US Weekly IPO and SPAC Monitor – Hertz and Rivian Automotive

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  • #29026
    TradersCom
    Keymaster

    Another busy week ahead in the IPO market…

    [article]2811[/article]

    #29049
    Truman
    Participant

    Rivian Automotive prices upsized IPO at $78, well above the upwardly revised range, to become largest IPO since Alibaba
    November 10, 2021
    RIVN
    Rivian Automotive, which manufactures premium electric SUVs, vans, and pickup trucks, raised $11.9 billion by offering 153 million shares at $78, above the upwardly revised range of $72 to $74. The company offered 18 million more shares than anticipated. It originally planned to offer its shares at $57 to $62, before raising the range this past Friday. New and existing investors had indicated on $5 billion worth of shares in the offering (42% of the deal).

    At $11.9 billion, Rivian is now the largest IPO of 2021, and the largest IPO since Alibaba (NYSE: BABA) in 2014.

    In September, Rivian began making deliveries of its first generation consumer vehicle, the R1T, a two-row five-passenger pickup truck priced at around $70,000. The company also plans to launch the R1S, a three-row seven-passenger SUV, in December 2021. At quarter-end, it had approximately 48,000 preorders for the consumer vehicles with $1,000 refundable deposits. In the commercial market, Rivian collaborated with key investor Amazon.com to develop an electric delivery van with an initial order volume of 100,000 vehicles.

    Rivian Automotive plans to list on the Nasdaq under the symbol RIVN. Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, Deutsche Bank, Allen & Company, BofA Securities, Mizuho Securities, and Wells Fargo Securities acted as joint bookrunners on the deal.

    #29053
    ClemSnide
    Participant

    Expense management platform Expensify prices IPO at $27, the high end of the upwardly revised range
    November 10, 2021

    EXFY

    Expensify, which provides a cloud-based expense management software platform for SMBs, raised $263 million by offering 9.7 million shares (73% secondary) at $27, the high end of the upwardly revised range of $25 to $27. The company originally planned to offer 9.7 million shares at $23 to $25, before raising the range on Monday.

    Expensify is a cloud-based expense management software platform that allows organizations to scan and reimburse receipts, including from flights, hotels, coffee shops, office supplies, and ride shares. Since its inception, the company has added over 10 million members to its community, and processed and automated over 1.1 billion expense transactions on its platform. For the quarter ended June 30, 2021, Expensify was used by an average of 639,000 paid members across 53,000 companies and over 200 countries and territories.

    Expensify plans to list on the Nasdaq under the symbol EXFY. J.P. Morgan, Citi, and BofA Securities acted as joint bookrunners on the deal.

    #29054
    ClemSnide
    Participant

    Outsourced IT services provider CI&T prices US IPO at $15 low end

    November 10, 2021

    CINT

    CI&T, a Brazilian provider of outsourced IT development services, raised $196 million by offering 13 million shares (15% secondary) at $15, the low end of the range of $15 to $17. The company originally planned to offer 19.4 million shares (43% secondary), before lowering the offering size on Tuesday.

    CI&T believes it is differentiated by its value-add strategy, design and software engineering services. Its blue-chip customers include Johnson & Johnson, AB InBev, Nestlé, Google, Itaú Unibanco, Coca-Cola, LifeScan and Telefônica. The profitable company has averaged a net revenue retention rate of 118% over the past four years, with a three-year CAGR of 28%.

    CI&T plans to list on the NYSE under the symbol CINT. Goldman Sachs, Citi, J.P. Morgan, Morgan Stanley, Itau BBA, BofA Securities, and Bradesco BBI acted as joint bookrunners on the deal.

    Relevant Profile: CINT

    #29060
    TradersCom
    Keymaster

    Rivian stock began trading at $106, up 36% from its offering price of $78 a share.

    RIVN reached a high of $119.38 at 10:15 a.m. PT/1:15 p.m. ET, and was at $100.73/share when markets closed at 1 p.m. PT/4 p.m. ET.

    #29061
    TradersCom
    Keymaster

    Expensify announced it is pricing shares of its initial public offering at $27. shares jumped 43.67% to $38.60 Wednesday afternoon following an opening trade of $37.49.

    Mobile-first expense management platform Expensify IPO Day 1 priced at $27 opened at $37.49 with a high of $43.49
    Close $EXFY 41.06 ▲ 14.06 (+52.07%)
    Vol10.65 M

    #29085
    TradersCom
    Keymaster

    [b]German laser communications firm Mynaric prices US IPO at $16.50[/b]
    November 12, 2021
    MYNA
    Mynaric, a German maker of laser technologies for aerospace communications networks, raised $66 million by offering 4 million ADSs at $16.50, below the as-converted last close of its shares on the Frankfurt Stock Exchange ($16.93).

    Mynaric believes that it is a leading developer and manufacturer of advanced laser communication technology for aerospace communications networks in government and commercial markets. Its technology and products are designed to provide the backbone for connectivity to link satellites, high-altitude platforms, unmanned aerial vehicles, aircraft, and the ground with secure wireless data transmission. The company aims to industrialize laser communication by focusing on developing standardized and modularized products suitable for a wide array of customers and applications, and it has benefited from advancing on the learning curve with the development of the pre-serial product versions of its CONDOR and HAWK terminals. Mynaric is currently ramping up serial production and expects to be able to increase production output from 11 terminals in 2020 to 50 terminals in 2021, targeting an annual production rate of up to 2,000 units going forward.

    Mynaric plans to list on the Nasdaq under the symb

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