Mark Wahlberg-backed F45 Training rose as much as 11% in its trading debut but fell near the offer price after its $325M IPO on Thursday. The listing was delayed by the COVID-19 pandemic and then sidetracked by a SPAC merger deal that fell apart. Meanwhile, Kate Hudson-backed apparel brand Fabletics has reportedly tapped banks to help it prepare for an initial public offering.

LATEST IPOS AND DIRECT LISTINGS:

Blend Labs (BLND) opened on July 16 at $18. The company had priced 20M shares at $18.00, at the high-end of the $16.00-$18.00 range. Goldman Sachs, Allen & Co. and Wells Fargo acted as joint book running managers for the offering. Blend Labs is a cloud-based platform that provides end-to-end consumer services for all banking products.

Imago BioSciences (IMGO) opened on July 16 at $17.50 after its IPO priced at $16 per share. The deal size was increased to 8.4M shares of common stock from 7M shares and priced at the high-end of the $14.00-$16.00 range. Jefferies, Cowen, Stifel and Guggenheim acted as joint book running managers for the offering. Imago is a clinical-stage biopharmaceutical company developing small molecule product candidates that target lysine-specific demethylase 1, or LSD1, an enzyme that plays a central role in the production of blood cells in the bone marrow.

Stevanato Group (STVN) opened on July 16 at $16.65. The company had priced its 32M share IPO at $21 per share. The deal range was $15.00-$17.00. Morgan Stanley, BofA and Jefferies acted as joint book running managers for the offering. Stevanato is a global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries.

Regencell Bioscience (RGC) opened on July 16 at $12. The company priced its initial public offering of 2.3M ordinary shares at a public offering price of $9.50 per ordinary share. Maxim Group acted as sole book-running-manager for the offering. Regencell Bioscience is an early-stage bioscience company that focuses on research, development and commercialization of Traditional Chinese Medicine for the treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder and Autism Spectrum Disorder.

TScan Therapeutics (TCRX) opened on July 16 at $12 after its IPO priced at $15 per share. The deal size was increased to 6.67M shares from 6.25M shares and priced at the low-end of the $15.00-$17.00 range. Morgan Stanley, Jefferies, Cowen and Barclays acted as joint book running managers for the offering. TScan Therapeutics is a preclinical-stage biopharmaceutical company focused on developing a pipeline of T cell receptor-engineered T cell, or TCR-T, therapies for the treatment of patients with cancer.

Erasca (ERAS) opened on July 16 at $15.90. The company had priced 18.5M shares at $16.00. The deal size was increased to 18.75M shares of common stock from 17.75M shares of common stock and priced at the high-end of the $14.00-$16.00 range. JPMorgan, Morgan Stanley, BofA, Evercore ISI and Guggenheim acted as joint book running managers for the offering. Erasca is a clinical-stage precision oncology company focused on discovering, developing and commercializing therapies for patients with RAS/MAPK pathway-driven cancers.

Sight Sciences (SGHT) opened on July 15 at $30. The company had priced 10M shares at $24.00. The deal range was $23.00-$24.00. Morgan Stanley, BofA, Citi and Piper Sandler acted as joint book running managers for the offering. Sight Sciences is a growth-stage medical device company that has developed, and is now commercial with, products to assist healthcare practitioners in ophthalmology and optometry.

Membership Collective (MCG) opened on July 15 at $13.15. The company had priced 30M shares at $14.00. The deal range was $14.00-$16.00. JPMorgan, Morgan Stanley, Goldman Sachs, BofA and HSBC acted as joint book running managers for the offering. Membership Collective Group operates a global membership platform of physical and digital spaces, including the Soho House, and claims it remains "the only company to have scaled a private membership network with a global presence."

Rapid Micro Biosystems (RPID) opened on July 15 at $22.50. The company had priced 7.92M shares at $20.00. The deal size was increased to 7.92M shares from 6.6M shares and priced at the high-end of the $18.00-$20.00 range. JPMorgan, Morgan Stanley, Cowen and Stifel acted as joint book running managers for the offering. Rapid Micro Biosystems is a life sciences technology company providing mission critical automation solutions to facilitate the manufacturing and release of healthcare products.

