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3 Silicon Beach Companies Go Public This Week

Three companies based in Silicon Beach are expected to go public this week, joining a wave of recent offerings on major stock exchanges.

On May 26, Santa Monica-based ZipRecruiter Inc. listed directly on the New York Stock Exchange with an estimated enterprise value of more than $3 billion.

The company, whose shareholders offered 86.6 million shares, opened at $20, about $2 over what the NYSE had indicated would be the opening price. The stock closed at $21.10. up 17.2%.

ZipRecruiter runs an online job marketplace that matches employers and job seekers. It had more than 90 million job postings and 36 million job seekers last year. Since its founding in 2010, more than 110 million job seekers have come to ZipRecruiter looking for work posted by 2.8 million businesses.

The company's competitors include Sunnyvale-based LinkedIn, the professional networking website owned by Redmond, Wash.-based Microsoft Corp., and Indeed, the Austin, Texas-based employment website for job listings that is a unit of Japan's Recruit Co. Ltd.

ZipRecruiter, which has 840 employees and trades under the ticker symbol ZIP, is not going the IPO route with an underwriter like companies typically do when they become publicly traded.

The company recently reported profit of $13.4 million on revenue of $125.4 million in its 2021 first quarter. It forecasts revenue of $580 million to $600 million for 2021 and earnings before taxes of $20 million to $28 million.

Meanwhile, Venice-based Fifth Wall Ventures Management last month launched its third special purpose acquisition vehicle, or SPAC. The venture capital firm has recruited athletic star power to help identify overseas combinations, according to a securities filing made with the federal government.

Alana Beard, a former WNBA all-star with the Los Angeles Sparks, has joined as a board member of the SPAC, as well as Fifth Wall’s two other SPACs announced earlier this year. Beard also is a senior associate with Silicon Valley-based venture capital firm SVB Capital.

Fifth Wall said it plans to raise $250 million for the SPAC, called Fifth Wall Acquisition III, which began trading this week.

The SPAC, which trades under the ticker symbol FWAC, issued 25 million shares on Nasdaq at $10 a share.

On May 27, Santa Monica-based health care apparel brand Figs Inc. plans to raise $394 million, giving the company a valuation close to $4.4 billion. The company designs, markets, and sells anti-wrinkle scrubs and other related clothing for health care professionals.

Figs, which will trade under the ticker symbol FIGS on the NYSE, plans to offer 22.5 million shares at $22 a share.

Figs was founded in 2013 and booked $318 million in sales for the year period ended March 31.

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