This is our sheet of offerings expected this week. You can sort them how you like. Annual subscribers can also download current IPO slideshow decks on our downloads page. Access to the archive requires a separate membership to IPO Candy Pro which is highly discounted with the IPO Candy Annual membership.

CompanySymbolDescriptionTheme/SectorDeal NotesUnderwritersTradesInterest Level
Clearwater AnalyticsCWANProvides cloud-native software for investment accounting and analyticsTechnologyGood deep enterprise software name. The smart people are going to love this one. It'll come out hot. The current cap is $3.6B at the $14-16 range. I bet people will paying 2x that on the open. Goldman, JP MorganFRIHigh
Cue HealthHLTHDevelops and sells molecular home tests for COVID-19 and other diseases.Health CareI like this home-based healthcare technology company. Healthcare will be going "omnichannel" over the next few decades and home-based technology will be a critical component of that. For some reason, they are described as a COVID-19 home test maker but they are much more than that. I will be taking a closer look. This one has long-term potential. Goldman, Morgan StanleyFRIHigh
ToastTOSTProvides mobile and digital payment processing and other services for restaurantsTechnologyVertical solution for the restaurant business. Customers love the platform and they are spreading fast. Definitely a threat to any POS provider in the space. Square (SQ) should be worried. Goldman, Morgan StanleyWEDHigh
VersaBankVBNKCanadian digital bankFinancialsVery small Canadian "challenger bank" that I kind of like. Might fall through the cracks in a busy week so looking deeper. Raymond James, KBWWEDHigh
FreshworksFRSHProvides a business SaaS for customer support and IT projectsTechnologyGood story but the valuation is so high, even for this market. $9B on LTM sales of $308M. Watch list name and part of the enterprise SaaS monitor for sure. Morgan Stanley, JP MorganWEDMedium
RemitlyRELYProvides a mobile payment service for international money transfers.TechnologyThe payments space is crowded but these guys are going after the hard use cases most of the other players are not interested in. It's a good niche that is very large when you add up all the small markets out there. $7B valuation on $350M of LTM sales is rather high but it's a good story. It will be on my watch list. Goldman, JP MorganTHUMedium
EngageSmartESMTProvides SaaS solutions for invoicing payments and health practice managementTechnologyHot space where so far every company seems to do well. 21x sales at a $4B cap. They are profitable. Will add it to the enterprise SaaS group but am not interested enough to consider it for the portfolio. JP Morgan, GoldmanTHUMedium
a.k.a. BrandsAKAOperates a portfolio of Millennial and Gen Z online fashion brands. Technology
An area of interest for us. Have been involved with MYTE and FTCH before. Young company with impressive growth. Investors are a bit unsure about how durable these franchises are. Related - SFIX, PLBY, VSCO.BofA, Credit SuisseWEDMedium
Thorne HealthtechTHRNOffers a suite of personalized dietary supplements.Consumer StaplesA play on our aging population. Nobody want's to get old. The company provides "science-driven" supplements and more tailored products. I added the quotes there because as far as I can tell the science part is pretty loose. They have decent growth and margins and are selling into a growing market. Do I want to start with the "Biological Age Blood Test?" I'm not sure I want to know. BofA, CowenTHUMedium
Argo BlockchainARBKBlockchain technology company focused on large-scale crypto mining. TechnologySo crypto mining stocks have had their ups and downs. Investors wonder what the unique competitive advantage is. So far it's been access to cheap power to run the machines (and getting the machines). So far I've just owned the underlying cryptos like BTC and ETH plus some other "growth" cryptos.Jefferies, BarclaysTHULow
Brilliant Earth GroupBRLTDigital-first retailer of ethically sourced fine jewelryConsumer DiscretionaryESG investing meets jewelry e-commerce. Nice "build your own ring" capability. High profitability. Blue Nile has been doing this for a long time and was bought in 2017 for $500M. BRLT wants a $1.4B valuation. Doesn't really seem that interesting.JP Morgan, Credit SuisseTHULow
KnowltonKDCCanadian maker of home, beauty, and personal care products.Consumer StaplesBig Canadian company with over $2B in sales. Low gross margins, high debt. They make personal care and cosmetic products with expertise in packaging and product design. They serve brands as a white-label supplier. They have grown through acquisition in the past two or three years. Pretty boring. Goldman, JP MorganTHULow
