The initial public offering market is still keeping busy throughout October, with nine companies slated to raise over $2 billion in offerings this week. Several companies could also join the already packed week, with cybersecurity brand McAfee and software developer Datto Holdings on file for estimated $2 billion and $400 billion debuts, respectively.
Array Technologies (NASDAQ: ARRY) plans to raise the largest offering of the week at $675 million from about 34 million shares offered between $19 to $21 each. Array manufactures solar panel mounting systems that track the movement of the sun. The company ranks #2 in its industry and has shipped over 21 gigawatts of trackers as of June 30, 2020.
Miniso Group Holdings (NYSE: MNSO) plans to raise $532 million from about 30 million shares priced in the range of $16.50 to $18.50 each. The Chinese retailer's network consists of over 4,200 stores across 80 countries. The company has noted that its full year 2020 revenue has been impacted by the coronavirus pandemic.
Opthea (NASDAQ: OPT) plans to raise roughly $185 million from 9.3 million shares offered at $17.26 each. The retinal-disease-focused biotech's lead candidate is expected to begin two Phase III trials in the first half of 2021, with top-line data expected in 2023.
Aligos Therapeutics (NASDAQ: AGLS) is set to raise $184 million from 10 million offered shares in the range of $14 to $16 each. The NASH biotech's lead candidate is currently in Phase I clinical trials. Aligos is also developing a treatment for the coronavirus.
Praxis Precision Medicines (NASDAQ: PRAX) aims to raise about $153 million from 7.4 million shares offered in the range of $16 to $18 each. The mood disorder biotech plans to initiate a Phase II/III clinical trials for its lead candidate in the fourth quarter of 2020, with top-line data expected in the second half of 2021.
Spinal Elements Holdings (NASDAQ: SPEL) plans to raise about $133 million from 7.7 million shares offered between $13 to $15 each. The medical device company offers products that aid minimally invasive spinal surgeries, a market that is expected to grow globally from $17.6 billion in 2018 to $22.5 billion in 2024.
Eargo (NASDAQ: EAR) plans to raise nearly $123 million from roughly 7 million shares offered range of $14 to $16 each. The hearing aid manufacturer believes it is the first and only virtually invisible, rechargeable, in-canal, Food and Drug Administration regulated hearing aid. The company has sold over 42,000 systems as of June 30, 2020.
Codiak BioSciences (NASDAQ: CDAK) plans to raise about $101 million from 5.5 million shares offered between $14 to $16 each. The solid tumor focused biotech is expected to begin a Phase I/II clinical trial in the second half of 2020, with preliminary data expected by mid-2021.
Tarsus Pharmaceuticals (NASDAQ: TARS) aims to raise nearly $98 million from 5 million shares offered between $15 to $17 each. The ophthalmology biotech's lead candidate has already completed four Phase II trials, with a Phase III trial set to begin in 2021.