In a busy month for IPOs, shares of GoodRX closed up 53% in its public debut Wednesday on the Nasdaq. The company expects net proceeds of about about $725M after cutting underwriting discounts and other expenses and commissions. Meanwhile, Logitech (LOGI) competitor Corsair sank in its own Nasdaq IPO.
GoodRx (GDRX) opened on September 23 at $46. The company had priced 34.615M shares at $33.00. The deal priced above the $24.00-$28.00 range. Morgan Stanley, Goldman Sachs and JPMorgan acted as joint book running managers for the offering. GoodRx finds users prescription drugs at a discount.
Corsair Gaming (CRSR) opened on September 23 at $15.12. The company had priced 14M shares at $17.00, within the $16.00-$18.00 range. Goldman Sachs, Barclays and Credit Suisse acted as joint book running managers for the offering. Corsair sells gaming hardware and accessories, including mice, headsets, keyboards and computer parts that people can use to build their own custom PCs.
Taysha Gene Therapies (TSHA) opened on September 24 at $22.25. The company had priced 7.87M shares at $20.00. The deal size was increased to 7.87M shares from 6.58M and priced at high end of $18.00-$20.00 range. Goldman Sachs, Morgan Stanley and Jefferies acted as joint book running managers for the offering. Taysha is a "patient-centric" gene therapy company focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the central nervous system in both rare and large patient populations.
Laird Superfood (LSF) opened on September 23 at $33.55. The company had priced 2.65M shares at $22, at the high end of the $21-$22 target range. Canaccord and Craig-Hallum acted as joint book running managers for the offering. Laird Superfood creates plant-based superfood products.
Bentley Systems (BSY) opened $28 on September 23 at $28. The company had priced 10.75M shares at $22.00, above the $19.00-$21.00 target range. Goldman Sachs and BofA acted as joint book running managers for the offering. Bentley provides infrastructure software.
Amesite (AMST) opened on September 25 at $4.95 after having priced its IPO at $5 per share. Amesite provides an AI-driven platform for developing online learning products.
Graybug Vision (GRAY) opened on September 25 at $19 after having priced 5.625M shares at $16.00. The deal size was increased to 5.625M shares from 4.689M and priced at the midpoint of target $15.00-$17.00 range. SVB Leerink and Piper Sandler acted as joint book running managers for the offering. Graybug Vision is a clinical-stage biopharmaceutical company focused on developing medicines for the treatment of diseases of the retina and optic nerve.
Prelude Therapeutics (PRLD) opened on September 25 at $25.23. Prelude priced 8.325M shares at $19.00, at the high-end of the $17.00-$19.00 range. Morgan Stanley, Goldman Sachs and BofA acted as joint book running managers for the offering. Prelude Therapeutics is developing treatments for brain cancer and other cancers involving solid tumors.
PMV Pharmaceuticals (PMVP) opened at $35 on September 25. PMV priced 11.765M shares at $18.00. The deal size was increased to 11.765M shares from 7.35M and priced at high end of $16.00-$18.00 target range. Goldman Sachs, BofA, Cowen and Evercore ISI are acting as joint book running managers for the offering. PMV Pharma is a precision oncology company working on the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations, which are found in approximately half of all cancers.
VIA Optronics (VIAO) opened at $12 per share on September 25 after pricing 6.25M shares at $15.00. The deal range was $15.00-$17.00. Bernstein and Craig-Hallum acted as joint book running managers for the offering. VIA is a provider of enhanced display solutions for multiple end-markets.
Peridot Acquisition (PDAC) opened on September 24 at $10. The blank check company sponsored by an affiliate of Carnelian Energy Capital Management and formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, priced its initial public offering of 30M units at a price of $10.00.
Falcon Capital Acquisition (FCAC) opened on September 22 at $10.35. The company had priced 30M units at $10.00 per unit. Falcon Capital Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
FinTech Acquisition Corp. IV (FTIV), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, priced its initial public offering of 20M units at a price of $10.00 per unit, for gross proceeds to the company of $200M. The company's units opened on September 25 at $10.05 per unit.
