This past week two IPOs came to market which included a hold-over from June, Akcea Therapeutics (Nasdaq: AKCA).
Akcea Therapeutics (Nasdaq: AKCA) reworked the terms of its offering and was welcomed to the public market with a strong debut. AKCA priced 15.6mm shares at $8.00 a rather large share increase from the 9.6mm shares filed and a sharply lower share price than the $12-$14 that the company originally filed terms with. At the revised terms, the deal had strong anchor orders and a $25mm indication of buying from majority shareholder Ionis Pharmaceuticals. ‘AKCA’ opened with a $0.13 premium to the $8.00 offering price but traded very well in its debut day. Akcea Therapeutics hit a high of $9.53 or 19% above the offering price.
The other deal that came to market, Co-Diagnostics Inc. (Nasdaq: CODX), was tiny in terms of size ($7m raise) and came and went with little fanfare. $CODX closed the week at $5.60 or 6.7% below the offering price.
Looking ahead to this week… there are six IPOs on the schedule. Click here to look at the schedule for the upcoming week.
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