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BenzingaEditorial

This Week’s IPOs

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This week’s IPOs with their expectation to raise $1.7 billion might not seem as big as last week’s when six IPOs and two SPACs altogether expected to raise $7.2 billion, but there are still some promising names to make it interesting. Last week, we had big names like Airbnb, Inc. (NASDAQ: ABNB), DoorDash Inc (NYSE: DASH), as well as an AI software provider C3.ai (NYSE: AI), Certara (NASDAQ: CERT), a leader in bio-simulation, Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) and an AdTech platform PubMatic, Inc. (NASDAQ: PUBM). This week, we are expecting four IPOs and one SPAC, the highlight being the e-commerce platform Wish (NASDAQ: WISH), Upstart (NASDAQ: UPST), a lending platform, Midwest Holding (NASDAQ: MDWT), a solid tumor biotech BioAtla (NASDAQ: BCAB), and a blank check company Dune Acquisition (NASDAQ: DUNEU).

Wish

E-commerce marketplace platform Wish plans to raise $1.1 billion at a $16.4 billion market cap. According to the filing, the company will sell 46 million shares priced between $22 and $24 each. This e-commerce platform mostly connects China-based merchants with customers from Europe and North America who value bargaining deals. Although the business is accelerating due to a big market opportunity, counterfeit and fraudulent goods are keeping the company unprofitable.

Upstart

A cloud-based artificial intelligence lending platform Upstart, located in California, plans to raise $252 million at a $1.9 billion market cap. According to the company, the platform offers a better way to predict credit risk through its AI-powered lending models. During the first nine months of 2020, Upstart generated revenues of $146.71 million with net income of $4.96 million, which is much better than the same period last year when the company reported a loss of $6.52 million.

BioAtla

A Phase 2 biotech BioAtla, developing antibody therapies for solid tumor cancers, plans to raise $150 million at a $527 million market cap, by offering 9.4 million shares at a price range of $15 to $17. This biotech, based in San Diego, CA, is developing a novel class of specific and selective antibody therapies. Its two latest candidates are currently in Phase 2 trials for multiple cancer indications, expecting to get the interim data in 2021.

Midwest Holding

Midwest Holding, the company which underwrites and markets life insurance products in the US, is already listed on the OTCQB. The OTCQB is the middle-tier of OTC markets which lists developing and early-stage companies. The company filed to raise up to $50 million in an IPO on the Nasdaq. It offers financial services that rely on its tech platform and capabilities for reinsurance, aiming to develop and distribute insurance products through third-party independent marketing organizations (IMOs).

Dune Acquisition

This week’s SPAC, a blank check company Dune Acquisition, plans to raise $130 million. The company is having a specific target within the tech sector, businesses with software as a service (SaaS) as a software distribution model.

The holiday spirit

The holidays are coming, and we are slowly sinking into the holiday spirit. Maybe this week is slower IPO-wise, but when we look at the whole year, and especially December overall, the IPO market was as hot as it gets.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Electric Vehicles Are on Fire

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The incoming Biden administration is planning to pump $2 trillion into renewable energy infrastructure and EVs play a big role in a greener future. Shares of largest EVs are still going up even after epic gains in 2020. Nio’s (NYSE:NIO) stock rose about 6 percent on Friday and it is now the world’s fifth most valuable carmaker with market value of approximately $100 billion. Moreover, three of the top five most valuable automakers are EV makers, namely Tesla (NASDAQ: TSLA), BYD (OTC: BYDDF) and NIO Limited.

Tesla has gained over 700% in a year, while Chinese Nio has soared over 1,300%.  Larger EV firms are going up, Lordstown Motors (NASDAQ: RIDE), Workhorse (NASDAQ: WKHS) and CIIC Merger (NASDAQ: CIIC) which is merging with Arrival that is soon to be listed as ARVL on the NASDAQ are all up 9% on average. Arrival plans to have its electric buses in production by the end of this year with electric commercial vans to follow in 2022.

Small caps

But small caps are rising as well with Electramecania Vehicles (NASDAQ: SOLO), Greenpower Motor (NASDAQ: GP), Kandi Technologies (NASDAQ: KNDI) and Arcimoto (NASDAQ: FUV) combined having a market cap of approximately $2.6 billion.

Worksport

The manufacturer of solar-powered tonneau covers for pickup trucks, Worksport Ltd (OTC: WKSP) just announced it raised well over $2 million from its Regulation A public offering. The offering can remain open until November 2021 but the company already achieved 50% of the target amount, with its first million being reported earlier this month. The capital raised is to be used for expeditious growth, R&D, inventory and brand development. Management is also considering acquisitions and partnerships to fuel additional growth. As a reminder, Worksport recently added another trademark protection for its TerraVis COR™ mobile battery system under its belt. Although it is an extension of TerraVis solarsystem, it can be used independently from tonneau covers. Worksport is not only the first in the industry with its ground-breaking solar technology, but it has now also opened another door for consumers.

