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IPOWarriors IPO Preview for September 13 – September 17, 2021

September 13th, 2021

After several weeks without any serious IPOs (and many completely empty weeks), IPOs are back in play this week, with 10 IPOs on the calendar as of this writing. We’ve got a lot to cover, so let’s jump in.

Sportradar Group (SRAD) – 9/14/2021 | 19M Shares
The upcoming IPO run kicks off with what should be an interesting play with this company that provides data streams for gambling websites, with the exclusive data rights for the NBA, MLB, and NHL. Sportradar pulled out of a SPAC deal earlier in the year, and decided to go the traditional IPO route, which is somewhat promising, and they have demonstrated both growth and profitability even during the pandemic. The float on this is a reasonable 19M shares, and given that the last string of IPOs priced and debuted at rather conservative levels that allowed ample upside, this one looks like a solid play if this trend continues. Also a strong candidate for a Day 2 run, so I’m excited to play this one off the debut.

Definitive Healthcare (DH) – 9/15/2021 | 15.6M Shares
As a SaaS operating in the commercial intelligence space for healthcare, this company has stood out amongst a crowded marketplace and generated solid revenue growth (41%), along with increasing gross profit and gross margins, to go along with a 111% customer retention rate. The float is on the small side, and it seems like the kind of play that institutional investors might gravitate towards. I’m not sure if it will get much retail interest though, given the crowded slate of brand name IPOs on the calendar this week, so I might just watch this one from the sidelines.

Dutch Brothers (BROS) – 9/15/2021 | 21.1M Shares
Drive through coffee franchises: here’s one that on one side, has solid brand name recognition in the markets it serves, but unfortunately, it only operates in 11 Western States, so I’m not sure it will get the full benefit of what otherwise might be comparisons to Starbucks (which, in all honesty, are probably undeserved). They do have solid financials, with accelerating revenue and gross profits, and people like coffee, but I don’t expect this will get the kind of retail interest that would make this a clear winner for me.

On Holding (ONON) – 9/15/2021 | 31.1M Shares
This Roger Federer-backed athletic shoe company should get ample brand name recognition, though perhaps more popular in Europe than USA. This one will be somewhat interesting to watch as a precursor to the upcoming AllBirds IPO. The float here is at a pretty standard 31M shares. The company is growing fast and posting operating profits and positive cash flow, so this one ticks most of the boxes I’m looking for in an IPO. I probably won’t take a full position right off the debut, but will be looking to play this one with a starter buy on the debut and then add if we get dips… looking for a Day 2 or 3 run.

PROCEPT BioRobotics (PRCT) – 9/15/2021 | 5.5M Shares
This company produces surgical robots that operate primarily in urology, with their “AquaBeam” Robotics System operating in 124 locations globally and 73 locations in the USA. The revenue numbers are rather astonishing, boasting +555% YoY in the first half of 2021, and with just 5.5M shares in the float, this one is poised for a possible run. I’ll be playing this one off the debut.

Thoughtworks *Turing* (TWKS) – 9/15/2021 | 36.8M Shares
A global technology consultancy that also runsTuring.com (outsourcing remote developers, operates in 117 countries and claims Revenue growth of 24% in the 6 months ending June 30, 2021 and Gross Profits +29% over the same period. These are not spectacular growth figures, but respectable and outsourcing has been a hot market during the pandemic. The float is up at 36.8M shares, so not gonna get any serious boost there, and I’m not particularly excited about this company. Might be a good play, but not lined up for a high conviction play for me, so I will probably just be watching this one.

EzFill Holding (EZFL) – 9/15/2021 | 6.25M Shares
With a business model to deliver gasoline to customers through their app, this company sounds more like a satire of the ‘there’s an app for everything’ society we live in. I don’t see how this is a profitable business, and according to their S-1, it isn’t. The float is low, but it’s also a ClickIPO offering and is underwritten by ThinkEquity, so I’m not sure this will get targeted as a low-float social media play or experience any price manipulation to drive it sky-high. To the extent that there may be a play on this one, it is entirely dependent on whether social trading groups target it for the low float. I’d wait to see if it dips off the open AND we get Twitter chatter, then it might be worth taking a swing.

DiCE Molecules (DICE) – 9/15/2021 | 10M Shares
This is a biotech with a pipeline of oral therapeutic candidates to target chronic diseases in immunology and other therapeutic areas. I have no idea… gonna stick to my general rule of not playing biotechs.

Tyra Biosciences (TYRA) – 9/15/2021 | 6.7M Shares
This company produces and develops eco-friendly insecticides and was formerly traded on the AIM (a sub-market of the London Market). They are unprofitable, and according to their S-1, have no clear path towards profitability. Don’t expect this one to get much hype, but if it does, it could be an interesting low-float play…but on a crowded day of IPOs, I’m not sure this one is a play.

ForgeRock (FORG) – 9/16/2021 | 11M Shares
Closing out the week is identity management platform with growing revenue and profits: for the 6 months ending June 30, 2021, they posted revenue gains of +53% and profit growth of +56%. With a lowish float of just 11M shares, I like this one for a swing trade…

… and of course, more IPOs could be added during the week, so stay tuned for updates!

NOTE: This information is not financial advice, and I am not a financial advisor – this is just information for your education. Trading stocks is risky. I may take a position in these securities within the next 72 hours.

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