American depositary shares of Li Auto, a Chinese EV maker, jumped almost 50% in its initial public offering, after the company priced shares at $11.50. Meanwhile, tax software provider Vertex Inc. also saw its shares rise almost 29% following its market debut.
LATEST IPOS:
Li Auto (LI) opened on July 30 at $15.50. The company had priced 95M American depositary shares, each representing two Class A ordinary shares of the company, at a price to the public of $11.50 per ADS. The deal priced above the $8.00-$10.00 range. Goldman Sachs, Morgan Stanley, UBS and CICC acted as joint book running managers for the offering. Li Auto designs, develops, manufactures, and sells premium smart electric SUVs, stating it was "the first to successfully commercialize extended-range electric vehicles in China."
Allovir (ALVR) opened on July 30 at $20. The company had priced 16.25M shares at $17.00. The deal size was increased to 16.25M shares of common stock from 14.75M shares of common stock and priced within the $16.00-$18.00 range. Morgan Stanley, JPMorgan, SVB Leerink and Piper Sandler acted as joint book running managers for the offering. Allovir is a late clinical-stage cell therapy company with a focus on restoring natural immunity against life-threatening viral diseases in patients with severely weakened immune systems.
Vertex Inc. (VERX), not to be confused with Vertex Pharmaceuticals (VRTX), opened on July 29 at $25.56. The company had priced 21.15M shares at $19.00. The deal priced above the $14.00-$16.00 range. Goldman Sachs and Morgan Stanley acted as joint book running managers for the offering. Vertex is a tax software company.
Vital Farms (VITL) opened on July 31 at $35 after having priced 9.304M shares at $22.00. The deal size was increased to 9.304M shares from 7.81M shares and the deal priced above the $19.00-$21.00 range. Goldman Sachs, Morgan Stanley and Credit Suisse acted as joint book running managers for the offering. Vital Farms is a U.S. producer of pasture-raised eggs and butter.
Vasta Platform (VSTA) opened on July 31 at $22.10 per share. Vasta priced 18.575M shares at $19.00, above the $15.50-$17.50 range. Goldman Sachs, BofA, Morgan Stanley and Itau BBA acted as joint book running managers for the offering. Vasta provides educational content and digital services to K-12 partner schools in Brazil.
Churchill Capital Corp IV (CCIV) opened on July 30 at $10.06. The company had priced its initial public offering of 180M units at $10.00 per unit. The units - consisting of one share of the company's Class A common stock and one-fifth of one warrant - were listed on the New York Stock Exchange under the symbol "CCIV.U." Once the securities constituting the units begin separate trading, the company expects that the Class A common stock and warrants will be listed on the NYSE under the symbols "CCIV" and "CCIV WS." respectively. Churchill Capital Corp IV was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses and may pursue an initial business combination target in any business or industry.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are CureVac B.V. (CVAC), Rackspace Technology (RXT), Inhibikase Therapeutics (IKT), InMed Pharmaceuticals (INM), Acutus Medical (AFIB) and Ibex (IBEX).
CureVac, a clinical-stage biopharmaceutical company developing "a new class of transformative medicines based on messenger ribonucleic acid," has applied to list its common shares on The Nasdaq Global Market under the symbol "CVAC." CureVac's current product portfolio includes clinical and preclinical candidates across multiple disease indications in oncology, prophylactic vaccines and protein therapy. The company is also "rapidly advancing" an mRNA vaccine program against coronavirus, for which it initiated a Phase 1 clinical trial in healthy volunteers in June, with results expected in the fourth quarter of 2020.
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.
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 in the first quarter of 2019 for lead asset candidate, IkT-148009. One IND is for the treatment of Parkinson's disease, while the second is for treatment of gastrointestinal complications that arise as early symptoms of Parkinson's in patients.
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.
Li Auto
-0.32 (-1.95%)
AlloVir
-0.13 (-0.52%)
Vertex
-0.22 (-0.91%)
Vertex Pharmaceuticals
-8.065 (-2.88%)
Vital Farms
+ (+0.00%)
Vasta Platform
+ (+0.00%)
Churchill Capital Corp IV
+ (+0.00%)
CureVac
+ (+0.00%)
Rackspace Technology
+ (+0.00%)
Apollo Global
-1.455 (-2.88%)
Ibex
+ (+0.00%)
Inhibikase Therapeutics
+ (+0.00%)