Among upcoming IPOs include Karat Packaging and BioNTech
Shares of Viela Bio (VIE) rose on their first trading day, ending the week at $23.12 after opening on Thursday at $21.50. The company's biggest shareholder is AstraZeneca (AZN), which owns more than 14.2M shares of common stock. Meanwhile, Aprea Therapeutics (APRE) also opened above the $15 initial public offering price, ending its first trading day at $20.45.
Metrocity Bankshares (MCBS) opened on October 3 at $13.50 per share. The company had priced 1.94M shares at $13.50, below its target range of $14.50-$16.50. Keefe Bruyette and Raymond James acted as joint book running managers for the offering. Metrocity Bankshares is the bank holding company for Metro City Bank, which currently operates 19 full-service locations in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia.
Frequency Therapeutics (FREQ) opened on October 3 at $11.20 per share. The company had priced 6M shares at $14.00. The deal size was decreased from 6.7M shares and priced at the low end of $14.00-$16.00 target range. JPMorgan, Goldman Sachs and Cowen acted as joint book running managers for the offering. Frequency Therapeutics is developing a drug treatment for sensorineural hearing loss.
Viela Bio opened on October 3 at $21.50 per share. The company had priced 7.9M shares at $19.00. The deal range was $19.00-$20.00 and the size was increased to 7.9M shares from 7.5M shares. Goldman Sachs, Morgan Stanley and Cowen acted as joint book running managers for the offering. Viela Bio is a clinical-stage biotechnology company pioneering treatments for autoimmune and severe inflammatory diseases.
Aprea Therapeutics opened on October 3 at $15.46 per share. The company had priced 5.67M shares at $15.00. The deal range was $14.00-$16.00 and the size was increased to 5.67M shares from 5M shares. JPMorgan, Morgan Stanley and RBC Capital acted as joint book running managers for the offering. Aprea Therapeutics focuses on developing cancer therapeutics that activate the reactive mutant p53 tumor suppressor protein, expressed by the TP53 gene, which management claims is the most commonly mutated gene in cancer.
In its first trading day, Metrocity Bankshares $13.45.
Viela Bio ended the week at $23.12 after opening higher.
Not as well received by traders, Frequency Therapeutics opened lower and finished its first trading day at $13.61.
Aprea Therapeutics closed on Friday at $19.07.
UPCOMING IPOS: Among the upcoming IPOs are Heartland Bancorp (HBT), Karat Packaging (KRAT), BioNTech (BNTX), Vir Biotechnology (VIR), and Leaping Group (YZCM).
Heartland Bancorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 15 full-service banking offices.
Karat Packaging produces eco-friendly goods and related packaging products.
BioNTech is Europe's largest unlisted biotech company by staff numbers, specializing in messenger RNA molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases.
Vir Biotechnology is advancing a pipeline of treatment candidates for immune system and infectious diseases.
Leaping Group is a multimedia service provider with business relationships with national advertising clients in China.
Meanwhile, ADC Therapeutics (ADCT) announced that it has withdrawn its registration statement on Form F-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of its common shares. Chris Martin, CEO of ADC Therapeutics, said that, "In light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement. We are fortunate to have a strong balance sheet, highly supportive investors, alternative financing options and a steady flow of forthcoming milestones, all of which factored into our decision to not proceed with an initial public offering in the current market conditions.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.