Drugmaker Genmab raised $506M with its initial public offering, while startup DouYou, which streams video games, became China's biggest Wall Street IPO this year, finishing its first day of trading at its offer price in a $775M IPO.
Medallia (MDLA) opened on July 19 at $34.00. The company had priced 15.5M shares at $21.00. The deal size was increased to 15.5M shares from 14.5M shares and priced above the $16.00-$18.00 range. BofA/Merrill, Citi and Wells Fargo acted as joint book running managers for the offering. Medallia is a software-as-a-service company that specializes in real-time business intelligence.
In a research note ahead of the company's IPO, MKM Partners analyst Rohit Kulkarni said that while he was not making a recommendation or initiating coverage on the stock, he was bullish on Medallia's core value proposition and near-term growth opportunities.
Mirum Pharmaceuticals (MIRM) opened on July 18 at $13.00. The company had priced 5M shares at $15.00. The deal was priced at the midpoint of its target $14.00-$16.00 range. Citigroup, Evercore ISI, Guggenheim Securities, Raymond James and Roth Capital Partners were the underwriters. Mirum is a clinical-stage therapeutics company developing a novel approach for treating cholestatic liver diseases.
Fulcrum Therapeutics (FULC) opened for trading at $14.50 on Thursday of this week. The company had priced 4.5M shares at $16.00, at the low end of the $16-$18 target range. Morgan Stanley, BofA Merrill Lynch and SVB Leerink acted as joint book-running managers for the offering. Fulcrum is developing small molecule therapies based on gene regulation for rare diseases.
Phreesia (PHR) opened on July 18 at $26.75 per share. The company had priced 9.288M shares at $18.00. The deal size was increased to 9.288M shares of common stock from 7.812M shares of common stock and priced above the $15.00-$17.00 range. J.P. Morgan, Wells Fargo Securities and William Blair acted as joint book-running managers for the offering as representatives of the underwriters. Allen & Company and Piper Jaffray acted as passive book-running managers for the offering. Phreesia is a patient intake management platform, offering SaaS-based solutions to connect patients with healthcare providers in addition to payment solutions.
In a research note ahead of the company's IPO, MKM Partners analyst Rohit Kulkarni said that while he was not making a recommendation or initiating coverage on the stock, he was impressed by Phreesia's diverse set of products and solutions.
Genmab (GMAB) opened on July 18 at $18.25. The company had priced 28.5M shares at $17.75 per ADS. The deal size was increased from 27.8M ADS. BofA Merrill Lynch, Morgan Stanley and Jefferies acted as joint book-running managers for the Offering. Guggenheim Securities and RBC Capital Markets acted as joint lead-managers and Danske Markets, H.C. Wainwright & Co. and Kempen acted as co-managers for the offering. Genmab is a biotech company that specializes in antibody therapeutics for the treatment of cancer and other diseases. Serving as Johnson & Johnson's (JNJ) key partner on the blockbuster multiple myeloma therapy Darzalex, Genmab said it has been looking to launch its own proprietary product by 2025.
AssetMark Financial (AMK) opened on July 18 at $25.45. The company had priced 12.5M shares at $22.00. The deal priced above the $19.00-$21.00 range. JPMorgan and Goldman Sachs acted as joint lead bookrunning managers for the offering. AssetMark provides a wealth management platform for independent advisers.
Owl Rock (ORCC) opened on July 18 at $15.50. The company had priced 10M shares at $15.30. The deal priced at the bottom of the $15.30-$16.30 range. Goldman Sachs, BofA/Merrill, RBC Capital, SunTrust, Wells Fargo, Credit Suisse, Deutsche Bank, JMP Securities, Keefe Bruyette, Morgan Stanley, Raymond James and Capital One acted as joint book running managers for the offering. Owl Rock is a specialty finance company focused on lending to U.S. middle-market companies.
DouYu (DOYU) opened on July 17 at $11.02. The company had priced 67.387M shares at $11.50. The deal was priced at the bottom of the $11.50-$14.00 range. Morgan Stanley, JPMorgan Securities, BofA Securities and CMB International Capital acted as joint bookrunners of the offering. DouYu is a Chinese video-game live-streaming platform that had initially planned to start its IPO roadshow in May but postponed it following President Donald Trump's threat to boost tariffs on China.
- Medallia soared 76% in first trading day, ending Friday at $37.05.
- Mirum Pharmaceuticals opened below its IPO price, closing Friday at $13.49.
- Fulcrum Therapeutics ended the week at $12.40, after opening on Thursday below its IPO price.
- Phreesia finished Friday at $24 after opening higher on Thursday.
- Also opening higher, AssetMark ended its first day of trading at $27.69.
- Owl Rock ended Friday at $15.51.
- DouYu finished its first trading day below its offer price of $11.50.
UPCOMING IPOS: Among the upcoming IPOs are Sunnova Energy International (NOVA), Castle Biosciences (CSTL), Wanda Sports (WSG), Livongo Health (LVGO), and Health Catalyst (HCAT).
Sunnova Energy International provides residential solar energy systems and services and expects to raised up to $100M in its initial public offering.
Castle Biosciences is a cancer-focused company that provides doctors and patients with personalized clinically actionable genomic information to support more precise treatment decisions.
Wanda Sports is a unit under Chinese billionaire Wang Jianlin's conglomerate Dalian Wanda Group, and owns sports properties and generates revenue from events, sponsorship and media pacts.
Livongo Health provides an AI technology platform that empowers patients with chronic conditions to healthier outcomes through real-time personalized monitoring and coaching as well as medication access, with an initial focus on diabetes.
Health Catalyst provides software and services solutions to healthcare organizations that assists them in managing and using data to improve their operations.
"Opening Day" is The Fly's new recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.