BioNTech (BNTX) raised $150M in its initial public offering after selling fewer shares and at a lower price than it had originally planned amid market volatility. The company had aimed to sell 13.2M ADS between $18-$20 per American Depositary Share, but on Wednesday cut the deal size to 10M ADS between $15-$16 per share.
Vir Technology (VIR) opened on October 11 at $16.15 per share. The company had priced 7.142M shares at $20.00, at the bottom of a $20.00-$22.00 range. Goldman Sachs, JPMorgan, Cowen and Barclays acted as joint book running managers for the offering. Vir Biotechnology is advancing a pipeline of treatment candidates for immune system and infectious diseases. Softbank (SFTBY), the second biggest shareholder of WeWork (WE), is also an investor in Vir Technology.
HBT Financial (HBT) opened on October 11 at $16.20 after its IPO priced at $16.00 per share, which was below its $17.00-19.00 range. Keefe Bruyette and JPMorgan acted as joint book running managers for the offering. HBT Financial is the parent of Heartland Bank, which operates 15 full-service banking offices.
BioNTech opened on October 10 at $16.50. The company had priced 10M shares at $15.00, the low-end of the revised $15.00-$16.00 range. JPMorgan, BofA/Merrill, UBS and SVB Leerink acted as joint book running managers for the offering. 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.
- In its first trading day, Vir Technology ended at $14.02 after opening lower than expected.
- HBT Financial ended the week at $15.54.
- BioNTech closed on Friday at $13.82.
UPCOMING IPOS: Among the upcoming IPOs are Karat Packaging (KRAT), BellRing Brands (BRBR), Innate Pharma (IPHA), and Leaping Group (YZCM).
Karat Packaging produces eco-friendly packaging products.
BellRing Brands manufactures sports and active nutrition products and is separating from parent company Post Holdings (POST).
Innate Pharma is advancing a pipeline of treatment candidates for various cancers and expects to raise $80M from the sale of ADSs representing ordinary shares.
Leaping Group is a multimedia service provider with business relationships with national advertising clients in China.
Food-delivery startup Postmates, which was expected to go public this year, recently told its IPO advisers that it is delaying its IPO due to market conditions, Recode's Theodore Schleifer reported on October 8, citing people familiar with the matter. Postmates CEO Bastian Lehmann said on Friday at a startup conference that the "reality is that we will IPO when we believe we find the right time for the business and the right time in the markets. And if you look at the markets right now, they are, I believe, a little choppy," according to the report.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.