Zoom Video's (ZM) rival Kaltura ended its first trading day up 20%. The video-cloud company had originally planned to list its shares back in April but decided to delay the deal after the collapse of Archegos Capital Management in late March that caused some IPOs to drop below their offer prices and others to delay.

LATEST IPOS AND DIRECT LISTINGS:

Caribou Biosciences (CRBU) opened on July 23 at $17.65. The company had priced 19M shares at $16.00. The deal size was increased to 19M shares from 17M shares and priced at the high-end of the $14.00-$16.00 range. BofA, Citi and SVB Leerink acted as joint book running managers for the offering. Caribou is a clinical-stage CRISPR genome-editing biopharmaceutical company developing a pipeline of genome-edited, off-the-shelf CAR-T and CAR-NK cell therapies for the treatment of both hematologic malignancies and solid tumors.

Outbrain (OB) opened on July 23 at $20. The company had priced 8M shares at $20. The deal priced below the $24.00-$26.00 range. Citi, Jefferies, Barclays and Evercore ISI acted as joint book running managers for the offering. Outbrain operates a recommendation platform that matches audiences with personalized content and ads for over 7,000 online properties.

Sophia Genetics (SOPH) opened on July 23 at $18.45. The company had priced 13M shares at $18.00, at the midpoint of the $17.00-$19.00 target range. JPMorgan, Morgan Stanley, Cowen and Credit Suisse acted as joint book running managers for the offering. Sophia is a healthcare technology company and creator of the SOPHiA DDM Platform, a cloud-based SaaS platform capable of analyzing data and generating clinically actionable insights to improve patient outcomes.  

Xponential Fitness (XPOF) opened on July 23 at $11.20. The company had priced 10M shares at $12.00. The deal size was reduced to 10M shares of common stock from 13.3M shares of common stock and priced below the $14.00-$16.00 range. BofA, Jefferies and Morgan Stanley acted as joint book running managers for the offering. Xponential Fitness is a curator of boutique fitness brands across multiple verticals.

Core & Main (CNM) opened on July 23 at $21.70. The company had priced 34.884M shares at $20 per share. The deal priced at the bottom of the $20.00-$23.00 range. Goldman Sachs, Credit Suisse and JPMorgan acted as joint book running managers for the offering. Core & Main is a specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets nationwide.

Cytek BioSciences (CTKB) opened on July 23 at $21.10. The company had priced 16.7M shares at $17.00 as the deal size was increased to 16.7M shares from 14.6M shares and priced between the $16.00-$18.00 range. Morgan Stanley, Goldman Sachs, Piper Sandler and Cowen acted as joint book running managers for the offering. Cytek Biosciences is a cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its Full Spectrum Profiling technology.

Gambling.com (GAMB) opened on July 23 at $8.25. The company had priced 5.25M shares at $8.00, at the low-end of the $8.00-$9.00 range. Jefferies, Stifel and Truist acted as joint book running managers for the offering. Gambling.com Group is a performance marketing company and a provider of digital marketing services active exclusively in the online gambling industry.

U.S. Century Bank (USCB) opened on July 23 at $10.70. The company had priced 4M shares at $10.00. The deal size was increased to 4.0M shares from 3.6M and priced at the low end of the $10.00-$12.50 range. Keefe Bruyette acted as lead book running manager for the offering. U.S. Century Bank is one of the largest community banks headquartered in Miami and one of the largest community banks in the state of Florida.

Ryan Specialty Group (RYAN) opened on July 22 at $25.60. The company had priced 57M shares at $23.50. The deal priced in the middle of the $22.00-$25.00 target range. JPMorgan, Barclays, Goldman Sachs and Wells Fargo acted as joint book running managers for the offering. Ryan Specialty Group is a service provider of specialty products and solutions for insurance brokers, agents and carriers that provides distribution, underwriting, product development, administration and risk management services.

