Opening Day: InnovAge Rises, Oscar Health Slips On First Trading Day

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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.

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