Relay Therapeutics soared in its trading debut, with the company raising $400M in its initial public offering. nCino, a provider of cloud-based software for financial institutions, also saw its shares jump over 150% in its first trading day. Meanwhile, the online health insurance marketplace GoHealth dipped over 9% as it made its debut at the Nasdaq.
LATEST IPOS:
Relay Therapeutics (RLAY) opened on July 16 at $35. The company had priced 20M shares at $20.00. The deal priced above the $18.00-$19.00 target range. JPMorgan, Goldman Sachs, Cowen and Guggenheim acted as joint book running managers for the offering. Relay is a clinical-stage precision medicines company, aiming to effectively drug protein targets that have previously been intractable, with an initial focus on enhancing small molecule therapeutics discovery in targeted oncology.
Trean Insurance (TIG) opened on July 16 at $17. The company had priced 10.714M shares at $15.00. The deal priced at the high end of its target $13.00-$15.00 range. JPMorgan, William Blair and Evercore ISI acted as joint book running managers for the offering. Trean Insurance underwrites specialty casualty insurance products through programs where it partners with other organizations and also through its own managing general agencies.
GoHealth (GOCO) opened on July 15 at $25. The company had priced 43.5M shares at $21.00. The deal size was increased to 43.5M shares from 39.5M shares and priced above the $18.00-$20.00 target range. Goldman Sachs, BofA and Morgan Stanley acted as joint book running managers for the offering. GoHealth is a health insurance marketplace.
nCino (NCNO) opened on July 14 at $71. The company had priced 8.06M shares at $31.00. The deal size was increased from 7.63M shares to 8.06M shares and priced above the target range of $28.00-$29.00. BofA and Barclays acted as joint book running managers for the offering. nCino provides cloud-delivered software technologies to financial institutions.
Pandion Therapeutics (PAND) opened on July 17 at $27. The company had priced 7.5M shares at $18.00. The deal size was increased to 7.5M shares, up from the revised size of 7M shares, and priced at the high-end of the $16.00-$18.00 range. Goldman Sachs, Morgan Stanley, SVB Leerink and BMO Capital acted as joint book running managers for the offering. Pandion is a Phase 1 biotech developing engineered Treg cells for autoimmune diseases.
Berkeley Lights (BLI) opened on July 17 at $51.05. The the company had priced 8.1M shares at $22.00. The deal size was increased to 8.1M share from 7.4M shares and priced above the $19.00-$20.00 target range. JPMorgan, Morgan Stanley and Cowen acted as joint book running managers for the offering. Berkeley Lights provides cell biology research to organizations worldwide.
Renalytix AI (RNLX) opened on July 17 at $13.90. The company had priced 5.5M at $13.50 per share. JPMorgan and Stifel acted as joint book running managers for the offering. Renalytix AI is an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs.
ALX Oncology (ALXO) opened at $36.50 on July 17. The company had priced 8.5M shares at $19.00. The deal size was increased to 8.5M shares from 8.0M and priced above the $15.00-$17.00 target range. Jefferies, Credit Suisse, Piper Sandler and Cantor Fitzgerald acted as joint book running managers for the offering. ALX Oncology is a clinical-stage immuno-oncology researcher developing therapies that block the CD47 checkpoint pathway.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Rackspace Technology (RXT), Juniper Wellness (JUPW), InMed Pharmaceuticals (INM), Acutus Medical (AFIB) and Ibex (IBEX).
After first going public in 2008, and then going private in 2016 after accepting a $4.3B buyout from Apollo Global Management (APO), Rackspace is taking aim again at a public offering. On July 10, Rackspace Technology announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Rackspace Technology has applied for listing its common stock on the Nasdaq Global Select Market under the ticker symbol "RXT." The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Juniper Wellness is a functional wellness and natural health products company.
InMed Pharmaceuticals is developing cannabinoid-based treatments for skin and eye conditions.
Acutus Medical makes tools for catheter-based ablation procedures to treat arrhythmia.
Ibex Holdings provides outsourced customer support and marketing services.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Relay Therapeutics
+8.03 (+22.96%)
Trean Insurance
+1.1 (+7.05%)
GoHealth
+1.37 (+6.91%)
nCino
+6.91 (+10.16%)
Pandion Therapeutics
+ (+0.00%)
Berkeley Lights
+ (+0.00%)
Renalytix
+ (+0.00%)
ALX Oncology
+ (+0.00%)
Rackspace Technology
+ (+0.00%)
Ibex
+ (+0.00%)
Apollo Global
+0.6 (+1.17%)