Sovos BrandsSOVOSells premium food brands including Rao's and noosa.Consumer StaplesA food company focused on "growth brands" and funded with debt and private equity. There is plenty of competition for their "one of a kind" brands so I'm not in agreement with their positioning. It's not bad but this is basically a food company. Valuation is reasonable but not compelling. JP Morgan, GoldmanTHULow
Sterling CheckSTERProvides tech-enabled background screening and identity verification services. IndustrialsI don't know about this one. Are there really high barriers to entry in this business? Valuation is reasonable but I don't know if this one is really the future. Goldman, JP MorganWEDLow
SportradarSRADProvides software and data to the sports betting industry.TechnologyLeading player in SportTech. See our recent note.JP Morgan, Morgan StanleyTUEHigh
Dutch BrosBROSOwns and franchises drive-thru coffee shops in the Western USConsumer DiscretionarySome people love this coffee chain. Not in my area though. BofA, JP MorganWEDMedium
Definitive HealthcareDHProvides a healthcare intelligence platform for go-to-market sales strategiesTechnologyA vertical analytics play that looks to be in a great position. Goldman, JP MorganWEDHigh
DICE TherapeurticsDICEPhase 1-ready biotech developing oral small molecule therapies for immunologic diseasesHealth CareToo early. BofA, SVB LeerinkWEDLow
EzFill HoldingsEZFLProvides an on-demand fuel delivery service in Florida via mobile appConsumer DiscretionaryVery early and a small company but fuel delivery is actually a real market. ThinkEquityWEDMedium
OnONONSwiss running shoe and athletic apparel brandConsumer DiscretionaryLove the shoes personally Wall Street loves the stock. Very expensive. Goldman, Morgan StanleyWEDMedium
PROCEPT BioRoboticsPRCTMakes a surgical robotic system for minimally-invasive urologic surgeryHealth CareRobots are our future. Fits into the aging population theme. BofA, GoldmanWEDMedium
ThoughtworksTWKSProvides digital consulting and software development servicesTechnologySolid consulting firm. Not clear how much you should pay for it. Goldman, JP MorganWEDMedium
VersaBankVBNKCanadian digital bankFinancialsLots of "challenger banks" out there. Is it a commodity? Raymond James, KBWWEDMedium
Tyra BiosciencesTYRAPreclinical biotech developing FGFR kinase inhibitors for solid tumorsHealth CareToo early. BofA, JefferiesWEDLow
Enact HoldingACTPrivate mortgage insurance company being spun out of Genworth Financial FinancialsNo real interest in mortgages at this point in the cycle. Goldman, JP MorganTHU
Low
ForgeRocksFORGProvides security identity management software to enterprises.TechnologyIt's a hot deal. Plays to larger enterprises than OKTA. Morgan Stanley, JP MorganTHUMedium
Generation IncomeGIPRInternally manage net lease REIT focused on single-tenant commercial properties. Real EstateWe don't do REIT investing here. Maxim, Joseph GunnarFRILow
RenovoRXRNXTDeveloping a drug device for the treatment of solid tumorsHealth CareGenerally we avoid anything targeting tumors but this one could be interesting. Roth Cap, MaximTHU

Medium
authID.aiAUIDProvides a biometric identity verification platformTechnologyCrowded space, likely to be dominated by bigger players. ThinkEquityTUELow
FinWise BancorpFINWUtah-based digital bank that offers loan and deposit services across the USFinancialsA small regional bank pretending to be modern.Piper Sandler, StephensTHUNone
Southern States BankSSBKAlabama bank with 15branches in Alabama and GeorgiaFinancialsLegit small regional bank. Tiny market cap. KBW is a solid underwriter. KBW, Truist SecuritesTHUTrade only
Context TherapeuticsCNTXPhase 2 biotech developing therapeutics for female cancers.Health CareToo small at $20M with a $100M market cap.ThinkEquityThis weekLow
ROX FinancialROXAREIT containing sole Amazon logistics center in Oakley, CA.FinancialsThis is a hairy REIT. Could be interesting but will require a closer look.UBS, RBCThis weekMedium
The Better Being Co.BBCOSells vitamins and supplements under the Solaray, KAL, and other brands Consumer StaplesCould be a GAARP name with 15% top-line. $1B cap is 15x EBITDA.Goldman, Credit SuisseWEDLow
Cadre HoldingsCDREProvides safety and survivability equipment for first respondersIndustrialsIt's unfortunate but violence is on the rise and Cadre has broad exposure to this trend. Stifel, Raymond JamesTHUMedium
