By Luisa Beltran
Roughly seven businesses are expected to list their shares this week, as the IPO market continues to churn out newly public companies.
A dozen companies made their public equities market debuts last week, including Toast (ticker: TOST), Freshworks (FRSH) and Brilliant Earth Group (BRLT).
"Seven listings is by no means an inactive week, though the market has experienced some choppiness over the past month," said Matt Kennedy, senior IPO market strategist at Renaissance Capital. Several IPOs last week priced below their expected ranges while one deal, the IPO of Knowlton Development, was postponed, Kennedy said. "This feels like normal ebb & flow. We're not alarmed about any major slowdown yet," he said.
This week's seven debuts include direct listings from Amplitude and Warby Parker. Amplitude, a data analytics company, will go public Tuesday on the Nasdaq under the ticker AMPL. In a direct listing, companies do not raise fresh capital; instead shareholders sell stock. Amplitude's stockholders have registered to offer 35,398,389 shares, a prospectus said.
Warby Parker, the trendy eyewear brand, is slated to open for trading on Wednesday on the New York Stock Exchange. Its ticker is WRBY. Stockholders have registered 77,741,942 shares, according to a prospectus.
Allvue Systems Holdings is also kicking off life as a public company Wednesday. Allvue is offering 15.3 million shares at $17 to $19 each, a prospectus said. It will trade under the ticker ALVU on the NYSE.
Allvue provides technology for investment managers in the private capital and credit markets. Vista Equity Partners acquired AltaReturn in 2019 and merged it with portfolio company Black Mountain Systems to form Allvue. Vista will own nearly 66% of combined voting power after the IPO, the prospectus said.
Olaplex, the hair care brand backed by Advent International, is also trading this week. The company is offering 67 million shares at $14 to $16 each, the S-1 said. It will list on the Nasdaq under the symbol OLPX.
Founded in 2014, Olaplex is a beauty company known for creating the bond-building category. Advent, the private equity firm, acquired Olaplex in January 2020; it will own 78.2% of the company after the IPO, a prospectus said. Olaplex is scheduled to make its debut on Thursday, a person familiar with the situation said.
On Friday is Healthcare Triangle, which is offering 8 million shares at $4.50 to $5.50 each. Healthcare will trade under the Nasdaq ticker HCTI. Healthcare Triangle provides software and services for hospitals and health systems, payers, life sciences, and biotech organizations, a prospectus said.
Also Friday, First Watch Restaurant Group is slated to make its debut. The Bradenton, Florida, company is offering 9.5 million shares at $17 to $20 each. It will trade on the Nasdaq under the ticker FWRG. First Watch is a restaurant chain known for serving breakfast, lunch and brunch. It is also backed by Advent, which will own 79.2% of common stock after the IPO, a prospectus said.
TDCX is trading Friday. The Singapore company is offering 18.8 million American Depositary Shares, or ADSs, at $16 to $18 each, a prospectus said. (Each ADS represents one class A share.) Its NYSE ticker is TDCX.
Founded in 1995, TDCX r eportedly began as an outsourced call center that handled calls, emails and faxes for companies. TDCX currently offers sales and digital marketing, as well as content monitoring for companies.
Write to Luisa Beltran at luisa.beltran@dowjones.com