initial public offerings (IPOs) trading on American exchanges

Wednesday, July 29, 2020

Chinese Electric SUV maker Li Auto seeks up to $950 million in U.S. IPO

Li Auto Inc., a Chinese electric carmaker, is seeking as much as $950 million in a U.S. initial public offering.

The Beijing company, which develops, manufactures and sells smart SUVs, plans to sell 95 million shares at $8 to $10 apiece, it said in a filing with the U.S. Securities and Exchange Commission on Friday.

Li Auto would join other EV makers in tapping the U.S. capital market. Shares of Nio Inc., a Chinese rival, have close to doubled since it went public in 2018. Nikola Corp. went public this year through a reverse merger with a special purpose acquisition company, while Fisker Inc. is in talks to do the same.

China is the world’s largest market for EVs, but the competition is starting to squeeze out some companies. At least three have wound down their operations this year amid plummeting demand and a Tesla Inc. offensive that put Elon Musk’s company atop the sales charts.

In that climate, some Chinese startups view IPOs as a way to ensure survival. WM Motor Technology Co. is weighing an initial stock sale in Shanghai as soon as this year, people familiar with the matter said. Hozon New Energy Automobile Co., which is pushing into rural areas and lower-tier cities, said July 24 it wants to go public in Shanghai as soon as next year.

Li Auto, which makes SUVs that cost between $21,000 and $70,000, plans to launch a premium vehicle in 2022, it said in the filing. The company sold about 10,400 of its flagship model Li One as of the end of June.

It has yet to turn a profit. The carmaker, founded in 2015, reported a net loss of 77 million yuan ($11 million) in the three months ended March, about a fifth of the loss reported in the same period last year. It only started reporting revenue in 2019.

Monday, July 27, 2020

IPOs this week : July 27 - 31, 20 (wk 31)



IPOs expected to price

  • Vertex (VERX) is expected to price its IPO on July 28 and begin trading on July 29. The software provider is looking to raise $100M. 
  • Annexon (NASDAQ:ANNX) is expected to price its IPO after setting an initial range of $14 to $16 for the 10M-share offering and 
  • 1847 Goedeker is slated to price its IPO on July 30. 
IPO lockup expirations
  • Annovis Bio (NYSEMKT:OTC:ANVS) and Blue Hat Interactive (NASDAQ:BHAT) on July 27, as well as 
  • Black Diamond Therapeutics (NASDAQ:BDTX) and Anpac Bio-Medical Science (NASDAQ:ANPC) on July 28. 
  • Reynolds Consumer Products (NASDAQ:REYN), 1Life Healthcare (NASDAQ:ONEM) and Arcutis Biotherapeutics (NASDAQ:ARQT) on July 29.

Monday, July 13, 2020

Equillium (EQ) : Positive Covid-19 results

Equillium (EQ) announced that a clinical trial conducted in India by its partner Biocon demonstrated that itolizumab significantly reduced mortality in patients hospitalized with COVID-19.

 








Equillium reports data for Itolizumab demonstration reduction in mortality in patients hospitalized with COVID-19



  • Co announced that as reported by its partner, Biocon Limited, a clinical trial conducted in India by Biocon demonstrated that itolizumab significantly reduced mortality in patients hospitalized with COVID-19. Biocon has announced that the Drugs Controller General of India (DCGI), the regulatory agency that oversees drug approvals, has granted restricted emergency use of itolizumab for the treatment of cytokine release syndrome (CRS) in COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS) in India. Based on the encouraging topline results of the study reported by Biocon and subsequent DCGI approval to treat COVID-19 patients, Equillium is planning to conduct a global randomized controlled clinical trial of itolizumab in COVID-19 patients for which it will file a U.S. investigational new drug application (IND).




