Doximity and Confluent IPOs Beat Expectations in Stock Market Debuts

Earlier this week, the downsized IPO of software company Sprinklr Inc. caused some hand wringing about whether the unseasonably strong IPO market could be in trouble.

Then, two tech IPOs priced above expectations Wednesday and blew through their IPO prices in trading Thursday.

Shares of health-tech company Doximity Inc. soared more than 80% in recent trading after pricing above expectations late Wednesday. Meanwhile, data analytics company Confluent Inc. shares were up more than 20% after they, too, priced above their expected range.

Not all stock-market debuts were strong Thursday. Health-insurance company Bright Health Group Inc. sold fewer shares than planned at a lower price than expected. Its stock declined 7% in recent trading.

It’s been a busy week for IPOs, and even more companies are set to price shares after the market closes Thursday. The last two weeks 18 and 20 companies went public, respectively, and more than 10 have already priced this week, according to Dealogic.

That’s meant a busy schedule for bankers, investors and executives.

“We met over 200 investors in seven business days,” said Jeff Tangney, chief executive of Doximity, in an interview with The Wall Street Journal. Though he said he offered to meet in person with New York-based analysts and fund managers, no one took him up on it and instead the meetings were all virtual.

One change from a year ago, however, was that both management teams for Confluent and Doximity were able to ring opening bells at Nasdaq and the New York Stock Exchange in person.

“It was great to get to do this in person,” said Jay Kreps, chief executive of Confluent.