initial public offerings (IPOs) trading on American exchanges

Monday, July 6, 2020

IPOs this week : July 6 - 10, 20 (wk 27)

IPOs expected to price

  • Postmates (POSTM) could file for an initial public offering next week if the company decides market conditions are right. 

IPO quiet period expirations

  • Vroom (NASDAQ:VRM) on July 6. Vroom closed on Friday at about 149% above where its IPO was priced, which could limit the price targets from analysts. 
  • AZEK (NYSE:AZEK), Generation Bio (NASDAQ:GBIO), Avidity Bio (NASDAQ:RNA), Vaxcyte (NASDAQ:PCVX) and Burning Rock (NASDAQ:BNR) on July 7.

Thursday, July 2, 2020

Lemonade (LMND) began trading on the NYSE on Thur 2 July 20

  • Lemonade Inc. snagged 2020’s strongest initial public offering debut of a U.S. company as shares of the mobile-based insurance startup became the latest to more than double on their first day of trading. 



Lemonade (LMND) shares, which skyrocketed as much as 144% to hit an intraday high of $70.80, finished up 139% at $69.41 on Thursday, following an IPO pricing of $29 a share late Wednesday. That pricing was above an already increased IPO pricing to range of $26 to $28 a share, which topped a previous range of $23 to $26 apiece.

That’s the best debut for a U.S.-based company since shares of Inari Medical Inc. (NARI) closed at $42.51 on May 22, above its pricing of $19 for a 124% gain. American Depositary Receipts of Shanghai-based video-interaction company Agora Inc. did slightly better than Lemonade, jumping 152% on their first day to close at $50.50.


Most recently, shares of online used-car seller Vroom Inc. (VRM) closed at $47.90 on June 9 a day after pricing its IPO at $22, for a 117% gain, and ZoomInfo Technologies Inc. (ZI) shares closed at $34 on June 4, its first day of trading, after hitting an intraday high of $42 after pricing at $21.

Lemonade sold 11 million shares, with up to 1.7 million available to underwriters to cover overallotments. Taking into account those additional shares, Thursday’s close values the company at $3.93 billion.

Before the IPO, the company had already raised $480 million through several funding rounds, according to Crunchbase, with a $300 million round in April 2019 led by SoftBank Group Corp. 9984, +2.62% bestowing a “pre-money” valuation of $1.7 billion.

Wednesday, July 1, 2020

Dun & Bradstreet (DNB) began trading on the NYSE on Wed 1 July 20

Dun & Bradstreet Holdings, Inc. provides business decisioning data and analytics in North America and internationally.   Dun & Bradstreet Holdings, Inc. is a subsidiary of Star Parent L.P.
  • Sector: Technology
  • Industry: Information Technology Services
  • Full Time Employees: 4,037
  • Founded in 1841 
  • HQ in Short Hills, New Jersey
  • http://www.dnb.com

Dun & Bradstreet priced upsized 78.3 mln share IPO at $22, above the $19-$21 expected price range
  • The IPO was originally expected to consist of 65.75 mln shares.
  • The lead underwriters on the IPO were Goldman Sachs, BofA Securities, JP Morgan, and Barclays.

Lemonade prices IPO at $29 a share, higher than raised range

Lemonade Inc. (LMND), a mobile-based insurance start-up that seeks to court millennials, priced its initial public offering above the expected range Wednesday. 

After the close Wednesday, Lemonade priced 11 million shares at $29 apiece, above the already increased range of $26 to $28 from earlier in the day.

Underwriters have another 1.7 million shares to cover overallotments over the next 30 days. The stock is expected to begin trading under the ticker "LMND" on the New York Stock Exchange on Thursday.

The IPO price values the company at $1.64 billion should all options be exercised, just shy of the $1.7 billion valuation calculated from a $300 million investment led by SoftBank Group Corp. 9984, 2.29% in April 2019.

Monday, June 29, 2020

IPOs this week : June 29 - July 2, 20 (wk 26)

IPOs expected to price
  • DoubleDown Interactive (NASDAQ:DDI) and Dun & Bradstreet (NYSE:DNB) on June 30, as well as 
  • Accolade (NASDAQ:ACCD) and Lemonade (NYSE:LMND) on July 1. 
IPO quiet period expirations
  • Warner Music Group (NASDAQ:WMG) and Pliant Therapeutics (NASDAQ:PLRX) on June 29, as well as 
  • ZoomInfo (NASDAQ:ZI), Applied Molecular (NASDAQ:AMTI) and Shift4 Payments (NYSE:FOUR) on June 30. 
All five of those stocks have rallied since their debut, from Warner Music's 22% gain to ZoomInfo's 142% pop.

IPO lockup expirations
  • Northstar Gold (OTCPK:NSGCF). 
Across the Pacific, IPO debuts for Kangji Medical ($404M), Gan & Lee Pharmaceuticals ($360M) and Hygeia Healthcare ($286M) are on tap.

Wednesday, June 24, 2020

Dun & Bradstreet (DNB) announces launch of 65.75 mln share IPO

Expected to price between $19-$21


  • The lead underwriters on the IPO are Goldman Sachs, BofA Securities, J.P. Morgan, and Barclays.
  • DNB has applied to list shares on the NYSE.
  • A subsidiary of Cannae (CNNE), a subsidiary of Black Knight (BKI), and a subsidiary of CC Capital Partners plan to invest $200.0 mln, $100.0 mln, and $100.0 mln, respectively, in a concurrent private placement of DNB's common stock that is contingent upon the consummation of the offering at a price per share equal to 98.5% of the initial public offering price.
  • DNB intends to use the proceeds that it receives from the offering and the concurrent private placement to redeem all of its outstanding Series A Preferred Stock, repay a portion of its 10.250% Senior Unsecured Notes outstanding due 2027 and for working capital and other general corporate purposes.