European Wax CenterEWCZFranchised chain of hair removal salonsConsumer DiscretionaryRecurring revenue stemming from the persistence of unwanted hair and the limited potential of other methods.Morgan Stanley, BofATHUHigh
Orange County BancorpOBTNew York bank with 14 full-service branches across the Lower Hudson Valley.FinancialsReally an up-listing. There is some buzz around a new surge of activity to this area driven by COVID.Piper Sandler, StephensTHULow
WCG ClinicalWCGCPerforms ethical reviews and other clinical trial services to biopharmas and CROs.Health CareToo expensive given growth and margins. Goldman, Morgan StanleyTHUMedium
WeberWEBRLeading outdoor grilling brandConsumer DiscretionaryThese are the grills to buy. Valuation isn't bad. Outdoor trends are a plus. Goldman, BofATHUHigh
Healthcare RoyaltyHCRXBuys royalty interests in marketed and late-stage biopharmaceuticals.Health CareInteresting business model around financing mid-market drug royalties. Goldman, CitiFRIHigh
Candel TherapeuticsCADLPhase 3 biotech developing oncolytic viral immunotherapies for cancer.Health CareWe don't do clinical stage cancer drugs.Jefferies, Credit SuisseTUENone
Context TherapeuticsCNTXPhase 2 biotech developing therapeutics for female cancers.Health CareWe don't do clinical stage cancer drugs.ThinkEquityWEDNone
DoleDOLELeading global branded fruit and vegetable company.Consumer StaplesStable and profitable with $9B in sales. Not exciting but safe.Goldman, Deutsche BankWEDLow
DuolingoDUOLOnline Language Learning PlatformTechnologyStrong technology and a large potential market. Valuation is very high.Goldman, Allen & COWEDHigh
MeridianLinkMLNKProvides a digital lending platform to mid-market financial institutions.TechnologyOnline banking platforms have good fundamentals. BofA, Credit SuisseWEDMedium
Muliang ViagooMULGChinese manufacturer and distributor of organic fertilizer and agricultural productsMaterialsToo small with $12M in declining revenue. Why public?BousteadWEDNone
PowerSchoolPWSCProvides an education platform for teachers to collect work, grade, and manage classroom activity.TechnologyLearning has extended beyond the walls of the school forever. Goldman, BarclaysWEDHigh
Snap One HoldingsSNPOProvides a suite of smart home technology products to professional integrators.TechnologyThe DIY "smart home" is still a challenge. These guys supply professionals.Morgan Stanley, JP MorganWEDMedium
TraegerCOOKMakes premium backyard wood pellet grillsConsumer StaplesTaps into the positive consumer trends of more home/outdoor living. Morgan Stanley, JefferiesTHUMedium
RobinhoodHOODOffers a no-commission retail brokerage platformFinancialsThe big disruptor and challenger in the brokerage business. Goldman, JP MorganTHUHigh
IcosavaxICVXPhase 1 biotech developing vaccines for respiratory diseases.Health CareToo early.Jefferies, CowenTHULow
Preston Holllow Comm. Cap.PHCCProvides specialized financing for social and economic projects.FinancialsDifferent kind of company. A small financer of projects for the public good.JP Morgan, BarclaysTHUMedium
RallybioRLYBPhase 1/2 biotech developing antibody therapies for rare diseasesHealth CareToo early.Jefferies, CowenTHULow
RiskifiedRSKDProvides e-commerce fraud protection for enterprises.TechnologyLike the space. Company has an interesting approach. Valuation is high. Not sure how hard it is to implement.Goldman, JP MorganTHUMedium
ClariosBTRYGlobal manufacturer of low-voltage vehicle batteriesIndustrialsBig player in conventional batteries for vehicles.BofA, JP MorganFRILow
ImmuneeringIMRXPreclinical biotech targeting signaling pathways to treat cancer and neurological diseases.Health CareWay too early.Morgan Stanley, JefferiesFRILow
IN8bioINABPhase 1 oncology biotech developing allogeneic gamma-delta T cell therapiesHealth CareToo early, too narrow.B. RileyFRINone
MaxCyteMXCTProvides cell engineering devices and servicesHealth CareInteresting emerging area. Hard to value.Cowen, StifelFRIMedium
Omega TherapeuticsOMGAPreclinical biotech developing gene therapies for oncology and other diseasesHealth CareToo early.Goldman, JefferiesFRINone
Rani TherapeuticsRANIDevelops ingestible capsules for oral dosing of medicationHealth CareWe've seen a few of these - none successful. BofA, StifelFRILow
TeadsTEADSpin-off of Altice's programmatic ad platform for advertisers and publishersTechnologyKind of a hybrid ad agency and technology company. Goldman, Morgan StanleyFRIMedium
KalturaKLTRProvides live and on-demand video SaaS SolutionsTechnologyVideo platform company with some vertical specialization in areas like education. Goldman, BofAWEDMedium