Absci (ABSI) opened on July 22 at $21. The company had priced 12.5M shares at $16.00, at the midpoint of the $15.00-$17.00 target range. JPMorgan, Credit Suisse, BofA, Cowen and Stifel acted as joint book running managers for the offering. Absci's biotech and pharma innovator partners use the company's Integrated Drug Creation Platform to accelerate discovery of novel biotherapeutic drug candidates and develop new protein-based drugs.

Couchbase (BASE) opened on July 22 at $29.60. The company had priced 8.3M shares at $24.00. The deal size was increased to 8.3M shares of common stock from 7M shares of common stock and priced above the $20.00-$23.00 range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. Couchbase offers a flexible and scalable modern database that runs across the data center and any cloud that "empower developers and architects to build, deploy and run their mission-critical applications."

Zenvia (ZENV) opened on July 22 at $10.35. The company had priced 11.5M shares at $13.00. The deal priced at the low-end of the $13.00-$15.00 range. Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Zenvia offers a unified end-to-end platform for customer communications.

Zevia (ZVIA) opened on July 22 at $12.50. The company had priced 10.7M shares at $14.00. The deal size was reduced to 10.7M shares from 14.3M and priced at the midpoint of the $13.00-$15.00 target range. Goldman Sachs, BofA and Morgan Stanley acted as joint book running managers for the offering. Zevia is a certified B Corp that offers a broad portfolio of zero sugar, zero calorie, naturally sweetened beverages.

Instructure (INST) opened on July 22 at $23.05. The company had priced 12.5M shares at $20.00. The deal range was $19.00-$21.00. Morgan Stanley, JPMorgan, Citi, SVB Leerink and Macquarie acted as joint book running managers for the offering. Instructure is an education technology company that "supports more than 30 million educators and learners at more than 6,000 organizations around the world."

Kaltura (KLTR) opened on July 21 at $11.50. The company had priced 15M shares at $10.00. The deal priced between the $9.00-$11.00 range. Goldman Sachs acted as lead book running manager for the offering. Kaltura's Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies.

CS Disco (LAW) opened on July 21 at $45.26. The company had priced 7M shares at $32.00. The deal priced at the high-end of the revised $30.00-$31.00 range. JPMorgan, BofA, Citi and Jefferies acted as joint book running managers for the offering. Disco is a provider of software as a service solutions for law firms and corporate legal departments.

Paycor (PYCR) opened on July 21 at $28. The company had priced 18.5M shares at $23.00, above the target range of $18.00-$21.00. Goldman Sachs, JPMorgan, Jefferies, Credit Suisse and Deutsche Bank acted as joint book running managers for the offering. Paycor creates Human Capital Management software it says is used by more more than 40,000 medium & small businesses

VTEX (VTEX) opened on July 21 at $25.10. The company had priced 19M shares at $19.00, above the $15.00-$17.00 range. JPMorgan, Goldman Sachs, BofA, KeyBanc, Morgan Stanley and Itau BBA acted as joint book running managers for the offering. VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers.

TC Bancshares (TCBC) opened on July 21 at $12.35. TC Bancshares is the newly formed Georgia corporation that is the holding company for TC Federal Bank in connection with the bank's conversion from a mutual to a stock savings bank. The company sold a total of 4,898,350 shares of common stock at $10.00 per share in a subscription offering related to the conversion.

Twin Vee PowerCats (VEEE) opened on July 21 at $6.70. The company had priced 3M shares at $6.00. ThinkEquity is acting as sole book running manager for the offering. Twin Vee is a maker of recreational and commercial power catamaran boats.

HCW Biologics (HCWB) opened on July 20 at $7.50. The company had priced 7M shares at $8.00. EF Hutton, a division of Benchmark Investments, acted as sole book-running manager for the offering. Revere Securities acted as co-manager for the offering. HCW Biologics is a preclinical stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen health span by disrupting the link between chronic, low-grade inflammation and age-related diseases.

