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IPO Preview: ZipRecruiter, Fintech Companies Paymentus, Flywire Lead Week Of Offerings

The week of May 24 is going to be busy with several IPOS, including the direct listing of ZipRecuriter. Here’s a look at the major deals.

ZipRecruiter: Since 2010, ZipRecruiter has connected 2.8 million employers to more than 110 million job seekers. ZipRecruiter is the No. 1 rated job seeker app on iOS and Android over the past four years.

The company believes it can continue its growth by increasing the number of employers and job seekers on its platforms, strengthening its artificial intelligence, optimizing performance-based pricing and expanding internationally.

ZipRecruiter had revenue of $418.1 million in fiscal 2020 and net income of $86 million. In the first quarter of 2021, the company had revenue of $113.3 million and posted a net loss of $11.1 million.

The company plans to sell 86.6 million shares in a direct listing. It will be listed as (NYSE:ZIP).

Paymentus Holdings: Cloud-based bill payment company Paymentus Holdings plans to offer 10 million shares at a price point of $19 to $21. The company is seeking to disrupt the electronic bill payments sector.

Paymentus has more than 16 million monthly consumers and business users and has processed over 195 million transactions.

The company had revenue of $302 million in fiscal 2020, up 28% year-over-year and a net income of $13 million in fiscal 2020.

It will be listed as (NYSE:PAY).

Related Link: IPO Preview: SquareSpace, Procore Technologies And Oatly Are This Week’s Offerings

Flywire Corporation: Global payments company Flywire Corporation has more than 2,250 clients and a total payment volume of $7.5 billion. The company has a net dollar retention rate of 118%.

Flywire had revenue of $131.8 million in fiscal 2020 and $45 million in the first quarter of 2021.

It provides services in more than 240 countries including education, business, travel and healthcare sectors.

The company plans to sell 8.7 million shares at a price point of $22 to $24. It will be listed as (NASDAQ:FLYW)

FIGS Inc: More than 1.5 million active customers buy products from FIGS Inc., the largest direct-to-consumer healthcare apparel and lifestyle brand.

The company had revenue of $263.1 million in 2020, up 138% year-over-year. The company has grown revenue at a compounded annual growth rate of 146% from its total of $17.6 million in fiscal 2017.

The company has gross margins of 72.3% and had a net income of $57.9 million in fiscal 2020.

Opportunities for the company include growing brand awareness, international expansion and entering new professional markets. FIGS launched its products in the UK, Australia and Canada in 2020. The company counts on the growth of male customers as another catalyst with only 17% of revenue coming from men despite representing 25% of the workforce.

It will be listed as (NYSE:FIGS)

Singular Genomic Systems: Next-generation sequencing company Singular Genomics Systems plans to sell 8.5 million shares at a price point of $20 to $22. Singular Genomics Systems believes its solution can improve accuracy, speed, flexibility and scale. The company plans the commercial launch of its G4 Integrated Solution by the end of 2021.

It will be listed as (NASDAQ:OMIC). 

(Photo: Chrons Yan via Unsplash)

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