Robinhood, Dole and Four Other Companies With Summer IPOs

Several companies are launching IPOs this summer, with Robinhood being the most anticipated one.

Bloomberg reports that the six — mostly tech — companies that set terms on Monday for their IPOs are seeking to raise as much as $4.7 billion combined. These offerings will add to the already record-breaking U.S. IPO market, which raised $216 billion through Monday, according to Bloomberg.

Here are the six companies launching IPOs this summer.

The produce giant filed on Monday, saying it expects the IPO price will be between $20 and $23 per share, according to the SEC filing.

Dole has been public before. Former CEO David Murdock took the company private in 2013, according to Barron’s.

Dole said it expects proceeds from this offering of approximately $472 million “or approximately $543 million if the underwriters exercise their option to purchase additional ordinary shares in full,” according to the filing.  

The company also notes in the filing that the COVID-19 outbreak “continues to be an ongoing challenge for us and the wider fresh produce industry. The health and well-being of our people is our number one priority while at the same time recognizing the vital role in continuing to keep the supply chains open and supplying essential foodstuffs. Our strong presence in the global fresh produce industry, the diversity of its operations and products together with the exceptional response from our people have enabled us to meet these challenges.”

The education software maker intends to raise $790 million and set shares between $18-$20, according to Bloomberg. PowerSchool has applied to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol “PWSC,” according to the SEC filing.

The company says its mission is to “power the education ecosystem with unified technology that helps educators and students realize their full potential,” according to the SEC filing.

PowerSchool intends to use the net proceeds received from the IPO to repay outstanding indebtedness, pay expenses incurred in connection with the offering and other related organizational transactions and for general corporate purposes.

In connection with this offering, PowerSchool will be making a $1 million donation to philanthropic initiatives to benefit K-12 educators, according to a statement.

Following Coinbase’s blockbuster much anticipated IPO back in April, Robinhood is hoping to follow suit.

The company updated its Securities and Exchange Commission prospectus Monday, noting it was planning to sell shares at $38 to $42 each, according to the filing.

The New York Times estimates that at the midpoint of that range, it would raise $2.2 billion and be valued at about $33 billion; at the high end, it would be worth about $35 billion. The $2.2 billion IPO, would represent the fifth-biggest listing this year, according to Bloomberg data.

Robinhood has grown its funded accounts by 151% year-over-year to 18 million — from 7.2 million — according to the filing. With $80 billion in assets under management, it will be traded on NASDAQ under the ticker “HOOD,” according to the prospectus. The prospectus also revealed that Robinhood made a lot of money off Dogecoin.

An interesting point in the IPO is that Robinhood said in the prospectus that it would set aside 20% to 35% of its shares to retail investors via the platform it had introduced in May, IPO Access. The new platform will enable retail investors the opportunity to buy shares of companies at their IPO price, before trading on public exchanges and participate in upcoming IPOs with no account minimums.

Duolingo, the language-learning app, has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “DUOL,” according to the SEC filing.

It set terms for its IPO on Monday with plans to offer 5.1 million shares priced at $85 to $95 each. The company would raise $484.5 million at the top of that range at a valuation of $3.4 billion, based on the 35.9 million shares expected to be outstanding once the deal is completed, according to Reuters.

The Pittsburgh-based company said earlier it had more than doubled its revenue in the first quarter this year, with 72% of it generated from subscriptions and nearly 17% from advertising, Reuters reports.

With more than 500 million downloads, its flagship app has organically become the world’s most popular way to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store, according to a statement.

Risk management company Riskified, whose aim is to “empower businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless, set its offering price between $18 and $20 per share, according to an SEC filing Monday.

The company will list on the New York Stock Exchange under the symbol “RSKD.”

The company was founded in 2013 by Eido Gal and Assaf Feldman to “solve online payment fraud.”

It is backed by General Atlantic and Fidelity Management & Research and could raise as much as $350 million at the top of the range. It is also aiming for a valuation of more than $3 billion, according to Reuters.

The electronics manufacturer will list on the Nasdaq under the symbol “SNPO.” It has set its offering price between $18 and $20 per share.

The company intends to use the net proceeds from the offering to repay a portion of the term loan under its credit agreement plus accrued interest thereon as well as for general corporate purposes, according to a statement.

Snap One says it “powers smart living by providing a suite of products, services and software to professional do-it-for-me integrators.”

The company intends to raise $291 million, according to Bloomberg.

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