  • Biocon conducted a randomized, controlled, open-label study at four hospitals in India, enrolling a total of 30 hospitalized COVID-19 patients with moderate to severe ARDS. Twenty patients were randomized to receive itolizumab plus best supportive care, while 10 patients received best supportive care alone. The primary endpoint was mortality at one month. As reported by Biocon:
    • In the itolizumab arm there were no deaths and all patients have recovered; in the control arm three patients died and the remainder have recovered.
    • The mortality benefit observed in the itolizumab arm was statistically significant.
    • Consistent with the observed clinical improvement, patients who received itolizumab also experienced significant reductions in inflammatory cytokines such as IL-6 and TNFa.
  • Conatus Pharma (CNAT) became Histogen (HSTO) via reverse merger

    • Jan 2020: After its Novartis-partnered nonalcoholic steatohepatitis (NASH) drug failed a third midphase trial, Conatus Pharma (CNAT) unveiled a plan to lay off 40% of its staffers. Then the company has found its lifeline—a reverse merger with regenerative medicine player Histogen (HSTO)
       




    Fisker car is going public via merger

    Spartan Energy (SPAQ), a blank check company backed by private equity firm Apollo Global Management (APO), announced a deal for the Fisker car company, which makes electric vehicles.

    Fisker plans to go public via a merger with Spartan Energy in a deal valuing the electric vehicle startup at $2.9 billion, the companies said Monday. In addition, the companies expect to close the deal in Q4 this year. Reuters first reported talks between the companies Thursday.

    Meanwhile, the proposed deal provides funding needed for the first Fisker car, the Ocean luxury electric SUV, to reach the market in 2022.

    Henrik Fisker launched the eponymous company in 2016 after an earlier automotive venture went bankrupt, costing taxpayers $139 million.

    The now-defunct business produced a luxury plug-in hybrid electric Fisker car. But the company discontinued the car, called Karma, due to poor sales.

    Soon-To-Be Fisker Car Stock
    Shares of Spartan Energy reversed sharply lower to close down 9.8% at 15.06 on the stock market today after surging more than 17% earlier. Tesla (TSLA) also caused whiplash and fell 3.1% after jumping 11% earlier on reports it's dropping the price of its Model Y crossover Sunday. Tesla also canceled a low-end version of its newest electric vehicle Monday.

    The Fisker car company is coming public in a hot market for electric cars. Nikola (NKLA) first attracted attention in June by going public through a sale to a blank check company, or special purpose acquisition company (SPAC).

    Nikola's successful business model was quickly adopted by Hyliion, which agreed to merge with Tortoise Acquisition (SHLL). They will create a new company called Hyliion Holdings. And it will trade under the ticker "HYLN."

    Blank check companies have been snapping up startups making electric cars as investors hunt for the next Tesla.

    A SPAC or blank check company is a shell entity with no commercial operations, formed expressly to raise capital for buying an existing business. Investors bid up SPAC shares hoping to unlock value when the two companies merge.

    IPOs this week : July 13 - 10, 20 (wk 28)



    IPOs expected to price

    • Financial software provider NCino (NCNO) on July 13. The fast-growing company is looking to raise $175M. 
    • GoHealth (GOCO), Relay Therapeutics (RLAY) and Trean Insurance Group (TIG) could also go public this week. 


    IPO lockup expirations

    • Immunovant (NASDAQ:IMVT) on July 13, 
    • Phoenix Tree Holdings Limited (NYSE:DNK), Velocity Financial (NYSE:VEL) and Lizhi (NASDAQ:LIZI) on July 15 and 
    • DouYu (NASDAQ:DOYU) on July 16. 
    IPO quiet period expirations
    • There are quiet expirations on Royalty Pharma (NASDAQ:RPRX), VerifyMe (NASDAQ:VRME), Repare Therapeutics (NASDAQ:RPTX) and Progenity (NASDAQ:PROG). 
    The list of companies set to start trading in Hong Kong next week includes Archosaur Games, China Bohai Bank, Shandong Fengxiang and Cathay Media & Education Group.

    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.