Gambling.com GroupGAMBProvides digital marketing services to the online gambling industry.TechnologyNot sure I appreciate the moat here. I will look more closely though. Jeffries, StifelWEDLow
CS DiscoLAWProvides software for ediscovery, legal document review, and case managementTechnologyIndustry specific names like these are attractive. Look at Workiva (WK)JP Morgan, BofAWEDHigh
Paycor HCMPYCRProvides a SaaS human capital management platform for SMBsTechnologyVery profitable. Small deal. Goldman, JP MorganWEDHigh
VTEXVTEXProvides enterprise software used to build online stores in Latin AmericaTechnologyA little small. Tiger indicates an interest in the IPO. JP Morgan, GoldmanWEDMedium
AbSciABSIProvides a platform for discovery and development of proteins and biologicsHealth CareAutomating the discovery of protein-based drugs is a bold goal but there's a lot of hand waving going on here. JP Morgan, Credit SuisseTHUMedium
CouchbaseBASEProvides NoSQL database technology for application developersTechnologyBasically an also-ran in this category. No MDB. Morgan Stanley, GoldmanTHUMedium
Elicio TherapeuticsELTXPhase 1/2 biotech developing novel immunotherapies for cancerHealth CareWe don't do early stage cancer drugs. BTIG, OppenheimerTHULow
Instructure Holdings INSTProvides a learning management platformTechnologyWorth a look but the financials are underwhelming.Morgan Stanley, JP MorganTHUMedium
Ryan Specialty GroupRYANWholesale specialty insurance brokerage providing MGU and other servicesFinancialsBig deal of the week. Strong interest but not really exciting.JP Morgan, BarclaysTHULow
ZenviaZENVProvides a customer experience communications platform in Latin AmericaTechnologyAnother CX player but Twilio (TWLO) buying on the IPO is interesting. Goldman, Morgan StanleyTHUMedium
ZeviaZVIAMakes zero calorie soft drinks sweetened with steviaConsumer StaplesI like to use zero calorie versions of mixers like tonic. Theirs does not taste good. Goldman, BofaTHULow
Candel TherapeuticsCADLPhase 3 biotech developing oncolytic viral immunotherapies for cancerHealth CareNon-breakthrough cancer therapy.Jefferies, Credit SuisseFRILow
Core & MainCNMLeading distributor of pipes and other industrial water infrastructure productsIndustrialsBig infrastructure that could benefit from federal stimulus. Goldman, Credit SuisseFRILow
OutbrainOBProvides an online content marketing platformTechnologyThere some skepticism around this one. Citi, JefferiesFRIMedium
Caribou BiosciencesCRBUPhase 1 biotech developing gene edited cell therapies for multiple cancersHealth CareToo early stage for us.BofA, CitiFRILow
Cytek BioSciencesCTKBProvides cell analysis instruments for life science applicationsHealth CareCool MedTech name. High valuation but growing fast and profitable. Morgan Stanley, GoldmanFRIHigh
SOPHiA GENETICSSOPHProvides a data-driven SaaS platform for the healthcare industryHeath CareEarly stage but still hunting for good AI/Data tech for improving healthcare.JP Morgan, Morgan StanleyFRIHigh
Xponential FitnessXPOFRoll-up of franchised boutique fitness brands with over 1,750 studios in North AmericaConsumer Discretionary
These have not worked well in the past. I will still take a quick look. BofA, JefferiesFRIMedium
F45 TrainingFXLVGlobal fitness franchise offering 45-minute workoutsConsumer DiscretionaryAnother model for delivering fitness to consumers. Could be a good hybrid approach. Goldman, JP MorganTHUMedium
Membership CollectiveMCGOperates members-only luxury hotels and clubs under the Soho House brandConsumer DiscretionaryAn odd duck combining hospitality and social features. Big question is profitability.JP Morgan, Morgan StanleyTHUMedium
Phillips EdisonPECOREIT focused on grocery-anchored neighborhood shopping centers.Real EstateA less risky retail REIT given their focus. Morgan Stanley, BofATHULow
Sera PrognosticsSERADevelops diagnostic tests for pregnancy complicationsHealth CareFertility treatments are a growing area of interest and being covered by more plans. Citi, CowenTHUMedium
Blend LabsBLNDProvides a digital platform for lenders to offer mortgages and consumer loansTechnologyCustomer account creation is a big obstacle for banks. Nosebleed valuation. Goldman, Allen & Co.FRIMedium
Bridge Investment GroupBRDGVertically-integrated real estate investment manager with $26 billion in AUMReal EstateNot really our bag.Morgan Stanley, JP MorganFRILow
Sight SciencesSGHTProvides medical and surgical devices for underserved eye diseaseHealth CareThis one is already getting a lot of attention. Positive trends and a good team. Morgan Stanley, BofAFRIHigh
