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Highlights
- Rivian Automotive Inc’s (RIVN) expected IPO date is Nov 10; the offer value is US$11.49 billion.
- Hertz Global Holdings, Inc (HTZ) is offering 37,100,000 shares worth US$1.237 billion.
- CI&T Inc (CINT) is offering shares worth US$424.8 million, the third-largest IPO this week.
Of the 15 listings due this week, 13 are IPOs, and the rest are SPACs. In addition, there are two unicorns in the list of IPO hopefuls.
Let us look at the top five IPOs this week and what these companies do.
Rivian Automotive, Inc. (RIVN)
Exchange name – NASDAQ Global Select
Price range – US$72.00 to US$74.00
Shares offered – 135,000,000
Shareholder shares offered – N/A
Underwriter shares on option - 20,250,000
Expected IPO date – November 10, 2021
The electric vehicle maker will launch its much-awaited IPO this week. This unicorn’s offer amount is US$11.49 billion. The company launched its first electric truck last week, marking its debut in the electric vehicle market. It also plans to launch an electric SUV later.
Also Read: Top oil and gas stocks to explore in November
Hertz Global Holdings, Inc (HTZ)
Exchange name – NASDAQ Global Select
Price range – US$25.00 to US$29.00
Shares offered – 371,000,00
Shareholder shares offered – 371,000,00 (included in total shares offered)
Underwriter shares on option - 5,565,000
Expected IPO date – November 9, 2021
The Estero, Florida-based company has been in the news for its Tesla EV orders, helping the EV maker enter the trillion-dollar market cap club for the first time. Hertz runs a vehicle rental business through its brands like Hertz, Dollar, and Thrifty. It has a global presence. The company had 24000 employees as of December 31, 2020.
Also Read: Top EV stocks to explore as nations set emissions reduction target
Also Read: UBER’s gross bookings reach ATH in Q3 2021, Cloudflare revenue up 51%
CI&T Inc (CINT)
Exchange name – NYSE
Price range – US$17.00 to US$19.00
Shares offered – 194,444,44
Shareholder shares offered – 833,333,3 (included in total shares offered)
Underwriter shares on option - 2,916,667
Expected IPO date – November 10, 2021
The company provides design, strategy, and software services for large and fast-growing enterprises. The Campinas, Brazil-headquartered company helps clients in the digital transformation of their business operations and strategic thinking.
Also Read: Datadog (DDOG) & UiPath (PATH) rally after quarterly reports
Expensify, Inc. (EXFY)
Exchange name – NASDAQ Global
Price range – US$23.00 to US$25.00
Shares offered – 9730776
Shareholder shares offered – N/A (included in total shares offered)
Underwriter shares on option - 7122080
Expected IPO date – November 10, 2021
The Portland, Oregon-based expense management software company provides a platform for large or small businesses to manage their funds effortlessly. The company was founded in 2008. Clients use its platform to reimburse receipts from coffee shops, office supplies, rideshares, hotels, flight bookings, etc.
Also Read: Why are Penn National (PENN), Peloton Interactive (PTON) stocks diving?
Weave Communications, Inc. (WEAV)
Exchange name – NYSE
Price range – US$25.00 to US$28.00
Shares offered – 5000000
Shareholder shares offered – N/A
Underwriter shares on option - 750,000
Expected IPO date – November 11, 2021
The Lehi, Utah-based company provides an all-in-one customer communications and engagement software platform for small and medium-sized businesses. Its platform scans activities, ranging from answering phones, scheduling appointments, sending reminders, collecting payments to sending email marketing campaigns.
Also Read: Explore five hot growth stocks with robust YTD return
Bottomline
The year 2021 saw a record number of IPOs globally, raising hundreds of billions of dollars. The US IPO market also saw significant traction this year, with several major companies going public, including South Korean e-commerce company Coupang and trading app Robinhood Markets Inc. However, investors must apply due diligence before investing in stocks.
