Dreamstime
One day after
Coinbase’s
widely anticipated public listing, five companies are making their market debuts.
Four of the companies, Applovin, TuSimple, Karat Packaging, and Esports Technologies, are trading on the Nasdaq. Only Agilon Health is going public on the New York Stock Exchange.
All five are using traditional initial public offerings, where banks underwrite the deals, to go public. Coinbase (ticker: COIN), the cryptocurrency exchange, used a direct listing, where the banks serve as financial advisors, to launch its stock. The shares closed Wednesday nearly 32% above the reference price for the deal.
Agilon Health raised $1.07 billion after selling 46.6 million at $23, the top of its $20 to $23 price range. The company will trade under the symbol AGL. Founded in 2016, Agilon says it is looking to reimagine healthcare. The company provides a platform that aims to let physicians focus on offering value-based care for seniors instead of the volume-based, fee-for-service reimbursement model that is common now. Agilon is in 17 communities in eight states, serving about 210,000 patients enrolled in the Medicare Advantage program.
Applovin’s IPO came in at $2 billion after the company sold 25 million shares at $80 each, the midpoint of its $75 to $85 range. Founded in 2012, Applovin provides software mobile-game developers use to grow their businesses. The company also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.
will own 67.4% after the IPO, the prospectus said. Applovin will trade under the symbol APP.
TuSimple collected $1.35 billion after selling 33,783,783 shares at $40 each, above its $35 to $39 price range. TuSimple’s ticker is TSP. Launched in 2015, TuSimple is developing self-driving technology for trucks.
Karat Packaging, which makes disposable food-service products like takeout containers and cups, is the only one of the five IPOs to price its stock below its expected range. Karat had planned to sell 3.95 million shares at $18 to $20 each; it ended up selling 3.95 million shares at $16 each, raising $63.2 million. It will trade under the symbol KRT.
Esports Technologies is the smallest deal of the day, collecting $14.4 million. Esports is also the only one of the five to both boost the size of its offering and price the stock at the top of its range. Esports had filed to sell 2 million shares at $5 to $6 each. The company ended up selling 2.4 million shares at $6. It will trade under the ticker EBET. Esports provides electronic sports, or esports, wagering products and technology.
Write to Luisa Beltran at luisa.beltran@dowjones.com
