Shares of Toast soared over 50% in their trading debut on Wednesday. The provider of technology to restaurants raised about $870M in its IPO. Meanwhile, Argo Blockchain got a cool reception after its U.S. IPO, with the American depository shares of the crypto miner opening for trading on the Nasdaq just slightly above their initial public offering price of $15.

LATEST IPOS AND DIRECT LISTINGS:

Cue Health (HLTH) opened on September 24 at $16.76. The company had priced 12.5M shares at $16.00, at the midpoint of the $15.00-$17.00 target range. Goldman Sachs, Morgan Stanley and Cowen acted as joint book running managers for the offering. Cue Health is a health technology company that offers individuals, enterprises, government agencies and healthcare providers access to lab-quality diagnostic testing at home, at work, or at the point-of-care.

Clearwater Analytics (CWAN) opened on September 24 at $23.75. The company had priced 30M shares at $18.00, above the $14.00-$16.00 range. Goldman Sachs, JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Clearwater Analytics offers a software-as-a-service solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance and reporting for clients that include insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations.

Argo Blockchain (ARBK) opened on September 23 at $15.01. The company had priced 7.5M American Depositary Shares at $15.00. Jefferies and Barclays acted as joint book running managers for the offering. Argo Blockchain, which is headquartered in London, U.K. and has its shares listed on the Main Market of the London Stock Exchange, identifies itself as "a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy."

Brilliant Earth (BRLT) opened on September 23 at $13. The company had priced 8.33M shares at $12.00. The deal size was reduced to 8.33M shares from 16.67M and priced below the target range of $14.00-$16.00 JPMorgan, Credit Suisse, Jefferies and Cowen acted as joint book running managers for the offering. Brilliant Earth is a digitally native, omnichannel fine jewelry company.

Sovos Brands (SOVO) opened on September 23 at $14.75. The company had priced 23.3M shares at $12.00, below the $14.00-$16.00 range. JPMorgan and Goldman Sachs are acting as joint book running managers for the offering. Sovos Brands is a food company with a portfolio of brands that include Rao's, Michael Angelo's, noosa and Birch Benders.

Sterling Check (STER) opened on September 23 at $27. The company had priced 14.285M shares at $23.00, above the $20.00-$22.00 range. Goldman Sachs, JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Sterling offers background and identity verification services.

Thorne HealthTech (THRN) opened on September 23 at $8.50. The company, which develops solutions for a personalized approach to health and wellbeing, had priced its initial public offering of 7M shares of its common stock at a price to the public of $10.00 per share. BofA Securities, Cowen and Evercore ISI acted as lead book-running managers for the proposed offering. RBC Capital Markets is acting as an additional book-running manager.

EngageSmart (ESMT) opened on September 23 at $37.50. The company had priced 14.55M shares at $26.00, above the $23.00-$25.00 range. JPMorgan, Goldman Sachs and BofA are acting as joint book running managers for the offering. EngageSmart is a provider of vertically-tailored customer engagement software and integrated payments solutions.

Remitly Global (RELY) opened on September 23 at $52.90. The company had priced 12.16M shares at $43.00, above the $38.00-$42.00 revised range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Remitly is a mobile-first provider of remittances and financial services for immigrants.

Freshworks (FRSH) opened on September 22 at $43.50. The company priced 28.5M shares at $36.00, above the revised $32.00-$34.00 range. Morgan Stanley, JPMorgan and BofA acted as joint book running managers for the offering. Freshworks is a business software company and provider of SaaS solutions that says it is "empowering businesses to delight their customers and employees."

Toast (TOST) opened on September 22 at $65.26. The company had priced 21.74M shares at $40.00. The deal priced above the high-end of the revised $34.00-$36.00 range. Goldman Sachs, Morgan Stanley and JPMorgan acted as joint book running managers for the offering. Toast, which offers a platform of software as a service products and financial technology solutions, bills itself as "the end-to-end platform built for restaurants of all sizes."

a.k.a. Brands Holding (AKA) opened on September 22 at $9.50. The company had priced 10M shares at $11.00, at the low-end of the revised range of $11.00-$13.00. BofA, Credit Suisse and Jefferies acted as joint book running managers for the offering. a.k.a. Brands is a global platform of direct-to-consumer, digitally native fashion brands, including Princess Polly, Culture Kings, Petal & Pup and Rebdolls.

