U.S. IPO Week Ahead: Elastic And Upwork Lead 5-IPO Week

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Includes: ARYAU, ESTC, GH, KOD, UPWK, YAYO
by: Renaissance Capital IPO Research

Five IPOs are expected to price this coming week, aiming to raise a combined total of $658 million in proceeds. US-based tech companies have delivered some of the strongest returns this year and two are scheduled for this week: Elastic and Upwork. The rest the week features a sizable biotech, one high-growth diagnostics company and a micro-cap car rental app. One healthcare-focused black check company is also expected to price. Look out for another wave of IPO launches as the fourth quarter gets underway.

U.S. IPO Calendar

Issuer
Business

Deal Size
Market Cap

Price Range
Shares Filed

Top
Bookrunners

Upwork (NASDAQ:UPWK)
Mountain View, CA

$135M
$1,346M

$10 - $12
12,271,478

Citi
Jefferies

Marketplace for businesses to hire and manage remote freelancers.

Guardant Health (NASDAQ:GH)
Redwood City, CA

$200M
$1,426M

$15 - $17
12,500,000

JP Morgan
BofA ML

Makes non-invasive blood-based cancer diagnostics tests.

Kodiak Sciences (NASDAQ:KOD)
Palo Alto, CA

$126M
$530M

$13 - $15
9,000,000

Morgan Stanley
BofA ML

Phase 1 biotech developing novel therapies to treat high prevalence ophthalmic diseases.

ARYA Sciences Acquisition (NASDAQ:ARYAU)
New York, NY

$125M
$156M

$10
12,500,000

Jefferies

Blank check company formed by Perceptive Advisors to acquire a healthcare business.

Elastic (NYSE:ESTC)
Mountain View, CA

$193M
$2,354M

$26 - $29
7,000,000

Goldman
JP Morgan

Provides open-source data search and visualization software.

YayYo (YAYO)
Beverly Hills, CA

$5M
$228M

$7 - $9
625,000

Benchmark

Operates a fleet management and auto rental platform for ridesharing drivers.

Elastic, which provides open-source data search and visualization software, plans to raise $193 million by offering 7.0 million shares at a price range of $26 to $29. At the midpoint of the proposed range, Elastic would command a market value of $2.4 billion. Elastic, which was founded in 2012, booked $185 million in sales over the last 12 months. The Mountain View, CA-based company plans to list on the NYSE under the symbol ESTC. Goldman Sachs, J.P. Morgan, Barclays and RBC Capital Markets are the joint bookrunners on the deal.

Guardant Health, which makes non-invasive blood-based cancer diagnostics tests, plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Guardant Health would command a market value of $1.4 billion. Guardant Health, which was founded in 2013, booked $67 million in sales over the last 12 months. The Redwood City, CA-based company plans to list on the Nasdaq under the symbol GH. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal.

Kodiak Sciences, a Phase 1 biotech developing novel therapies to treat high prevalence ophthalmic diseases, plans to raise $126 million by offering 9.0 million shares at a price range of $13 to $15. Insiders intend to purchase up to $63 million of the IPO (50% of the deal). At the midpoint of the proposed range, Kodiak Sciences would command a market value of $530 million. Founded in 2009, the Palo Alto, CA-based company plans to list on the Nasdaq under the symbol KOD. Morgan Stanley, BofA Merrill Lynch and Barclays are the joint bookrunners on the deal.

Upwork, a marketplace for businesses to hire and manage remote freelancers, plans to raise $135 million by offering 12.3 million shares at a price range of $10 to $12. Dragoneer Investment Group intends to purchase up to $27 million of the IPO (20% of the deal). At the midpoint of the proposed range, Upwork would command a market value of $1.3 billion. Upwork, which was founded in 1998, booked $229 million in sales over the last 12 months. The Mountain View, CA-based company plans to list on the Nasdaq under the symbol UPWK. Citi, Jefferies and RBC Capital Markets are the joint bookrunners on the deal.

YayYo, which operates a fleet management and auto rental platform for ridesharing drivers, plans to raise $5 million by offering 0.625 million shares at a price range of $7 to $9. At the midpoint of the range, YayYo would command a fully diluted market value of $288 million (implies a 2% float). YayYo was founded in 2016 and booked $1 million in revenue for the last 12 months. It plans to list on the Nasdaq under the symbol YAYO. The Benchmark Company was also named the sole bookrunner on the deal.

ARYA Sciences Acquisition, a blank check company formed by Perceptive Advisors to acquire a healthcare business, plans to raise $125 million by offering 12.5 million units at a price of $10.00. Each unit will consist of one share of common stock and one-half warrant redeemable at $11.50. At $10, ARYA Sciences Acquisition would command a market value of $156 million. Founded in 2018, the New York, NY-based company plans to list on the Nasdaq under the symbol ARYAU. Jefferies is the lead bookrunner on the deal.