Gym chain Life Time Group opened for trading on Thursday in a deal that raised $702M. The chain of fitness clubs and coworking centers priced its IPO at $18 per share, the lower end of its planned ranged, and cut the number of shares in the offering to 39M, down from 46.2M shares.
LATEST IPOS AND DIRECT LISTINGS:
Pyxis Oncology (PYXS) opened on October 8 at $19.00 after having priced 10.5M shares at $16.00. The deal size was increased to 10.5M share from 8.3M and priced at the high end of the $14.00-$16.00 range. BofA, Jefferies, Credit Suisse and William Blair acted as joint book running managers for the offering. Pyxis is a preclinical oncology company focused on developing product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Pyxis has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates, and monoclonal antibody, or mAb, preclinical discovery programs that it is developing as monotherapies and in combination with other therapies.
Cognition Therapeutics (CGTX) opened on October 8 at $12.15 per share. The deal size was increased to 3.77M shares from 3.35M and priced at the midpoint of the $11.00-$13.00 target range. B. Riley acted as lead book running manager for the offering. Cognition Therapeutics is a clinical-stage biopharmaceutical company engaged in the discovery and development of small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system, or CNS, and retina.
IsoPlexis (ISO) opened on October 8 at $14.75, below its IPO pricing of $15 per share. IsoPlexis priced 8.333M shares at $15.00, at the midpoint of the $14.00-$16.00 range. Morgan Stanley, Cowen, Evercore ISI and SVB Leerink acted as joint book running managers for the offering. IsoPlexis is a life science technology company that offers single-cell proteomics systems to accelerate the development of curative medicines and personalized therapeutics. "Our products have been adopted by researchers around the world, including the top 15 global pharmaceutical companies by revenue and by nearly half of comprehensive cancer centers in the U.S.," the company has said.
Theseus Pharmaceuticals (THRX) opened on October 7 at $20.80. The company had priced 10M shares at $16.00. The deal range was increased to 10M shares from 8.3M shares and priced at the high-end of the $14.00-$16.00 range. Jefferies, SVB Leerink and Cantor Fitzgerald acted as joint book running managers for the offering. Theseus is a biopharmaceutical company developing next-generation tyrosine kinase inhibitors, or TKIs. Theseus' lead product candidate, THE-630, is a pan-variant KIT inhibitor for the treatment of patients with advanced gastrointestinal stromal tumors, or GIST, whose cancer has developed resistance to earlier lines of kinase inhibitor therapy.
Tricon (TCN) opened on October 7 at $12.50. The company had priced 36M shares at $12.40. The total deal offering in the U.S. and Canada was raised to $503M in common stock from $395M in common stock. Morgan Stanley, RBC Capital, Citi and Goldman Sachs acted as joint book running managers for the offering. In a concurrent private placement of common shares to Blackstone Real Estate Investment Trust, BREIT has agreed to purchase 4,848,746 common shares from the company at a price of $11.75 per share. Tricon is an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada.
Life Time Group (LTH) opened on October 7 at $12.50. The company had priced 39M shares at $18.00. The deal size was reduced to 39M shares from 46.2M shares and priced at the low end of the $18.00-$21.00 range. Goldman Sachs, Morgan Stanley and BofA acted as joint book running managers for the offering. Life Time operates more than 150 Life Time "athletic resort destinations" in the United States and Canada as well as a digital platform.
Volcon (VLCN) opened on October 6 at $9.01. The company had priced 3.025M shares at $5.50. The deal range was $4.50-$5.50. Aegis acted as sole book running manager for the offering. Volcon is an all-electric, powersports company producing off-road vehicles. Its first product, the Grunt, started shipping in September of 2021 and future planned models include the youth-sized Runt, the Stag and the Beast.
Nuvei's (NVEI) U.S. IPO opened on October 6 at $160.08. The company had priced its upsized marketed offering of 3M subordinate voting shares of the company in the United States and Canada, representing Nuvei's initial public offering in the United States. The underwriters agreed to purchase, at a price of $123.14 per subordinate voting share, an aggregate of 3M subordinate voting shares offered by the company, for gross proceeds to the company of $369,420,000. Nuvei's subordinate voting shares will continue to trade on the TSX in Canadian dollars under the symbol "NVEI."
