Elder-care company InnovAge rose as much as 14% Thursday, making a better debut than Oscar Health, which fell below its initial public offering price on its first day of trading.

Meanwhile the SPAC craze continues. Goldman Sachs analyst David Kostin noted in a research note authored this week that 175 SPACs have raised $56B in IPO capital year-to-date, an average of $1.5B per trading day. 2021 has also seen record deal announcements for SPACs, with 43 blank check companies having announced acquisitions year-to-date, he added. The analyst believes SPACs are seeking to merge with larger targets, highlighting the largest SPAC acquisition ever - the Churchill Capital Corp IV (CCIV) and Lucid Motors merger.

LATEST IPOS:

InnovAge (INNV) opened on March 4 at $24. The company had priced 16.667M shares at $21.00. The deal priced at high end of updated target range of $20.00-$21.00. JPMorgan, Barclays, Goldman Sachs and Citi acted as joint book running managers for the offering. InnovAge is a senior care provider.

Oscar Health (OSCR) opened on March 3 at $36. The company had priced about 37M shares at $39.00. The deal priced above the revised $36.00-$38.00 range. Goldman Sachs, Morgan Stanley and Allen & Co. acted as joint book running managers for the offering. Oscar Health uses a mix of technology, provider partnerships and member experience to try to make health insurance pricing clearer for patients, while giving doctors more flexible payment models.

SPAC IPOS:

VPC Impact Acquisition Holdings III (VPCC) priced its initial public offering of 22.5M units at $10.00 per unit and opened for trading at $10 on March 5. VPC Impact Acquisition Holdings III intends to pursue a business combination with a "high-growth business in the Fintech industry headquartered or with operations in the United States and an enterprise value of approximately $800 million to $3 billion."

VPC Impact Acquisition Holdings II (VPCB) priced its initial public offering of 22.5M units at $10.00 per unit and opened for trading at $10 on March 5. VPC Impact II also intends to pursue a business combination with a "global high-growth business in the Fintech industry with operations predominantly outside of the United States and an enterprise value of approximately $800 million to $3 billion."

Warburg Pincus Capital Corporation I-A (WPCA) priced its 25M unit initial public offering at $10.00 per unit and opened at $10.05 on March 5.

Tribe Capital Growth Corp I (ATVC) priced its initial public offering of 24M units at $10.00 per unit and opened at $10.10 on March 5.  

Warburg Pincus Capital Corporation I-B (WPCB) priced its 50M units at $10.00 per unit and opened at $10 on March 5.

dMY Technology Group, Inc. IV (DMYQ) priced its initial public offering of 30M units at a price of $10.00 per unit and opened for trading at $10.13 on March 5. dMY Technology Group IV may pursue an initial business combination target in any industry or geographic region, but the company intends to focus its search for an initial business combination on companies within the broader consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer applications with enterprise valuations in an approximate valuation range of $1.0B to $3.0B.

Tailwind Two Acquisition (TWNT), a special purpose acquisition company formed for the purpose of entering into a business combination with one or more businesses in the "high-growth technology and direct-to-consumer sectors," priced its initial public offering of 30M units at a price of $10 per unit and opened at $9.95 on March 5.  

First Reserve Sustainable Growth Corp. (FRSG) priced its initial public offering of 20M units at a price of $10.00 per unit and opened for trading at $10 on March 5. First Reserve Sustainable Growth intends to identify opportunities and companies that focus on solutions, processes, and technologies that facilitate, improve, or complement the ongoing transition toward a more sustainable and environmentally-conscious global energy, infrastructure and industrial complex.

InterPrivate IV InfraTech Partners (IPVI) priced its initial public offering of 25M units at a price of $10.00 per unit and opened at $10 on March 5. InterPrivate IV InfraTech Partners currently intends to concentrate its efforts in identifying high growth businesses in the technology, media and telecom infrastructure space, with a focus on target companies with an enterprise value of $1 billion or more.

InterPrivate III Financial Partners (IPVF) priced its upsized initial public offering of 22.5M units at a price of $10.00 per unit and opened at $10 on March 5. InterPrivate III expects to pursue targets in the financial services industry with a particular focus on tech-enabled companies, with a focus on target companies with an enterprise value of $1 billion or more.

InterPrivate II Acquisition (IPVA) priced its upsized initial public offering of 22.5M units at a price of $10.00 per unit and opened at $10 on March 5. InterPrivate II may pursue sectors including auto-tech and mobility, business services, consumer, retail, e-commerce or industrial technology, or businesses that possesses their "own differentiated technology, with a focus on target companies with an enterprise value of $1 billion or more."

Property Solutions Acquisition II (PSAGU) opened on March 4 at $10. The second blank check company formed by Benchmark Real Estate Group targeting the real estate industry, raised $300M by offering 30M units at $10. Property Solutions Acquisition II seeks to acquire businesses that service the real estate industry, ranging from real estate service companies to property technology, or "PropTech," companies.  

