Sean McClain, Founder and CEO of Absci, on Nasdaq.
whose shares shot up almost 35% on Thursday’s first day of trading, according to founder and CEO Sean McClain, the Google of synthetic biology
The Vancouver, Washington, company is more than a biotech company, McClain said. Companies like
(Ticker: MRK), an investor in the company, and Astellas commission Absci (ABSI) to use its AI-powered drug manufacturing platform to identify biologics or protein-based drugs for them. The technology is helping to accelerate drug development. Absci doesn’t own the drugs it develops, but it does receive royalties as the drugs advance, he said.
“Think of [us] like the Google index search for drug research and organic production. [Our] Technology enables us to get drugs to patients at a truly unprecedented rate, ”McClain told Barron’s
McClain started Absci a decade ago in a basement laboratory. “And here we ring the bell on the Nasdaq 10 years later,” said the founder.
Absci was one of six companies that listed their shares on Thursday. The shares rose significantly from their offering price of $ 16 to $ 21.59 and valued Absci at approximately $ 2 billion.
Absci decided to go public because it is looking for employees. The company currently has around 170 employees and plans to have 240 to 250 people by the end of the year, McClain said. “For us, going public is all about talent. We live or die from talent … The IPO provides great visibility for attracting and retaining talent, ”he said.
McClain said he was “absolutely delighted” with the result of the offer. “The IPO signaled to the market that investors are excited about our vision of becoming the Google of synthetic biology,” he said.
(BASE), a cloud database software provider, also went public on Thursday, with shares rising nearly 27% to close at $ 30.40. This brings Couchbase to a market capitalization of 1.2 billion US dollars.
Couchbase’s database software helps companies like
(DPZ) and Amadeus manage their web and mobile applications. “When you’ve booked a trip [on Amadeus], there is a good chance that the Couchbase platform will enable experience, “said Matt Cain, President and CEO.
The operational database market is one of the largest in the software industry, with an estimated total addressable market of $ 57 billion, Cain told Barron’s. “Companies like
can’t meet customers’ needs the way we can, ”he said.
Couchbase is also one of the first companies to take part in a hybrid roadshow when it goes public. Roadshows, where management teams talk to investors before listing a company, have been virtual events since the pandemic caused companies to go remotely in 2020. Couchbase conducted the first part of its roadshow remotely and spent the last two weeks in New York speaking with investors, Cain said, adding that Couchbase’s management held several face-to-face meetings. “We were overwhelmed by the number of investors we have worked with,” he said.
(INST) gained 5% on its market debut to close at $ 20.98. The Salt Lake City company, valued at $ 2.9 billion, provides a cloud-based learning platform to more than 6,000 customers, including colleges and K-12 districts and schools in more than 90 countries.
Instructure’s software helps relieve teachers by eliminating many manual processes, said CEO Steve Daly. On the Instructure platform, teachers can post their lesson plans as well as tests and grades online. This simplifies the lives of teachers so that “they can focus on what they put into education in the first place, which is teaching and caring for students,” said Daly.
Instructure plans to use the proceeds from the IPO to pay off its $ 790 million debt, which will drop to $ 500 million after the offer, he said. Instructure, which employs around 1,200 people, is also looking for reinforcements. “One of the reasons we’re excited to be public now is because we have public stock that attracts the best and brightest,” said Daly.
Write to Luisa Beltran at [email protected]