Adaptive Biotechnologies started trading on Thursday on the Nasdaq Stock exchange at $38, up 90% from the $20 price it set, and raising $300M. The day before, BridgeBio Pharma also went public, raising about $350M and taking the crown for biggest biotech IPO of 2019.
LATEST IPOS:
RealReal (REAL) opened on June 28 at $28. The company had priced 15M shares at $20.00, above the $17.00-$19.00 range. Credit Suisse, BofA/Merrill and UBS acted as joint book running managers for the offering. RealReal is an online marketplace for consigned luxury goods that has achieved unicorn status in private markets in just eight years.
Change Healthcare (CHNG) opened on June 27 at $14. The company had priced 42.9M shares at $13.00, below the $16.00-$19.00 range. Barclays, Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Change Healthcare provides a wide range of IT services to healthcare organizations.
Morphic Holdings (MORF) opened on June 27 at $18. The company had priced 6M shares at $15.00. The deal size was increased to 6M shares from 5M shares. Jefferies, Cowen, BMO Capital and Wells Fargo acted as joint book running managers for the offering. Morphic is a biopharmaceutical company that develops therapeutics based on protein called integrins that facilitate cell-extracellular matrix adhesion.
Adaptive Biotechnologies (ADPT) opened on June 27 at $39.01. The company had priced 15M shares at $20.00, above the revised $18.00-$19.00 range. Goldman Sachs, JPMorgan and BofA/Merrill acted as joint book running managers for the offering. Adaptive Biotechnologies is a life-sciences research and clinical diagnostics company that views data from the immune system as the key to diagnosing and treating diseases.
BridgeBio Pharma (BBIO) opened on June 27 at $30.61. The company had priced 20.5M shares at $17.00, above the $14.00-$16.00 range. JPMorgan, Goldman Sachs, Jefferies, SVB Leerink and KKR acted as joint book running managers for the offering. BridgeBio Pharma is a drug discovery company aiming to treat genetic diseases.
Cambium Networks (CMBM) opened on June 26 at $10.25. The company had priced 5.8M shares at $12.00. JPMorgan and Goldman Sachs acted as joint book running managers for the offering. Cambium is a provider of wireless broadband networking infrastructure 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 believes that Cambium provides an interesting thematic and secular play on the growing last-mile internet delivery, online video consumption, and local wireless adoption. While the company's recent track record has been somewhat lumpy, he noted that the company believes margin expansion coupled with stable revenue growth is achievable in 2019 and 2020, largely driven by catering to a traditionally under-served mid-market segment and cross-selling products within a fast-growing segment.
Linx S.A. (LINX) opened on June 26 at $9.30. The company had priced 32.8M shares at $9.40. Goldman Sachs, Morgan Stanley, Jefferies, BofA/Merrill and Itau BBA acted as joint book running managers for the offering. Linx S.A. designs and develops management and performance software for retail, as well as focuses on payment options and digital transformation. Linx serves automotive, e-commerce, pharmacy, laundries, fashion, and electronic industries.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs is Pivotal Investment II, Sunnova Energy International, Castle Biosciences, Mirum Pharmaceuticals, and Wanda Sports.
Pivotal Investment II is a blank check company, planning to raised $200M by offering 20M units at a price of $10.
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.
Mirum Pharmaceuticals targets childhood diseases and expects to raised about $86 in its IPO and use the money to complete a late-stage clinical trial of the drug marlixibat and start and finish a mid-stage study of volixibat.
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.
“Opening Day” is The Fly’s new recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
RealReal
+ (+0.00%)
Change Healthcare
-0.45 (-3.00%)
Morphic
+0.97 (+5.38%)
Adaptive Biotechnologies
+8.2 (+20.45%)
BridgeBio
-0.99 (-3.56%)
Cambium Networks
+0.09 (+0.95%)
Linx S.A.
+0.18 (+2.01%)