VersaBank (VBNK) opened on September 22 at $10.97. The company had priced 5.5M shares at $10.00. The deal size was increased to 5.5M shares from 4.8M shares. Raymond James acted as lead book running manager for the offering. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions.


PERFORMANCE:

• Cue Health ended the week at $20.
• After opening at $23.75, Clearwater Analytics finished Friday at $25.37.
• Argo Blockchain ended the week at $16.60.
• Brilliant Earth finished Friday at $15.22.
• After opening at $14.75, Sovos Brands ended the week at $13.64.
• Sterling Check finished Friday at $26.50.
• Thorne HealthTech ended the week at $8.35.
• After opening at $37.50, EngageSmart finished Friday at $34.80.
• Remitly Global ended the week at $44.08.
• Freshworks finished Friday at $46.75.
• After opening at $65.26, Toast ended the week at $55.78.
• a.k.a. Brands Holding finished Friday at $10.00.
• VersaBank ended the week at $10.99.

UPCOMING IPOS:

Upcoming IPO and direct listings expected include Rivian, Qiniu (QNIU), Perspectum Group (SCAN), Authentic Brands (AUTH), Portillo's, Fabletics, Warby Parker (WRBY), Allvue Systems (ALVU), Allbirds (BIRD), GitLab (GTLB), Keter Group (KETR), Aris Water (ARIS), and Lucid Diagnostics (LUCD).

Aris Water Solutions has filed with the SEC for an initial public offering of its Class A common stock. The company intends to apply to list its Class A common stock on the New York Stock Exchange under the symbol "ARIS." The prospectus stated that, "We are a leading, growth-oriented environmental infrastructure and solutions company that directly helps our customers reduce their water and carbon footprints. We deliver full-cycle water handling and recycling solutions that increase the sustainability of energy company operations."

PAVmed (PAVM) and its majority-owned subsidiary, Lucid Diagnostics, announced that the latter has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. Lucid Diagnostics intends to list its common stock on The Nasdaq Stock Market under the ticker symbol "LUCD." Lucid Diagnostics markets "the first and only commercial tools for widespread early detection of esophageal precancer and cancer," the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, the company stated.

Allbirds has filed with the SEC for an initial public offering of shares of Class A common stock and announced in its filing that it has applied to list its Class A common stock on The Nasdaq Stock Market under the symbol "BIRD." In the IPO prospectus, Allbirds identifies itself as "a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet."

Allvue Systems Holdings has filed with the SEC for an initial public offering of shares of Class A common stock. Allvue Systems Holdings has applied to list its Class A common stock on the New York Stock Exchange under the symbol "ALVU." In the filing, Allvue stated, that "Allvue sets a new standard in technology for investment managers in the private capital and credit markets by pairing modern cloud-based software solutions with capabilities across multiple asset classes."

Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutionla shareholder with a 17.7% stake.

Warby Parker is an eyeglass retailer, best known for selling lower-priced, fashion-forward prescription glasses that has filed a registration statement with the SEC for a direct listing on the New York Stock Exchange under symbol "WBRY."

Perspectum Group 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."

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.

Portillo's Hot Dogs is a fast-casual restaurant chain held by private-equity firm Berkshire Partners.

Fabletics is a workout-apparel brand backed by Kate Hudson.

GitLab has filed with the SEC for an initial public offering of shares of its Class A common stock. The company has applied to list the Class A common stock on the Nasdaq Global Market under the symbol "GTLB." In its prospectus, GitLab stated, "GitLab is The DevOps Platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes."

Keter Group SA has filed with the SEC for an initial public offering in the U.S. The company intends to apply to list its ordinary shares on the New York Stock Exchange, or NYSE, under the symbol "KETR." In its prospectus, the company stated, "For over 70 years, Keter has inspired people to create amazing spaces in and around the home through an innovative, industry-leading portfolio of durable indoor and outdoor lifestyle solutions."

OTHER NOTABLE SYNDICATE NEWS:

Mattress Firm announced that it is exploring a potential initial public offering of its common stock by its stockholders and in connection therewith has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. "The number of shares of common stock potentially to be offered by its stockholders and the price range for any such offering have not yet been determined. Any such offering would take place after the SEC completes its review process, and be subject to market and other conditions," the company stated. Other publicly traded mattress companies include Tempur Sealy (TPX) and Casper Sleep (CSPR).

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