Tuesday, June 16, 2020

Tocagen (TOCA) and Forte Biosciences merge; trade as Forte Biosciences (FBRX)

Tocagen Inc. (Nasdaq: TOCA), and Forte Biosciences, Inc., a privately held clinical-stage biopharmaceutical company developing a live biotherapeutic for the treatment of inflammatory skin diseases, announced today that they have entered into a definitive agreement under which Tocagen will merge with Forte in an all-stock transaction.

The merged company will focus on advancing Forte's clinical program in inflammatory skin diseases, including atopic dermatitis. The combined company operates under the name Forte Biosciences and trades on the Nasdaq Capital Market under the ticker symbol FBRX.

Paul Wagner, CEO

***
Tocagen was a struggling brain cancer biotech whose huge Phase III failure triggered mass layoffs at the company.

Forte Biosciences is a biotech tackling atopic dermatitis and other inflammatory skin diseases.

Three years years ago, Tocagen went public and raised $85 million on the promise of a two-part therapy for glioblastoma. Part 1 used a vector to attack cancer cells and deliver the gene for an enzyme and Part 2 was a prodrug that converts into an anti-cancer drug. It was an intriguing approach to a deadly indication that has evaded most previous attempts, but in September, in its biggest test, the two-part therapy showed all but no signs of working.

In fact, patients on the control arm lived a month longer on average than patients on the drug arm, 12.2 vs 11.1. That computed to a hazard ratio of 1.06 and a p-value of 0.62. The company’s stock dropped 81% on the announcement, and a month later they cut 65% of their workforce, leaving the San Diego-based biotech with just 30 employees.

Monday, June 15, 2020

IPOs this week : June 15 - 19, 20 (wk 24)

IPOs expected to price
  • Royalty Pharma (RPRX) is expected to price its IPO on June 16. 


IPO quiet period expirations
  • The analyst quiet periods expire on June 15 for SelectQuote (NYSE:SLQT), Windtree Therapeutics (OTCQB:WINT) and Inari Medical (NASDAQ:NARI).
IPO lockup expirations
  • Indonesia Energy (NYSEMKT:INDO) and Monopar (NASDAQ:MNPR) on June 18. Across the Pacific, JD.com's (NASDAQ:JD) secondary offering in Hong Kong will begin trading on June 18. The company is looking to raise as much as $2B.

Tuesday, June 9, 2020

Vroom (VRM) began trading on the Nasdaq on Tue 9 June 2020

Vroom is a New York City-based used car retailer and e-commerce company that enables consumers to buy, sell and finance cars online.
  • Headquarters: New York, NY
  • CEO: Paul J. Hennessy (Jun 8, 2016–)
  • Founded: 2013
  • vroom.com
Vroom upsized offering by 2.5 mln shares and priced 21.25 mln share IPO at $22.00 per share, above the expected range of $18-20

Vroom said in its IPO filing that the coronavirus pandemic could move more car buyers online. However, the company did acknowledge that the covid-19 pandemic did hurt its e-commerce operations, with online sales falling 15% from March 11 to March 31.

Vroom's IPO follows that of Warner Music Group  (WMG), which began trading last Wednesday, and ZoomInfo Technologies  (ZI), which debuted last Thursday.

The market for initial public offerings has been heating up this month. Last week, the IPO market saw more than $7 billion raised globally, according to a report from Bloomberg.

Monday, June 8, 2020

IPOs this week : June 8 - 12, 20 (wk 23)



IPOs expected to price
  • Online car seller Vroom (VRM) is offering about 18.8M shares in an expected range of $17 to $19. The timing for the IPO is intriguing with the pandemic leading to more online shopping for cars, but sales and margins under pressure. How well the Vroom IPO is received by investors could be of interest to Carvana (NYSE:CVNA), Cars.com (NYSE:CARS), TrueCar (NASDAQ:TRUE), AutoNation (NYSE:AN) and even Tesla (NASDAQ:TSLA) as the concept of online car shopping heads more mainstream. Vroom is expected to have a market capitalization of around $1.92B if it prices at the higher end of the indicated range. 
  • Across the Pacific, Chinese gaming company NetEase (NASDAQ:NTES) is looking to raise $1.2B in a Hong Kong listing to fund strategies for international expansion. Shares are expected to start trading on June 11. 

The quiet period expires for ADC Therapeutics (NYSE:ADCT) on June 9 and IPO share lockups end on XP (NASDAQ:XP), Bill Holdings (NYSE:BILL), OneConnect Financial (NYSE:OCFT) and Sprout Social (NASDAQ:SPT) later in the week.

There are also secondary offering lockup expirations on Tilray (NASDAQ:TLRY) and BlackRock (NYSE:BLK) to keep an eye on.

Monday, June 1, 2020

IPOs this week : June 1 - 5, 20 (wk 22)

IPOs expected to price
  • Warner Music Group (WMG) set to price its offering on June 2. The former Warner Bros. property set a range of $23 to $26 for 70M Class A shares, with an implied valuation of $13.3B at the top end. Warner's stable of musicians includes Ed Sheeran and Bruno Mars. 
  • Pliant Therapeutics (PLRX) coming to the market with 6M shares in an expected range of $14 to $16. 
IPO quiet period expirations
  • GAN (NASDAQ:GAN) on June 1
  • Ayala Pharma (NASDAQ:AYLA) on June 2
IPO lockup expirations
  • LMP Automotive (NASDAQ:LMPX) on June 2.

