The IPO market is slowly catching up with seven companies hitting the stock markets in March. The most notable IPO among them happened late on March 28, when ride-hailing firm Lyft (LYFT) priced its shares at $72. It was one of the most touted IPOs of this year, the biggest by valuation since Alibaba (BABA) IPO in 2014.
When Lyft announced its IPO in December, it was looking at a price range of just $62-$68 per share. Rival Uber is yet to file for its IPO and is expected to do so in the coming days.
The other notable public listing was made by biopharmaceutical firm Genfit (GNFT), which issued 6.7 million shares at an offer price of $20.23 on March 27. A week back, it had launched a global offering of its American Depository Shares and ordinary shares to raise around $132 million.
The company is one of the leading players in the NASH (Nonalcoholic steatohepatitis) research space, which is projected to be a potential gold mine for biotech firms. Here is more about NASH and the companies that are vying for the first-mover status.
Denim company Levi Strauss listed its shares on the New York Stock Exchange under the symbol LEVI for the second time in history on March 21. The company was earlier listed on the NYSE between 1971 and 1985, when it once again became private.
About 37 million shares were offered at a price of $17 apiece. The stock closed its first trading day at $22.41.
Levi Strauss IPO was a rare event when the stock exchange relaxed certain dress code norms. Unlike other days, traders were allowed to don denim jackets and jeans on the IPO day.
Besides Genfit, two healthcare companies debuted on stock markets this month – Precision BioSciences and ShockWave Medical. ShockWave was the first company to go public this month. The stock started trading under the symbol SWAV on March 7 at an offer price of $17 per share. Since IPO, the stock has gained 88% in value.
Precision BioSciences started trading on Nasdaq on March 28 by offering 7.9 million shares for $16 apiece. It closed its first trading day at $17.44. The company, which is based out of North Carolina, uses genome editing method to treat genetic diseases.
Separately, two financial firms – UP Fintech Holding and Futu Holdings Limited – went public in March. China-based UP Fintech issued 13 million shares of its common stock on March 20 at an offer price of $8. It is currently trading under the symbol TIGR.
Futu Holdings, based out of Hong Kong, went public on March 8 at an offer price of $12. The stock, which trades under the ticker FHL, is currently up 49%.