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Materials : Chemicals | Large Cap Blend
Company profile

Dow Inc. is a holding company for The Dow Chemical Company and its subsidiaries (TDCC). The Company's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a range of science-based products and solutions for its customers in various market segments, such as packaging, infrastructure, mobility and consumer care. The Company’s portfolio is comprised of six global business units, which are organized into three operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure and Performance Materials & Coatings. Packaging & Specialty Plastics consists of two global businesses: Hydrocarbons & Energy and Packaging and Specialty Plastics. Industrial Intermediates & Infrastructure consists of two customer-centric businesses: Industrial Solutions and Polyurethanes & Construction Chemicals. Performance Materials & Coatings includes two global businesses: Coatings & Performance Monomers and Consumer Solutions.

Closing Price
$58.40
Day's Change
-0.86 (-1.45%)
Bid
--
Ask
--
B/A Size
--
Day's High
60.19
Day's Low
58.38
Volume
(Average)
Volume:
5,889,477

10-day average volume:
5,706,801
5,889,477

The 20 best-performing IPOs of the past three years have returned up to 1,477%

8:15 am ET June 28, 2021 (MarketWatch)
Print

By Philip van Doorn

These winners include BioNTech, Zoom, CrowdStrike and Nio

These are exciting times for active money managers: The number of publicly traded companies is increasing, reversing a long-term trend. This is happening because more companies are being brought to market through initial public offerings (IPOs).

And buying shares through an IPO can translate into big returns, as this list (below) of the best-performing stocks that have gone public over the past three years shows. It excludes blank-check companies, including the ones known as SPACs.

Just how big is the boom? There have been 591 IPOs in the U.S. and Canada so far this year, including SPACs, following 630 in 2020, according to data provider FactSet. That 18-month total of 1,221 IPOs compares to 1,535 for the previous five years through the end of 2019.

The number of publicly traded companies had been declining for years (https://www.marketwatch.com/story/the-number-of-companies-publicly-traded-in-the-us-is-shrinkingor-is-it-2020-10-30), in part because corporate managers didn't want to be burdened by the complex reporting and disclosure requirements under the Sarbanes-Oxley Act of 2002, according to Brad Lamensdorf, CEO of investment adviser ActiveAlts.

But now, with strong overall performance in the stock market, new interest among individual investors and elevated IPO activity, he sees more opportunities for professional traders and money managers to gain an edge over index funds and ETFs.

Best-performing IPOs in the U.S. and Canada

To show a list of best-performing IPOs, we set parameters for data compiled by FactSet. Blank-check companies, including special-purpose acquisition companies, were excluded. A SPAC typically is designed to effect a transformational merger within two years of its formation. The merger will circumvent the typical regulated IPO process. The typical SPAC goes public at a price of $10 a share and trades around that price until a merger deal is announced. The best-known examples of these include Virgin Galactic Holdings Inc. (SPCE), DraftKings Inc. (DKNG) and Bill Ackman's Pershing Square Tontine Holdings Ltd. (PSTH).

Excluding blank-check companies, there have been 952 IPOs on U.S. or Canadian stock exchanges over the past three years -- regardless of where the companies are based. Among those, 74 no longer exist because they were either acquired or delisted. That leaves 878, of which 584 have market capitalizations of at least $200 million, the minimum value set for this list to avoid thinly traded companies.

These 20 are the best-performing IPOs over the past three years from that list:

Company  Ticker  IPO date  IPO price  Total return from offering date  Market cap. ($mil) 
BioNTech SE  BNTX  10/1/2019  $15.00  1477%  $57,117 
Very Good Butchers Inc.  CA:VERY  1/10/2020  $0.19  1411%  $268 
Annovis Bio Inc.  ANVS  1/28/2020  $6.00  1304%  $670 
Shockwave Medical Inc.  SWAV  3/6/2019  $17.00  1045%  $6,807 
Fiverr International Ltd.  FVRR  6/13/2019  $21.00  1000%  $8,279 
Zoom Video Communications Inc.  ZM  4/17/2019  $36.00  941%  $88,710 
SiTime Corp.  SITM  11/20/2019  $13.00  883%  $2,408 
Moderna Inc.  MRNA  12/7/2018  $23.00  862%  $88,882 
New Found Gold Corp.  CA:NFG  7/31/2020  $0.97  797%  $1,429 
Kodiak Sciences Inc.  KOD  10/3/2018  $10.00  752%  $4,365 
Twist Bioscience Corp.  TWST  10/31/2018  $14.00  749%  $5,808 
Bill.com Holdings Inc.  BILL  12/12/2019  $22.00  748%  $15,526 
Karuna Therapeutics Inc.  KRTX  6/27/2019  $16.00  719%  $3,859 
Silvergate Capital Corp.  SI  11/6/2019  $12.00  706%  $2,451 
CrowdStrike Holdings Inc.  CRWD  6/12/2019  $34.00  655%  $51,128 
E Home Household Service Holdings Ltd.  EJH  5/14/2021  $4.50  650%  $1,133 
Nio Inc.  NIO  9/11/2018  $6.26  604%  $60,052 
Cloudflare Inc.  NET  9/12/2019  $15.00  584%  $26,285 
InMode Ltd.  INMD  8/7/2019  $14.00  576%  $3,614 
Dye & Durham Ltd.  CA:DND  7/13/2020  $5.53  569%  $2,768 
Source: FactSet 

