Sana Biotechnology raised $588M in its IPO on Thursday, the largest-ever initial public offering for a preclinical biotech company. Meanwhile, On24 surged over 40% in its trading debut on Wednesday and Telus International jumped nearly 22%. Not only does the SPAC IPO craze continue, it was a busy week for "traditional" IPOs as well, with nine new issues opening on Friday alone.
LATEST IPOS:
Lucira Health (LHDX) opened on February 5 at $22.10. The company had priced 9M shares at $17.00. The deal size was increased to 9M shares from 7.81M shares and priced at the high-end of the $15.00-$17.00 range. BofA, William Blair and LifeSci Capital acted as joint book running managers for the offering. Lucira Health is a developer of an instrument-free, low-cost molecular diagnostics platform for infectious disease testing.
CN Energy Group (CNEY) opened on February 5 at $8, double its IPO price of $4 per share. Network 1 Financial acted as sole book running manager for the 5M share offering. CN Energy is a Chinese manufacturer of wood-based activated carbon.
Vor Biopharma (VOR) opened on February 5 at $42.02. The companyhad priced 9.83M shares at $18.00. The deal size was increased to 9.83M shares from 8.82M and priced at the high end of its $16.00-$18.00 target range. Goldman Sachs, Evercore ISI, Barclays and Stifel acted as joint book running managers for the offering. Vor Biopharma is developing cell therapy approaches to treating various blood cancers.
Terns Pharmaceuticals (TERN) opened on February 5 at $16.95. The company had priced 7.5M shares at $17.00. The deal size was increased to 7.5M shares from 6.25M and priced at high end of $15.00-$17.00 target range. JPMorgan, Goldman Sachs and Cowen acted as joint book running managers for the offering. Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases.
Evaxion Biotech (EVAX) opened on February 5 at $10, where its 3M share IPO had priced. The deal size was increased to 3M shares from 2.75M and priced at the low-end of the $10.00-$12.00 range. Oppenheimer acted as lead book running manager for the offering. Evaxion Biotech is a Danish Phase 1/2 biotech using AI to develop immuno-oncology therapies.
Pharvaris (PHVS) opened on February 5 at $25. The company had priced 8.27M shares at $20.00. The deal size was increased to 8.27M shares from 6.95M and priced above the target range of $17.00-$19.00. Morgan Stanley, BofA and SVB Leerink acted as joint book running managers for the offering. Pharvaris is a Dutch Phase 1 biotech developing small molecule therapies for rare diseases.
Angion Biomedica (ANGN) opened on February 5 at $17.62 after its 5M share offering priced at $16.00, at the high end of its $14.00-$16.00 target range. Cowen and Stifel acted as joint book running managers for the offering. Angion Biomedica is a late-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases.
Bolt Biotherapeutics (BOLT) opened on February 5 at $26.10. The company had priced 11.5M shares at $20.00. The deal size was increased to 11.5M shares and the range was increased to $18.00-$19.00 from $16.00-$18.00. Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities acted as joint bookrunners for the offering. Bolt Biotherapeutics is a Phase 1/2 biotech developing targeted therapies for solid tumors.
Immunocore Holdings (IMCR) opened on February 5 at $41. The company had priced 9.936M shares at $26.00. The deal size was increased to 9.936M shares from 8.3M shares. Goldman Sachs, JPMorgan and Jefferies acted as joint book running managers for the offering. Immunocore Holdings is a Phase 3 biotech developing T cell therapies for cancer and other diseases.
Sana Biotechnology (SANA) opened on February 4 at $35. The company had priced 23.5M shares at $25.00. The deal size was increased to 23.5M shares from 22M shares and priced above the $23.00-$24.00 range. Morgan Stanley, Goldman Sachs, JPMorgan and BofA acted as joint book running managers for the offering. Sana Biotechnology is an upstart that’s looking to treat a variety of diseases through gene therapy and cell engineering.
Landos Biopharma (LABP) opened on February 4 at $13. The company had priced 6.25M shares at $16.00. The deal priced at the midpoint of $15.00-$17.00 target range. JPMorgan, Jefferies and SVB Leerink acted as joint book running managers for the offering. Landos Biopharma is a clinical-stage biopharmaceutical company focused on the discovery and development of therapeutics for patients with autoimmune diseases.
Sensei Biotherapeutics (SNSE) opened on February 4 at $24.70. The company had priced 7M shares at $19.00. The deal size was increased to 7.0M shares from 5.89M and priced above the $16.00-$18.00 target range. Citi, Piper Sandler and Berenberg acted as joint book running managers for the offering. Sensei Biotherapeutics is a clinical-stage immunotherapy company focused on the discovery and development of next generation therapeutics for cancer.
