Despite a below-guided pricing of its IPO, Krispy Kreme shares rose over 17% as the company returned to the public markets earlier this week. Meanwhile, Chinese ride-hailing giant DiDi made its trading debut on the U.S. public market with a 20% pop. However, the stock ended Wednesday only 1% higher that its IPO pricing and the company closed out the week with news of a Chinese regulatory probe weighing on its shares.

LATEST IPOS AND DIRECT LISTINGS:

DiDi (DIDI) opened on June 30 at $16.65. The company had priced 316.8M shares at $14.00. The deal size was increased to 316.8M shares from 288M shares. Goldman Sachs, Morgan Stanley, JPMorgan, BofA, Barclays, China Renaissance, Citi, HSBC and UBS acted as joint book running managers for the offering. DiDi is a Chinese ride-hailing company that identifies itself as "the world's largest mobility technology platform."

Of note, DiDi shares fell in Friday trading after the company confirmed that pursuant to the announcement posted by the PRC's Cyberspace Administration Office on July 2, it is subject to cybersecurity review by the authority. During the review, DiDi is required to suspend new user registration in China. The company said, "DiDi will fully cooperate with the PRC government authority during the review. It plans to conduct a comprehensive examination of cybersecurity risks and continue to improve on its cybersecurity systems and technology capabilities. Apart from the suspension of new user registration in China, DiDi maintains normal operation."

Hepsiburada (HEPS) opened on July 1 at $12.75. The company had priced 56.74M shares at $12.00. The deal priced at the midpoint of the $11.00-$13.00 target range. Morgan Stanley, JPMorgan, Goldman Sachs, BofA and UBS acted as joint book running managers for the offering. Hepsiburada operates a Turkish e-commerce platform.

Krispy Kreme (DNUT) opened on July 1 at $16.30. The company had priced 29.4M shares at $17.00. The deal size was increased to 29.4M shares from 26.7M and priced below the $21.00-$24.00 target range. JPMorgan, Morgan Stanley, BofA and Citi acted as joint book running managers for the offering. Krispy Kreme operates in 30 countries through its network of doughnut shops, partnerships with retailers, and its e-commerce and delivery business.

EverCommerce (EVCM) opened on July 1 at $20. The company had priced 19.1M shares at $17.00, at the midpoint of the $16.00-$18.00 range. Goldman Sachs, JPMorgan, RBC Capital and KKR acted as joint book running managers for the offering. EverCommerce operates a service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 500,000 service-based businesses.

Eco Wave Power (WAVE) opened on July 1 at $16. The company had priced 1M shares at $8.00. Alliance Global Partners acted as sole book running manager for the offering. Eco Wave Power Global is an onshore wave energy technology company that developed a technology for "turning ocean and sea waves into green electricity."

Torrid (CURV) opened on July 1 at $23.25. The company had priced 11M shares at $21.00. The deal size was increased to 11M shares from 8.0M and priced at the high end of the $18.00-$21.00 range. Morgan Stanley, BofA, Goldman Sachs and Jefferies acted as joint book running managers for the offering. Torrid operates a direct-to-consumer brand of apparel, intimates and accessories for women in North America.

Acumen (ABOS) opened on July 1 at $25.07. The company had priced 10M shares at $16.00. The deal size was increased to 10.0M shares from 8.33M and priced at the high end of the $14.00-$16.00 range. BofA, Credit Suisse and Stifel acted as joint book running managers for the offering. Acumen Pharmaceuticals is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target amyloid-beta oligomers. Acumen is currently focused on advancing a targeted immunotherapy drug candidate, ACU193, to establish proof of mechanism in early Alzheimer's disease patients.

Glimpse Group (VRAR) opened on July 1 at $11.75. The company had priced 1.75M shares of common stock at a public offering price of $7.00 per share. The Glimpse Group is a "diversified Virtual Reality and Augmented Reality platform company providing enterprise-focused VR and AR software & services solutions."

Integral Ad Science (IAS) opened on June 30 at $22. The company had priced its initial public offering of 15M shares of common stock at a price of $18 per share. Morgan Stanley, Jefferies, Barclays and Evercore ISI acted as lead book-running managers for the offering. Integral Ad Science calls itself a "leader in digital media quality." "Our mission is to be the global benchmark for trust and transparency in digital media quality for the world's leading brands, publishers, and platforms," the company stated.

