Listing announcements this past week — for traditional initial public offerings (IPOs), and for special purpose acquisition companies (SPACs) — were centered on FinTech, ID management and workplace-focused firms.
That brought the banking IPO plans year to date to 51, while the workplace related listings stand at 34.
Drilling down a bit, ForgeRock, which offers an identity management platform, said it would seek to raise as much as $248 million through an IPO.
The company said in its filing with the Securities and Exchange Commission that the total addressable market for its services stands at $71 billion. “We maximize performance by not throttling or rate limiting individual customer environments, which can be critical for enterprises especially during large usage spikes, such as Black Friday and Cyber Monday. Our platform is purpose-built for enterprises to create natural and frictionless identity experiences while providing capabilities to secure the enterprise in a Zero Trust environment,” the company noted.
Total subscriptions and perpetual licenses revenues for the year that ended Dec 31 surged to $123.3 million, up from $99.7 million in the previous year.
Online Marketplaces in the Mix
Separately, third-party online marketplace Packable, which operates across a half dozen eCommerce platforms, including Amazon, Walmart, eBay and Google Shopping, said this week that it would merge with Highland Transcend Partners I Corp in a deal valued at $1.5 billion.
Read also: eCommerce Marketplace Packable Nets $1.5B Value in SPAC Merger
SPAC McLaren Technology Acquisition filed for a $200 million IPO, noting in its own SEC filing that it will be looking for opportunities within AI. “Artificial Intelligence has been termed the fourth industrial revolution and, according to World Economic Forum, is expected to change the world as we know it,” the SPAC said in the filing, adding that “Enterprises will continue their migration to the cloud (and multi-clouds) and there will be heavy investment in automation and orchestration systems, using AI and ML. In this type of digitally-driven enterprises, almost everything new will embed AI.”
Elsewhere, SPAC Insight Acquisition priced a $240 million IPO. The company said in its SEC filing that it will look for combinations in the “FinTech or financial services industry with an enterprise value of approximately $750 million to $1.5 billion, with particular emphasis on businesses that are providing or changing technology for traditional financial services (FinTech), those in the wealth, investment, asset management and insurance sectors, or certain types of technology companies that provide services to the FinTech or financial services companies.” Possible combinations, said SPAC Insight, “might include those providing artificial intelligence, blockchain, data and analytics, tech-enabled services, risk/compliance/KYC/AML solutions” and other areas.
As noted in this space during the week, coffee quick-service restaurant (QSR) chain Dutch Bros. is aiming to raise over $421 million in its initial public offering (IPO), going for a valuation of more than $3.3 billion, per a filing with the SEC. The company noted that it had 2.3 million Dutch Rewards App members in the first five months since launch.
“Our drive-thru operating model proved highly resilient by providing our customers with a safe and convenient way to visit, buy a beverage and make a personal, human connection in a time of crisis,” stated the filing.
Read more: Dutch Bros Seeks $3.3B IPO Valuation amid Drive-Thru Growth
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