Image Source: LendingMemon.com via Flickr

Customer engagement software maker Braze (BRZE) rose over 40% in its first trading day after pricing its initial public offering above the marketed range, raising about $520 million. Meanwhile, UserTesting (USER) raised $140 million in its downsized IPO.

Latest IPOs and Direct Listings

Advanced Human Imaging (AHI) opened on Nov. 19 at $5.10 per share. The company had priced its U.S. initial public offering of 1 million units at a price to the public of $10.50 per unit. Each unit issued in the offering consists of two American Depositary Shares and one warrant to purchase one ADS. The warrants will be exercisable immediately, expire three years from the date of issuance, and will have an exercise price of $5.52 per ADS.

Maxim Group acted as sole book-running manager for the offering. Advanced Human Imaging says it has "developed and patented a proprietary dimensioning technology that enables its users to check, track, and assess their dimensions in conjunction with known health risk indicators using only a smartphone both privately and accurately."

FinWise Bancorp (FINW) opened on Nov. 19 at $12.50. The company had priced 3.5 million shares at $10.50. The deal size was increased to 3.5 million shares from 3.18 million shares and the range was $10.00-12.50. Piper Sandler and Stephens acted as joint book running managers for the offering.

FinWise Bancorp is the parent company of FinWise Bank, a Utah state-chartered non-member bank. FinWise is a nationwide lender to and takes deposits from consumers and small businesses that currently operates one full-service banking location in Sandy, Utah, and a loan production office in Rockville Centre, New York.

Snow Lake Resources (LITM) opened on Nov. 19 at $11.50 after having priced 3.2 million shares at $7.50. The deal size was increased to 3.2 million shares from 2.86 million shares and priced at the high-end of the $6.50-$7.50 range.

ThinkEquity acted as sole book running manager for the offering. Snow Lake Resources says it is committed to being "the first fully renewable energy powered electric mine that can deliver zero carbon battery grade lithium."

Sweetgreen (SG) opened on Nov. 18 at $52. The company had priced 13 million shares at $28.00. The deal size was increased to 13 million shares from 12.5 million and priced above the $23.00-$25.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Sweetgreen creates "plant-forward, seasonal, and earth-friendly meals from fresh ingredients" across its 140-plus restaurants.

Braze opened on Nov. 17 at $87.20. The company had priced its initial public offering of 8 million shares at $65.00 per share. Goldman Sachs, J.P. Morgan, and Barclays acted as joint lead book-running managers for the offering. Piper Sandler and William Blair acted as joint book-running managers for the offering.

Canaccord Genuity, Cowen, JMP Securities, Needham & Company, Oppenheimer, Raymond James, and Loop Capital acted as co-managers for the offering. Braze operates a comprehensive customer engagement platform that it says "powers interactions between consumers and brands they love."

Iris Energy (IREN) opened on Nov. 17 at $28. The company had priced 8.27 million shares at $28.00. The deal priced above the $25.00-$27.00 range. JPMorgan, Canaccord, and Citi acted as joint book running managers for the offering.

Iris Energy is a Bitcoin (BITCOMP) mining company that builds, owns, and operates data center infrastructure with "a focus on entry into regions where it can access abundant and/or under-utilized renewable energy to power its operations."

UserTesting opened on Nov. 17 at $15.25. The company had priced 10 million shares at $14.00. The deal size was reduced to 10 million shares from 14.2 million and priced below $15.00-$17.00 range. Morgan Stanley and JPMorgan are acting as joint book running managers for the offering. UserTesting is a provider of human insight, delivered through a video-first, experience testing platform.

Sono Motors (SEV) opened on Nov. 17 at $20.06. The company had priced 10 million shares at $15.00. The deal priced in the middle of the $14.00-$16.00 range. Berenberg and Craig-Hallum acted as joint book running managers for the offering. Sono Motors is developing what it calls "the world's first solar electric vehicle for the masses," the Sion.

Performance

• After opening at $5.10, Advanced Human Imaging ended the week at $4.23.
• FinWise Bancorp closed at $12.73 on Friday.
• Snow Lake Resources ended the week at $13.
• Sweetgreen finished Friday at $53.
• Braze ended the week at $94.16.
• After opening at $28, Iris Energy finished Friday at $24.80.
• UserTesting ended the week at $13.40.
• Sono finished Friday at $24.80.

Recent IPOs to Watch

Entrada Therapeutics (TRDA), Sorendo (SONX), Aura Biosciences (AURA), Udemy (UDMY), AirSculpt Technologies (AIRS), HireRight (HRT), Biofrontera (BFRI), Fluence Energy (FLNC), GlobalFoundries (GFS), Solo Brands (DTC), Claros Mortgage (CMTG), Allbirds (BIRD), and LianBio (LIAN) 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 Chobani, Rue Gilt, Keter Group, HashiCorp, FreeCast, Qiniu, and Authentic Brands.

Chobani has filed with the SEC for an initial public offering, stating that it expects that the shares of its Class A common stock will trade on the Nasdaq Global Select Market under the symbol 'CHO.' In its prospectus, Chobani stated that:

"At Chobani, we are an anti-traditional consumer packaged goods company. We challenge the old, staid and conventional status quo represented by our legacy competitors by creating food that is delicious, natural, nutritious and accessible... We currently sell our products in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the United States... Chobani also has an international presence through the operation of a manufacturing facility in Melbourne, Australia and participates in certain international export markets, such as Mexico and Canada. "

Rue Gilt Groupe has filed with the SEC for a planned initial public offering of its common stock and applied to have its common stock listed on the Nasdaq under the symbol 'RGG.' In its filing, the company stated: 

"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."

Samsara Inc. has filed with the SEC for an initial public offering and applied to list its Class A common stock on the New York Stock Exchange under the trading symbol 'IOT.' The company's prospectus states:

"Samsara is on a mission to increase the safety, efficiency and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Cloud, which allows businesses that depend on physical operations to harness Internet of Things data to develop actionable business insights and improve their operations."

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 states:

"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 states: 

"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 guide.

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.