The initial public offering (IPO) market picked up activity last week, with four traditional companies raising over $765 million together in their debuts. The week ahead plans to be even more busy, with eight traditional companies planning to raise more than $586 million.
In the year's second largest IPO so far, Bausch + Lomb Corp (BLCO ) raised $630 million after pricing shares well below its range. The consumer eye-care company's offering was 100% secondary, and the company dual listed on the New York Stock Exchange and Toronto Stock Exchange last week. The stock ended the week up 11%.
Here's the rest of the week's listings in order of offering amount:
PepGen Inc. (PEPG ) raised $108 million after pricing shares below its range. The neuromuscular disease focused biotech's lead candidate is being developed for muscular dystrophy. The candidate is currently in Phase 1 clinical trials and top-line date is expected by the end of the year. The stock ended the week up 7%.
Edible Garden AG Inc. (EDBL ) raised $14.65 million in its debut. The controlled environment agriculture farming company claims to use traditional growing techniques with technologies to grow fresh, organic food sustainably using a mix of glass greenhouses with hydroponic and vertical greenhouses. The stock ended the week up about 5%.
Austin Gold Corp. (AUST ) raised more than $13 million in its debut. The Canadian gold exploration company has interests in four properties in Nevada, with one of them considered to be material. The stock finished the week down 47%.
For the week ahead:
ProFrac Holding Corp. (PFHC ) plans to raise nearly $442 million from 16 million shares priced between $21 to $24 each. The company claims to be the largest privately owned provider of hydraulic fracturing services in North America by hydraulic horsepower (HHP). ProFrac has an aggregate installed capacity of over 2.3 million HHP across 45 fleets, with 31 active as of March 3, 2022.
Hanover Bancorp, Inc. (HNVR ) plans to raise $36 million from more than 1.36 million shares priced between $21 to $23 each. The New York bank serves customers through several branches in the New York City metropolitan area, as well as a new branch in New Jersey. As of December 31, 2021, Hanover had total assets of $1.5 billion, total deposits of $1.2 billion and total stockholders' equity of $129 million.
Intrinsic Medicine, Inc. (INRX ) plans to raise more than $33.5 million from over 4.16 million shares priced between $5 to $7 each. The therapeutics company is leveraging synthetic biology-manufactured human identical milk oligosaccharide (HiMO) molecules as new medicines to treat underserved patient populations.
Actelis Networks Inc. (ASNS ) plans to raise $20.7 million from 3 million shares priced between $4 to $6 each. The telecom and Internet-of-Things company provides provides hybrid fiber-copper equipment solutions to enable fat, secure, and cost-effective communication.
Wytec International Inc. (WYTC ) plans to raise $18.3 million from 3.75 million shares priced at $4.25 each. The company is a designer and developer of small cell technology and wide area networks designed to support 5G cell phone coverage deployments in the United States.
SaverOne 2017 Ltd. (SVRE ) plans to raise $14.95 million from over 2.5 million shares priced at $5.16 each. The company is designing, developing and commercializing transportation and safety technology solutions in preventing car accidents resulting from cell phone use.
SOS Hydration Inc. (SOSH ) plans to raise more than $13.59 million from over 1.8 million shares priced between $4.50 to $6.50 each. The company provides electrolyte-enhanced consumer products with one-tenth the amount of sugar found in traditional sports drinks.
Bright Green Corp (BGXX ) plans to raise more than $7.6 million in a direct listing on the Nasdaq. The company is an early-stage cannabis producer operating in the emerging U.S. market.