Stevanato GroupSTVNItalian supplier of glass vials, syringes, and other pharmaceutical containersMaterialsStrong position in a big niche. Good fundamentals. Morgan Stanley, BofAFRIMedium
TScan TherapeuticsTCRXPreclinical biotech developing engineered T cell cancer therapiesHealth Care
Too many of these IMO. Morgan Stanley, JefferiesFRI Low
MinimMINMProvides intelligent networking products with a WiFi as a Service platformTechnologyAlready public on OTC. Competing with some big players as a niche provider. B. RileyWEDLow
LinkDoc TechnologyLDOCChinese healthcare data company specializing in oncology patientsTechnologyChina may have a big advantage here. Leveraging this kind of data is the holy grail. Morgan Stanley, BofAFRIHigh
Unicycive TherapeuticsUNCYEarly-stage biotech developing in-licensed therapies for kidney disease.Health CareVery small deal. Wouldn't even look at it but because they are in the Kidney space will go over the approach.Roth Cap., EF HuttonTUEMedium
DingdongDDLOn-demand grocery delivery platform in ChinaTechnologyGotta love the name. This business model remains unclear in terms of generating ROIC. Morgan Stanley, BofATUELow
DiDi GlobalDIDIOperates China's largest ride-hailing networkTechnologyThe Uber of China. Massive potential. One frets about government regulation there. Still probably one to own. Goldman (Asia), Morgan StanleyWEDMedium
SentinelOneSProvides an automated cybersecurity threat detection and response platformTechnologyCombining AI and best-of-breed enterprise security technology makes it a winner. Very expensive. Morgan Stanley, GoldmanWEDMedium
XometryXMTROperates an online marketplace for on-demand manufacturingTechnology
Unfair to call this an "Etsy" for custom manufactured goods but still. Interesting. Goldman, JP MorganWEDHigh
CVRxCVRXMakes a minimally invasive neuromodulation device for cardiovascular diseaseHealth CareDefinitely interesting intellectually. Still need to parse commercial potential. JP Morgan, Piper SandlerWEDMedium
LegalZoom.comLZProvides legal and compliance solutions in the USServicesThis one has been around for a very long time. Slow grower but profitable. At a price. JP Morgan, Morgan StanleyWEDMedium
Clear SecureYOUProvides a biometric identity verification platformTechnologyClear started out with airport security and has pivoted into other applications post-COVID. Product/market fit still in question. Goldman, JP MorganWEDMedium
Intergral Ad ScienceIASProvides digital advertising measurement and verification platform.Technology
More AdTech which feels a bit like consulting. Will take a look but feels like a me too. Morgan Stanley, JeffriesWEDMedium
IntappINTAProvides application software for professional financial servicesTechnologySmaller vertical app provider in the financial services segment. Interesting at a price. JP MorganWEDMedium
Aerovate TherapeuticesAVTEDeveloping a dry powder drug formulation for pulmonary arterial hypertensionHealth CareAn interesting repurposing of a drug to treat a common disease. Going into P2.Jeffries, CowenWEDLow
Regencell BioscienceRGCDeveloping formulations of traditional Chinese medicine for ADHD and ASDHealth CareDoes it work? MaximTHULow
Twin Vee PowerCatsVEEMakes recreational commercial power catamaran boatsConsumer Discretionary
Micro sized company with $12M in revenue. Why go public? ThinkEquityTBALow
Glimpse GroupVRAROwns and operates a portfolio of virtual and augmented reality companiesTechnologyEF Hutton? Seriously? This is a kind of VR rollup. Very strange. EF HuttonWEDMedium
AMTD DigitalHKDDigital Financial services provider being spun out of AMTDTechnologyThis one is definitely an odd ball. They describe themselves as a "fusion reactor" for innovation. Worth a look. AMTD Global, Loop CapitalTBA
Medium
Acumen PharmaceuticalsABOSPhase 1 biotech developing a monoclonal antibody for Alzheimer's diseaseHealth CareEarly stage.BofA, Credit SuisseTHULow
Atour Livestyle HoldingsATATUpper midscale hotel chain in ChinaConsumer Discretionary
Lots of growth and the numbers are good if you believe them. BofA, CitiTHULow
TorridCURVPlus-size women's fashion retailer spun out of Hot TopicConsumer DiscretionaryAll the brands are tripping over themselves to be more inclusive to plus sizes. At a price maybe. Morgan Stanley, BofATHULow
Krispy KremeDNUTOwns, operates, and franchises doughnut shopsConsumer DiscretionaryPeople love treats and after a restructuring the company is operating well. JP Morgan, Morgan StanleyTHUHigh
