Nasdaq Welcomes 14 IPOs in 5 Days as IPO Activity Surges This September

In one of the busiest weeks for initial public offerings this year, Nasdaq welcomed 14 IPOs as companies look to tap the public markets in anticipation of more volatility around the U.S. election.

“We’ve already had over 140 IPOs this year, which is typically the number we’d see in a normal year,” Jeff Thomas, senior vice president and head of Western U.S. Listings and Capital Markets at Nasdaq, said during a recent interview on Cheddar. “We don’t see anything slowing down at least until the election.”

• READ: Nasdaq Outpaces NYSE in IPOs During First Half of 2020; Anticipates Robust Pipeline for Rest of Year

Nasdaq Stock Exchange President Nelson Griggs noted on CNBC that October is already lining up to be another strong month for IPO activity. He also indicated that he is speaking with a lot of companies about December listings.

Healthcare has dominated the IPO market this year, with several more companies going public this week, including Metacrine and Athira Pharma. Beyond healthcare, tech companies, special purpose acquisition companies (SPACs), and more held their IPOs this week.

Below we highlight the companies that joined Nasdaq.

JFrog (FROG) 

Software company JFrog soared in its trading debut after pricing its IPO at $44 a share, well above its an initial estimated range of $33 to $37 a share. In celebration of its IPO, JFrog rang the Nasdaq opening bell from Sunnyvale, California.

Sumo Logic (SUMO)

On Thursday, Nasdaq welcomed cloud company Sumo Logic with shares opening above its IPO price of $22 each, surpassing the initial estimated range of $17 and $21 a share. Sumo Logic rang the Nasdaq opening bell from its headquarters in Redwood City, California.

Pactiv Evergreen (PTVE) 

Illinois-based packing company Pactiv Evergreen offered 41 million shares in its IPO, which was priced at $14 a share.

OutSet Medical (OM) 

Medical technology company Outset Medical raised more than $240 million in its IPO this week, selling nearly 9 million shares at $27 each, exceeding expectations.

Software Acquisition Group Inc. II (SAIIU)

Blank check company Software Acquisition Group Inc II priced its $150 million IPO, offering 15 million units at $10.00 per unit. The SPAC announced its intentions regarding a business combination target, focusing its search on software companies, “especially those targeting enterprise vertical sectors owned by private equity and venture capital firms as well as corporate care outs.” 

Metacrine (MTCR)

Biotech company Metacrine priced its IPO of approximately. 6.5 million shares at $13 a share, raising $85 million.

StepStone Group (STEP) 

Global private markets investment firm StepStone Group priced its IPO of 17.5 million shares at $18 a share. StepStone also granted the underwriters a 30-day option to purchase up to an additional 2.625 million shares at the IPO price, less underwriting discounts and commissions.

Dyne Therapeutics (DYN)

Dyne Therapeutics, a preclinical biotech developing oligonucleotide therapies for rare muscular diseases, raised $233 million in its IPO, offering 12.2 million shares at $19 a share.

ACON S2 Acquisition Corp. (STWOU)

ACON S2 Acquisition priced its $250 million IPO, offering 25 million units at $10 each. The SPAC intends to focus on businesses that “employ a strategic approach to sustainability; that is, a business whose pursuit of sustainability—environmental, social and/or economic—is core to driving its performance and success.”

Alpha Healthcare Acquisition Company (AHACU)

Alpha Healthcare Acquisition, a blank check company targeting a healthcare business in the U.S., offered 10 million units at $10 each, raising $100 million.

Vitru (VTRU) 

For its IPO, Brazilian digital education company Vitru offered 6 million shares at a price range of $16 a share, raising $96 million.

Athira Pharma (ATHA)

Biopharmaceutical company Athira Pharma offered 12 million shares at $17 each, raising around $204 million.

Compass Pathways Ltd. (CMPS)

Mental health care company Compass Pathways raised $127.5 million in IPOs, offering 7.5 million shares at $17 a share.

North Mountain Merger (NMMCU)

North Mountain Merger offered 11.5 million units at $10 each, raising $115 million. The blank check company intends to focus its search for a target business in the fintech industry.

Griggs told CNBC that he expects IPO activity to remain strong throughout the month, expecting more than 30 IPOs.

Explore the IPO Calendar to learn more about upcoming IPOs and recent filings.

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