Opening Day: Softbank-Backed Compass Raises $450M In IPO

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Backed by Softbank's (SFBTY) Vision Fund, Compass raised $450M in its initial public offering, after slashing the number of shares to be sold and lowering its target range. Meanwhile, Frontier Airlines' parent company raised $570M in its market debut, while Coursera ended its first trading day up 36% at $45 per share.

LATEST IPOS:

Compass (CMPX) opened on April 1 at $21.25. The company had priced its initial public offering of 25M shares of its class A common stock at a public offering price of $18.00 per share. The deal's original range was $23-$26 per share. Goldman Sachs, Morgan Stanley and Barclays Capital acted as the lead bookrunning managers for the proposed offering. Deutsche Bank and UBS Investment Bank acted as bookrunning managers. Compass is a real estate brokerage company.

Karooooo (KARO) opened on April 1 at $29. The company had priced its 4M share initial public offering at $28 per shared. Morgan Stanley and BofA Securities acted as lead book-running managers for the proposed offering. William Blair acted as book running manager, and Canaccord Genuity, Raymond James and Stifel acted as co-managers for the proposed offering. Karooooo is a provider in the telematics industry that offers real-time mobility data analytics solutions for smart transportation.

Frontier Group (ULCC) opened on April 1 at $18.61. The company had priced its initial public offering of 30M shares of its common stock at a price to the public of $19.00 per share. The offering consists of 15M shares of common stock offered by Frontier and 15M shares of common stock to be sold by certain of Frontier's existing stockholders. Citigroup, Barclays, Deutsche Bank, Morgan Stanley and Evercore ISI acted as lead bookrunners for the proposed offering. BofA Securities, J.P. Morgan, Nomura, UBS Investment Bank, Cowen and Raymond James acted as additional bookrunners for the proposed offering. Frontier operates more than 100 A320 family aircraft and is headquartered in Denver, Colorado.

Smart Share Global (EM) opened on April 1 at $10. The company had priced its initial public offering of 17.65M American depositary shares at a public offering price of $8.50 per share. The deal priced below the $10.50-$12.50 per share range. Goldman Sachs - Asia, Citigroup and China Renaissance Securities acted as joint bookrunners and as representatives of the underwriters for the offering. Tiger Brokers, BOCI Asia Limited, Futu and SNB Finance were co-managers for the offering. Smart Share Global is a consumer tech company providing mobile device charging service.

Coursera (COUR) opened on March 31 at $39. The company had priced 15.73M shares at $33.00, at the high end of the $30.00-$33.00 target range. Morgan Stanley and Goldman Sachs acted as joint book running managers for the offering. Coursera offers individuals access to online courses and degrees from top universities.

Achilles Therapeutics (ACHL) opened on March 31 at $18. The company had priced 9.75M shares at $18.00, at the midpoint of the $17.00-$19.00 target range. JPMorgan, BofA, Piper Sandler, Chardan, Oppenheimer and Kempen & Co. acted as joint book running managers for the offering. Achilles Therapeutics is a clinical-stage biopharmaceutical company developing precision T cell therapies to treat solid tumors.

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