Rivian

Rivian Automotive LLC just scored another huge cash investment of $2.65 billion and is now valued at $27.6 billion. Being backed by Ford (NYSE: F) who invested $500 million and supported by Amazon (NASDAQ: AMZN) for which it is making electric vans, Rivian is on a roll as it plans to bring the first electric pickup truck to the market. Rivian has racked up billions of dollars in investments and its R1T electric pickup truck and R1S three-row SUV have already proved their impressive specs in testing road trips across multiple countries.

The EV sector is up about 17% year to date on average, adding about $220 billion in market value, which is roughly the market cap of Toyota Motor (NYSE:TM). It doesn’t seem to matter if companies are small or large, EV exposure is what investors want.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Apple’s First Ever $100 Billion Quarter

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On the wings of iPhone 12 sales, Apple (NASDAQ: APPL) delivered its first and largest quarter of all time, crossing the symbolic 100 billion mark in one quarter. This is the YoY increase of sales for 21%. This is the company’s first quarter after introducing iPhone 12 family (the iPhone 12 mini, the iPhone 12, the iPhone 12 Pro, and the iPhone 12 Pro Max). But not only iPhone sales went up. Every other Apple’s product category showed an increase in double-digit percentages. Still, the main culprits for this sale super-cycle are the first 5G iPhone and the lockdown, so many consumers which held their older phones for some time just waited for the moment to upgrade to the latest mobile connectivity technology.

Q1 2021 results

In its fiscal Q1 2021, Apple managed to achieve revenues of $111.44 billion, instead of the estimated $103.28 billion. This is an increase of 21% YoY. Even the later start of sale of iPhone 12 and the closing of several retail locations due to the COVID-19 pandemic could not harm the all-time high iPhone sales that amounted to $65.6 billion. The previous record was achieved in the fiscal Q1 of 2018, when the iPhone sales reached $61.58 billion. Earnings per share were $1.68, while the estimate was $1.41. All other product categories also performed well. Service revenues were up 24% YoY, iPad revenues increased 41%, Mac revenues hopped 21%, and the story goes on. The gross margin was 39.8% which is much better than the expected 38%.

Facebook

Facebook (NASDAQ: FB) also delivered earnings beat with its fourth quarter results but the social media giant warned of impact from Apple privacy changes that are part of the iOS14 package. These looming changes along with a reversal in pandemic trends could harm its advertising business. Although its userbase in Europe increased from 305 million to 308 million daily active users, it fell In the U.S. and Canada, to 195 million daily active users from 196 million a quarter earlier which is why the company will be taking steps to reduce the political content on its platform.

Outlook

Although Apple did provide any guidance for the undergoing quarter, this has been the case since the pandemic started. Even with the lack of forecasts, the results speak for themselves. As its FAANG and tech peers, Apple had benefited from the pandemic as more and more people had to work or study from home. Not to mention that new Apple products don’t come that often and the pandemic has taken away a lot of pleasures we get to enjoy in, so Apple is well set to ride this super sale wave.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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BenzingaEditorial

Working From Home Trend and Gaming Did The Trick for Microsoft

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On Tuesday, Microsoft (NASDAQ: MSFT) succeeded in beating forecasts far above expectations due to a boom in PC sales, increased demand for gaming and cloud services. The pandemic might have put a lot of constraints to its customers, but it also led to a structural change as businesses across the globe shifted to digital operations and saw it as key to increasing their resilience. Upon the results, Microsoft’s stock was up 5% in after-market trading.

Q2 2021 figures

Revenues increased 17percent as they amounted to $43.1 billion and exceeded $40.2 billion expected by Bloomberg. Earnings per share were $2.03, topping the expected $1.64.

The commercial cloud businesses which Wall Street sees as the main engine of Microsoft’s future growth is reaccelerating. These businesses that include Office 365 and Azure cloud platform, generated revenue of $16.7 billion in the latest quarter, which is 34 per cent up from a year before. At the same time, the launch of a new Xbox Series S and Xbox Series X lifted the gaming business as revenue of Xbox content and services was up a whopping 40% in the quarter. Personal Computing division was also up by 14 per cent as revenues amounted to $15.1 billion.

Meanwhile, the Productivity and Business Processes division reported revenue of $13.4 billion, which is a 13 percent increase. This growth was fueled by strong demand for Office 365 which grew 20 percent when adjusted for currency, which is line with the previous quarter.

Adding more fuel

Microsoft recently announced that it was investing $2 billion to be the preferred cloud provider of the General Motors (NYSE: GM) and Honda-backed (NYSE: HMC) autonomous vehicle firm Cruise. Under the agreement, Microsoft will provide cloud infrastructure for Cruise to better enable autonomous vehicles to navigate highways and surface streets in the future.

A sign of confidence

Microsoft also forecast revenue for the current quarter in the range between$40.35billion and $41.25bn. Themidpoint of the rangewould represent another quarter of 17 per cent growth, beating the 11 per cent that Wall Street forecasted.

Takeaway

Its strength in the cloud and personal computing enabled Microsoft to blow away Q2 expectations. As Mr. Nadella had put it, digital transformation is sweeping every company and every industry across the globe. Microsoft is powering this second wave of transformation that is even stronger than the first one as the world is now creating a new normal that will stay long after the COVID-19 pandemic becomes history.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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