CVRx (CVRX) opened on June 30 at $26.25. The deal size was increased to 7M shares from 6.3M shares and priced above the $15.00-$17.00 range. JPMorgan, Piper Sandler and William Blair acted as joint book running managers for the offering. CVRx is a commercial-stage medical device company focused on developing, manufacturing and commercializing neuromodulation solutions for patients with cardiovascular diseases.

Recruiter.com (RCRT) opened on June 30 at $4.51 as its stock uplisted to the Nasdaq Capital Market . The company had priced its public offering of 2.4M units at a price to the public of $5.00 per unit. Recruiter.com is an on-demand recruiting platform.

SentinelOne (S) opened on June 30 at $46. The company had priced 35M shares at $35.00. The deal size was increased to 35M shares of common stock from 32M shares of common stock and priced above the revised $31.00-$32.00 range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. SentinelOne's cybersecurity solutions encompass AI-powered prevention, detection, response and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous XDR platform.

Xometry (XMTR) opened on June 30 at $68. The company had priced 6.875M shares at $44.00. The deal priced above the $38.00-$42.00 target range. Goldman Sachs, JMP Securities and UBS acted as joint book running managers for the offering. Xometry operates an AI-enabled marketplace for on-demand manufacturing that enables buyers to source on-demand manufactured parts and assemblies and "empowers sellers of manufacturing services to grow their businesses."

Intapp (INTA) opened on June 30 at $25.25. The company had priced 10.5M shares at $26.00. The deal priced inside the $25.00-$28.00 range. JPMorgan, BofA and Credit Suisse acted as joint book running managers for the offering. Intapp provides cloud software solutions to the global professional and financial services industry.

LegalZoom (LZ) opened on June 30 at $36.75. The company had priced 35M shares at $35.00. The deal size was increased to 35M shares of common stock from 32M shares of common stock and priced above the revised $31.00-$32.00 range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. SentinelOne's cybersecurity solutions encompass AI-powered prevention, detection, response and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous XDR platform.

Pop Culture Group (CPOP) opened on June 30 at $12.26. The company had priced its initial public offering of 6.2M Class A Ordinary Shares at a public offering price of $6.00 per share. Proceeds from the offering will be used to develop and operate online content, develop a street dance training business, create derivative works of hip-hop intellectual properties, and develop hip-hop events, and for working capital and other general corporate purposes. Pop Culture Group is a hip-hop culture company in China.

Clear Secure (YOU) opened on June 30 at $38.55. The company had priced 13.2M shares at $31.00. The deal priced above the $27.00-$30.00 range. Goldman Sachs, JPMorgan, Allen & Co. and Wells Fargo acted as joint book running managers for the offering. Clear Secure operates an identity platform with more than 5.6M members and 100+ unique locations and partners across North America.

Aerovate Therapeutics (AVTE) opened on June 30 at $28. The company had priced 8.682M shares at $14.00. The deal size was increased to 8.7M shares from 7.2M shares and priced within the $13.00-$15.00 range. Jefferies, Cowen and Evercore ISI acted as joint book running managers for the offering. Aerovate is a clinical stage biopharmaceutical company focused on developing drugs for patients with rare cardiopulmonary disease whose initial focus is on advancing AV-101, its dry powder inhaled formulation of the drug imatinib for the treatment of pulmonary arterial hypertension, or PAH.

Dingdong (DDL) opened on June 29 at $28. The company had priced its initial public offering of 4,072,000 American Depositary Shares, each two representing three Class A ordinary shares of the company, at a price of $23.50 per ADS. The deal size was cut from 14M shares and priced at the bottom of the $23.50-$25.50 range. Morgan Stanley, BofA, Credit Suisse and HSBC acted as joint book running managers for the offering. Dingdong is an on-demand e-commerce company in China providing users with fresh produce, meat and seafood, and other daily necessities.

PERFORMANCE:

• After opening at $16.65, DiDi ended the week at $15.53.
• Krispy Kreme ended the week at $18.12.
• After opening at $12.75, Hepsiburada finished Friday at $14.07.
• EverCommerce finished Friday at $17.24.
• After opening at $16, Eco Wave Power ended the week at $18.79.
• Torrid finished Friday at $26.58.
• Acumen ended the week at $20.28.
• After opening at $11.75, Glimpse Group finished Friday at $12.44.
• Integral Ad Science finished Friday at $18.75.
• CVRx ended the week at $25.46.
• Recruiter.com finished Friday at $4.92.
• SentinelOne ended the week at $44.59.
• After opening at $68, Xometry finished Friday at $69.48.
• Intapp ended the week at $26.77.
• LegalZoom finished Friday at $38.94.
• After opening at $12.26, Pop Culture Group ended the week at $53.40.
• Clear Secure finished Friday at $48.
• Aerovate Therapeutics ended the week at $19.94.
• After opened at $28, DingDong finished Friday at $28.81.

