IPOs this week : Nov 23 - 27, 20 (wk 48)

IPOs expected to price

• Russian e-commerce giant Ozon (NASDAQ:OZON) is eyeing a $5B valuation as it looks to raise close to $1B in an IPO that could price this week. 

IPO lockup expirations

• ADC Therapeutics (NYSE:ADCT) on November 23 

IPO quiet period expirations

• Datto (NYSE:MSP), Biodesix (NASDAQ:BDSX), GATO Silver (NYSE:GATO), Galacto (NASDAQ:GLTO), Leslie's (NASDAQ:LESL), MediaAlpha (NYSE:MAX), Root (NASDAQ:ROOT), Atea Pharmaceuticals (NASDAQ:AVIR), Lufax (NYSE:LU) and SQZ Biotechnologies (NYSE:SQZ).

IPOs this week : June 8 - 12, 20 (wk 24)

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. 

IPO quiet period expirations
The quiet period expires for ADC Therapeutics (NYSE:ADCT) on June 9 

IPO lockup expirations

• XP (NASDAQ:XP)
• Bill Holdings (NYSE:BILL)
• OneConnect Financial (NYSE:OCFT)
• Sprout Social (NASDAQ:SPT)

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

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.
• Ticker: ADCT

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.  

IPOs this week : Sept 30 - Oct 4, 19 (wk 40)

IPOs expected to price
Five U.S. IPOs are expected to price on October 1, all on the smaller side ($40M to $245M). The companies set to debut are

• ADC Therapeutics (ADCT) -- Swiss biotech that plans to raise $200 million at a $1.8 billion valuation. The company is developing antibody drug conjugates, and its pipeline consists of seven candidates targeting hematological malignancies and solid tumors. Its two lead candidates are in pivotal Phase 2 trials, one of which is in collaboration with Genmab (NASDAQ:GMAB).
• Viela Bio (VIE), which is developing antibodies licensed from AstraZeneca, plans to raise $150 million at a $1.0 billion valuation. The company's lead candidate, inebilizumab, is a humanized monoclonal antibody designed to target CD19 for neuromyelitis optica spectrum disorder, a rare condition that attacks the nervous system. It could potentially be approved in the 1H20.
• Frequency Therapeutics (FREQ), a generative disease biotech that plans to raise $101 million to command a $526 million market cap. Its lead candidate, FX-322, is being developed to treat sensorineural hearing loss, the permanent loss of sensory hair cells in the cochlea within the ear.
• Aprea Therapeutics (APRE) and Monopar Therapeutics (MNPR) are both Phase 3 biotechs developing therapies for cancer;
• Metrocity Bankshares (OTCQX:MCBS) is a Georgia bank focused on serving Asian-American communities in the Eastern US and Texas.

Meanwhile, Budweiser Brewing Company APAC (BUDBC) is due to begin trading in Hong Kong on September 30 under stock code 1876.
Also in Hong Kong, Topsports International will begin trading on October 2 in an IPO aimed at raising up to $1.2B. Topsorts is the sportswear business of Chinese footwear retailer Belle International (OTCPK:BELLF).

IPO lockup expirations
IPO lockup expirations arrive for

• Ruhnn (NASDAQ:RUHN) and Powerbridge Technologies (NASDAQ:PBTS) on September 30, as well as for 
• Tradeweb (NASDAQ:TW), Silk Road Medical (NASDAQ:SILK) and NGM Biopharmaceuticals (NASDAQ:NGM) on October 1.