Khosla Venture Acquisition (KVSA), the blank check company formed by Khosla Ventures, opened on March 4 at $10.14. Goldman Sachs and Piper Sandler were underwriters for the 30M share offering.

Aurora Acquisition (AURC) opened on March 4 at $9.95. The blank check company had priced its initial public offering of 22M units at $10.00 per unit. Aurora Acquisition intends to focus its search for a target with operations or prospects in the Europe, Middle East and Africa Technology and Media industry, including data analytics, enterprise software, security software, e-commerce and online marketplaces, and/or financial services technology.

Altimar Acquistion Corp. III (ATAQ) opened on March 4 at $9.96. The blank check company had priced its initial public offering of 13.5M units at $10.00 per unit. Altimar is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or business combination with one or more businesses.

Twin Ridge Capital Acquisition (TRCA) opened on March 4 at $9.98. The blank check company had priced its initial public offering of 20M units at $10.00 per unit. Twin Ridge Capital currently intends to pursue opportunities in the consumer and distribution related and adjacent industries.

Isos Acquisition (ISOS) opened on March 3 at $10. The blank check company had priced its initial public offering of 22.5M units at $10.00 per unit. Isos intends to focus on businesses in the global media and entertainment sectors, as well as adjacencies in this industry, which includes direct-to-consumer businesses, consumer brands undergoing digital transformation, digitally-enabled marketplaces, services, and platforms among areas of focus.

Mission Advancement (MACC) opened on March 3 at $10. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Mission Advancement is "committed to partnering with and advancing a world class consumer company with the aim of creating meaningful value for all stakeholders."

Roth CH Acquisition III (ROCR) opened on March 3 at $10.10. The blank check company had priced its initial public offering of 10M units at $10.00 per unit.

DHB Capital (DHBC) opened on March 2 at $9.99. The blank check company had priced its initial public offering of 25M units at $10.00 per unit. DHB currently intends to concentrate its efforts in identifying businesses in the financial and business services industry, with a focus on "differentiated financial services and financial services-adjacent platforms."

Goldenbridge Acquisition (GBRG) opened on March 2 at $10. The blank check company had priced its initial public offering of 5M units at $10.00 per unit. Goldenbridge is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company intends to focus on opportunities in the artificial intelligence and any other related technology innovations market.

TCW Special Purpose Acquisition (TSPQ) opened on March 2 at $10. The blank check company had priced its upsized initial public offering of 45M units at $10.00 per unit. TCW is sponsored by The TCW Group, an investment management firm headquartered in Los Angeles, California. Joseph Shaposhnik serves as Chairman and CEO of TCW Special Purpose Acquisition Corp. The company intends to identify, merge with and take public a durable and predictable business well positioned to deliver superior revenue growth.

FinTech Evolution Acquisition (FTEV) opened on March 2 at $10. The blank check company had priced its upsized initial public offering of 24M units at $10.00 per unit. While FinTech Evolution may pursue an initial business combination target in any business or industry, it intends to focus its efforts on Financial Technology and technology-enabled services, or "FinTech," businesses that offer specific technology solutions, broader technology software, or services/products to the financial services industry.

Supernova Partners Acquisition II (SNII) opened on March 2 at $10.25. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Supernova II will look to partner with a technology company focused on enterprise solutions.

Orion Acquisition (OPHA) opened on March 2 at $10.05. The blank check company formed had priced its upsized initial public offering of 36M units at $10.00 per unit. Orion intends to target companies in the healthcare industry in the U.S. or other developed countries.

NightDragon Acquisition (NDAC) opened on March 2 at $10.25. The blank check company had priced its initial public offering of 30M SCALE units at a price of $10.00 per unit NightDragon intends to focus its search on the cybersecurity, safety, security and privacy sector.

Anzu Special Acquisition Corp I (ANZU) opened on March 2 at $10. The blank check company had priced its initial public offering of 42M units at $10.00 per unit. Anzu intends to focus on high-quality businesses with transformative technologies for industrial applications.

Northern Star Investment Corp. IV (NSTD) opened on March 2 at $10.15. The blank check company had priced its upsized initial public offering of 35M units at $10.00 per unit. Northern Star Investment Corp. IV intends to focus its efforts identifying businesses primarily in the "direct-to-consumer and digitally-disruptive e-commerce spaces."

Northern Star Investment Corp. III (NSTC) opened on March 2 a $10.15. The blank check company had priced its upsized initial public offering of 35M units at $10.00 per unit. Northern Star Investment Corp. III intends to focus its efforts identifying businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces.

Live Oak Mobility Acquisition (LOKM) opened on March 2 at $10.29. the blank check company had priced its 20M unit offering at $10, and plans to target the mobility and motion technology sectors, focusing on businesses with enterprise values between $500M and $1.5B.

