IPOs

January 4, 2022

IPO Alert: Justworks 🚨

Justworks — the online platform for businesses which combines payroll, compliance, and benefits — updated its IPO filing today. The platform is targeting a multibillion-dollar valuation, the higher end of which is more than $2 billion. 💸

A couple of weeks ago, Justworks officially filed for its IPO. The announcement surfaced just as other tech companies, including Reddit and Samsara, announced their anticipated blockbuster debuts. In mid-2021, Gusto (another cloud HR/payroll company) also announced preparation for an upcoming IPO, securing a $9.5 billion valuation in the process. 

According to TechCrunch, Justworks operates two key business segments. The first is its ‘subscription’ service, which encompasses “HR expertise, employment and benefit law compliance services, and other HR-related services.” The second segment is “benefits and insurance-related revenue.” In mid-December 2021, the company said that its revenue increased by more than 32% during the year ending May 31, 2021. Not too shabby. 

Justworks was founded in 2012 by Isaac Oates and is associated with big-name investors like Bain Capital, Thrive Capital, and Index Ventures. In short, this is definitely an IPO to keep on your radar. 🚨

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M&A

January 8, 2024

Biotech Builds Buyout Momentum

It was another busy Monday of M&A activity in the biotech and healthcare space, with more expected during this week’s annual JPMorgan Healthcare Conference. Let’s quickly recap today’s deals. 📝

Johnson & Johnson will acquire cancer drug developer Ambrx Biopharma for $2 billion in cash. Ambrx is aiming to target multiple cancers with drugs called antibody-drug conjugates, or ADCs, which are described by researchers as “guided missiles” to directly target and kill cancer cells while limiting damage to healthy cells. 🎯

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Earnings

January 3, 2024

Egg Investors Try To Keep $CALM

Last time we talked about egg producer Cal-Maine Foods’, its stock price was cracking due to lower egg prices. Unfortunately, this quarter didn’t fare much better, with shares once again falling after its quarterly report.

The company’s second-quarter earnings per share of $0.35 were down over 90% from last year’s $4.07. And revenues of $523.2 million were down about 35% YoY. Both numbers missed analyst expectations of $0.83 and $525 million. 🔻

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Earnings

January 5, 2024

Investors Buy Into Beer Again

It’s not been “party time” for the alcohol industry recently, but Constellation Brands offered investors something to celebrate to start the year. 🙁

The wine and spirits distributor posted adjusted earnings per share of $3.19, topping the consensus view of $3.01. However, a roughly 2% YoY growth in sales to $2.471 billion fell short of analyst estimates of $2.538 billion.

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IPOs

December 2, 2021

$GRAB, The Super App

Grab, a Singapore-based “super app,” listed on the Nasdaq today via SPAC. Grab started out as a ride-hailing platform in 2012, but has since-branched into everything from food delivery to digital payments and investments. 🤑

Grab listed through a reverse merger with a SPAC created by the U.S.-based tech investment firm Altimeter Capital. The “super app” of Southeast Asia — also known as the Uber of Southeast Asia — is now valued at a whopping $40 billion. 💸 💸

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IPOs

December 16, 2021

Reddit To The Moon??

If there’s one company we’ve been hearing a lot about this year, it’s Reddit. Doesn’t it feel like this social media giant should already be public?? Well, the platform has reportedly begun taking the steps to do so.

Reddit announced on Wednesday that it filed a confidential S-1 with the Securities and Exchange Commission. The number of shares and pricing has not been determined, but there are a few clues hinting at what we can expect from this blockbuster IPO. 👏 👏

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IPOs

October 25, 2023

The Semiconductor Fanfare Continues

The market remains hesitant to jump on any new initial public offerings. However, those in the semiconductor sector are seeing the most interest as investors look for ways to participate in the artificial intelligence boom. 🤖

Weeks after ARM Holdings went public in the U.S., Japanese semiconductor equipment maker Kokusai Electric went public on the Tokyo Stock Exchange. The company sold 58.8 million shares, raising 108 billion yen, making it the largest listing since SoftBank in December 2018.

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IPOs

November 28, 2023

Shein To Test Markets & Regulators

The 2023 U.S. initial public offering (IPO) improved versus last year’s dismal turnout but was still lackluster considering the Nasdaq 100’s nearly 50% rebound. However, several big-name companies are prepping to test the market in 2024, including Shein, Reddit, and others. 🤩

First is Chinese fast-fashion retailer Shein, which is looking to raise funds to expand its global reach. The company confidentially filed to go public in the U.S., looking to top its last valuation of $66 billion in a 2024 IPO. People familiar with the matter said the company’s current valuation is a central topic of debate between Shein and its advisors. 👚

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