Saturday, May 30, 2020

Goldman Sachs MLP (GMZ); MLP and Energy Renaissance Fund (GER) : 6- and 7-year performance





April 13, 2020
Goldman Sachs Asset Management ("GSAM"), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the "Funds"), announced today that GMZ effected a 7-for-1 reverse share split and GER effected a 9-for-1 reverse share split for each Fund’s issued and outstanding common shares effective after the market close on April 13, 2020. The Funds’ common shares will begin trading on a split-adjusted basis when the market opens on April 14, 2020.

The Funds

Each Fund is a non-diversified, closed-end management investment company managed by GSAM’s Energy & Infrastructure Team, which is among the industry’s largest master limited partnerships ("MLP") investment groups. The Goldman Sachs MLP Income Opportunities Fund began trading on the NYSE on November 26, 2013, and the Goldman Sachs MLP and Energy Renaissance Fund began trading on the NYSE on September 26, 2014.

Each Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Goldman Sachs MLP Income Opportunities Fund invests primarily in MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests primarily in MLPs and other energy investments. Each Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests across the energy value chain, including upstream, midstream and downstream investments.

Friday, May 29, 2020

JDE Peet's : Europe’s largest IPO since 2018

JDE Peet's raised €2.25 billion ($2.5 billion) in an Amsterdam listing that valued the firm at €15.6 billion ($17.3 billion).
  • chart (yahoo)
  • Shares of JDE Peet’s surged 14% in their debut on Friday in Europe. The company, resulting from the merger of Jacobs Douwe Egberts and Peet’s last December, is the world’s No. 2 coffee player, with a portfolio that includes Jacobs Coffee, Douwe Egberts, Peet’s, L’OR, Senseo, Tassimo, Pickwick and more.
  • The family behind JAB, the Reimanns, is facing scrutiny for its Nazi past, after the German newspaper Bild reported that Albert Reimann Sr. and his son Albert Reimann Jr., both of whom are now deceased, had ties to the Third Reich.
  • The JDE Peet's IPO is the second-largest of the year world-wide. Beijing-Shanghai High-Speed Railway Corp. raised $4.4 billion on the Shanghai Stock Exchange in January, Dealogic data shows.
Fabien Simon of the coffee company JDE Peet's beats the gong of Euronext in Amsterdam on May 29, 2020, as the parent company of Douwe Egberts, among others, goes public on the Amsterdam stock exchange. (Photo by Jeroen JUMELET / ANP / AFP)

The Amsterdam-based business sold 14.4% of the company, including to funds controlled by billionaire investor George Soros. It issued new shares worth €700 million ($772.7 million), with existing shareholders, Mondelez International (MDLZ) and Acorn Holdings, selling an additional €1.55 billion ($1.7 billion).

Acorn Holdings is controlled by German investor JAB, the investment firm behind Panera, Pret A Manger, Krispy Kreme and Keurig Dr Pepper (KDP). Acorn is expected to own 62% of JDE Peet's following the listing, with Mondelez retaining 23%, according to a statement.



****
But most consumers still know very little about JAB Holding, the investment firm that pulled off the Peet’s IPO, or the family behind it: the Reimanns of Germany. Many coffee lovers are likely not even aware that one company is the owner or majority owner of Peet’s, Panera, Krispy Kreme, Dr. Pepper Snapple, Keurig Green Mountain, Caribou Coffee, Mighty Leaf, Stumptown, Intelligentsia, Espresso House, Baresso, Au Bon Pain, Bruegger’s Bagels, and Einstein Bros. Bagels.

JAB has spent more than $50 billion since 2014 to gobble up coffee, breakfast, and cosmetics names, and has quietly made itself the largest competitor to Starbucks.

JAB is family owned, privately held, and has roots dating back more than 100 years. The four primary owners of JAB are descendants of German chemist Ludwig Reimann, who in the 1800s married the daughter of his business partner, Johann Adam Benckiser. JAB, formed in 2011, gets its name from Benckiser’s initials.

The family is extremely private and does not do press, though one year ago the company did have to publicly comment on a Bild report about the Reimann family’s ties to the Third Reich. The family acknowledged the facts of the Bild report, and a spokesperson said last year: “It’s all correct. The family was absolutely ashamed.” After the report, the Reimann family said it would donate 10 million euros to a charity and hire a historian to investigate their ancestry in detail for a public report.

JAB will remain the majority shareholder in now-public JDE Peet’s, and is the majority shareholder in publicly traded Keurig Dr Pepper.

In many ways, JAB bears similarities to Anheuser-Busch InBev: a massive conglomerate formed through a long series of voracious M&A.

In 2004, Belgian brewer Interbrew (a combination of Belgian and Canadian brewers, formed in 1988) merged with Brazilian brewer AmBev (a combination of Brazilian and Argentinian brewers, formed in 1999) to form InBev. In 2008, Belgian brewer InBev bought St. Louis-based Anheuser-Busch to form Anheuser-Busch InBev. In 2012, AB InBev acquired Grupo Modelo, and in 2016, AB InBev bought SABMiller.

JAB—in a much shorter time—has gone on a similar spending run. JAB has bought or combined around 15 coffee and tea brands between 2012 and 2019, including Douwe Egberts, for which it paid $10 billion.  It bought Peet’s in 2012 for $975 million (and got upmarket American roasters Stumptown and Intelligentsia along with it), Einstein in 2014 for $375 million, Keurig Green Mountain for $14 billion and Krispy Kreme for $1.35 billion in 2016, Panera for $7.5 billion in 2017, and bought Dr. Pepper Snapple through Keurig Green Mountain in 2018.

