IPO Roundup: Chinese flying taxi manufacturer makes strong public debut amid packed week of IPOs

Also going public this week were Bill.com, OneConnect, Financial, Healthcare Merger Corp and Sprout Social

Person in suit pointing to IPO chart graphic
Five companies made their debuts on Thursday and Friday

Bill.com Holdings Inc (NYSE:BILL), a Palo Alto, California-based provider of automated billing and back-office processing services for small and midsize businesses, is off to an impressive start after an upsized $216 million IPO priced above its projected range. 

The company originally planned to offer 8.8 million shares at a range of $16 to $18 per share, but revised that up to $19 to $21 per share. It ended up boosting its offering to 9.8 million shares and beating its range with a price of $22 per share. 

Bill.com opened trading at $37.25 on Thursday and its stock has slid slightly to $36.90, nearly 68% above its IPO price.

READ: IPO Roundup: Brazilian brokerage XP raises $2B, shares soar

EHang Holdings Ltd (NASDAQ:EH), a Chinese commercial drone developer, raised $40 million in its IPO. 

The Guangzhou-based company offered 3.2 million shares at $12.50 per share, the low end of its projected range. 

The company claims to be the first in the world to launch passenger-grade autonomous aerial vehicles (AAVs), or so-called flying taxis. The company has 38 such AAVs, developed two command-and-control centers for smart city management and completed more than 70 aerial media performances.

Insiders had indicated on $7 million of the offering, research firm Renaissance Capital reported, and at its IPO price the company owns a fully diluted market cap of $687 million.

Shares debuted at $12.55 on Thursday and have climbed to $12.90, 2.8% higher than the IPO price.

OneConnect Financial Technology Co Ltd (NYSE:OCFT), a Shenzhen, China-based provider of operations management tools to financial firms, raised $312 million after offering 31.2 million shares at $10 per share. 

The company originally intended to offer 36 million shares at a range of $12 to $14 per share, but revised that down to 26 million shares at $9 to $10 per share. The IPO ended up at the high end of that range with 5.2 million more shares than expected, but was well short of the $468 million that the original terms would’ve netted.

The firm, initially established as the financial technology solutions arm of Ping An Insurance Company of China Ltd, expects to offer 36 million shares between $12 and $14 per share.

The company has operated on its own since November 2017.

OneConnect opened trading at $10.51 and shares have dipped to $10.15, 1.5% above its IPO price.

Healthcare Merger Corp (NASDAQ:HCCOU), a New York-based blank check company, raised $220 million in an upsized IPO.

The company offered 22 million units, each consisting of one share and one half a share purchase warrant at $10 per share. The warrants are exercisable at $11.50 per share. 

The offering gives Healthcare Merger Corp a market value of $276 million, according to Renaissance Capital.

The company has not selected a specific business combination target but intends to operate within the healthcare sector. 

Shares debuted at $10.16 on Friday and have inched up to $10.21, 2.1% above the IPO price.

Sprout Social Inc (NASDAQ:SPT), which provides a cloud-based platform for businesses to manage social media accounts, achieved a $150 million IPO by offering 8.8 million shares at $17 per share. 

The Chicago-based company priced at the midpoint of its $16 to $18 estimated range. 

Sprout claims to have more than 23,000 customers in 100 countries, which rely on its centralized platform to effectively manage social-media networks, including Twitter, Facebook, Instagram, Pinterest, LinkedIn, Google and YouTube.

The stock opened at $18.05 on Friday and receded to $17.16, almost 1% above its IPO price.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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