Vaccitech, the British company that co-invented the AstraZeneca COVID-19 vaccine that has faced hurdles getting approved in the U.S. and utilized in the EU amid safety concerns and distribution hiccups, saw its shares fall nearly 20% in its debut on Friday. The company's newly-traded American depositary shares opened at $13.62, below the initial public offering price of $17 a share.
LATEST IPOS AND DIRECT LISTINGS:
Vaccitech (VACC) opened on April 30 at $13.62. The company had priced 6.5M shares at $17.00, at the midpoint of the $16.00-$18.00 range. Morgan Stanley, Jefferies, Barclays and William Blair acted as joint book running managers for the offering. Vaccitech is a biotech startup and the co-inventor of the COVID-19 vaccine developed by AstraZeneca (AZN) and Oxford University.
Werewolf Therapeutics (HOWL) priced 7.5M shares at $16.00 and opened at $18.21 on April 30. The deal size was increased to 7.5M shares from 6.25M and priced in the middle of the $15.00-$17.00 range. Jefferies, SVB Leerink and Evercore ISI acted as joint book running managers for the offering. Werewolf Therapeutics is a biopharmaceutical company developing therapeutics engineered to stimulate the body's immune system for the treatment of cancer.
Privia Health (PRVA) opened on April 29 at $30. The company had priced 19.5M shares at $23, at the high-end of the revised $21.00-$23.00 range. Goldman Sachs and JPMorgan acted as joint book running managers for the offering. Privia Health is a technology-driven, national physician enablement company that collaborates with medical groups, health plans and health systems.
Aveanna (AVAH) opened on April 29 at $12. The company had priced 38.2M shares at $12.00. The deal priced at low end of $12.00-$13.00 range. Barclays, JPMorgan, BMO Capital and Credit Suisse acted as joint book running managers for the offering. Aveanna is a diversified home care platform focused on providing care to medically complex, high-cost patient populations.
Endeavor (EDR) opened on April 29 at $27. The company had priced 21.3M shares at $24.00. The deal priced at high end of $23.00-$24.00 range. Morgan Stanley, Goldman Sachs, JPMorgan, KKR and Deutsche Bank acted as joint book running managers for the offering. Endeavor owns and operates sports properties, including the UFC, produces and distributes sports and entertainment content, owns and manages exclusive live events and experiences, and represents sports and entertainment talent.
FTC Solar (FTCI) opened on April 28 at $15.21. The company had priced 19.421M shares at $13.00, below the $18.00-$20.00 range. The deal size was increased to 19.84M shares from 18.4M shares. Barclays, BofA, Credit Suisse and UBS acted as joint book running managers for the offering. FTC Solar is a provider of solar tracker systems, technology, software, and engineering services.
PERFORMANCE:
UPCOMING IPOS: Among the upcoming IPO and direct listings are Squarespace (SQSP), Qiniu (QNIU), Didi Chuxing, Oatly, Sprinklr, Save Foods (SVFD), Regencell Bioscience (RGCB), Camposol (CMSL).
On April 16, in a regulatory filing with the SEC, Squarespace said it intends to apply to list its Class A common stock on the NYSE under the symbol "SQSP." The company plans to pursue a direct listing and not a "traditional" IPO. In the filing, Squarespace stated that, "Squarespace is a leading all-in-one platform for businesses and independent creators to build a beautiful online presence, grow their brands and manage their businesses across the internet. We offer websites, domains, e-commerce, tools for managing a social media presence, marketing tools and scheduling capabilities... As of December 31, 2020, we had 3.66M unique subscriptions to our platform... We generated in 2019 and 2020, respectively: revenue of $484.8M and $621.1M; net income of $58.2M and $30.6M; adjusted EBITDA of $97.6M and $116.7M; cash flow from operating activities of $102.3M and $150.0M; and unlevered free cash flow of $94.6M and $152.4M."
On April 30, Qiniu filed with the SEC for an initial public offering of its American depositary shares, or ADSs. The company said in its filing with the SEC that it intends to apply to list the ADSs representing its Class A ordinary shares on the Nasdaq Global Select Market under the symbol "QNIU." Qiniu describes itselfs as "China's leading cloud-based Platform-as-a-Service provider as measured by revenue in 2020, focusing on media and machine data, pioneering an integrated, one-stop 'cloud + data' platform that empowers enterprise customers across a wide spectrum of industries."
Bloomberg reported earlier this month that China's Didi Chuxing has filed confidentially for a U.S. IPO. The Chinese ridesharing company could seek a valuation of $70B to $100B, according to Bloomberg. Other U.S.-listed ridesharing companies include Uber (UBER) and Lyft (LYFT).
Oat milk producer Oatly Group has formally filed paperwork for a U.S. initial public offering after having confidentially filed in February. Blackstone Group (BX) and a handful high-profile celebrities, including Oprah Winfrey and former Starbucks (SBUX) CEO Howard Schultz, took a stake in the alternative milk products maker last July, The WSJ has noted.
Sprinklr has also announced the confidential submission of draft registration statement for proposed initial public offering. With the filing, Sprinklr is the latest high-profile start-up to seek an IPO. Sprinklr is a customer experience company.
Save Foods has filed with the SEC for an initial public offering and applied to list its common stock on the Nasdaq Capital Market under the symbol "SVFD." The common stock is currently traded on the OTC Markets, Pink Open Market, under the symbol "SAFO." Save Foods develops products to improve the food safety and shelf life of fresh produce.
Regencell Bioscience has filed a prospectus with the SEC for an initial public offering of its ordinary shares and has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "RGCB." Regencell Bioscience Holdings is developing formulations of traditional Chinese medicine for ADHD and ASD.
Camposol Holding has filed with the SEC regarding a planned initial public offering. "We are a global provider of fresh and healthy foods, serving retail and wholesale consumers in over 40 countries across the globe, such as Costco [COST], Walmart [WMT], OGL, ALDI, Edeka, Sam's Club, Publix, Kaufland, Tesco and Lidl, among others. Our offering is sustained by our recognized value proposition: high consistency, superior quality and full traceability," Camposol stated in its filing.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
AstraZeneca
+1.67 (+3.25%)
Vaccitech
-0.36 (-2.50%)
Werewolf Therapeutics
-2.78 (-14.80%)
Privia Health
+1.8 (+5.19%)
Aveanna
+0.25 (+2.18%)
Endeavor Group
+2.12 (+8.31%)
FTC Solar
-0.405 (-2.91%)
Squarespace
+
Qiniu
+
Save Foods
+
Regencell Bioscience
+
Camposol
+
Uber
-0.13 (-0.24%)
Lyft
-1.53 (-2.68%)
Blackstone
-0.235 (-0.26%)
Starbucks
-0.09 (-0.08%)
Costco
-1.35 (-0.36%)
Walmart
+0.28 (+0.20%)