holdings is a designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems.

Coupang (CPNG) opened on March 11 at $63.50. The company had priced 130M shares at $35.00. The deal size was increased to 130M shares from 120M shares and priced above the $32.00-$34.00 range. Goldman Sachs, Allen & Co., JPMorgan and Citi acted as joint book running managers for the offering. Coupang is a South Korean e-commerce company.

First High-School Education (FHS) opened on March 11 at $9.50. The company had priced 7.5M shares at $10.00. Benchmark, Valuable Capital, TFI Securities and Futures Limited acted as joint book running managers for the offering. First High-School Education is a Chinese education provider.

Roblox (RBLX) opened on March 10 at $64.50 in a direct listing, with reference price at $45. The company had filed to sell 198.9M shares. Roblox is a popular gaming platform.

Gold Royalty Corp. (GROY) and GoldMining (GLDG) announced the closing of GRC's initial public  offering of 18M units of GRC at a price of $5.00 per unit. H.C. Wainwright and BMO Capital acted as the joint book-running managers and co-lead underwriters. On completion of the offering, GoldMining continues to hold 20M common shares of GRC, or approximately 49% of its outstanding common shares.

SPAC IPOS:

Stratim Cloud Acquisition (SCAQ) priced its initial public offering of 25M units at $10.00 per unit and opened on March 12 at $9.95. The blank check company intends to focus on businesses operating in the technology sector.

CF Acquisition Corp. VIII (CFFE) priced its upsized initial public offering of 22M units at $10.00 per unit and opened for trading at $10 on March 12. The blank check company intends to focus on industries where its management team and founders have experience, including the financial services, healthcare, real estate services, technology and software industries.
            
FTAC Parnassus Acquisition Corp. (FTPA), a blank-check company formed for the purpose of acquiring or merging with one or more technology and financial services technology companies, priced its initial public offering of 22M units at $10.00 per unit and opened for trading on March 12 at $10.10.

Gores Technology Partners (GPTA) priced its initial public offering of 24M units at $10.00 per unit and opened on March 12 at $10.20.

Gores Technology Partners II (GTPB) priced its initial public offering of 40M units at $10.00 per unit and opened on March 12 at $10.10.

Ross Acquisition Corp II (ROSS) priced its initial public offering of 30M units at $10.00 per unit and opened at $9.96 on March 12.

Silver Spike Acquisition II (SPKB) opened on March 11 at $10.05. The blank check company had priced its initial public offering of 25M units at $10.00 per unit. Silver Spike Acquisition II intends to "focus on businesses in the cannabis industry that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate."

Frontier Acquisition (FRON) opened on March 11 at $10.10. The blank check company had priced its initial public offering of 20M units at $10.00 per unit. Frontier intends to pursue opportunities "at the intersection of the healthcare and technology industries."

L Catterton Asia Acquisition (LCAA) opened on March 11 at $10.10. The blank check had priced its initial public offering at $10. L Catterton intends to focus on "high-growth, consumer technology sectors across Asia."

G&P Acquisition (GAPA) opened on March 11 at $10. The blank check company had priced its initial public offering of 17.5M units at $10.00 per unit. G&P intends to focus its search on investment opportunities in the food and beverage, consumer goods, automotive and hospitality sectors.

PWP Forward Acquisition Corp. I (FRW) opened on March 10 at $10. The blank check company led by women and sponsored by Perella Weinberg Partners had priced its initial public offering of 20M units at $10 per unit. PWP Forward Acquisition intends to focus on "enhancing access to public financing for companies that are founded by, led by or enrich the lives of women."

Agile Growth (AGGR) opened on March 10 at $10. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Agile Growth intends to pursue opportunities in the technology and software industry.

Forest Road Acquisition Corp. II (FRXB) opened on March 10 at $10.02. The blank check company had priced its upsized initial public offering of 30.5M units at $10.00 per unit. Forest Road Acquisition Corp. II intends to concentrate its search for a target business operating in the technology, media, telecommunications, and consumer space.

Vector Acquisition Corporation II (VAQC) opened on March 10 at $10.10. The blank check company had priced its 40M share initial public offering at $10.00.

Sandbridge X2 (SBII) opened on March 10 at $10.01. The blank check company had priced its upsized initial public offering of 22M units at $10.00 per unit. Sandbridge X2 intends to focus on businesses in the consumer sector and consumer-related businesses.

Colonnade Acquisition Corp. II (CLAA) opened on March 10 at $10.01. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Barclays Capital and Deutsche Bank acted as joint-book running managers of the offering. Colonnade Acquisition Corp II intends to focus its search for a business combination on businesses "with favorable growth prospects, that provide attractive risk-adjusted returns on invested capital, and offer compelling valuations relative to their peers."

ESM Acquisition (ESM) opened on March 10 at $10. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. ESM Acquisition intends to focus on a target business "that is positioned to benefit from the global transition towards a low carbon economy, including but not limited to the shift away from fossil fuels, the light-weighting and electrification of vehicles and the reduction of carbon emissions from key industrial processes."

