Following some turbulence in the IPO market, eight IPOs are scheduled to raise $3.0 billion in the shortened holiday week.
Online real estate brokerage Compass (COMP) plans to raise $882 million at a $12.5 billion market cap. Compass provides a platform for real estate agents to manage and deliver service to seller and buyer clients. Fast growing but unprofitable, Compass is the largest independent real estate brokerage by Gross Transaction Value, with a 4% share of the US market.
Low-cost airline Frontier Group Holdings (ULCC) plans to raise $600 million at a $4.5 billion market cap. This airline offers flights throughout the United States and select international destinations across a network of approximately 110 airports. Hit hard by stay-at-home orders, the company’s revenue contracted, while net income and free cash flow swung negative in 2020.
Online education platform Coursera (COUR) plans to raise $495 million at a $5.1 billion market cap. Partnering with over 200 leading educational institutions, this company offers courses on a range of subjects through its online platform. Coursera is fast growing and unprofitable, and new investors have indicated on 25% of the deal.
Video software provider Kaltura (KLTR) plans to raise $353 million at a $2.2 billion market cap. Kaltura provides live, real-time, and on-demand video products to a wide range of businesses including educational institutions, and media and telecom companies. Benefitting from the pandemic driven uptick in virtual events, the company saw revenue expand in 2020, though gross margin contracted.
Business communication platform Intermedia Cloud Communications (INTM) plans to raise $300 million at a $1.5 billion market cap. This company provides a cloud-based communications and collaboration platform to over 122,000 business customers. Despite growing revenue, Intermedia Cloud Communications saw margins contract in 2020, and free cash flow swung negative.