PERFORMANCE:

• Cytek BioSciences ended the week at $18.76.
• Core & Main finished Friday at $23.70.
• After opening at $11.20, Xponential Fitness finished Friday at $12.25.
• Sophia Genetics ended the week at $16.76.
• Outbrain finished Friday at $20.
• After opening at $17.65, Caribou Biosciences ended the week at $16.32.
• U.S. Century Bank finished Friday at $10.82.
• Gambling.com closed the week at $8.
• Ryan Specialy Group finished Friday at $28.59.
• Absci ended the week at $22.89.
• After opening at $29.60, Couchbase ended the week at $33.99.
• Zenvia finished Friday at $10.20.
• Zevia ended the week at $13.77.
• After opening at $23.05, Instructure finished Friday at $20.35.
• Kaltura ended the week at $11.76.
• CS Disco finished Friday at $44.81.
• After opening at $28, Paycor ended the week at $27.
• VTEX finished Friday at $25.38.
• TC Bancshares ended the week at $12.04.
• After opening at $6.70, Twin Vee PowerCats finished Friday at $5.80.
• HCW Biologics ended the week at $5.19.

RECENT IPOS TO WATCH:

DiDi (DIDI), Hepsiburada (HEPS), Krispy Kreme (DNUT), EverCommerce (EVCM), Eco Wave Power (WAVE), Torrid (CURV), Acumen (ABOS), Glimpse Group (VRAR), Integral Ad Science (IAS), CVRx (CVRX), Recruiter.com (RCRT), SentinelOne (S), Xometry (XMTR), Intapp (INTA), LegalZoom (LZ), Clear Secure (YOU), and Aerovate Therapeutics (AVTE) 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), Chobani, Qiniu (QNIU), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Warby Parker, Perspectum Group (SCAN), Braze, Duolingo (DUOL), Authentic Brands (AUTH), RxSIGHT (RXST), Portillo's, Fabletics, and Snap One (SNPO).

Trading app operator Robinhood is expected to start trading on the Nasdaq on Thursday, July 29. The company is offering 52,375,000 shares of its Class A common stock to be sold in the offering. The selling stockholders identified in this prospectus, who are its founders and its Chief Financial Officer, are offering an additional 2,625,000 shares of Class A common stock. The company currently anticipates that the initial public offering price per share of its Class A common stock will be between $38.00 and $42.00.

Food maker Chobani announced that it filed a confidential draft registration statement with the Securities and Exchange Commission on July 6, 2021 for a proposed underwritten public offering of common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. Chobani expects to commence the public offering following completion of the SEC review process, subject to market and other conditions.

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 itselfs 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."

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... 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.

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.

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."

Authentic Brands has filed with the SEC for an initial public offering, stating that it intends to have its Class A common stock listed on the New York Stock Exchange under the symbol "AUTH." Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings. In the regulatory filing, Authentic Brands lists asset manager BlackRock (BLK), private equity firm General Atlantic and mall owner Simon Property Group (SPG) among its shareholders.

RxSIGHT has filed with the SEC for $100M initial public offering. The company expects to list its common stock on the Nasdaq Global Market under the symbol "RXST."

Portillo's Hot Dogs, the fast-casual restaurant chain held by private-equity firm Berkshire Partners, is expected to confidentially submit a draft registration statement for a public offering with federal regulators, reported The Wall Street Journal's Heather Haddon, citing sources close to the company.

Fabletics, the workout-apparel brand backed by Kate Hudson, has tapped banks to help it prepare for an initial public offering that it hopes would value it at more than $5 billion, The Wall Street Journal's Cara Lombardo and Corrie Driebusch reported, citing people familiar with the matter. Fabletics, owned by TechStyle Fashion Group, recently selected Morgan Stanley (MS), Goldman Sachs (GS), Barclays (BCS) and Bank of America (BAC) for its IPO and is aiming to raise around $500 million in an offering, they said.

Snap One announced the launch of its initial public offering of 13.85M shares of its common stock pursuant to a registration statement filed with the SEC. The initial public offering price is expected to be between $18.00-$21.00 per share. Snap One has applied to list its common stock on the Nasdaq Global Select Market under the symbol "SNPO." Snap One intends to use the net proceeds from the offering to repay a portion of the term loan under its credit agreement plus accrued interest thereon as well as for general corporate purposes.

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