Independence Holdings (ACQR) opened on March 9 at $10.01. The blank check company had priced its initial public offering of 43.5M units at $10.00 per unit. Independence is sponsored by its Co-Chairmen Steve McLaughlin, the founder, CEO and owner of Financial Technology Partners, and Gene Yoon, the founder and Managing Partner of Bregal Sagemount.

Syndicate Peridot Acquisition Corp. II (PDOT) opened on March 9 at $10.02. The blank check company sponsored by an affiliate of Carnelian Energy Capital Management had priced its upsized initial public offering of 36M units at $10.00 per unit. Peridot intends to target opportunities and companies that "focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas emissions and/or enhance resilience to climate change, a thematic that the company refers to as Mitigation and Adaptation."  

SVF Investment Corp. 2 (SVFB) opened on March 9 at $10.44. The blank check company had priced its initial public offering of 20M Class A ordinary shares at $10.00 per share. Syndicate SVF Investment Corp. 2 is led by Munish Varma, Managing Partner for SBIA, and Navneet Govil, the CFO of SBIA. Sunil Gulati and Fred Hochberg will serve on the board as independent directors. In addition, an affiliate of the sponsor entered into a forward purchase agreement with us on March 8 that provides for the purchase of up to $150M forward purchase Class A ordinary shares, for $10.00 per share, in a private placement to close substantially concurrently with the closing of the initial business combination.

SVF Investment Corp. 3 (SVFC) opened on March 9 at $10.35. The blank check company had priced its initial public offering of 28M Class A ordinary shares at $10.00 per share.

PERFORMANCE:

• Joann ended Friday at $12.25.
• Prometheus finished the week at $25.29.
• MeaTech 3D ended Fridat at $10 after opening at $9.47.
• Longboard Pharmaceuticals finished the week at $16.65.
• Hayward ended Friday at $17.
• After opening at $63.50, Coupang finished the week at $48.47.
• Gold Royalty ended the week at $5.
• First High-School Education finished Friday $7.58.
• After opening at $64.50, Roblox ended the week at $69.70.

UPCOMING IPOS: Among the upcoming IPOs are Coinbase (COIN), Vizio (VZIO), Sun Country Airlines (SNCY), Caliber Home Loans (HOMS), Pharming Group (PHAR), Cricut (CRCT), Tuya (TUYA), Alignment Healthcare (ALHC), and Havre Global AB. According to recent reports, upstart food companies Chobani and Oatly are also making plans to come public.

In a regulatory filing, cryptocurrency platform Coinbase Global disclosed that it has filed paperwork with the SEC for a direct listing of its common stock. "On the day that our shares of Class A common stock are initially listed on the Nasdaq Global Select Market, the Nasdaq Stock Market LLC, or Nasdaq, will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders," the filing noted. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "COIN."

Recently, Davidson analyst Gil Luria initiated coverage of Coinbase with a Buy rating and $195 price target. The analyst believes the company's direct listing is an "Amazon moment" for crypto, representing a milestone when the world of crypto and the traditional financial system become "truly intertwined." Luria also argued that Coinbase is in the lead with the "highest level of regulated liquidity," though he warned that the stock is a "more speculative investment" than other that he recommends.

Vizio has filed an S-1 with the SEC related to its planned initial public offering of shares of Class A common stock. The company sells Smart TVs, soundbars and its Platform+ service offering.

Sun Country Airlines, a hybrid low-cost air carrier, has filed a registration statement on Form S-1 with the SEC relating to a proposed initial public offering of its common stock.

Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA.

Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.

Cricut announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. Cricut intends to list its common stock on The Nasdaq Global Select Market under the symbol "CRCT."
 
Havre Global AB announced it has confidentially submitted a draft Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of American Depositary Shares representing its ordinary shares in the United States. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

Tuya Inc. has filed for an initial public offering of American depositary shares.  The China-based Internet of Things cloud platform company said in a filing with the SEC that it intends to apply to list the ADSs on the New York Stock Exchange. Tuya is offering 43.59M American depositary shares in the IPO, which is expected to price between $17 and $20 a share, to raise up to $871.8M.

Alignment Healthcare has filed an S-1 with the SEC related to an initial public offering of its common stock. The company said in its filing that, "Alignment Healthcare was founded in 2013 with one mission in mind: improving healthcare one senior at a time... Our team of highly experienced healthcare leaders created the Alignment model to incorporate the lessons we have learned over decades spent serving senior consumers... Our ultimate goal is to bring this differentiated, advocacy-driven healthcare experience to millions of senior consumers in the United States and to become the most trusted senior healthcare brand in the country."

Meanwhile, Robinhood (HOOD) has chosen the Nasdaq as the exchange for its eventual initial public offer, CNBC's Leslie Picker and Maggie Fitzgerald reported, citing people familiar with the matter. The company has not yet filed officially for the listing.

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