IPO Summary: Oscar a grouchy debut; Monster deal Coupang on deck

Two IPOs debuted during a turbulent broad market environment. Their performances were a mixed bag.

Oscar Health Inc (OSCR) priced 37.1mm shares at $39.00 (upsized and above the upwardly-revised range) and opened below the issue price with an opening trade of $36.00. The stock traded poorly in its first three sessions and closed the week at $31.00 or 20.5% in the red.

InnovAge Holding Corp (INNV) priced 16.7mm shares at $21.00 (high-end of the upwardly-revised range) and opened at $24.00 for a gain of 14.3% at first trade. INNV briefly broke issue in its opening week but rebounded nicely on Friday and closed the week at $24.08.

Looking ahead to this week, there are currently four IPOs scheduled to debut this week. This is anticipated to be the start of a robust IPO period with a feverish amount of deals. The IPO pipeline has been replenished with nearly 50 companies currently ready to launch in the next month.

Wednesday (3/10) Debut

• Roblox Corp. (RBLX) — Roblox is an online game platform and game creation system that allows users to program games and play games created by other users. This company is performing a Direct Listing.

Thursday (3/11) Debut

• Coupang Inc. (CPNG) — They are building the next generation experience for e-commerce. They believe that by investing for the long term in technology and infrastructure with a fanatical culture of customer centricity, we are delivering a superior customer experience at a lower cost and are continuing to redefine standards for e-commerce worldwide. The company is seeking a market cap of $46.1b-$51.2b based on the $27-$30 range.
• First High-School Education Group Co., Ltd (FHS) – They are the largest operator of private high schools in Western China and the third largest operator in all of China in terms of student enrollment as of December 31, 2019, according to the CIC report. The company is seeking a market cap of $275m-$304m based on the $9.50-$10.50 range.

Friday (3/12) Debut

• Hayward Holdings Inc. (HAYW) — They are an industry-leading global designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems. The company is seeking a market cap of $3.9b-$4.4b based on the $17-$19 range.
• Joann Inc.(JOAN) — JOANN is the nation’s category leader in Sewing and one of the fastest growing players in the arts and crafts category. The company is seeking a market cap of $606m-$686m based on the $15-$17 range.
  

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