On Friday, shares of CureVac BV opened at nearly triple their $16 initial public offering price, with the stock's first trade coming in at $44 per share a bit after noon. The company, which is advancing its mRNA vaccine program against coronavirus among its other drug research efforts, closed its first day of trading at $55.90.
Meanwhile, KE Holdings, a Chinese real estate company backed by SoftBank (SFTBY) and Tencent (TCEHY), shot over 70% higher in a blockbuster public debut despite the increasing tensions between the U.S. and China.
LATEST IPOS:
KE Holdings (BEKE) opened on August 13 at $35.06. The company had priced 106M shares at $20.00. The deal priced above the $17.00-$19.00 range. Goldman Sachs, Morgan Stanley, China Renaissance and JPMorgan acted as joint book running managers for the offering. KE Holdings is a Chinese real estate company.
Netstreit (NTST) opened on August 13 at $18. The company had priced 12.5M shares at $18.00. The deal size was cut to 12.5M shares of common stock from 15.5M shares of common stock and priced below the $19.00-$21.00 range. Wells Fargo, BofA, Citi, Stifel and Jefferies acted as joint book running managers for the offering. Nestreit is a commercial real estate investment trust.
Duck Creek Technologies (DCT) opened at $42 after the company priced 15M shares at $27.00. The deal priced above the $23.00-$25.00 target range. Goldman Sachs, JPMorgan and BofA are acting as joint book running managers for the offering. Duck Creek Technologies is an insurance-technology company.
CureVac B.V. (CVAC) opened at $44 after 13.3M shares priced at the high-end of the $14.00-$16.00 range. BofA, Jefferies and Credit Suisse acted as joint book running managers for the offering. CureVac is a clinical-stage biopharmaceutical company developing a new class of transformative medicines based on messenger ribonucleic acid, or mRNA.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Kymera Therapeutics (KYMR), Inhibikase Therapeutics (IKT), InMed Pharmaceuticals (INM), and Broadstone Net Lease (BNL).
Kymera Therapeutics has filed its form S-1 with the SEC for a proposed IPO and applied to list its common stock on The Nasdaq Global Market under the symbol "KYMR." Kymera is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system.
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.
Broadstone Net Lease is a single-tenant commercial net lease REIT with 633 properties in the U.S. and Canada.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
SoftBank Group
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Use SFTBY
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Tencent
+ (+0.00%)
KE Holdings
-4.66 (-12.46%)
Netstreit
+0.245 (+1.38%)
Duck Creek Technologies
+ (+0.00%)
CureVac
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Kymera Therapeutics
+ (+0.00%)
Inhibikase Therapeutics
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