You can click the tickers for more about each company.

The best performer has been BioNTech SE (BNTX), a German-based biotech company listed on Nasdaq that partnered with Pfizer Inc. (PFE) for the quick development of a COVID-19 vaccine last year. The stock returned 1,477% from its IPO on Oct. 1, 2019 through the close on June 22.

Moderna Inc. (MRNA), which developed its own coronavirus vaccine, is also on the list, with a total return of 862% since its IPO on Dec. 7, 2018.

Other names on the list that will be familiar to active investors include Zoom Video Communications Inc. (ZM), CrowdStrike Holdings Inc. (CRWD), electric-vehicle maker Nio Inc. (NIO) and Cloudflare Inc. (NET).

Here's a summary of sentiment among Wall Street analysts for the group:

Company  Ticker  Share "buy" ratings  Closing price -- June 22  Consensus price target  Implied 12-month upside potential  Number of analysts polled 
BioNTech SE  BNTX  31%  $236.49  $186.33  -21%  13 
Very Good Butchers Inc.  CA:VERY  N/A  $3.75  N/A  N/A 
Annovis Bio Inc.  ANVS  100%  $84.25  $45.00  -47%  1 
Shockwave Medical Inc.  SWAV  50%  $194.57  $186.00  -4%  6 
Fiverr International Ltd.  FVRR  78%  $230.99  $252.33  9%  9 
Zoom Video Communications Inc.  ZM  46%  $374.65  $407.00  9%  26 
SiTime Corp.  SITM  100%  $127.79  $134.00  5%  6 
Moderna Inc.  MRNA  44%  $221.36  $177.00  -20%  18 
New Found Gold Corp.  CA:NFG  0%  $11.62  $4.25  -63%  1 
Kodiak Sciences Inc.  KOD  45%  $85.15  $121.45  43%  11 
Twist Bioscience Corp.  TWST  43%  $118.79  $123.33  4%  7 
Bill.com Holdings Holdings Inc.  BILL  69%  $186.61  $177.80  -5%  16 
Karuna Therapeutics Inc.  KRTX  92%  $130.99  $161.17  23%  13 
Silvergate Capital Corp.  SI  71%  $96.74  $154.29  59%  7 
CrowdStrike Holdings Inc.  CRWD  92%  $256.61  $256.91  0%  24 
E Home Household Service Holdings Ltd.  EJH  N/A  $33.75  N/A  N/A 
Nio Inc.  NIO  78%  $44.10  $57.38  30%  18 
Cloudflare Inc.  NET  81%  $102.57  $96.20  -6%  16 
InMode Ltd.  INMD  100%  $94.63  $97.00  3%  5 
Dye & Durham Ltd.  CA:DND  80%  $50.11  $58.90  18%  5 
Source: FactSet 

The analysts polled by FactSet are on the "sell side," meaning that they work for brokerage firms, many of which may have provided investment banking services to the same companies. While sell-side analysts work in separate departments from the investment-banking departments, it is rare that their first research note on a newly listed company does not include a bullish rating.

All but four of the companies listed above are covered by at least five analysts. The prices for several have soared so high that they are way above the consensus price targets.

As for the 74 companies that went through direct IPOs over the past three years and no longer exist, here are two examples with two very different fates -- either feast or famine:

The largest companies that have gone public over the past three years

The first list, above, leaves out many of the most familiar companies that have gone public through listings in the U.S. over the past three years. Here are the largest 20, sorted by current market capitalization. All are listed on U.S. exchanges.