Atotech (ATC) opened on February 4 at $17. The company had priced 29.27M shares at $17.00. The deal size was decreased to 29.27M shares from 34.15M and priced below the $19.00-$22.00 target range. Citi, Credit Suisse, BofA and JPMorgan acted as joint book running managers for the offering. The underwriters of the offering will also have a 30-day option to purchase up to an additional 4.39M common shares from certain affiliates of The Carlyle Group (CG), the selling shareholders, the company has noted. Atotech is a Carlyle-backed specialty chemicals company that had been carved out of Total (TOT).
On24 (ONTF) opened on February 3 at $77. The company had priced 8.561M shares at $50.00. The deal size was increased to 8.56M shares from 6.32M shares and priced at the high-end of the $45.00-$50.00 range. Goldman Sachs, JPMorgan and KeyBanc acted as joint book running managers for the offering. On24 offers an interactive webinar and virtual event experiences platform.
Telus International (TIXT) opened on February 3 at $33.10. The company had priced 37M shares at $25.00. The deal size was increased to 37M shares from 33.3M shares and priced at the high-end of the $23.00-$25.00 range. JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Telus Corporation (TU) and its subsidiary, Telus International, have said that following the offering, Telus Corp. is expected to hold approximately 67.8% of the voting power of Telus International, or 67.0% if the underwriters' over-allotment option is exercised in full, and 57.1% of the economic interest, or 55.2% if the underwriters' over-allotment option is exercised in full.
SPAC IPOS:
After there were 248 special purpose acquisition company, or SPAC, IPOs in 2020, there have already been 118 such IPOs in 2021 to date, according to data compiled by SPACInsider.
JOFF Fintech Acquisition Corp. (JOFF) opened on February 5 at $10.37. The blank check company's upsized initial public offering of 36M units priced at $10.00 per unit.
Fifth Wall Acquisition Corp. I (FWAA) opened on February 5 at $11.27 after having priced its upsized initial public offering of 30M shares of class A Common Stock at a price of $10.00 per share. The blank check company intends to focus on industries that "complement its management team's background, and to capitalize on the ability of its management team to identify and acquire a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which the company calls the 'Built World.'"
Thunder Bridge Capital Partners III (TBCP) opened on February 5 at at $10.70 after its upsized initial public offering of 36M units priced at $10.00 per unit. The blank check company intends to focus its search on companies in the financial services industry.
RMG Acquisition Corp. III (RMGC) opened on February 5 at $11. Its initial public offering of 42M units priced at $10.00 per unit. The blank check company intends to "capitalize on the ability of its management team to identify, acquire and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns."
Decarbonization Plus Acquisition II (DCRN) opened on February 4 at $11.31. The blank check company had priced its initial public offering of 35M units at $10.00 per unit.
Novus Capital Corporation II (NXU) opened on February 4 at $10.77. The blank check company had priced its initial public offering of 25M units at $10.00 per unit. Novus Capital Corporation II intends to focus its efforts on evaluating business combination targets opportunities in the smart technology innovations market.
Centricus Acquisition (CENHU) opened on February 4 at $10.40. The blank check company had priced its initiation public offering at $10. Centricus Acquisition raised $300M by offering 30M units at $10. The company offered 5M more units than anticipated.
Astrea Acquisition (ASAX) opened on February 4 at $10.17. The blank check company had priced its initial public offering of 15M units at $10.00 per unit. Astrea's efforts to identify a prospective target business will not be limited to any particular industry or geographic region.
Itiquira Acquisition (ITQR) opened on February 4 at $10.40. The blank check company had priced its initial public offering of 20M units at $10.00 per unit. "Although the company's efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus its search on a target located in Brazil in sectors with strong growth potential, with high correlation to Brazil growth, resilient business models, in non-cyclical industries, with favorable secular trends, including those that have been historically underserviced by the government. These include, but are not limited to, technology, healthcare, pharma, education, and consumer services," Itiquira stated.
Atlas Crest Investment Corp. II (ACII) opened on February 4 at $10.75. The blank check company had priced its upsized initial public offering of 30M units at $10.00 per unit. Atlas Crest Investment Corp. II intends to evaluate opportunities in many sectors, but "believes the diverse experience and extensive relationship network of its management team, board and sponsor will drive particularly attractive investment opportunities in certain high growth sectors including media, fintech/payments, software and technology enabled services, online gaming/sports betting, healthcare and disruptive consumer."
Gaming & Hospitality Acquisition (GHAC) opened on February 3 at $10.38. The blank check company had priced its initial public offering of 17.5M units at $10.00 per unit. Gaming & Hospitality intends to focus on acquisition opportunities in the gaming and hospitality sectors.