And JAB isn’t done: now it’s pushing into pet care (but not pet food), beginning with buying Compassion First Pet Hospitals for $1.2 billion last year.

***

The family behind JAB, the Reimanns, is facing scrutiny for its Nazi past, after the German newspaper Bild reported that Albert Reimann Sr. and his son Albert Reimann Jr., both of whom are now deceased, had ties to the Third Reich.

According to Bild, both men were fierce Hitler supporters and anti-Semites, donated to the SS military force, and used forced labor of French prisoners in their factories.

In other words, the Reimann family fortune is rooted in the Nazi party. And that could put the brands in the JAB portfolio under the microscope like never before.

Wednesday, May 27, 2020

ZoomInfo (Nasdaq:ZI) launches initial public offering

ZoomInfo provides  B2B contact and company information to accelerate the growth of sales and marketing teams.
  • HQ: Waltham, Massachusetts, United States
  • Founded: Feb 1, 2000
  • Founders: Kosmas Karadimitriou, Yonatan Stern
  • https://www.zoominfo.com/

Carlyle-backed
Looks to raise about $800 million in Nasdaq listing


(Reuters) - ZoomInfo Technologies Inc expects to raise up to $801 million in its U.S. initial public offering (IPO), as the market for new issues rebounds after the COVID-19 pandemic put several debuts on hold for a couple of months.

The Carlyle-backed business intelligence platform said on Wednesday it expects its offering of 44.5 million shares to be priced between $16 and $18 per class A share, valuing it at $6.89 billion at the top end of the range. (https://bit.ly/2TKplRk)

Some funds and accounts managed by units of BlackRock Inc <BLK.N>, entities related to Dragoneer Investment Group, and Fidelity Management & Research Company have indicated an interest in buying shares worth $100 million each as part of the IPO, ZoomInfo said in a filing.

ZoomInfo follows Warner Music Group, which said on Tuesday it was aiming to sell up to $1.82 billion in stock in its U.S. IPO, potentially the largest New York listing so far in 2020.

The COVID-19 health crisis rocked capital markets and slammed the brakes on several listings in March. The lull, however, is showing signs of waning.

JPMorgan and Morgan Stanley were lead bookrunners for the offering on the Nasdaq stock exchange, ZoomInfo said.

ZoomInfo said its customers in industries most impacted by the pandemic, including retail, restaurant, hotels, airlines and oil and gas may reduce their technology or sales and marketing spending, which could adversely impact its business.

Friday, May 22, 2020

Adaptimmune Therapeutics (ADAP) : positive data on experimental cell therapy

  • The company said that trials of its SPEAR T-cell therapy showed a 50% response rate in patients with synovial sarcoma. The company also reported confirmed responses in lung cancer patients, and had previously reported confirmed responses in head and neck cancer patients. 


 







Adaptimmune Therapeutics presented updated data from its ADP-A2M4 Phase 1 trial at the American Society for Clinical Oncology Annual Meeting


  • New Phase 2 trial in EGJ cancer planned for 1H 2021, after first two patients treated responded to next-generation ADP-A2M4CD8 therapy.
  • Durability and efficacy data presented at ASCO support potential for SPEARHEAD-1 as a registrational trial for sarcoma - commercial launch planned in the US in 2022.
  • Phase 2 trial combining ADP-A2M4 with pembrolizumab in head and neck cancer (SPEARHEAD-2) will be the first time a SPEAR T-cell therapy is used in sequence with first line systemic therapy.
  • The company also announced new responses in the SURPASS trial, confirming the potential for SPEAR T-cell therapies targeting MAGE-A4 to treat a broad range of cancers in addition to sarcoma. These data further support the rationale for two new Phase 2 trials -- SPEARHEAD-2 in head and neck cancer, which will begin later this year, and a second trial in esophagogastric junction (EGJ) cancer planned for 1H 2021.
  • The SURPASS trial (a Phase 1 trial with ADP-A2M4CD8) will focus on lung, EGJ, head and neck, and bladder cancers.
  • Confirmed complete response in a patient with liver cancer in the Phase 1 ADP-A2AFP trial (reported as partial response in January).
  • Thursday, May 21, 2020

    SelectQuote (SLQT) began trading on the NYSE on Thur 21 May 20

    SelectQuote is the first major tech company to go public since the coronavirus began ravaging the stock market. SelectQuote allows consumers to compare quotes for insurance policies online. It is a competitor to EverQuote (EVER), which has seen its stock soar this year.
    • SelectQuote priced upsized 28.5 mln share IPO at $20, above the $17-$19 expected price range. The IPO was originally expected to consist of 25.0 mln shares. In all, the deal raised $570 mln in total gross proceeds.
    • The lead underwriters on the deal were Credit Suisse, Morgan Stanley, Evercore ISI, RBC Capital Markets, Barclays, Citigroup, and Jefferies.



    NEW YORK (Reuters) - U.S. insurance policy comparison website SelectQuote (SLQT) raised $360 million after selling shares in its initial public offering (IPO) above its target range on Wednesday.

    SelectQuote’s offering is the latest sign of thawing in the IPO market, which was shut to most companies when the coronavirus outbreak fueled weeks of stock market volatility in March and April. Only a handful of biotechnology and blank-check companies went ahead with IPOs during this period.

    Since late February, the Cboe Volatility Index , known as Wall Street’s fear gauge, has been above the 20-point threshold that most IPO hopefuls monitor to gauge investor jitters. But it has trended downwards in recent weeks, giving some companies confidence to test the market.