Company  Ticker  IPO date  IPO price  Total return from offering date  Market cap. ($mil) 
Pinduoduo Inc.  PDD  7/25/2018  $19.00  523%  $148,264 
Uber Technologies Inc.  UBER  5/9/2019  $45.00  9%  $92,115 
Moderna Inc.  MRNA  12/7/2018  $23.00  862%  $88,882 
Zoom Video Communications Inc.  ZM  4/17/2019  $36.00  941%  $88,710 
Snowflake Inc.  SNOW  9/15/2020  $120.00  108%  $73,822 
Coupang Inc.  CPNG  3/10/2021  $35.00  14%  $62,341 
Nio Inc.  NIO  9/11/2018  $6.26  604%  $60,052 
BioNTech SE  BNTX  10/10/2019  $15.00  1477%  $57,117 
DoorDash Inc.  DASH  12/8/2020  $102.00  75%  $52,724 
CrowdStrike Holdings Inc.  CRWD  6/12/2019  $34.00  655%  $51,128 
Palantir Technologies Inc.  PLTR  9/29/2020  $7.25  250%  $45,853 
KE Holdings Inc.  BEKE  8/13/2020  $20.00  148%  $44,369 
Pinterest Inc.  PINS  4/17/2019  $19.00  285%  $40,039 
Peloton Interactive Inc.  PTON  9/25/2019  $29.00  304%  $31,489 
Unity Software Inc.  U  9/17/2020  $52.00  112%  $30,809 
Lufax Holding Ltd.  LU  10/30/2020  $13.50  -10%  $29,991 
UiPath Inc.  PATH  4/21/2021  $56.00  25%  $29,783 
Airbnb Inc.  ABNB  12/9/2020  $68.00  120%  $28,916 
Genmab A/S  GMAB  7/17/2019  $17.75  144%  $28,414 
Cloudflare Inc.  NET  9/12/2019  $15.00  584%  $26,285 
Source: FactSet 

The largest company by market cap that has gone public through a traditional IPO in the U.S. over the past three years is Pinduoduo Inc. (PDD), which bills itself as the largest online grocer in China.

Another name, ride-sharing pioneer Uber Technologies Inc. (UBER), has been hit hard by the coronavirus pandemic. Here's an analysis (https://www.marketwatch.com/story/uber-vs-lyft-should-you-buy-either-stock-now-11621513191) comparing Uber to its arch rival Lyft Inc. (LYFT).

Here's a summary of Wall Street opinion about the group:

Company  Ticker  Share "buy" ratings  Closing price -- June 22  Consensus price target  Implied 12-month upside potential  Number of sell-side analysts polled 
Pinduoduo Inc.  PDD  69%  $118.30  $163.33  38%  42 
Uber Technologies Inc.  UBER  88%  $49.05  $69.91  43%  41 
Moderna Inc.  MRNA  44%  $221.36  $177.00  -20%  18 
Zoom Video Communications Inc.  ZM  46%  $374.65  $407.00  9%  26 
Snowflake Inc.  SNOW  48%  $249.29  $292.54  17%  29 
Coupang Inc.  CPNG  29%  $40.02  $43.71  9%  7 
Nio Inc.  NIO  78%  $44.10  $57.38  30%  18 
BioNTech SE  BNTX  31%  $236.49  $186.33  -21%  13 
DoorDash Inc.  DASH  40%  $178.98  $166.79  -7%  20 
CrowdStrike Holdings Inc.  CRWD  92%  $256.61  $256.91  0%  24 
Palantir Technologies Inc.  PLTR  22%  $25.40  $22.00  -13%  9 
KE Holdings Inc.  BEKE  80%  $49.53  $74.67  51%  15 
Pinterest Inc.  PINS  57%  $73.16  $83.50  14%  28 
Peloton Interactive Inc.  PTON  79%  $117.17  $131.72  12%  29 
Unity Software Inc.  U  75%  $110.26  $122.36  11%  12 
Lufax Holding Ltd.  LU  72%  $12.18  $17.51  44%  18 
UiPath Inc.  PATH  40%  $69.85  $77.37  11%  20 
Airbnb Inc.  ABNB  43%  $149.68  $170.93  14%  35 
Genmab A/S  GMAB  65%  $43.30  $41.33  -5%  26 

2021-06-28 12:15:00 GMT MW The 20 best-performing IPOs of the past three -2-

Cloudflare Inc.  NET  81%  $102.57  $96.20  -6%  16 
Source: FactSet 

A hot stock market generally means good times for IPOs, especially for investors whose brokers can help them scoop up the shares at a good price. That can be a tall order on a wild first day of trading.

It's also very important to know what you are buying. Rather than only considering the popularity of a company's product or service, and the media hype, you should read its offering filings to form an opinion about the company's long-term prospects before jumping in.

Don't miss:Amazon is the world's most valuable brand, but Alibaba and Facebook have better financials (https://www.marketwatch.com/story/amazon-is-the-worlds-most-valuable-brand-but-alibaba-and-facebook-have-better-financials-11624296828)

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

June 28, 2021 08:15 ET (12:15 GMT)

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