Nu Holdings, the Brazilian digital bank backed by Berkshire Hathaway (BRK-B), raised $2.6B in its U.S. IPO, which was priced at the top of the marketed range it had previously lowered. According to Bloomberg, Berkshire bought 10% of the shares in the offering.

Image: Nubank.com

Latest IPOs and Direct Listings:

Nu Holdings (NU) opened on December 9 at $11.25. The company had priced 289.151M shares at $9.00, at the high end of its $8.00-$9.00 range. Morgan Stanley, Goldman Sachs, Citi, and Nu Invest Corretora de Valores acted as joint book running managers for the offering. Nu Holdings identifies itself as "one of the world's largest digital banking platforms and one of the leading technology companies in the world."

HashiCorp (HCP) opened on December 9 at $81.16. The company had priced 15.3M shares at $80.00, above the $68.00-$72.00 range. HashiCorp sells proprietary, commercial software that builds on its open-source products with additional enterprise capabilities and says that its 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."

NeuroSense (NRSN) opened on December 9 at $4.55. The company had priced its initial public offering of 2M units, each consisting of one ordinary share and a warrant representing the right to purchase one ordinary share with an exercise price of $6.00 per share, at an initial public offering price of $6.00 per unit. NeuroSense's ordinary shares and warrants are trading on the Nasdaq Capital Market under the ticker symbols "NRSN" and "NRSNW," respectively.

Cingulate (CING) opened on December 8 at $5. The company had priced 4.166M shares at $6.00. Aegis and Laidlaw acted as joint book running managers for the offering. Cingulate is a clinical-stage biopharmaceutical company utilizing its proprietary Precision Timed Release drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products with an initial focus on the treatment of Attention Deficit/Hyperactivity Disorder, or ADHD.

Chicago Atlantic (REFI) opened on December 8 at $16.40. The company had priced at the low end of the $16.00-$18.00 range. JMP Securities, Compass Point and Oppenheimer are acting as joint book running managers for the offering. Chicago Atlantic Real Estate Finance is a commercial real estate finance company that invests primarily in first mortgage loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses or other assets of the borrowers.


Performance:

• Nu Holdings finished Friday at $11.85.
• HashiCorp ended the week at $85.70.
• After opening at $4.55, NeuroSense finished Friday at $3.21.
• Cingulate ended the week at $3.68.
• Chicago Atlantic finished Friday at $16.25.

Recent IPOs To Watch:

Advanced Human Imaging (AHI), FinWise Bancorp (FINW), Snow Lake Resources (LITM), Sweetgreen (SG),  Braze (BRZE), Iris Energy (IREN), UserTesting (USER), and Sono Motors (SEV) 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 Phoenix Motor (PEV), Nuvo Group (NUVO), Austin Gold (AUST), Chobani (CHO), FreeCast (CAST), Samsara Inc. (IOT), Keter Group (KETR), Qiniu (QNIU), and Jin Medical (ZJYL).

Phoenix Motor filed for an initial public offering on the Nasdaq under symbol (PEV).  Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI). Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford (F) E-450.

Nuvo Group has filed with the SEC for an initial public offering of ordinary shares and has applied to list its ordinary shares on the New York Stock Exchange under the symbol "NUVO." The company's prospectus stated that, "We believe we are the most advanced data-driven remote healthcare solution focused exclusively on pregnancy care. Our business model today consists of a hardware/software hybrid platform that provides remote access to medical-grade data to all key participants in the pregnancy care ecosystem. Our solution, which we refer to as our INVU platform, is at the core of our business model and provides connected pregnancy care management both at home and in the clinic."

Austin Gold, a gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada, has submitted an application for listing its common shares for trading on the NYSE American under the symbol “AUST.”

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. "

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."

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, or TV, guide.

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 stated that, "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."

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.

Jin Medical International has filed for an offering of 5M ordinary shares in an initial public offering. The offering price of its ordinary shares in this offering is expected to be in the range of $5 to $6 per share, Jin said in a filing with the SEC. The company has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "ZJYL." The China-based VIE, Changzhou Zhongjing and its subsidiaries, design and manufacture wheelchairs and living aids products for people with disabilities, the elderly, and people recovering from injury.

OTHER NOTABLE SYNDICATE NEWS:

Intel (INTC) has confirmed its intent to take Mobileye public in the United States in mid-2022 via an initial public offering of newly issued Mobileye stock. Intel said: "The move will unlock the value of Mobileye for Intel shareholders by creating a separate publicly traded company and will build on Mobileye's successful track record and serve its expanded market. Intel will remain the majority owner of Mobileye, and the two companies will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector... A final decision on the IPO and its conditions and ultimate timing is pending and subject to market conditions. Intel, as majority shareholder, will continue to fully consolidate Mobileye. The transaction is not expected to have an impact on Intel's 2021 financial targets."

Open English, an online English school targeting Spanish speakers, is planning a U.S. initial public offering next year, Bloomberg's Gillian Tan and Crystal Tse reported, citing people familiar with the matter. The company is working with financial advisers to prepare for the stock offering, the people said. Open English previously explored a merger with a blank-check company before pivoting to the IPO process, the sources added.