    SelectQuote allows consumers to compare insurance policies for life, auto and home insurance from providers including American International Group (AIG), Prudential Financial Inc (PRU) and Liberty Mutual.

    The biggest IPO by a company that is neither a biotechnology firm nor special purpose acquisition company since the onset of the pandemic was by Chinese cloud computing company Kingsoft Cloud Holdings Ltd (KC), which raised $510 million in its U.S. stock market debut earlier this month.

    Overland Park, Kansas-based SelectQuote said it sold 18 million shares as planned, and existing shareholders sold 10.5 million shares, up from 7 million, at $20 each as part of the IPO. The company had set a target range of between $17 and $19 per share.

    The IPO valued SelectQuote at $3.25 billion. The pricing of the IPO was brought forward by a day on the back of strong investor demand. Shares of SelectQuote peer EverQuote Inc (EVER) hit a record high earlier this month, after the company increased its full-year revenue and adjusted EBITDA forecast. EverQuote also said it expects the virus outbreak to accelerate the digitization of the insurance industry. While using websites to compare and buy insurance products is commonplace around the world, the U.S. insurance industry has been slower to embrace technology as means of bypassing traditional insurance brokers.

    For the nine months to the end of March, SelectQuote posted $390.1 million in revenue, up almost 50% year on year while net income edged up 2.4% to $61.1 million.

    EverQuote (EVER) : 2-year performance


    Friday, May 15, 2020

    ADC Therapeutics (ADCT) began trading on the NYSE on Fri 15 May 20

    ADC Therapeutics prices upsized 12.45 mln share IPO at $19, above the $16-$18 expected price range
    • The IPO was originally expected to consist of 10.3 mln shares.
    • The lead underwriters on the deal were Morgan Stanley, BofA, and Cowen and Company.

    The funds will be used to complete a pivotal phase II trial of the company’s lead candidate Lonca in patients with the blood cancer diffuse large B-cell lymphoma, and ultimately bring the drug to the US market.

    Lausanne-based ADC Therapeutics specializes in the development of antibody-drug conjugates, in which an antibody is attached to a chemotherapy drug. The antibody is designed to selectively bind to tumor cells, and once bound, the drug is internalized by the tumor where it releases its toxic effects. The specificity to the tumor means the treatment minimizes toxicity to healthy cells, reducing potential side-effects.

    The company has a number of other candidates, targeting both blood cancers and solid tumors, in either the preclinical stage or early clinical trials. The funds raised from the IPO will also be used to further the development of these products.

    Despite closing a €271M ($303M) Series E funding round in July 2019, adverse market conditions in October 2019 led ADC Therapeutics to withdraw its Nasdaq IPO.


    The biotech’s IPO accompanies a €106M loan agreement made with the US firm Deerfield Management Company at the beginning of this month. Of the total loan, ADC Therapeutics can expect €60M upon completing its IPO, and another €46M once Lonca gets regulatory approval, amongst other conditions.  

    -=DraftKings (DKNG) reported earnings on Fri 15 May 20 (b/o)



     DraftKings reports Q1 results; beats on EPS, reports revs +30% yr/yr
    • DKNG reports Q1 GAAP loss per share of $0.04 (vs -$0.16 consensus)
    • Co notes Revenue grew 30%, despite COVID-19

    Friday, May 8, 2020

    Kingsoft Cloud (KC) began trading on the Nasdaq on Fri 8 May 2020

    Chinese cloud computing company Kingsoft Cloud Holdings Ltd raised $510 million in its U.S initial public offering, the first Chinese company to list in the United States since the coronavirus pandemic outbreak sent markets tumbling.
    • Kingsoft Cloud (KC) closes its first U.S. trading day up 38% to $23.49.
    • The company priced 30M ADS at $17 each, raising $510M in the offering at a roughly $3.7B valuation. The company originally planned to sell 25M shares but increased the size due to demand.
    • Spun off from software giant Kingsoft.  KC competes with cloud services from tech giants Alibaba (BABA) and Tencent (TCEHY). Alibaba controls nearly half of China's cloud market and Tencent has about a fifth.
    • Like other cloud services companies, Kingsoft Cloud could benefit from the new normal of remote working, gaming and learning online. While China's cloud market is only 4% of the global total, it is growing fast.
    • Kingsoft Cloud boasts some heavy hitters as clients, including smartphone maker Xiaomi and ByteDance, the Beijing-based startup behind popular apps TikTok and Douyin. ByteDance has seen huge user growth and a record revenue haul during the pandemic.
    • Kingsoft Cloud's chairman, Lei Jun, is no stranger to buzzy public offerings. He is the founder of smartphone maker Xiaomi, which raised $4.7 billion in a highly anticipated public offering in Hong Kong in 2018.
    The cloud service provider had planned to sell 25 million shares but increased the size of the deal to 30 million on Friday on the back of better than expected demand from shareholders, parent company Kingsoft Corp said in a statement on Friday.

    The deal represented 13.9% of the company's issued capital and was priced at $17 per share, in the middle of its expected range, valuing the Xiaomi-backed group at $3.7 billion.

    Loss-making Kingsoft offers cloud infrastructure as well as enterprise cloud and artificial intelligence services.

    Cloud computing has so far been one of the sectors boosted by the novel coronavirus outbreak as it drives more businesses to operate digitally and rely on cloud computing.

    The value of the company will rise if a so called 'greenshoe' option is exercised and an extra 4.5 million shares are sold within the next 30 days by the banks which underwrote the deal.


