Episode 53: The Dec IPO market is relentless.

Happy Monday! The IPO market continued its relentless drive upward, jumping another +3.9% for the week, far outpacing the S&P 500's +1.7% rise. We have had 201 IPOs this year compared to 160 in 2019 and the year isn’t over yet. 

The SPACs continue to roll in: Dyal (which is a unit of Neuberger Berman) and Owl Rock have reached a non-binding agreement to combine and go public through a SPAC sponsored by HPS Investment Partners. The Wall Street Journal is reporting the deal could be worth $13 billion. Dyal already owns minority stakes in both Owl Rock and HPS. 

SPAC Winner: Luminar Technologies Inc. (LAZR) shares rallied nearly 40% Friday, nearly doubling in its two days as a public company following a merger with a blank-check company. Luminar, which develops lidar for autonomous driving and advanced driver-assistance systems, merged with special purpose acquisition company Gores Metropoulos Inc. on Wednesday, and the combined company kept the Luminar name and started trading on Nasdaq on Thursday. 

Markets Close

Dow 30 30,069.79 -148.47 (-0.49%)

S&P 500 3,691.96 -7.16( -0.19%)

Nasdaq 12,519.95 +55.71 (+0.45%)

IPO

DoorDash, a San Francisco-based restaurant meal delivery service, boosted its IPO price range from $75-$85 to $90-$95.  The market cap would be more than $30 billion. DoorDash will price Tuesday and trade Wednesday under the ticker DASH.

Airbnb plans to raise $3 billion with an IPO that will price 51.6 million shares in the range of $56 - $60. The Airbnb IPO will price Wednesday with shares trading Thursday on the Nasdaq under the ticker ABNB. 

We will be hosting a watch party for Doordash on Wednesday and Airbnb on Thursday at 8:30 AM to give you all the details on the IPOs.  Join us live for the watch party on Pandocap’s Instagram or FB channel!  

Have a great week.