Cullman Bancorp (CULL) opened on July 15 after its conversion offering priced at $10. Cullman Bancorp, the holding company for Cullman Savings Bank, received all required regulatory approvals for the conversion of Cullman Savings, MHC from the mutual holding company to the stock holding company form of organization. A total of 4,284,375 shares of common stock were expected to be sold in the subscription offering at a price of $10.00 per share.

F45 Training (FXLV) opened on July 15 at $17. The company had priced 20.313M shares at $16.00. The deal range was $15.00-$17.00. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. F45, a fitness chain backed by Mark Wahlberg, offers consumers functional 45-minute workouts.

Phillips Edison (PECO) opened on July 15 at $28. The company had priced 17M shares at $28.00, at the low-end of the $28.00-$30.00 range. Morgan Stanley, BofA, JPMorgan, BMO Capital, Goldman Sachs, KeyBanc, Mizuho and Wells Fargo acted as joint book running managers for the offering. Phillips Edison is one of the nation's largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers, with equity interests in 300 real estate properties as of March 31, 2021.

Sera Prognostics (SERA) opened on July 15 at $15.01. The company had priced 4.688M shares at $16.00. The deal range was $15.00-$17.00. Citi, Cowen and William Blair acted as joint book running managers for the offering. Sera Prognostics, which calls itself "The Pregnancy Company," is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.

Inspira Technologies (IINN) opened on July 14 at $5. Inspira Technologies is a specialty medical device company engaged in the research, development, manufacture, and marketing of proprietary respiratory support technology.

Unicycive Therapeutics (UNCY) opened on July 13 at $8.55. The company had priced 4.55M shares at $5.00 per unit. Each unit consists of one share of common stock and four-fifths of a warrant to purchase one share of common stock. The warrants have an exercise price of $6.00 per share and are exercisable for a period of five years after the issuance date. Roth Capital acted as lead book running manager for the offering. Unicycive is a clinical stage biotechnology company developing therapies for patients with kidney disease whose lead drug, Renazorb, is a novel phosphate binding agent being developed for the treatment of hyperphosphatemia.

PERFORMANCE:

• Blend Labs finished Friday at $20.90.
• Imago BioSciences ended the week at $16.90.
• After opening at $16.65, Stevanato Group ended the week at $19.67.
• Regencell Bioscience finished Friday at $10.50.
• TScan Therapeutics ended the week at $10.50.
• After opening at $15.90, Erasca finished Friday at $17.43.
• Sight Sciences ended the week at $32.70.
• Membership Collective finished Friday at $12.50.
• After opening at $22.50, Rapid Micro Biosystems ended the week at $24.10.
• Cullman Savings finished Friday at $11.41.
• F45 Training ended the week at $16.10.
• After opening at $28, Phillips Edison finished Friday at $27.95.
• Sera Prognostics ended the week at $11.
• Inspira Technologies finished Friday at $4.77.
• After opening at $8.55, Unicycive Technologies ended the week at $3.20.

RECENT IPOS TO WATCH:
Missfresh (MF), Elevation Oncology (ELEV), Alpha Teknova (TKNO), Mister Car Wash (MCW), Graphite Bio (GRPH), GH Research (GHRS), Doximity (DOCS), Confluent (CFLT), Monte Rosa (GLUE), Bright Health (BHG), Grove (GRVI), Miromatrix Medical (MIRO), Bon Natural Life (BON), First Advantage (FA), Sprinklr (CXM) and Dingdong (DDL) 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 Robinhood (HOOD), Chobani, Qiniu (QNIU), Camposol (CMSL), Spark Education (SPRK), Sweetgreen, Warby Parker, Perspectum Group (SCAN), Braze, VTEX (VTEX), Gambling.com (GAMB), Duolingo (DUOL), Authentic Brands (AUTH), RxSIGHT (RXST), Portillo's and Fabletics.
Robinhood, the online brokerage associated with the surge in day trading by retail investors, disclosed documents for an initial public offering on the Nasdaq under the symbol "HOOD." Goldman Sachs and J.P. Morgan are acting as lead underwriters along with Barclays, Citigroup, Wells Fargo and Mizuho Securities. "We pioneered commission-free stock trading with no account minimums, which the rest of the industry emulated, and we have continued to build relationships with our customers by introducing new products that further expand access to the financial system. We believe we have made investing culturally relevant and understandable, and that our platform is enabling our customers to become long-term investors and take greater control of their finances," the company said in an SEC filing. For the year ended December 31, 2020, as compared to the year ended December 31, 2019, its total revenue grew 245% to $959M, up from $278M, net income was $7M, compared to a net loss of $107M, and adjusted EBITDA was $155M, compared to negative $74M.

