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Shares of biotechnology companies Cullinan Management and Gracell Biotechnologies both surged in their trading debut on Friday, January 8, with the former rising 42.3% and the latter gaining nearly 32%.

LATEST IPOS

Cullinan Management (CGEM) opened on Jan. 8 at $42 per share, double its $21 per share pricing. The deal size was increased to 11.9 million shares from 10 million shares and priced above the revised $19.00-$21.00 range. Morgan Stanley (MS), SVB Leerink, and Evercore ISI (EVR) acted as joint book running managers for the offering. Cullinan is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients.

Gracell Biotechnologies (GRCL) opened on Jan. 8 at $26 after pricing its IPO at $19 per share. The 11 million share offering priced above the $16.00-$18.00 range. Citi (C), Jefferies (JEF), Piper Sandler (PIPR) and Wells Fargo (WFC) acted as joint book running managers for the offering. Gracell is a clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies to address unmet medical needs in the treatment of cancer.

SPAC IPOS

Pioneer Merger Corp. (PACX), a special purpose acquisition company sponsored by an affiliate of Falcon Edge Capital and Patriot Global Management, priced its initial public offering of 35 million units at $10.00 per unit and opened for trading at $10.75 per unit. The blank check company intends to pursue large scale disruption opportunities in the technology and consumer sectors, but will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.

Global Synergy Acquisition Corp. (GSAQ) priced its initial public offering of 22.5 million units at $10.00 per unit. The offering opened on Jan. 8 at $10.35 per unit. The blank check company intends to "capitalize on the ability of its management team and board of directors to identify, acquire, and manage a business that can benefit from the team's operational and investing expertise in the IT Services and Business Process Outsourcing sectors."

Prospector Capital Corp. (PRSR) opened on Jan. 8 at $10.70 after having priced its initial public offering of 30 million units at $10.00 per unit. The blank check company intends to focus its search on companies with "advanced and highly differentiated solutions for the technology sector."

KL Acquisition Corp. (KLAQ) opened on Jan. 8 at $10.41 after having priced its initial public offering of 25 million units at $10.00 per unit. The blank check company intends to focus its search on companies in the healthcare or healthcare-related sectors.

Epiphany Technology Acquisition Corp. (EPHY) opened on Jan. 8 at $10.50 after having priced its initial public offering of 35 million units at $10.00 per unit. The blank check company intends to focus its search on companies in the technology industry.

Vickers Vantage Corp. I (VCKA) opened on Jan. 7 at $10.20. The blank check company had priced its initial public offering of 12 million units at $10.00 per unit. Vickers Vantage Corp. I's efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

Bright Lights Acquisition (BLTS) opened on Jan. 7 at $10.55. The blank check company had priced its initial public offering of 20 million units at $10.00 per unit. Bright Lights Acquisition intends to focus on businesses in the consumer products and media, entertainment, and sports sectors that can benefit from celebrity ownership and/or partnership.

Sports Ventures Acquisition (AKIC) opened on Jan. 6 at $10.40. The blank check company had priced of its initial public offering of 20 million units at $10.00 per unit. Sports Ventures intends to focus its search on companies with operations or prospective operations in the sports, media, and entertainment sectors.

Kairos Acquisition (KAIR) opened on Jan. 6 at $10.18. The blank check company had priced its initial public offering of 24 million units at $10.00 per unit. Kairos Acquisition intends to focus on regulated insurance or reinsurance companies, distributors, or technology and insurance service providers that focus on specialty lines of business or that target product or customer niches.

Star Peak Corp II (STPC) opened on Jan. 6 at $11. The blank check company had priced its initial public offering of 35 million units at $10.00 per unit.

Fortress Value Acquisition Corp. III (FVT) opened on Jan. 5 at $10.60. The blank check company had priced its initial public offering of 20 million units at $10.00 per unit.

Crucible Acquisition (CRU) opened on Jan. 5 at $10.60. The blank check company had priced its initial public offering of 22.5 million units at $10.00 per unit. Crucible Acquisition intends to focus its search on target businesses in the software technology industry, prioritizing cloud-based recurring revenue business models.

Benessere Capital Acquisition (BENE) opened on Jan. 5 at $10.15. The blank check company had priced its initial public offering of 10 million units at $10.00 per unit. Benessere intends to focus its search on technology-focused middle market and emerging growth companies in North, Central, and South America.

PERFORMANCE

• Cullinan Oncology finished the week at $29.91.
• After opening at $26, Gracell Biotechnologies ended Friday at 25.06.

UPCOMING IPOS

Among the upcoming IPOs are Roblox (RBLX), Coinbase (COIN), PetCo (WOOF), Qualtrics (XM) Caliber Home Loans (HOMS), and Pharming Group (PHAR).

On Jan. 8, video game company Roblox said in a regulatory filing that it has filed a prospectus relating to registration of the resale of up to 196,711,321 shares of its Class A common stock by its stockholders identified in this prospectus, referred to as the registered stockholders.

Unlike an initial public offering, the resale by the registered stockholders is not being underwritten by any investment bank. The registered stockholders may, or may not, elect to sell their shares of Class A common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the New York Stock Exchange, or NYSE.

Based on information provided by the NYSE, the opening public price of Roblox's common stock on the NYSE will be determined by buy and sell orders collected by the NYSE from broker-dealers. The company has been approved to list its Class A common stock on the NYSE under the symbol "RBLX." Roblox expects its Class A common stock to begin trading in February 2021.

Coinbase is the largest U.S. cryptocurrency exchange and has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. Its IPO is expected to come in February 2021.

The pet retail giant PetCo has gone public three times since its founding - in 1994, 2000, and again in 2002. COVID-19 has helped boost sales in 2020 amid a jump in pet ownership.

Qualtrics International is offering an undetermined number of shares of its Class A common stock in an initial public offering, as disclosed in a regulatory filing made with the SEC. The company anticipates that the initial public offering price will be between $20.00 and $24.00 per share, the filing stated. The company has applied to list its Class A common stock on the Nasdaq Global Select Market, or Nasdaq, under the symbol "XM."

SAP America, a wholly owned subsidiary of SAP SE, currently owns 98.6% of Qualtrics' outstanding common stock and, following this offering, SAP America will continue to be the company's controlling stockholder, the filing noted.

New Residential Investment (NRZ) has announced that an affiliate of NewRez, a mortgage lending and servicing organization, has confidentially submitted a draft registration statement with the SEC relating to the proposed initial public offering of NewRez's common stock. The initial public offering is expected to take place after the SEC completes its review process.

Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae, and is an approved servicer for FHA, VA, and the USDA.

Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.

WHAT'S NOTABLE

Social Finance, or "SoFi," a next-generation financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (IPOE), a publicly traded special purpose acquisition company, to come to the public markets. The transaction values the company at an equity value of $8.65 billion post-money.