EverCommerceEVCMProvides SaaS solutions to SMBs for business and customer managementTechnologyKind of more general version of MindBody (MB) which did well. Goldman, JP MorganTHUHigh
D-MarketHEPSOperates the e-commerce platform Hepsiburada in TurkeyTechnologyThese platforms have generally done well. No feel for Turkey. Morgan Stanley, JP MorganTHUMedium
NyxoahNYXHCommercialzing a nerve stimulator implant for obstructive sleep apneaHealth CareLots of people suffer from sleep apnea. Not sure how well this solution works or not. Piper Sandler, StifelTHUMedium
SprinklrCXMProvides customer experience management software for enterprisesTechnologyThis is a key part of the new omnichannel focus for brands. Morgan Stanley, JP MorganWEDHigh
ConfluentCFLTProvides an enterprise platform that collects and processes real-time date streams.TechnologyWe've heard the story before. So far it's been hard to make it stick as a category.Morgan Stanley, JP MorganTHUMedium
Full Truck AllianceYMMDigital freight platform that connects shippers an truckers in ChinaTechnologyEveryone is excited about this $400M company. 38x Sales.Morgan Stanley, CICCTUELow
SoulgateSSRProvides the gamified social networking app Soul in ChinaTechnologyInteresting small but rapidly growing company. Could fit into our XR theme.Morgan Stanley, JefferiesTHUHigh
Monte Rosa TherapeuticsGLUEPreclinical biotech developing small molecule protein degraders for cancer and other diseases.Health CareEarly stage but interesting approach in degrading proteins selectively. JP Morgan, CowenTHU
Medium
DoximityDOCSProfessional network for physicians with telehealth and scheduling toolsTechnologyImpressive combination of technology and human-centered design for doctors. Morgan Stanley, GoldmanTHUHigh
First AdvantageFAProvides background checks and other services to corporate customersIndustrialsSeems like a commodity business. Reasonable valuation. Barclays, BofAWEDLow
Bright Health GroupBHGProvides health insurance and other healthcare services.FinancialsHealthcare insurance provider being offered at a major premium. JP Morgan, GoldmanTHUMedium
Miromatrix MedicalMIRODeveloping novel bioengineering technology for organ transplantsHealth CareTransplant rejection has been a persistent problem. Early stage.Craig-HallumWED
Low
Elevation OncologyELEVPhase 2 biotech developing targeted therapies for cancer in genomically-defined patientsHealth CareAnother cancer treatment. Too narrow for us. JP Morgan, CowenPricedLow
GH ResearchGHRSPhase 2 biotech developing DMT-based therapies for depressionHealth CareA little early but targeting a key treatment area. Cowen, StifelPricedMedium
Graphite BIOGRPHPhase 1/2-ready biotech developing gene editing therapies for sickle cell and other diseasesHealth CareMorgan Stanley, BofAPricedLow
Alpha TeknovaTKNOProvides reagents and other materials for biopharmaceutical R&D applicationsHealth CareSupplier to the pharma industry. Small company. Cowen, William BlairPricedMediu
Acurx PharmaceuticalsACXPPhase 2 biotech developing antibiotics for antibiotic-resistant pathogens.Health CareDrug-resistant bugs may be a bigger cause of death than cancer in the future. Alexander Capital, Network 1PricedMedium
Mister Car WashMCWLeading national car wash brand with 344 locations across the US.Consumer DiscretionaryAn opportunity to learn something about this business. BofA, Morgan StanleyPricedMedium
AiHuiShou InternationalREREChinese pre-owned consumer electronics transactions and services platformTechnologyRevenues are approaching $1B. Market cap about $3.5B.Goldman, BofATHU
Low
Convey Holding ParentCNVYProvides insurers with Medicare Advantage technology and admin servicesHealth CareThe timing isn't great here given the recent approval of the Alzheimer's drug. BofA, GoldmanWEDLow
Molecular PartnersMOLNSwiss biotech developing engineered protein therapies for Covid-19 and cancersHealth CareNeed to figure out what special sauce they bring. At least Leerink is on the cover. JP Morgan, SVB LeerinkWEDMedium
WalkMeWKMEAI-powered enterprise customer engagement and business insight platformTechnologyKind of a enterprise software scripting platform. Morgan Stanley, GoldmanWEDHigh
Angel Oak MortageAOMRMortgage REIT focused on non-qualified loansFinancialsSmaller deal for this space with a $500M market cap. Wells Fargo, BofATHULow
Lyell ImmunopharmaLYELPreclinical biotech developing T cell therapies for solid tumors.Health CareThere are so many of these but this one will have a $4.6B market value (!)Goldman, BofATHUMedium