MDH Acquisition (MDH) opened on February 2 at $10.25. The blank check company had priced of its upsized initial public offering of 24M units at $10.00 per unit. MDH Acquisition intends to focus on industries that "complement its management team's background in transportation and logistics, telecommunications, financial services and professional services, and to capitalize on the ability of its management team to identify and acquire a business."
Ares Acquisition (AAC) opened on February 2 at $10.27. The blank check company had priced its initial public offering of 87M units at $10.00 per unit. Ares will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, except that it does not intend to pursue the fossil fuel energy industry.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPOs are Roblox (RBLX), Bumble (BMBL), Coinbase (COIN), Caliber Home Loans (HOMS), Pharming Group (PHAR), loanDepot (LDI) and Apria (APR). Reports this week indicated that two well-known, upstart food companies - Chobani and Oatly - are also making plans to come public.
On January 28, Reuters reported that Roblox has postponed plans to go public due to SEC scrutiny of how the video game platform recognizes revenue in its finances. Previously, the video game company had said in a regulatory filing that it was aiming to list shares on the New York Stock Exchange in February. The company has been approved to list its Class A common stock on the NYSE under the symbol "RBLX."
On January 15, Bumble filed with the SEC for a planned initial public offering of shares of Class A common stock and applied to list its shares on the Nasdaq Global Select Market under the trading symbol "BMBL." In the IPO filing, Bumble disclosed it had about 42M monthly active users, or MAUs, in Q3 of 2020 and 2.4M paying users year-to-date as of September 2020.
LD Holdings Group has announced that its newly formed affiliate, loanDepot, has launched the roadshow for the initial public offering of 15M shares of its Class A common stock. The offering consists of 9.41M shares of Common Stock being sold by loanDepot and 5.59M shares of Common Stock being sold by certain funds managed by Parthenon Capital Partners. The initial public offering price is expected to be between $19.00 and $21.00 per share. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "LDI."
Coinbase is the largest U.S. cryptocurrency exchange and has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. Its IPO is expected to come in February 2021.
Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA.
Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.
Apria announced the launch of its initial public offering of 7.5M shares of its common stock to be sold by certain of its stockholders. The initial public offering price is currently expected to be between $19.00-$21.00 per share. The selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 1.125M shares of common stock. Apria intends to list its shares of common stock on the Nasdaq Global Select Market under the symbol "APR."
On February 4, Cara Lombardo and Dana Cimilluca of The Wall Street Journal reported that Greek yogurt maker Chobani is eyeing an initial public offering later this year that it hopes could value the company at as much as $7 billion to $10 billion.
On February 5, Bloomberg's Ruth David and Agnieszka de Sousa said that Malmo, Sweden-based Oatly is considering seeking a value of around $10 billion in a U.S. listing. The maker of vegan food and drink products is working with advisers on an IPO that could come as soon as May, the report said.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Nxu Inc.
+ (+0.00%)
Centricus Acquisition
+0.09 (+0.87%)
Lucira Health
+1.83 (+7.90%)
CN Energy
-3.21 (-37.50%)
Vor Bio
-5.81 (-13.83%)
Terns Pharmaceuticals
+0.99 (+5.84%)
Evaxion Biotech
-0.25 (-2.50%)
Pharvaris
+3.5 (+13.73%)
Angion Biomedica
-1.32 (-7.33%)
Bolt Biotherapeutics
+5.85 (+22.12%)
Immunocore
+4 (+10.00%)
Sana Biotechnology
+4.03 (+11.51%)
Landos Biopharma
-1.2 (-9.79%)
Sensei Biotherapeutics
+3.21 (+16.88%)
Atotech
-0.105 (-0.55%)
On24
+1.66 (+2.44%)
Ticker changed to TTE
+0.16 (+0.38%)
Telus International
+0.94 (+3.06%)
Telus
+0.28 (+1.34%)
JOFF Fintech Acquisition
+ (+0.00%)
Fifth Wall Acquisition Corp. I
+0.01 (+0.09%)
Thunder Bridge Capital Partners III
+ (+0.00%)
RMG Acquisition Corp. III
+ (+0.00%)
Decarbonization Plus Acquisition Corp. II
+ (+0.00%)
Astrea Acquisition
+ (+0.00%)
Itiquira Acquisition
+ (+0.00%)
Atlas Crest Investment Corp. II
+ (+0.00%)
Gaming & Hospitality Acquisition
+ (+0.00%)
MDH Acquisition
+ (+0.00%)
Ares Acquisition
+ (+0.00%)
Roblox
+ (+0.00%)
Bumble
+ (+0.00%)
Coinbase
+ (+0.00%)
Caliber Home Loans
+ (+0.00%)
Pharming
-0.31 (-2.14%)
LoanDepot
+ (+0.00%)
Bought by OMI
+ (+0.00%)