The IPO rush on Wall Street has been going strong so far in 2021 and has no intentions of slowing down.
The IPO rush on Wall Street has been going strong so far in 2021 and has no intentions of slowing down. As the US economy unlocks and the vaccinated population continues to grow, a large number of companies from across the globe are eying listing their stocks on Wall Street, adding to the already 550 initial public offerings seen by investors. The number has already surpassed the record figure of 480 IPOs seen last year. The public offerings are, however, not slowing down anytime soon. Here are some of the hot upcoming IPOs on Wall Street.
Chinese ride-hailing application is set to make its NYSE debut in the coming days. According to its filing with US Securities and Exchange Commission (SEC), 288 million American Depositary Shares of Didi will list at a price of $13-14 per share. With this the company will raise $4 billion, making it one of the largest IPOs seen by US investors in recent years. The stocks of Didi could list as soon as next Wednesday on the New York Stock Exchange. The company is aiming for a valuation of $60 billion, according to Reuters. Four ADSs represent one Class A ordinary share.
The company has been operating in China and once faced competition from Uber, before the latter exited China. Didi operates in 16 countries or nearly 4,000 cities with 493 active users annually. The company plans to use the raised amount to invest in their technology capabilities including our shared mobility, electric vehicle, and autonomous driving technologies. Funds will also be used to grow in international markets.
Medical device maker CVRx could also list on the stock exchanges soon. Recent filings with the SEC show that CVRx is offering investors 6,250,000 common stock in the price band of $15 to $17 per share to list on the NASDAQ index. “We estimate that the net proceeds from the sale of 6,250,000 shares of common stock in this offering will be approximately $91.5 million at an assumed initial public offering price of $16.00 per share,” the filing read. The amount could increase to $105 million if underwriters exercise their option to purchase additional shares in full. The company plans to use the raised funds for the expansion of our direct sales force and commercial organization
CVRx markets BAROSTIM NEO, a medical device for heart failure and resistant hypertension. The company is supported by leading medical technology investors including Johnson & Johnson. A subsidiary of Johnson & Johnson Innovation holds a 31.8% stake in the company pre-issue which will fall to 21.4% post issue.