    Existing shareholders Kingsoft Group, Xiaomi and Carmignac Gestion anchored the IPO, with Kingsoft buying up to $25 million of the stock offered, and Xiaomi and Carmignac buying up to $50 million each, Kingsoft said.

    Kingsoft is the first major U.S. IPO by a company that is neither a biotechnology firm nor special purpose acquisition company (SPAC) since Canadian waste management company GFL Environmental in early March. Biotech and SPAC IPOs are typically immune to broader market swings.

    Ayala Pharmaceuticals (AYLA) began trading on the Nasdaq on Fri 8 May 2020

    Ayala Pharmaceuticals, a Phase 2 biotech developing in-licensed Notch inhibitors for aggressive cancers, raised $55 million by offering 3.7 million shares at $15, the midpoint of the $14 to $16 range.
    The biotech raised 10% more than expected; it originally filed to offer 3.3 million shares.


    Rehovot, Israel-based Ayala was founded to to develop treatments for various cancers:
    • Recurrent/Metastatic Adenoid Cystic Carcinoma
    • Triple Negative Breast Cancer
    • Acute lymphoblastic leukemia
    • Desmoid, soft tissue tumors
    A brief overview video of adenoid cystic carcinoma.

    Management is headed by Chief Executive Officer Roni Mamluk, Ph.D., who has been with the firm since 2017 and was previously CEO at biopharmaceutical firm Chiasma and head of preclinical development of an oncology product at Adnexus Therapeutics.

    Tuesday, May 5, 2020

    Lyra Therapeutics (LYRA) began trading on the Nasdaq on Mon 4 May 2020

    Lyra Therapeutics (LYRA) has priced its IPO of 3.5M common shares at $16/share, yielding gross proceeds of $56M.

    Underwriters' over-allotment is an additional 525,000 shares.



  • https://lyratherapeutics.com/



  • The company is advancing two drug candidates for the treatment of chronic rhinosinusitis.

    LYRA has produced very promising trial results and the IPO appears reasonably valued, so for life science investors with a 12 - 18-month hold time frame, the IPO looks quite interesting.

    Company & Technology
    Watertown, Massachusetts-based Lyra was founded to develop drug treatments for two types of patients with chronic rhinosinusitis, those who are 'surgically-naive' and those who have been previously operated on for the condition.

    Management is headed by Maria Palasis, Ph.D., who has been with the firm since 2011 and was previously EVP at Arsenal Medical.

    A brief overview video of chronic rhinosinusitis:

    Ayala Pharmaceuticals (AYLA) sets IPO terms

    Ayala Pharmaceuticals (AYLA) has filed an updated preliminary prospectus for its IPO of ~3.3M common shares at $14 - 16 per share.
    Underwriters' over-allotment will be up to an additional 500K shares.

    The Rehovet, Israel-based biopharmaceutical outfit develops treatments for rare and aggressive cancers by leveraging its bioinformatics platform and next-gen sequencing.

    https://www.ayalapharma.com/

    Monday, May 4, 2020

    IPOs this week : May 4 - 8, 20 (wk 19)

    IPO lockup expirations
    • Q&K International Group (NASDAQ:QK) and Atif Holdings (NASDAQ:ATIF) on May 4, 
    • Galera Therapeutics (NASDAQ:GRTX), Centogene (NASDAQ:CNTG) and Silvergate Capital (NYSE:SI) on May 5, as well as 
    • Tela Bio (NASDAQ:TELA), Ecmoho (NASDAQ:MOHO), 36Kr Holdings (NASDAQ:KRKR) and CNS Pharma (NASDAQ:CNSP) on May 6. 
    Of those names, Centogene has the largest IPO gains with a 36% break higher.

    Friday, May 1, 2020

    Vontier withdraws estimated $1 billion IPO

    Vontier, the global industrial company focused on transportation and mobility carved out of Fortive, withdrew its plans for an initial public offering on Thursday after delaying in the 1Q20, citing recent market and economic disruptions caused by the COVID-19 pandemic. It originally filed in February 2020 with a proposed deal size of $100 million, though we estimated the deal size would be closer to $1 billion.

    Vontier provides critical equipment, components, software, and services to the mobility and transportation markets. Its major product groups are mobility technologies (77% of FY19 revenue) and repair and diagnostics technologies (23%). Its customers include retail and commercial fueling operators, commercial vehicle repair businesses, municipal governments, public safety entities, and fleet owners and operators across 30 countries.

    Parent Fortive (NYSE: FTV) reported quarterly earnings on Thursday. The company's Industrial Technologies segment, which roughly represents Vontier, saw sales remain flat year-over-year at $609 million, while operating income dropped from $99 million (16.1% margin) to -$2 million (-0.2%).

    The Raleigh, NC-based company traces its roots to 1986 and booked $2.8 billion in revenue for the 12 months ended December 31, 2019. It had planned to list on the NYSE under the symbol VNT. Goldman Sachs was set to be the sole bookrunner on the deal.

    Tuesday, April 28, 2020

    -=Kura Oncology (KURA) :

    Rises to its highest levels since December on above 9x average volume, posting gains alongside its peer in the cancer treatments development space, Syndax Pharmaceuticals (SNDX); co's pipeline includes a menin-MLL inhibitor, KO-539.

    • Sector: Healthcare
    • Industry: Biotechnology
    • Full Time Employees: 57
    • Founded in 2014 
    • HQ inSan Diego, California
    • http://www.kuraoncology.com


    Bitcoin mining chip producer Ebang files for $100 million IPO

    China-based Ebang Holdings has filed a $100 million IPO prospectus with the U.S. Securities and Exchange Commission (SEC), becoming the third Bitcoin mining equipment maker after Bitmain and Canaan to attempt a public offering.

