Four of the five companies will be listed on the Nasdaq.
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One day after Coinbase’s widely anticipated public listing, the fireworks in the IPO market aren’t over. Esports Technologie s, one of five companies that made their debuts, soared 507%.
Applovin (ticker: APP), TuSimple (TSP), Karat Packagin g (KRT), and Esports (EBET) opened on the Nasdaq, while Agilon Health (AGL) went public on the New York Stock Exchange.
All five used traditional initial public offerings, where banks underwrite the deals, to go public. Coinbase (COIN), the cryptocurrency exchange, used a direct listing, where the banks serve as financial advisors, to launch its stock. The shares closed Wednesday nearly 32% above the reference price for the deal.
Esports Technologies was the first to open for trading Thursday. Shares kicked off at $21, more than triple the company’s $6 offer price, and soared to a high of $37. The stock closed at $36.42, up 507%.
The strong performance came after Esports delivered the smallest deal of the day, collecting $14.4 million. Esports is also the only one of the five to both boost the size of its offering and price its stock at the top of its range. Esports had filed to sell 2 million shares at $5 to $6 each, and it ended up selling 2.4 million shares at $6. Esports provides electronic-sports wagering products and technology.
Karat Packaging, which makes disposable food service products like take out containers and cups, also began trading, with shares rising as much as 25%. The stock opened at $18.60, peaked at $20 and ended Thursday at $18.56, a 16% gain from its $16 offer price.
Karat delivered the solid debut after pricing its IPO below its expected range. Karat had planned to sell 3.95 million shares at $18 to $20 each; it ended up selling 3.95 million shares at $16, raising $63.2 million.
Agilon Health opened at $28.25, peaked at $31.69 and closed at $31, up nearly 35% from its offer price.
Late Wednesday, Agilon Health raised $1.07 billion after selling 46.6 million at $23, the top of its $20 to $23 price range. Founded in 2016, Agilon says it is looking to reimagine healthcare. The company provides a platform that aims to let physicians focus on offering value-based care for seniors instead of the volume-based, fee-for-service reimbursement model that is common now. Agilon is in 17 communities in eight states, serving about 210,000 patients enrolled in the Medicare Advantage program.
TuSimple ‘s (TSP) stock traded below its $40 offer price for much of Thursday but rallied late in the afternoon. Shares opened at $40.25, hit a high of $41.50, and closed flat at $40.
Earlier Thursday, TuSimple collected $1.35 billion after selling 33,783,783 shares at $40 each, above its $35 to $39 price range. Launched in 2015, TuSimple is developing self-driving technology for trucks.
Applovin raised $2 billion, making it Thursday’s biggest IPO. It was also the only company of the five IPOs to fall below its offer price, making it a so-called broken deal. Applovin’s stock opened at $70, hit a high of $71.5,1 and dropped to close at $65.20, off 18.5% from its $80 offer price.
The company sold 25 million shares at $80 each, the midpoint of its $75 to $85 range. Founded in 2012, Applovin provides software that mobile-game developers use to grow their businesses. The company also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users. KKR will own 67.4% after the IPO, according to the prospectus for the deal.
Write to Luisa Beltran at [email protected]
