October's initial public offering (IPO) market stayed red hot last week as nine new IPOs and five special purpose acquisition (SPAC) companies debuted. However, new IPO filing has begun to slowdown ahead of the U.S. presidential election in early November, with only one new filing issued last week. SPAC has conversely remained strong despite market uncertainty and forecasts for increased volatility, with nine blank check companies submitting initial filings.
The largest deal last week was posted by Array Technologies, Inc. (NASDAQ: ARRY), which raised over $1 billion in its upsized offering by pricing shares above its range at $22 each. Array is one of the world's largest manufacturers of ground-mounting systems used in solar energy projects. The company also commands a large share of its market, estimating that it hold 60% of the U.S. solar panel tracker market. Array forecasts that it will double its revenue over the next few years, with it growth strategy focused on entering international markets. Investors saw a strong future for the stock as well, with Array finishing its first week up 77%.
Miniso Group Holding Ltd (NYSE: MNSO) was next, raising $608 million from pricing its shares above its range at $20 each. The Chinese discount retailer is backed by heavy hitters like Tencent (OTC: TCEHY) and Hillhouse Capital, as operates in international markets while remaining primarily in China. The stock ended its first week up 16%.
Praxis Precision Medicines, Inc. (NASDAQ: PRAX) followed, raising $190 million by pricing its shares above its range at $19 each. The mood disorder biotech is focusing on a treatment for major depressive disorder, with its most advanced candidate currently in Phase II clinical study. Praxis is intending to initiate a Phase II/III clinical study of its lead candidate in the United States and Australia in the fourth quarter of 2020. The stock finished the week up 46%.
Aligos Therapeutics, Inc. (NASDAQ: ALGS) raised $150 million by pricing its shares at the midpoint of its range at $15 each. The biotech's lead candidate is currently in Phase I proof of concept clinical studies in New Zealand. Investors did not see much potential in the stock, with Aligos finishing down 1%.
Eargo, Inc. (NYSE: EAR) followed close behind, raising $141 million in its upsized offering by pricing shares above its range at $18 each. Eargo focuses on developing differentiated hearing aid devices to stand out in its highly competitive market. The company remains unprofitable, but is optimistic to become so soon due to it strong growth for its sales and gross margin. Investors were optimistic as well, with the stock ending the week up 87%.
Opthea Ltd (NASDAQ: OPT) raised about $115 million from pricing its shares at $13.50 each. The retinal disease-focused biopharmaceutical's sole candidate plans to initiate two Phase III trials in the first half of 2021, with topline data expected in 2023. The company did not impress investors, with the stock finishing down 9%.
Tarsus Pharmaceuticals, Inc. (NASDAQ: TARS) raised $88 million in its upsized offering by pricing shares at the midpoint of its range at $16 each. The ophthalmology biotech's lead candidate has completed four Phase II trials and began at Phase II/III clinical trial in Sept. 2020, with a Phase III trial set for 2021. The stock was popular, finishing the week up 29%.
Codiak BioSciences, Inc. (NASDAQ: CDAK) raised about $83 million by pricing its shares at the midpoint of its range of $15 each. The biotech is focused on developing novel therapies to target solid tumors, with two lead candidates currently in Phase I trials with initial data set to release late 2020 or early 2021. The company has faced some challenges, and investors recognized that, with the stock finishing its first week down 19%.
Kiromic Biopharma, Inc. (NASDAQ: KRBP) raised an offering of $15 million by pricing its shares at the low end of its range at $12 each. The biotech currently has four early-stage candidates that focus on the treatment of blood cancers and solid tumors, with Kiromic anticipating to begin Investigational New Drug enabled studies before the year's end. The stock ended its first week down 4%.
While the market still remains active, caution is beginning to creep back in. Medical device maker Spinal Elements Holdings announced last week that it will be postponing its $108 million IPO at this time due to the pandemic's impact on elective surgeries. Before the pandemic, the company was already experiencing slowed growth in 2019 coupled with steep losses. The surgical device maker also operates in a highly competitive market including giants like Johnson & Johnson (NYSE: JNJ) and Abbott Labs (NYSE: ABT).