Shares of Rivian, the electric truck maker backed by Amazon (AMZN) and Ford (F), soared in their trading debut, making it the second-most valuable carmaker in the U.S. behind Tesla (TSLA), but ahead of General Motors (GM) and Ford.


LATEST IPOS AND DIRECT LISTINGS:

Journey Medical (DERM) opened on November 12 at $8.70. The company had priced 3.2M shares at $10.00. Journey, a subsidiary of Fortress Biotech (FBIO), is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions. B. Riley acted as lead book running manager for the offering.

Mynaric (MYNA) opened on November 12 at $19.90. The company had priced 4M shares at $16.50. Credit Suisse and Jefferies acted as joint book running managers for the offering. The company describes itself as "a leading developer and manufacturer" of advanced laser communication technology for aerospace communications networks in government and commercial markets.

BT Brands (BTBD) opened on November 12 at $5.20 per share. The owner and operator of quick service restaurants had priced its initial public offering of 2.4M units at a price of $5.00 per unit.

Vaxxinity (VAXX) opened on November 11 at $16.90. The company had priced 6M shares at $13.00. The deal size was reduced to 6M shares from 6.7M shares and priced below the $14.00-$16.00 range. BofA, Jefferies and Evercore ISI acted as joint book running managers for the offering. Vaxxinity is a U.S.-based global biotechnology company developing synthetic peptide-based candidates to create "a new class of immunotherapeutic vaccines" for the treatment of COVID-19 and chronic diseases that include Alzheimer's, Parkinson's, migraine, and hypercholesterolemia.

Weave Communications (WEAV) opened on November 11 at $21.80. The company had priced 5.0M shares at $24.00. The deal priced below $25.00-$28.00 range. Goldman Sachs, BofA and Citi acted as joint book running managers for the offering. Weave Communications operates an all-in-one customer communications and engagement software platform for small and medium-sized businesses.

Tivic Health (TIVC) opened on November 11 at $6. The company had priced 3M shares at $5.00. ThinkEquity acted as sole book running manager for the offering. Tivic Health Systems IS a commercial-phase bioelectronic medicine company whose first product, ClearUP, is a patented handheld device that uses ultra-low current electrical waves to relieve symptoms of sinus and nasal inflammation.

Lulu's Fashion Lounge (LVLU) opened on November 11 at $14.05. The company had priced 5.75M shares at $16.00. The deal priced at the low end of the $16.00-$19.00 range. Goldman Sachs, BofA and Jefferies are acting as joint book running managers for the offering. Lulus identifies itself as "a customer driven, digitally native women's fashion brand."

Backblaze (BLZE) opened on November 11 at $19. The compay had priced 6.25M shares at $16.00, at the midpoint of the $15.00-$17.00 range. Oppenheimer, William Blair and Raymond James acted as joint book running managers for the offering. Backblaze operates a storage cloud platform that provides a foundation for businesses, developers, IT professionals, and individuals to store, back up and archive data, host content, manage media, and build their applications.

HeartBeam (BEAT) opened on November 11 at $5.40. The developmental stage digital healthcare company with a proprietary ECG telemedicine technology to bring new capabilities to cardiovascular disease had priced its initial public offering of 2.75M units, each consisting of one share of common stock and one warrant to purchase a share of common stock, at a public offering price per unit of $6.00. The warrants have an exercise price of $6.00 per share and are exercisable for a period of five years after the issuance date. All units are being offered by HeartBeam. Benchmark acted as sole book running manager for the offering.

Kidpik (PIK) opened on November 11 at $9.99. The company had priced 2.12M shares at $8.50. EF Hutton is acting as sole book running manager for the offering. Kidpik operates an online clothing subscription box for kids, offering mix-&-match, curated outfits.

Winc (WBEV) opened on November 11 at $13. The company had priced 1.692M shares at $13.00. The deal size was reduced from 5M shares and priced below the $14.00-$16.00 range. Spartan Capital Securities and Revere Securities are joint book runners of the offering. Winc identifies itself as "one of the fastest growing at scale wineries in the United States."

Rivian Automative (RIVN) opened on November 10 at $106.75. The company had priced 153M shares at $78.00. The deal size was increased to 153M shares from 135M and priced above the $72.00-$74.00 range. Morgan Stanley, Goldman Sachs and JPMorgan actd as joint book running managers for the offering. Rivian Automotive is an electric truck maker backed by Amazon and Ford.

Expensify (EXFY) opened on November 10 at $39.75. The company had priced 9.731M shares at $27.00. The deal priced at the high end of the $25.00-$27.00 range. JPMorgan, Citi and BofA acted as joint book running managers for the offering. Expensify operates a payments "superapp" whose free features include corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, and travel booking.

Bluejay Diagnostics (BJDX) opened on November 10 at $5.47. The company had priced 2.16M units at a combined price per unit of $10.00, consisting of one share of common stock, one Class A warrant to purchase one share of its common stock at an exercise price equal to $7.00 per share, exercisable until the fifth anniversary of the issuance date, and one Class B warrant and together with the Class A Warrants, to purchase one share of its common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date. Dawson James and I-Bankers acted as joint book running managers for the offering.

CI&T (CINT) opened on November 10 at $17.55. The company had priced 13.044M shares at $15.00. The deal priced at the low end of the $15.00-$17.00 range. Goldman Sachs and Citi acted as joint book running managers for the offering. CI&T identifies itself as an "end-to-end digital transformation partner providing strategy, design and software engineering services to some of the world's leading brands."

