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Fort Worth-based convenience store operator announces plans to go public

🕐 4 min read

Yesway, Inc. on Sept. 22 announced that it has filed for a proposed initial public offering.

Yesway is a Fort Worth-based convenience store operator. Yesway’s portfolio currently consists of 403 stores located in Texas, New Mexico, South Dakota, Iowa, Kansas, Missouri, Wyoming, Oklahoma, and Nebraska, including most recently, the 302-store Allsup’s Convenience Store chain.

The company has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. Application has been made for listing the Class A common stock on The Nasdaq Global Select Market under the ticker symbol “YSWY.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, BMO Capital Markets and Barclays are acting as Joint Bookrunning Managers for the proposed offering.

On Aug. 12, Ernst & Young LLP announced that Tom Trkla, Chairman and CEO of Yesway, was named an Entrepreneur Of The Year 2021 Southwest Award winner. The award recognizes those who are unstoppable entrepreneurial leaders, excelling in talent management; degree of difficulty; financial performance; societal impact and building a values-based company; and originality, innovation and future plans.

The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings.

Week of Sep. 20

a.k.a. Brands Holdings – San Francisco, 13.9 million shares, priced $17-$19, managed by BofA Securities/Credit Suisse. Proposed NYSE symbol AKA. Business: Operates a portfolio of Millennial and Gen Z online fashion brands.

Amplitude – San Francisco, 35.4 million shares, priced at $34.41, managed by Morgan Stanley/BofA Securities. Proposed Nasdaq symbol AMPL. Business: Provides customer behavior analytics for digital business optimization.

Argo Blockchain – London, United Kingdom, 7.5 million shares, priced at $18.40, managed by Jefferies/Barclays. Proposed Nasdaq symbol ARBK. Business: Blockchain technology company focused on large-scale cypto mining.

Brilliant Earth Group – San Francisco, Calif., 16.7 million shares, priced $14-$16, managed by JP Morgan/Credit Suisse. Proposed Nasdaq symbol BRLT. Business: Digital-first retailer of fine jewelry.

Clearwater Analytics Holdings – Boise, Idaho, 30 million shares, priced $14-$16, managed by Goldman Sachs/JP Morgan. Proposed NYSE symbol CWAN. Business: Provides cloud-native software for investment accounting and analytics.

Cue Health – San Diego, 12.5 million shares, priced $15-$17, managed by Goldman Sachs/Morgan Stanley. Proposed Nasdaq symbol HLTH. Business: Develops and sells molecular home tests for COVID-19 and other diseases.

EngageSmart – Braintree, Mass., 14.6 million shares, priced $23-$25, managed by JP Morgan/Goldman Sachs. Proposed NYSE symbol ESMT. Business: Provides SaaS solutions for invoicing, payments and health practice management.

Freshworks – San Mateo, Calif., 28.5 million shares, priced $28-$32, managed by Morgan Stanley/JP Morgan. Proposed Nasdaq symbol FRSH. Business: Provides a business SaaS for customer support and IT projects.

ICZOOM Group – Shenzhen, China, 4.4 million shares, priced $5-$6, managed by Prime Number Capital/Shengang Securities. Proposed Nasdaq symbol IZM. Business: Provides electrical components and services to SMEs in China.

Knowlton Development – Longueuil, Canada, 57.1 million shares, priced $13-$15, managed by Goldman Sachs/JP Morgan. Proposed NYSE symbol KDC. Business: Canadian maker of home, beauty and personal products.

Remitly Global – Seattle, 12.2 million shares, priced $38-$42, managed by Goldman Sachs/JP Morgan. Proposed Nasdaq symbol RELY. Business: Provides a mobile payment service for international money transfers.

Sovos Brands – Louisville, Colo., 23.3 million shares, priced $14-$16, managed by JP Morgan/Goldman Sachs. Proposed Nasdaq symbol SOVO. Business: Sells premium foods brands including Rao’s and noosa.

Sterling Check – New York, 14.3 million shares, priced $20-$22, managed by Goldman Sachs/JP Morgan. Proposed Nasdaq symbol STER. Business: Provides tech-enabled backgroup screening and identity verifications services.

Thorne Healthcare – New York, 9 million shares, priced $13-$15, managed by BofA Securities/Cowen. Proposed Nasdaq symbol THRN. Business: Offers a suite of personalized dietary supplements.

Toast – Boston, 21.7 million shares, 21.7 million shares, priced $30-$33, managed by Goldman Sachs/Morgan Stanley. Proposed NYSE symbol TOST. Business: Provides mobile and digital payment processing and other services for restaurants.

VersaBank – London, Canada, 4.8 million shares, priced at $10.37, managed by Raymond James/Keefe Bruyette Woods. Proposed Nasdaq symbol VBNK. Business: Canadian digital bank.

Warby Parker – New York, 77.7 million shares, priced at $25.53, managed by Goldman Sachs/Morgan Stanley. Proposed NYSE symbol WRBY. Business: Sells low-cost prescription glasses online and in over 145 stores.

The Associated Press contributed to this report

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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