Of note, Nasdaq stated in a regulatory notice to traders after the opening that the exchange, in conjunction with Cboe Equity Exchanges and FINRA, had determined to cancel all trades in security Nuvei at and above $126.84 that were executed on Nasdaq between 9:45:00 and 9:46:00 ET that morning. "This decision cannot be appealed. Nasdaq will be canceling trades on the participants behalf," the exchange stated.
PERFORMANCE:
RECENT IPOS TO WATCH:
Enact Holdings (ACT), ForgeRock (FORG), Freshworks (FRSH), Toast (TOST), a.k.a. Brands Holdings (AKA), and VersaBank (VBNK) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.
UPCOMING IPOS:
Upcoming IPO and direct listings expected include Rivian, Qiniu (QNIU), Authentic Brands (AUTH), Portillo's (PTLO), Allbirds (BIRD), Lucid Diagnostics (LUCD), and Fluence Energy (FLNC).
Fluence, the AES Corporation's (AES) joint venture with Siemens (SIEGY), announced that Fluence Energy has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. Fluence Energy has applied to list its common stock on the Nasdaq Global Select Market under the symbol "FLNC." The number of shares to be offered and the price range for the proposed offering have not yet been determined.
PAVmed (PAVM) and its majority-owned subsidiary, Lucid Diagnostics, announced that the latter has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. Lucid Diagnostics intends to list its common stock on The Nasdaq Stock Market under the ticker symbol "LUCD." Lucid Diagnostics markets "the first and only commercial tools for widespread early detection of esophageal precancer and cancer," the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, the company stated.
Allbirds has filed with the SEC for an initial public offering of shares of Class A common stock and announced in its filing that it has applied to list its Class A common stock on The Nasdaq Stock Market under the symbol "BIRD." In the IPO prospectus, Allbirds identifies itself as "a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet."
Rivian, the EV maker backed by Amazon (AMZN) and Ford (F), announced that it has confidentially submitted a draft registration statement on Form S-1 to the SEC relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutionla shareholder with a 17.7% stake.
Authentic Brands Group is the parent of apparel chains Aeropostale and Forever 21, department store operator J. C. Penney, and Sports Illustrated magazine among other holdings.
Portillo's has filed with the SEC for an initial public offering of its Class A common stock. The company intends to apply to have its Class A common stock listed on Nasdaq Global Select Market under the symbol "PTLO." The prospectus stated that, "Portillo's serves iconic Chicago street food through high-energy, multichannel restaurants designed to ignite the senses and create a memorable dining experience... As of June 27, 2021, we owned and operated 67 Portillo's restaurants across nine states."
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Pyxis Oncology
-5.43 (-29.15%)
Cognition Therapeutics
+0.58 (+4.74%)
IsoPlexis
-3.01 (-20.56%)
Theseus Pharmaceuticals
-1.14 (-6.28%)
Tricon Residential
+ (+0.00%)
Life Time Group
-0.8 (-4.51%)
Volcon
+0.39 (+4.47%)
Nuvei
-4.6 (-3.36%)
Enact Holdings
+0.13 (+0.63%)
ForgeRock
-0.74 (-2.19%)
Freshworks
+1.32 (+3.19%)
Toast
-1.07 (-2.02%)
a.k.a. Brands
+0.025 (+0.31%)
VersaBank
+0.15 (+1.29%)
Qiniu
+
Authentic Brands Group
+ (+0.00%)
Portillo's
+
Allbirds
+
Lucid Diagnostics
+
Fluence Energy
+
PAVmed
-0.48 (-5.50%)
Alibaba
+5.55 (+3.56%)
Amazon.com
-11.51 (-0.35%)
Ford
+0.23 (+1.54%)
AES Corp.
-0.005 (-0.02%)
Siemens
+0.37 (+0.47%)