It was a third straight active week on the syndicate market but increasing “scrutiny” of IPOs came to fruition as investors as six of the eleven deals traded below issue price in their opening week.
But here at IPO Boutique…we start by focusing on winners!
Pulmonx Corporation (LUNG) priced 10.0mm shares at $19.00 ($1.00 above the upwardly-revised range) and opened at $40.00 for a gain of 110.5% at first trade. LUNG hit a first-week high of $47.80 for a top-tick of 151.5% gain versus issue to highlight another success from the medical device sector.
C4 Therapeutics, Inc. (CCCC) priced 9.6mm shares (upsized from 8.8mm) at $19.00 ($1.00 above the range) and opened at $26.60 for a gain of 40.0% at first trade.
Immunome Inc. (IMNM) priced 3.25 mm shares (upsized from 2.5mm), at the midpoint of the range, $12.00, and opened at $15.66 for a gain of 30.5% at first trade.
Oncorus, Inc (ONCR) priced a full-size deal, 5.8mm shares, at the midpoint of the range, $15.00, and opened at $15.50 for a gain of 3.3% at first trade. ONCR traded higher to end its opening session…even printing above $17 at the end of the day Friday.
Orphazyme A/S (ORPH) priced 7.6mm ADSs at $11.00. The last trade on the Nasdaq Copenhagen ($ORPHA) was equivalent to $11.61/ADSs. The deal opened at $10.80 for a loss of 1.8% at first trade.
Mission Produce, Inc. (AVO) priced 8.0mm shares (downsized from 9.375mm) at $12.00 ($3 below range) and opened at $12.25 for a gain of 2.1% at first trade. The deal was immediately bought up by investors and traded to an opening session high of $15.03.
Academy Sports and Outdoors, Inc. (ASO) priced a full-size deal, 15.625mm shares, at $13.00 ($2.00 below range) and opened at $12.10 for a loss of 6.9% at first trade. The KKR-backed company rallied into the close and finished its first session at
Chinese offerings had a difficult week as all four deals broke issue price — albeit Chindata Group only broke issue during the premarket of Friday’s session.
Chindata Group Holdings Limited (CD) priced a full-size deal, 40.0mm ADSs, at the high-end of the range, $13.50, and opened at $14.50 for a gain of 7.4% at first trade.
Yalla Group Limited (YALA) priced a full-size deal, 18.6mm ADSs, at $7.50 (lower half of the range) and opened at $9.75 for a gain of 30% at first trade. YALA was met with immediate selling pressure and closed its opening session at $7.00.
Boqii Holding Limited (BQ) priced a full-size deal, 7.0mm ADSs, at the low-end of the range, $10.00, and opened at $10.00. BQ was met with immediate selling pressure throughout its opening week and even hit a low of $5.67 before closing Friday at $6.21 or 37.9% in the red.
Lixiang Education Holding Co., Ltd. (LXEH) priced 3.33mm ADSs at $9.25 (lower-half of range) and opened at $10.00 for a gain of 8.1% at first trade. LXEH traded erratically and closed the week at session lows — $5.60.
The two direct listings that came to market had varying degrees of success based on how you perceive the deal.
Palantir Technologies set a reference price of $7.25 and saw a first trade of $10.00. The stock hit a first day high of $11.42 before closing its opening session at $9.50. The stock traded lower on Thursday and Friday and ended the week at $9.20. While still above its “reference price”…the stock closing lower than where it opened represents more sellers than buyers (so far) with this direct listing offering.
Likewise, Asana Inc (ASAN) set a reference price of $21 and opened at $27. ASAN closed the week at $25.91.
Looking ahead to this week, there are two IPOs on the schedule:
Debuting Thursday 10/8
Aziyo Biologics, Inc. (AZYO) — They are a commercial-stage regenerative medicine company focused on creating the next generation of differentiated products and improving outcomes in patients undergoing surgery, concentrating on patients receiving implantable medical devices.
fuboTV Inc. (FUBO) — FuboTV is the leading sports-first, live TV streaming platform, offering subscribers access to tens of thousands of live sporting events annually as well as leading news and entertainment content.
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