ATAI Life Sciences ATAIBiotech platform focused on psychedelics disordersHealth CareAnother company working on non-traditional therapies. I think it's a promising area. Credit Suisse, CitiFRIHigh
Zhangmen EducationZMEChinese online after-school tutoring platformTechnologySmall deal at ~$40M with existing investors saying they will take 92% of the deal. (WTF?)Morgan Stanley, Credit Suisse TUELow
MarquetaMQProvides an open API platform for card issuing and digital paymentsTechnology$1B offer for a company offering developers an API-driven way to build and run a credit/debit business.Goldman, JP MorganWEDHigh
1st DibsDIBSOnline marketplace for art, jewelry, antiques, and other luxury goods.TechnologyStill smallish at $90M in revenue growing just 16%. $775M market cap. Bofa, Barclays THUMedium
LifeStanceLFSTProvides outpatient mental health services.Health CareWe're pleased to see more companies helping to address the mental health crisis. $6B valuation, ~$500M revenue. Morgan Stanley, GoldmanTHUHigh
monday.comMNDYProvides a project management platform for businesses and schoolsTechnologyTrying to project themselves as an "OS" for the workplace. A bit of a stretch. Puts them more in competition with Microsoft, Google. Goldman, JP MorganTHUMedium
Zeta GlobalZETAOffers a sustomer data platform with automated marketing and advertising tools.
TechnologyMore "omnichannel" marketing automation. Medallia has done well. HubSpot is still in our model portfolio. Morgan Stanley, BofaTHUMedium
KanzhunBZLeading online recruitment platform in China.TechnologyHefty $8B valuation for this $400M in sales online recruiting platform. Goldman, Morgan StanleyFRIMedium
Janux TherapeuticsJANUXPreclinical biotech developing novel T cell engagers for solid tumors.Health CareJoins the parade of companies developing drugs for solid tumors.Bofa, CowenFRILow
TaskUSTASKProvides outsourced customer support and content review services to tech firms.TechnologyThis one feels a little 2005 to me but they are trying to leverage their positioning in areas like content moderation and rapid scale to seem different. Goldman, JP MorganFRILow
dLocalDLOProvides a cross-border payment processing platform for e-commerce.TechnologyAnother payment company targeting slightly harder use cases. $9B valuation on $150M in revenue is high but they are very profitable. JP Morgan, GoldmanTHUMedium
FlywireFLYWProvides payment processing software to education, healthcare, travel and B2B firms.TechnologyGoing after the harder use cases involving international payments. Adds an element of Avalara to the mix. Goldman, JP MorganWEDMedium
PaymentusPAYElectronic payment billing provider.TechnologyBilling software company. Feels like a crowded space. LTM sales are $320M up 30%. Proposed valuation is $2.4B. Profitable. Goldman, JP MorganWEDMedium
ZipRecruiterZIPOperates an online job marketplace.TechnologyDirect listing of the online job site at $25-ish puts the valuation at $3.2B on $430M in LTM revenue. Profitable. Goldman, JP MorganWEDMedium
Singular GenomicsOMICDeveloping genetic sequencing multiomics systems for biomedical research.Health CareGenetic sequencing technology. Can they catch the big boys? Pre-revenue. JP Morgan, GoldmanTHUMedium
Day One BiopharmaDAWNPhase 2 biotech developing treatments for pediatric glioma and other cancers.Health CareDeveloping a niche cancer therapy. All good but too many of these. JP Morgan, CowenTHULow
FIGSFIGSPremium medical scrubs and health care apparel brand.Consumer Discretionary People love these scrubs. They are like the Lululemon of medical attire. Goldman, Morgan StanleyTHUHigh
Centessa Pharmaceuticals CNTABiotech holding company carved out of Medixci Health CareKind of a biotech rollup. Provides plenty of "shots on goal." Morgan Stanley, GoldmanFRIMedium
Oatley GroupOTLYSwedish Vegan food company known for it's oat milk.Consumer StaplesCharming story about the story of oat milk.Morgan Stanley, JP MorganTHUMedium
Procore TechnologiesPCORProvides cloud-based construction management and collaboration software.TechnologyThe construction industry is begging for innovation. Coming slowdown might be a risk.Goldman, JP MorganTHUMedium
Global-E GLBEProvides a platform for cross-border e-commerceTechnologyProvides a platform for cross-border e-commerce. TTM revenues of $136M were up 100% and the company is profitable. $4B valuation (27x sales). Goldman
Morgan Stanley
WEDMedium
SimilarwebSMWBProvides a freemium platform for website traffic analyticsTechnologyA website traffic analysis company. They have done some interesting things in terms of packaging their solutions around industries and common use cases. Makes it easier for a customer to get to value on the platform. They might be a little late to the party. TTM revenues are $102M up 32% with good GM but negative OM. $1.7B valuation seems high. JPMorgan, CitiWEDMedium
