We’ve already had four deals price this week with another 10 on tap. As a reminder, our Current IPOs sheet is updated every Monday (free) and has a link to the roadshow downloads (for annual subscribers.)
Toast (TOST) is one I love but it priced way above the revised-higher range at $40 and will trade up from there. This is a vertical play on restaurants and they have done a superior job. You might see it as a POS system similar to Square (SQ) but the reality is that they are an entire solution to help restaurants streamline their whole business. It’s already a $23B market cap pre-open.
Freshworks (FRSH) priced above the range at $36 and should open higher. We’ll be adding it to our SaaS sector coverage.
VersaBank (VBNK) is an interesting potential sleeper. It’s a challenger bank based in Canada. They are very small with a $270M market cap but they are very profitable and KBW is a legit co-manager to have on such a small deal ($55M). I added a little to my personal account to keep an eye on it.
a.k.a. Brands (AKA) priced way below the range at $11. I didn’t get that one either.
Of the deals scheduled for the rest of the week, the ones I’m most interested in are Clearwater Analytics (CWAN), Remitly (RELY), and Cue Health (HLTH).
EngageSmart (ESMT) could be interesting but there are so many of these SaaS invoicing and payment solution companies.
I’d avoid Argo Blockchain (ARBK), Brilliant Earth (BRLT), Knowlton (KDC), Sovos Brands (SOVO), Sterling Check (STER), and Thorne Healthcare (THRN).