Robinhood is targeting a valuation of $40B or more in its initial public offering, Financial Times' Madion Darbyshire and Miles Kruppa have reported, citing people familiar with the matter.

Food maker Chobani announced that it filed a confidential draft registration statement with the Securities and Exchange Commission on July 6, 2021 for a proposed underwritten public offering of common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. Chobani expects to commence the public offering following completion of the SEC review process, subject to market and other conditions.

Qiniu has filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itself as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."

Camposol Holding, a global provider of fresh and healthy foods, has filed with the SEC regarding a planned initial public offering.   

Spark Education has filed with the SEC for an initial public offering of American depositary shares, or ADSs, representing Class A ordinary shares of Spark Education Limited. In the filing, Spark said that, "We are a pioneer and innovator in China's K-12 after-school tutoring, or AST, market, offering foundational learning services to K-12 students... As a result of our unique approach to learning, we have become China's largest online small-class education company in terms of gross billings in 2020 and the number of students as of December 31, 2020, according to CIC."

Sweetgreen announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

Warby Parker announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

Perspectum Group filed with the SEC for an initial public offering of American depositary shares. Perspectum is a commercial-stage precision health company focused on "democratizing" care globally through the use of digital technologies. The company said its software products "combine expertise in image formation, magnetic resonance image analysis and artificial intelligence to support healthcare provider diagnosis, treatment decision-making and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies and cancer, and determine whether the patient is responding to therapy."

Braze announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock.  The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

VTEX filed with the SEC for an initial public offering of its Class A common shares. VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers. 84% of its ARR comes from enterprise customers, the filing noted. "Our customers transacted just under US$8 billion of GMV through our platform last year alone. We are leaders in Latin America, the fastest-growing region for ecommerce in the world in 2020. This is a region six years behind other global economies in digital commerce penetration. We know what is coming, and we are prepared to capture that growth. We learned how to scale in a complex region, comprised of multiple countries, cultures, tax systems, and local payment and logistics providers," the filing added.

Gambling.com has filed for an initial public offering. The company intends to apply to list its shares on the Nasdaq stock market under the symbol "GAMB." Jefferies, Stifel, and Truist Securities are acting as the lead underwriters for the offering.

Duolingo announced that it has publicly filed a registration statement with the U.S. SEC relating to the proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Duolingo has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "DUOL."

Authentic Brands has filed with the SEC for an initial public offering, stating that it intends to have its Class A common stock listed on the New York Stock Exchange under the symbol "AUTH." Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings. In the regulatory filing, Authentic Brands lists asset manager BlackRock (BLK), private equity firm General Atlantic and mall owner Simon Property Group (SPG) among its shareholders.

RxSIGHT has filed with the SEC for $100M initial public offering. The company expects to list its common stock on the Nasdaq Global Market under the symbol "RXST."

Portillo's Hot Dogs, the fast-casual restaurant chain held by private-equity firm Berkshire Partners, is expected to confidentially submit a draft registration statement for a public offering with federal regulators, reported The Wall Street Journal's Heather Haddon, citing sources close to the company. 

Fabletics, the workout-apparel brand backed by Kate Hudson, has tapped banks to help it prepare for an initial public offering that it hopes would value it at more than $5 billion, The Wall Street Journal's Cara Lombardo and Corrie Driebusch reported, citing people familiar with the matter. Fabletics, owned by TechStyle Fashion Group, recently selected Morgan Stanley (MS), Goldman Sachs (GS), Barclays (BCS) and Bank of America (BAC) for its IPO and is aiming to raise around $500 million in an offering, they said.