Enact HoldingsACTPrivate mortgage insurance company being spun out of Genworth FinancialFinancialsPrivate mortgage insurance company being spun out of Genworth Financial. It's tough timing with an expected slowdown coming in the mortgage business. But it's a $1B+ business with very high margins so coming cheap based on earnings. JP Morgan, GoldmanTHULow
hear.comHCGHearing care services provider being spun out of WS AudiologyHealth CareA bit of an odd duck. They have developed a business around the hearing aid industry which is fraught with fragmentation and dysfunction. It reminds me a bit of Livongo (LVGO now TDOC) in terms of thinking through and implementing a new technology-enabled way to really deliver a healthcare service. Revenues of just over 200M are growing close to 30%. $2B market value.Morgan Stanley, JP MorganFRIMedium
ZenviaZENVProvides a customer experience communications platform in Latin AmericaTechnology Provides a customer experience communications platform in Latin America. Interesting little company. It's kind of a hybrid between solutions (Medallia, HubSpot, Zendesk) and toolkits (Twilio, Agora) that can be used to address all the different customer service delivery scenarios. TTM revenues are $82M up 21% and the proposed valuation is $600M. Looks like growth can accelerate and profit margins expand sequentially for the next year or two. Goldman, Morgan StanleyFRIHigh
Vera TherapeuticsVERAPhase 2 b biotech developing fusion proteins for immunological diseases.Health CareDrug developer in Phase 2b targeting fusion proteins for immunological diseases.Jefferies, CowenFRILow
iPowerIPWOnline hydroponic equipment supplierIndustrialsAnother hydroponic equipment supplier benefiting from the growth in the cannabis industry. Their plan is to leverage social media to grow faster. Seems shaky. DA Davison
Roth Cap
WEDNone
Flora GrowthFLGCCanadian developer of low-cost cannabis products in ColombiaConsumer DiscretionarySmall deal ($15M) for a cannabis producer based in Canada and producing out of Colombia. Seems to have little in the way of operations or revenues. BousteadTUENone
Five StarFSBCCalifornia bank with seven branches and two loan production offices.FinancialsAs a regional bank it's not in our wheelhouse however it's a small float so might be worthy of look.KBW, Stephens
WEDMedium
Honest CompanyHNSTNon-toxic lifestyle brand of baby, skin, and household products.Consumer StaplesBringing a new model to the staid CPG business. Will be a hit with ESG types. Morgan Stanley, JP MorganWED
High
Bowman ConsultingBWMNProvides engineering-focused professional services.IndustrialsSmall company with $140M market cap, slow growth. DA Davidson, B. Riley FBRTHULow
ValnevaVALNCommercial-stage French biotech developing vaccines for infectious diseases.HealthcareThis one has multiple shots on goal including a potential vaccine for Lyme disease. Goldman, JefferiesTHUMedium
Anebulo PharmaceuticalsANEBA clinical-stage biotechnology company developing novel solutions for people suffering from cannabinoid overdose and substance addictionHealthcareAddiction and overdose definitely big problems. Still in Phase 2 though. BenchmarkFRILow
iPowerIPWAn online hydroponic equipment suppliers in the United States.IndustrialsThis one is hoping to jump on the bandwagon for indoor farming. Strategy seems dubious. DA Davidson, Roth Cap
FRILow
Onion GlobalOGOperates a cross-border e-commerce platform for lifestyle brands in China.TechnologyHard to parse this one. They claim to be at the intersection of brand development and social media. (China)AMTD Global, HuataiFRILow
Talaris TherapeuticsTALSPhase 3 biotech developing methods for allogeneic hematopoietic stem cell transplantation.HealthcareInteresting biotech in the organ transplantation space. From Louisville Kentucky! Morgan Stanley, SVB LeerinkFRIMedium
Gyroscope Therapeutics HoldingsVISNUK-based Phase 2 biotech developing gene therapies for ocular diseases.HealthcarePretty slow progress so far on ocular diseases. Maybe these guys have something. Morgan Stanley, GoldmanFRIMedium
WaterdropWDHOperates a health insurance distribution and crowd-funding platform in China.FinancialsMedical insurance and crowd-funding platform in China. Will need to take a closer look at this one. Goldman (Asia), Morgan StanleyFRIMedium

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