Airbnb and Inhibikase Therapeutics among upcoming IPOs
Shares of Oaktree-backed (OAK) Array Technologies jumped as much as 50% in their trading debut after the company's expanded initial public offering raised $1.05B. Meanwhile, Tencent-backed (TCEHY) Miniso raised $608M in its U.S. IPO.
Praxis Precision Meds (PRAX) opened on October 16 at $25.94 after having priced 10M shares at $19.00. The IPO deal size was increased to 10M shares of common stock from 7.4M shares of common stock and the range was raised to $17.00-$18.00 from $16.00-$18.00. Cowen, Evercore ISI, Piper Sandler and Wedbush acted as joint book running managers for the offering. Praxis Precision Meds is a Phase 2 biotech developing therapies for CNS disorders using genetic insights.
Eargo(EAR) opened on October 16 at $36 per share, double its pricing at $18 per share. The deal was upsized to 7.85M shares from 6.67M and priced above the $14.00-$16.00 target range. JPMorgan and BofA acted as joint book running managers for the offering. Eargo sells an advanced hearing aid direct to consumers in the U.S.
Aligos Therapeutics (ALGS) opened on October 16 at $17.40 after its IPO priced at $15 per share. Aligos priced 10M shares within the $14.00-$16.00 range. JPMorgan, Jefferies, Piper Sandler and Cantor Fitzgerald acted as joint book running managers for the offering. Aligos Therapeutics is developing treatments for chronice hepatitis B and other liver and viral diseases.
Kiromic Biopharma (KRBP) opened on October 16 at $11.80. The company priced 1.25M shares at $12.00. ThinkEquity acted as sole book running manager for the offering. Kiromic Biopharma is a preclinical biotech developing immunotherapies for blood cancers and solid tumors.
Opthea (OPT) opened on October 16 at $11.05 after having priced 8.563M American Depositary Shares at $13.50. Citi and SVB Leerink acted as joint book running managers for the offering. Opthea is developing a treatment for Wet AMD and other eye conditions.
Tarsus Pharmaceuticals (TARS) opened on October 16 at $16.20 after its 5.5M share IPO priced at $16 per share. The deal size was increased to 5.5M shares from 5.0M and priced at midpoint of $15.00-$17.00 target range. BofA, Jefferies and Raymond James are acting as joint book running managers for the offering. Tarsus is in Phase 3 trials for its treatment for Demodex blepharitis.
Array Technologies (ARRY) opened on October 15 at $29.50. The company had priced 47.5M shares at $22.00. The deal size was increased to 47.5M shares of common stock from 45M shares of common stock and priced above the $19.00-$21.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Array is a provider of solar-tracking solutions for utility-scale projects.
Miniso (MNSO) opened on October 15 at $24.40. The company had priced 30.4M American Depositary Shares at $20.00. The deal priced above the $16.50-$18.50 range. Goldman Sachs and BofA acted as joint book running managers for the offering. Miniso is a Chinese budget household and consumer goods retailer.
Eastern Bankshares (EBC) opened on October 15 at $12.25. The company completed a 179.3M share stock conversion priced at $10.00. Eastern Bankshares is the holding company which owns Eastern Bank.
Codiak (CDAK) opened on October 14 at $14.10. The company had priced 5.5M shares at $15.00, at midpoint of $14.00-$16.00 target range. Goldman Sachs, Evercore ISI and William Blair acted as joint book running managers for the offering.Codiak BioSciences is advancing a pipeline of exosome-based treatment candidates for cancer and other diseases.
Turmeric Acquisition (TMPM), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, priced its initial public offering of 8.5M units at a price of $10.00 per unit and opened on October 16 at $10.01. Turmeric "will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, except that it does intend to pursue a high potential opportunity within the biotechnology sector."
Spartacus Acquisition (TMTS) opened on October 15 at $10 after pricing its IPO at $10 per unit. The blank check company intends to focus its search on telecommunications, media and technology companies.
Bridgetown Holdings (BTWN) priced its IPO of 55M units at $10.00 per unit at opened at $10 on October 16. Bridgetown intends to focus on a target with operations or prospective operations in the technology, financial services, or media sectors in Southeast Asia.
After opening at $25.94, Praxis Precision Meds ended its first trading day at $27.80.
Eargo ended the week at $33.68.
After opening at $17.40, Aligos Therapeutics finished the week trading at $14.85.
Kiromic Biopharma ended Friday at $11.50.
Ophtea finished the week at $12.30.
After opening at $16.20, Tarsus Pharmaceutics ended its first trading day at $20.58.
Array Technologies finished the week at $38.95.
Miniso ended Friday at $23.18.
After opening at $12.25, Eastern Bankshares finished the week at $11.91.
Codiak ended Friday at $12.10.
UPCOMING IPOS: Among the upcoming IPOs are Airbnb (AIRB), Inhibikase Therapeutics (IKT), and McAfee (MCFE).
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.
Inhibikase Therapeutics has filed with the SEC for an initial public offering on the Nasdaq under the symbol "IKT." Inhibikase is a clinical stage pharmaceutical company developing therapeutics for Parkinson's disease, and related disorders that arise inside and outside of the brain.
McAfee announced that it has commenced an initial public offering of 37,000,000 shares of its Class A common stock, with 30,982,558 shares being offered by the company and 6,017,442 shares being offered by existing stockholders pursuant to a registration statement filed on Form S-1 with the SEC. The underwriters will have a 30-day option to purchase up to an additional 5,550,000 shares of common stock, consisting of 1,230,541 shares from the company and 4,319,459 shares from the existing stockholders. The price range for the initial public offering is currently estimated to be between $19.00 and $22.00 per share.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.