    Bitcoin miner to public firm
    Ebang states IPO returns will majorly serve towards product diversification, company expansion, and collateral for credit facilities with investment banks. No dividend payouts shall be offered to investors, at least shortly. Apart from its blockchain business, the firm has created a telecommunications division which accounts for a paltry 3 percent of annual revenue.

    As per documents, the firm recorded revenues of $100 million in 2019, a 63 percent drop from the reported $319 million in 2018. The firm lost $30 million in 2019, compared to a profit of $24 million in 2018. Based on these financials, it’s difficult to foresee a post-IPO increase in share prices.

    Ebang leads Bitcoin miner production ahead of rivals Bitmain and Canaan, as per a Frost and Sullivan report quoted on the filing. The firm sells ten miners varied by computing specifics, with the cheapest priced at $300 and the priciest — promising a 44 TH/s output – at $1930.

    The miner noted Chinese businesses dominate the mining space. A massive 96 percent of annual revenue and 94 percent of computing power is supplied by Chinese or China-registered companies.

    The filing is Ebang’s second attempt at an IPO. In June 2018, the firm looked to raise a mammoth $1 billion as per a draft submitted to the Hong Kong Exchange. However, the filing never materialized and remains in limbo to this day.

    Monday, April 27, 2020

    Aptevo Therapeutics (APVO) : 4-year performance


    -=Syndax Pharmaceuticals (SNDX) : initial data for SNDX-5613


    • Announced positive early-stage data on candidate SNDX-5613, a small molecule inhibitor designed to block the interaction between a tumor suppressor protein called menin and another protein called MLL that plays a key role in the development of acute leukemia. 
    • Kura also has a menin-MLL inhibitor in development, KO-539, currently in Phase 1/2 development.
    • Price target raised to $33 from $27 at Baird. 
    • Surged to all-time highs.

    Syndax Pharmaceuticals presents preclinical and initial data for SNDX-5613 in adults with relapsed/refractory acute leukemias 



  • Syndax Pharmaceuticals today presents preclinical and initial clinical data for SNDX-5613, the company's potent, highly selective oral menin inhibitor. The oral presentation will be featured during the New Drugs on the Horizon session at the 2020 AACR Virtual Annual Meeting I.
    • As of the April 17 data cutoff date, a total of six patients have been treated in the Phase 1 portion of the ongoing open-label AUGMENT-101 trial at increasing dose levels of SNDX-5613. Responses were observed in two of three patients harboring an MLL rearrangement. This included one patient, whose drug exposure was consistent with that needed for activity in preclinical models, who had a complete response with incomplete blood count recovery (CRi) after 28 days of therapy and subsequently improved to a complete response (CR). The second patient achieved a partial response with incomplete blood count recovery (PRi) after 28 days of therapy. Both patients continue to receive SNDX-5613. A third patient harboring an MLL rearrangement did not achieve drug exposure levels consistent with that needed for activity in preclinical models and was removed from the trial due to progressive disease.
    • Treatment with SNDX-5613 has been tolerated well, with no dose limiting toxicities reported. One patient experienced a Grade 2 QTc prolongation but remains on treatment.
  • The company also announced today that SNDX-5613 was recently granted Orphan Drug Designation for the treatment of adult and pediatric acute myeloid leukemia by the FDA.
  • IPOs this week : April 27 - May 1, 20 (wk 18)

    IPO quiet period expirations
    • WiMi Hologram Cloud (NASDAQ:WIMI) on April 27 and 
    • Zentalis Pharma (NASDAQ:ZNTL) on April 28. IPO share 
    IPO lockup expirations
    • Oyster Point (NASDAQ:OYST) and RAPT Therapeutics (NASDAQ:RAPT) on April 28. 

    Amid the lack of new IPOs, the Renaissance IPO ETF (NYSEARCA:IPO) is still chugging along and is down only 3% YTD compared to a 12% decline in the S&P 500. Top performers for the ETF include Moderna (NASDAQ:MRNA), Zoom Video (NASDAQ:ZM) and Chewy (NYSE:CHWY).

    Monday, April 20, 2020

    IPOs this week : April 20 - 24, 20 (wk 17)

    IPOs expected to price
    • China Liberal Education (CLEU) is due to price on April 23. 

    IPO lockup expirations
    • BRP Group (NASDAQ:BRP) on April 21
    • Phathom Pharmaceuticals (NASDAQ:PHAT), Progyny (NASDAQ:PGNY), Youdao (NYSE:DAO), Cabaletta Bio (NASDAQ:CABA), Aesthetic Medical International Holdings Group (NASDAQ:AIH), TFF Pharmaceuticals (NASDAQ:TFFP) and Happiness Biotech Group (NASDAQ:HAPP) on April 22. 
    The stay-at-home order has disrupted the plans of several companies involved with sports and fitness. Topgolf International (Callaway Golf (NYSE:ELY) holds a stake), F45 Training and Xponential Fitness are all on the IPO sidelines.

    Friday, April 17, 2020

    Eros International (EROS) to merge with STX Entertainment

    •  Indian movie producer Eros International Plc is merging with privately-held U.S. filmmaker STX Entertainment in an all-stock deal that brings together Bollywood and Hollywood. 







    Bollywood Meets Hollywood With Marriage of Eros and STX
    (Bloomberg) -- Indian movie producer Eros International Plc is merging with privately-held U.S. filmmaker STX Entertainment in an all-stock deal that brings together Bollywood and Hollywood.