RECENT IPOS TO WATCH:

Janux Therapeutics (JANX), TaskUs (TASK), Kanzhun (BZ), Monday.com (MNDY), LifeSTance (LFST), ZetaGlobal (ZETA), 1stDibs (DIBS), AcuityAds (ATY), and Alzamend Neuro (ALZN) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.

UPCOMING IPOS:

Upcoming IPO and direct listings expected include Robinhood (HOOD), Qiniu (QNIU), Regencell Bioscience (RGCB), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Blend Labs (BLND), Warby Parker, Perspectum Group (SCAN), Braze, VTEX (VTEX), Gambling.com (GAMB), Duolingo (DUOL).

Robinhood disclosed documents for an initial public offering on the Nasdaq under the symbol "HOOD." Goldman Sachs and J.P. Morgan are acting as lead underwriters along with Barclays, Citigroup, Wells Fargo and Mizuho Securities. "We pioneered commission-free stock trading with no account minimums, which the rest of the industry emulated, and we have continued to build relationships with our customers by introducing new products that further expand access to the financial system. We believe we have made investing culturally relevant and understandable, and that our platform is enabling our customers to become long-term investors and take greater control of their finances," the company said in an SEC filing. For the year ended December 31, 2020, as compared to the year ended December 31, 2019, its total revenue grew 245% to $959M, up from $278M, net income was $7M, compared to a net loss of $107M, and adjusted EBITDA was $155M, compared to negative $74M. "Our vision is for Robinhood to become the most trusted, lowest-cost, and most culturally relevant money app worldwide," it said.

Robinhood, the online brokerage associated with the surge in day trading by retail investors, is targeting a valuation of $40B or more in its initial public offering, Financial Times' Madion Darbyshire and Miles Kruppa reported on Thursday, citing people familiar with the matter.

Qiniu has filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itself as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."

Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB." Regencell Bioscience Holdings is developing formulations of traditional Chinese medicine for ADHD and ASD.

Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.   

Spark Education has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares of Spark Education Limited. In the filing, Spark said that, "We are a pioneer and innovator in China's K-12 after-school tutoring, or AST, market, offering foundational learning services to K-12 students. According to CIC, we are the first online education company to develop and offer online small-class foundational learning courses on a large scale. As a result of our unique approach to learning, we have become China's largest online small-class education company in terms of gross billings in 2020 and the number of students as of December 31, 2020, according to CIC."

Sweetgreen announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

Blend Labs announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. Goldman Sachs, Allen & Company, and Wells Fargo are acting as lead book-running managers for the proposed offering.

Warby Parker announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

Perspectum Group filed with the SEC for an initial public offering of American depositary shares. Perspectum is a commercial-stage precision health company focused on "democratizing" care globally through the use of digital technologies. The company said its software products "combine expertise in image formation, magnetic resonance image analysis and artificial intelligence to support healthcare provider diagnosis, treatment decision-making and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies and cancer, and determine whether the patient is responding to therapy."

Braze announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock.  The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

VTEX filed with the SEC for an initial public offering of its Class A common shares. VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers. 84% of its ARR comes from enterprise customers, the filing noted. "Our customers transacted just under US$8 billion of GMV through our platform last year alone. We are leaders in Latin America, the fastest-growing region for ecommerce in the world in 2020. This is a region six years behind other global economies in digital commerce penetration. We know what is coming, and we are prepared to capture that growth. We learned how to scale in a complex region, comprised of multiple countries, cultures, tax systems, and local payment and logistics providers," the filing added.

Gambling.com has filed for an initial public offering. The company intends to apply to list its shares on the Nasdaq stock market under the symbol "GAMB." Jefferies, Stifel, and Truist Securities are acting as the lead underwriters for the offering.

Duolingo announced that it has publicly filed a registration statement with the U.S. SEC relating to the proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Duolingo has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "DUOL."

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