Vector Acquisition Corporation (VACQ), a special purpose acquisition company led by Alex Slusky and formed for the purpose of entering into a combination with one or more businesses, priced its initial public offering of 30M units at a price of $10.00 per unit. The units opened for trading at $10.01 on September 25.
After opening at $22.25, Taysha Gene Therapies finished the week at $24.47.
GoodRx finished its first day of trading at $47.30 per share.
Corsair Gaming ended Friday at $10.72.
After opening at $33.55, Laird Superfood finished Friday's trading at $45.
Bentley Systems ended the week at $34.79.
Amesite finished Friday at $5.22.
After opening at $19, Graybug Vision ended its first trading day at $16.50.
Prelude finished Friday at $26.20.
PMV Pharmaceuticals closed at $37.51 on September 25 after having opened at nearly double its IPO price.
VIA Optronics finished its first day of trade at $10.18.
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (AIRB), Palantir Technologies (PLTR), iHuman (IH), Orphazyme A/S (ORPH), Inhibikase Therapeutics (IKT), Asana (ASAN) and Hygo (HYGO).
Airbnb has announced that it confidentially submitted a draft registration Statement on Form S-1 to the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Ahead of its September 30th debut, Palantir Technologies is expected to start trading around $10 per share, implying a valuation of nearly $22B, The Wall Street Journal has reported, citing people familiar with the matter. Palantir, which develops software for government agencies and large companies, is going public through a direct listing rather than through a traditional IPO route.
iHuman has filed a preliminary prospectus for an initial public offering of the company's American depositary shares, or ADSs, and submitted an application for the listing of the ADSs on the New York Stock Exchange under the symbol "IH." In the filing the company stated that, "According to the Frost & Sullivan Report, we are a leading childhood edutainment company in China, with core expertise in providing integrated and innovative products and services catering to the education demands for children mainly aged between three and eight."
Orphazyme A/S, a late-stage biopharmaceutical company pioneering the Heat-Shock Protein response for the treatment of neurodegenerative orphan diseases, announced on September 4 that it has filed a registration statement on Form F-1 with the U.S. SEC relating to a proposed registered initial public offering of the company's ordinary shares, to be delivered in the form of American Depositary Shares, or "ADSs," in the United States, as well as a concurrent private placement of ordinary shares to certain qualified investors in Europe. The company has applied to list the ADSs on the Nasdaq Global Market in the United States under the symbol "ORPH."
Inhibikase Therapeutics has filed with the SEC for an initial public offering on the Nasdaq under the symbol "IKT." ThinkEquity is listed as the underwriter. Inhibikase is a clinical stage pharmaceutical company developing therapeutics for Parkinson's disease, and related disorders that arise inside and outside of the brain. The company filed two Investigational New Drug applications with the FDA for lead asset candidate IkT-148009: one for the treatment of Parkinson's disease and the second for treatment of gastrointestinal complications that arise as early symptoms of Parkinson's.
Hygo Energy Transition, a joint venture between Golar LNG (GLNG) and investment vechicles affiliated with Stonepeak Infrastructure Partners, announced that it has launched an initial public offering of 23.1M common shares at an anticipated initial offering price between $18.00-$21.00 per share pursuant to a registration statement on Form F-1 previously filed with the SEC. However, Globo reported earlier this week that Eduardo Navarro Antonello, who at the time represented the Seadrill Group (SDRL), is being investigated by the Federal Police of Brazil as part of the 75th phase of "Operation Lava Jato," or "Operation Car Wash," an ongoing bribery investigation.
Following the report, Golar LNG stated: "The company is aware of the allegations that have been made against Hygo's Chief Executive, Eduardo Antonello. The allegations against Mr. Antonello involve conduct that predates and do not, in any way, implicate his work at Hygo. However, in an abundance of caution, Hygo has initiated a review to seek to confirm that there have not been any deviations from its culture of compliance in connection with Mr. Antonello's service to Hygo."
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.