    The combined company, to be known as Eros STX Global Corp., will be publicly traded and have a valuation of more than $1 billion, including debt, according to people familiar with the details, who asked not to be identified as the matter is private. Eros’s New York-listed stock jumped as much as 77%, and closed a $3.05 in New York.

    It’s a rare deal in a mergers and acquisitions market that’s all but seized up as executives and investors grapple with the fallout from the pandemic.

    Although discussions began six months ago, final terms were hammered out in recent weeks over conference calls, with part of the Eros deal team dialing in from India. The transaction was signed virtually by an exchange of signature pages between lawyers, the people said. Eros founder Kishore Lulla said his long-standing relationship and trust in his STX counterpart Robert Simonds, for whom his daughter was once an intern, was key to getting a deal completed under unusual circumstances.

    Ultimately, the pandemic underscored the importance of the deal.

    “I was always a believer that technology is going to change the studio model and everything is going to shift to digital,” said Lulla, who will be co-chairman alongside Simonds. “Covid escalated that digital model.”

    In the last four to six weeks, the amount of time users spend on the platform jumped between 50% and 200%, Lulla said.

    Bigger Footprint

    But both companies have had their struggles over the years, and it’s too early to tell how much the combination will resolve them. STX has failed to find much of a winning formula at the box office, with modest recent performers like “Brahms: The Boy 2” and “The Gentlemen.” Eros, meanwhile, has become the target of short sellers who published reports on accounting irregularities. When the company posted a surge in revenue from the UAE in 2015, it was vague about the reasons, rankling investors.

    Joining forces will give the two independent companies more heft to compete with bigger studios as trends sweeping Hollywood have made it hard for smaller players to gain scale. Between Comcast Corp.’s Universal Pictures, the combination of Walt Disney Co. and Fox Corp.’s film companies, and AT&T Inc.’s acquisition of Time Warner Inc., a trio of studios now own and produce many of the most well-known blockbuster movie franchises, including the Marvel superhero universe and DC Comics. The result is a small group of big films increasingly dominating the box office.

    The deal will give the company a bigger geographical footprint.

    “My personal dream was always to be an important premium content provider globally in the markets that actually matter -- US, India and China -- and this combination is all three of those,” said Simonds, who will become chief executive officer of the company.

    STX films include comedian Amy Schumer’s “I Feel Pretty” and Jennifer Lopez’s “Hustlers”. The combined company expects to release 40 feature-length films this year, as well as content for services such as Netflix, Hulu and Amazon.

    The combined company will have $600 million in pro forma revenue for 2019 and $300 million of “highly predictable” future revenue from STX films that have already been released. There will be about $50 million in operating synergies.

    The company will be domiciled in the Isle of Man with joint headquarters in Maharashtra, India and Burbank, California.

    The deal comes less than two years after STX, which is backed by internet giant Tencent Holdings Ltd., shelved its IPO plans.

    STX’s backers TPG, Hony Capital and Liberty Global will provide some equity for the deal. The company will also have a $350 million credit facility led by JPMorgan Chase & Co.

    Citigroup advised Eros on the deal, while Gibson, Dunn & Crutcher provided legal advice. STX was advised by PJT Partners, with Kirkland & Ellis its legal adviser.

    Monday, April 13, 2020

    IPOs this week : April 13 - 17, 20 (wk 16)

    IPO lockup expirations

    • Owl Rock Capital (NYSE:ORCC) is up 33% over the last week just ahead of the 270-day lockup period expiring for sales of blocks of two-thirds of positions. 
    • Former Post Holdings (NYSE:POST) subsidiary BellRing Brands (NYSE:BRBR) has an IPO share lockup expiration date of April 15. Shares of BRBR trade 21% above where the IPO was priced. 
    Upcoming IPOs
    As the pandemic continues on, it appears more unlikely that some of the blockbuster IPOs expected this year will fire off. That list includes

    • Cole Haan (CLHN), Airbnb (AIRB), Postmates (POSTM), Robinhood, Snowflake, DoorDash (DOORD), Asana (ASANA) Instacart (ICART), Wish, Palantir (PALAN), Rackspace [owned by Apollo Global Management (NYSE:APO)], Didi Chuxing (DIDI), Topgolf [Callaway Golf (NYSE:ELY) has a stake], Stripe (STRIP), Madewell (MDWL) [a Nordstrom (NYSE:JWN) retail partner] and McAfee [Intel (NASDAQ:INTC) has a stake].

    Thursday, April 9, 2020

    Zentalis Pharmaceuticals (ZNTL) began trading on the Nasdaq on Fri 3 Apr 2020

    Zentalis Pharmaceuticals, LLC, a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers in the United States.
    • Sector: Healthcare
    • Industry: Biotechnology
    • Full Time Employees: 
    • Founded in 2014 
    • HQ in New York, New York
    • http://www.zentalis.com

    Zentalis CEO Anthony Sun

    Zentalis inked a clinical development deal with Pfizer in May 2018 to test the drug alongside the Big Pharma’s CDK4/6 inhibitor Ibrance (palbociclib). It expects to report data from a phase 1/2 study of ZN-c5 in combination with Ibrance, as well as a single agent, in 2020.

    Its clinical pipeline also includes ZN-c3, which targets the WEE1 kinase to treat solid tumors, and an EGFR med for lung cancer. Zentalis plans to move its fourth program, a drug targeting BCL-2 in blood cancers, into the clinic by the middle of 2020, Sun told us last year. The preclinical pipeline comprises a pair of programs in blood cancers and solid tumors.