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Earlier this week, the slimmed-down IPO of software company Sprinklr Inc. for some hand-wringing over whether the unusually strong IPO market could be in trouble.
Then, two technical IPOs were priced above expectations on Wednesday and blew through their IPO prices during Thursday’s trading.
Shares of health tech company Doximity Inc. were up more than 80% in recent trading, after being priced above expectations late Wednesday. Meanwhile, shares of data analytics company Confluent Inc. by more than 20% after they too were priced above their expected price range.
Not all stock market debuts were strong on Thursday. Health insurer Bright Health Group Inc. sold fewer shares than planned at a lower price than expected. The stock fell 7% in recent trading.
It has been a busy week for IPOs and more companies will start pricing their shares after the market closes on Thursday. In the past two weeks, 18 and 20 companies respectively went public, with more than 10 already priced this week, according to Dealogic.
That meant a busy schedule for bankers, investors and executives.
We met more than 200 investors in seven business days, Jeff Tangney, chief executive of Doximity, said in an interview with The Wall Street Journal. Although he said he offered to meet New York-based analysts and fund managers in person, no one picked him up and instead the meetings were all virtual.
One change from a year ago, however, was that both Confluent and Doximity management teams were able to personally ring the opening bells at Nasdaq and the New York Stock Exchange.
It was great to do this in person, said Jay Kreps, chief executive of Confluent.
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