Advanced Merger Partners (AMPI) opened on March 2 at $10.10. the blank check company had priced its initial public offering of 25M units at $10.00 per unit. Advanced Merger Partners has not selected any specific business combination target and may pursue an acquisition opportunity in any industry or sector for its initial business combination.

PERFORMANCE:

• InnovAge finished the week at $24.08.
• Oscar Health ended Friday at $31.

UPCOMING IPOS

Among the upcoming IPOs are Coinbase (COIN), Roblox (RBLX), Vizio (VZIO), Coupang (CPNG), Caliber Home Loans (HOMS), Pharming Group (PHAR), Cricut (CRCT), Gold Royalty (GROY), Tuya, Alignment Healthcare (ALHC), and Havre Global AB. According to recent reports, upstart food companies Chobani and Oatly are also making plans to come public.

In a regulatory filing, cryptocurrency platform Coinbase Global disclosed that it has filed paperwork with the SEC for a direct listing of its common stock. "On the day that our shares of Class A common stock are initially listed on the Nasdaq Global Select Market, the Nasdaq Stock Market LLC, or Nasdaq, will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders," the filing noted. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "COIN."

On Wednesday, Davidson analyst Gil Luria initiated coverage of Coinbase with a Buy rating and $195 price target. The analyst believes the company's direct listing is an "Amazon moment" for crypto, representing a milestone when the world of crypto and the traditional financial system become "truly intertwined." Luria also argued that Coinbase is in the lead with the "highest level of regulated liquidity," though he warned that the stock is a "more speculative investment" than other that he recommends.

Roblox, which had previously delayed its initial public offering, recently stated in an amended prospectus that it will seek a direct listing of its shares and now plans on going public “on or about March 10.” Roblox is seeking to sell 198,917,280 shares, but has not specified a price. Roblox said in the prospectus that the opening price of the roughly 199 million shares would be “determined by buy and sell orders collected by the NYSE from broker-dealers.”

Roblox, which will trade on the New York Stock Exchange under the ticker "RBLX," and Coinbase will both go public using a direct listing. Previously, Palantir Technologies (PLTR), Asana (ASAN), Slack Technologies (WORK), and Spotify Technology (SPOT) have used a direct listing to make their public debuts.

Vizio has filed an S-1 with the SEC related to its planned initial public offering of shares of Class A common stock. "Upon the completion of this offering, all shares of Class B common stock will be held by William Wang, our Founder, Chairman and Chief Executive Officer, and his affiliates... Wang will be able to determine or significantly influence any action requiring the approval of our stockholders, including the election of our board of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction. As a result, we will be a 'controlled company' within the meaning of the rules of the New York Stock Exchange," the filing stated.

Coupang, which identifies itself as "one of Asia's largest e-commerce companies," announced on February 12 that it publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock. Coupang's IPO could take place as soon as March and is expected to garner a valuation exceeding $50B, The Wall Street Journal's Maureen Farrell previously reported, citing people familiar with the matter. Alibaba (BABA) was valued at about $168B when it went public, the report noted.

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.

Cricut announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. Cricut intends to list its common stock on The Nasdaq Global Select Market under the symbol "CRCT."
 
GoldMining (GLDG) announced that its subsidiary, Gold Royalty (GROY), has increased the size of its proposed initial public offering from up to 6M units to up to 12M units. Gold Royalty is offering the units at a public offering price of $5.00 per Unit.  Each Unit will be comprised of one common share of GRC and one-half of a warrant to purchase a common share. Each full warrant will entitle the holder thereof to acquire one common share at a price of $7.50 per share for a period of three years.

Havre Global AB announced it has confidentially submitted a draft Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of American Depositary Shares representing its ordinary shares in the United States. The number of ADSs to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

On February 26, Tuya Inc. filed for an initial public offering of American depositary shares.  The China-based Internet of Things cloud platform company said in a filing with the SEC that it intends to apply to list the ADSs on the New York Stock Exchange.  

Alignment Healthcare has filed an S-1 with the SEC related to an initial public offering of its common stock. The company said in its filing that, "Alignment Healthcare was founded in 2013 with one mission in mind: improving healthcare one senior at a time... Our team of highly experienced healthcare leaders created the Alignment model to incorporate the lessons we have learned over decades spent serving senior consumers... Our ultimate goal is to bring this differentiated, advocacy-driven healthcare experience to millions of senior consumers in the United States and to become the most trusted senior healthcare brand in the country."

Meanwhile, Robinhood (HOOD) has chosen the Nasdaq as the exchange for its eventual initial public offer, CNBC's Leslie Picker and Maggie Fitzgerald reported, citing people familiar with the matter. The company has not yet filed officially for the listing.