Hertz (HTZ) opened on Nasdaq on November 9 at $26.25. The company had priced its 44.5M share secondary offering at $29.00. The deal size was increased to 44.5M shares and priced at the high end of $25.00-$29.00 range. Goldman Sachs, JPMorgan and Morgan Stanley are acting as joint book running managers for the offering. Previously, Hertz Global Holdings (HTZZ) announced that it launched a public offering of its common stock by certain stockholders of Hertz. The selling stockholders were said on November 3 to be offering 37.1M shares of Hertz common stock, of which Hertz intends to repurchase from the underwriters shares having an aggregate purchase price of between $250M-$500M. In addition, the company announced that it has applied to list on The Nasdaq Global Select Market under the ticker symbol "HTZ." Hertz's common stock had been trading on the over-the-counter market under the symbol "HTZZ."

Society Pass (SOPA) opened on November 9 at $15.50. The company had priced 2.89M shares at $9.00 Maxim is acting as sole book running manager for the offering. Society Pass Incorporated, or "SoPa," operates a Southeast Asian data-driven loyalty platform.

Stran & Company (STRN) opened on November 9 at $3.10. The company had priced 4.337M share IPO priced at $4.15. EF Hutton acted as sole book running manager for the offering. Stran & Company is an outsourced marketing solutions provider that says it specializes in "complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales."

Third Coast Bancshares (TCBX) opened on November 9 at $26. The company had priced 3.5M shares at $25.00. The deal size was increased to 3.5M shares from 3.0M and priced at midpoint of $24.00-$26.00 range. Stephens, Piper Sandler and Deutsche Bank acted as joint book running managers for the offering. Third Coast Bancshares is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank, SSB.


PERFORMANCE:

• Journey Medical closed on Friday at $9.50.
• Mynaric finished the week at $19.25.
• After opening at $5.20, BT Brands ended the week at $4.55.
• Vaxxinity finished Friday at $13.50.
• Weave Communications ended the week at $18.50.
• After opening at $6, Tivic Health finished Friday at $5.50.
• Lulu's Fashion Lounge ended the week at $13.75.
• Backblaze finished Friday at $22.04.
• After opening at $5.40, HeartBeam ended the week at $4.25.
• Kidpik finished Friday at $7.59.
• Winc ended the week at $26.01.
• After opening at $106.75, Rivian finished Friday at $129.95.
• Expensify ended the week at $47.62.
• Bluejay Diagnostics finished Friday at $4.58.
• After opening at $17.55, CI&T ended the week at $19.98.
• Hertz finished Friday at $26.97.
• Society Pass ended the week at $43.55.
• After opening at $3.10, Stran & Company finished Friday at $5.75.
• Third Coast Bancshares ended the week at $25.05.

RECENT IPOS TO WATCH:

Minerva Surgical (UTRS), Aris Water Solutions (ARIS), Xilio Therapeutics (XLO), Runway Growth Finance (RWAY), P10 (PX), Ventyx Biosciences (VTYX), Enfusion (ENFN), Vita Coco (COCO), Portillo's (PTLO), Rent The Runway (RENT), Informatica (INFA), Marpai (MRAI), and Arteris IP (AIP) 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 Rue Gilt (RGG), Keter Group (KETR), HashiCorp (HCP), FreeCast (CAST), Sono Motors (SEV), Qiniu (QNIU), and Authentic Brands (AUTH).

Rue Gilt has filed with the SEC for a planned initial public offering of its common stock and applied to have its common stock listed on Nasdaq under the symbol "RGG." In its filing, the company stated that, "We are the leading premium and luxury off-price e-commerce company in the U.S., delivering a daily curated, high-end shopping experience for our members. We operate primarily through RueLaLa and Gilt, two e-commerce destinations that were purpose-built for online and off-price... Our platform today is comprised of three distinct yet complementary destinations that uphold our vision: to spark delight through daily discovery and to make shopping an occasion to celebrate."

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 that, "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... Our products are distributed in approximately 100 countries through a network of blue-chip, omnichannel retail partners, with Keter having a superior presence in the e-commerce channel, compared to the broader home and garden solutions industry. We believe the breadth, depth and quality of our product offering makes us a preferred partner and one-stop shop for customers, who often consider us a category captain in resin-based products, and to whom we provide innovative, sustainable and cost-efficient products."

HashiCorp has filed with the SEC for an initial public offering of shares of Class A common stock. The company said it will apply to list its Class A common stock on the New York Stock Exchange, or the NYSE, under the symbol "HCP." The company's prospectus stated that, "Our foundational technologies solve the core infrastructure challenges of cloud adoption by enabling an operating model that unlocks the full potential of modern public and private clouds... We have deliberately built our products using an open-core software development model. All of our products are developed as open-source projects, with large communities of users, contributors, and partners collaborating on their development. We sell proprietary, commercial software that builds on our open-source products with additional enterprise capabilities."

FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol "CAST." FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television, or TV, guide.

Sono Group N.V., the parent company to Sono Motors, announced that it has publicly filed a registration statement on Form F-1 with the SEC for an initial public offering for its common shares in the U.S. Sono Motors says it is developing "the world's first solar electric vehicle - SEV - for the masses, the Sion." Sono Motors says it has amassed more than 14,000 reservations with advance payments for the Sion. These vehicles will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023.

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

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.

OTHER NOTABLE SYNDICATE NEWS:

Mattress Firm Group 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.

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