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Thoughtworks, On Executing U.S. IPOs By Exceeding Targets




(Bloomberg) – Technology consultancy Thoughtworks Holding Inc. and high-performance running shoe maker On Running on Tuesday led a quartet of initial public offerings that all raised more money than expected.

These IPOs appear to be just the start of a seasonal increase in listings in the United States after Labor Day weekend in the United States.

At least five other companies filed an application on Tuesday to begin marketing their shares for listings of more than $ 100 million. They include Sovos Brands Inc., the owner of Raos Homemade pasta sauces, as well as online jeweler Brilliant Earth Group Inc.

Thoughtworks, the largest of the four with IPOs on Tuesday, and some of its investors raised $ 773 million, valuing its shares at $ 21 each after trading them between $ 18 and $ 20, according to a statement. The Chicago-based company changes its name to Turing Holding Corp. in connection with the initial public offering.

Goldman, JPMorgan

The offering is led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. Shares of Thoughtworks are expected to begin trading on Wednesday on the Nasdaq Global Select Market under the symbol TWKS.

Shoemaker On Holding AG and some of its investors sold 31.1 million shares for $ 24 each on Tuesday, according to a statement confirming an earlier Bloomberg News report. The Zurich-based company had marketed the shares for between $ 20 and $ 22 each.

Footwear brand On Running, which counts tennis legend Roger Federer among its investors, is said to have a market value of around $ 7.3 billion based on the outstanding shares listed in documents filed with the Securities and Exchange United States Commission.

On Runnings IPO was led by Goldman Sachs, Morgan Stanley and JPMorgan. The shares will trade on the New York Stock Exchange under the symbol ONON.

Dutch brothers

Coffee chain Dutch Bros Inc. recorded the largest price increase, selling its shares for $ 23 each, $ 3 above the top of its marketed range. The Oregon-based company has raised $ 484 million and will be listed on the New York Stock Exchange under the symbol BROS.

The sale of Dutch Bros shares is led by Bank of America Corp., JPMorgan and Jefferies Financial Group Inc.

Definitive Healthcare Corp., based in Framingham, Mass., Raised $ 420 million during its IPO. The healthcare tech company previously raised its price range from $ 24 to $ 26 and then priced the IPO at $ 27 per share.

The company’s shares will be traded on the Nasdaq Global Select Market under the symbol DH from Wednesday. Goldman Sachs and JPMorgan led the offer.

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