The first week of December reignited the initial public offering (IPO) market ahead of highly anticipated listings set to price in the week ahead. Last week saw the introduction of five traditional IPOs and ten special purpose acquisition companies (SPAC) raising about $3.7 billion in their debut. Keeping with normal trends, filing activity began to slow as the end of the year draws nearer.
Last week's largest offering was raised by 17 Education & Technology Group Inc. (NASDAQ: YQ). The Chinese education technology group price its shares at the midpoint of its expected range at $10.50 each to raise $288 million at a $2.2 billion market capitalization. The company provides online K-12 tutoring services and other education solutions. While the company has benefited from the coronavirus pandemic, its business model may not be sustainable in the long-term. The stock finished its first week up 1%.
Silverback Therapeutics, Inc. (NASDAQ: SBTX) followed, pricing its upsized offering above its range at $21 per share to raise $242 million at a $758 million market cap. The oncology biotech's sole clinical candidate has recently started Phase I trials, with interim data expected in the second half of 2021. The stock ended the week up 19%.
Kinnate Biopharma Inc. (NASDAQ: KNTE) was next, also pricing its upsized offering above the range at $20 per share to raise $240 million at a $933 million market cap. The preclinical biotech plans to file an Investigative New Drug form to the U.S. Food and Drug Administration for its lead candidate for difficult-to-treat cancers in the first half of 2021. The biotech was popular, with the stock finishing the week up 117%.
Seer, Inc. (NASDAQ: SEER) continued the trend, pricing its upsized offering above the range at $19 per share to raise just over $175 million at a $1.3 billion market cap. The protein analysis tool developer has yet to generate product revenue, but plans to begin commercialization of products in the next two years. The stock was the popularity winner of the week, finishing up 197%.
Sigilon Therapeutics, Inc. (NASDAQ: SGTX) was last, pricing its upsized offering at the midpoint of its range at $18 each to raise $126 million at a $598 million market cap. The biotech's lead candidate has recently begun a Phase I/II clinical trial. The stock ended the week up 93%.