The initial public offering (IPO) market lit up last week as eight companies entered the U.S. stock market. With multiple health care companies and other businesses that benefit from consumers staying at home, last week's IPO market showed success of growing trends following the coronavirus's impact on consumer spending and social habits. The week ahead also plans to follow the new trend, with five health care related companies set to price.
Last week's IPO market was led by the debut of online car marketplace Vroom, Inc. (NASDAQ: VRM), which skyrocketed over 118% in its first day of trading. Vroom had upsized its deal, raising $467.5 million from shares price $22 each. The company ended the week with a return of 96%. AZEK Co. Inc. (NYSE: AZEK) followed the online car platform and offered the largest deal of the week. AZEK raised over $764 million from pricing shares at $23 in its debut. The construction company ended its first week up 18%. For the last of the stay-at-home stocks, uCloudlink Group Inc. (NASDAQ: UCL) raised over $36 million from pricing its shares at the low-end of its range at $18 each. The Chinese mobile data marketplace finished the week down 8%.
Last week also saw the introduction of five health care related stocks, with focus mainly on early-stage biotechs. Avidity Biosciences, Inc. (NASDAQ: RNA) raised the largest deal at $259 million from pricing shares at $18 each. The muscle disease focused drugmaker end its first week up 58%. Vaxctye, Inc. (NASDAQ: PCVX) offered $250 million from shares prices at $16 each. The preclinical vaccine biotech ended up 63%. Burning Rock Biotech Ltd. (NASDAQ: BNR) raised about $223 million for shares priced at $16.50 each. The Chinese cancer test provider finished up 49%. Generation Bio Co. (NASDAQ: GBIO) raised about $200 million from shares priced at $19. The rare disease biotech ended the week up 30%. Finally, Lantern Pharma Inc. (NADSAQ: LTRN) priced its shares at its low end at $15 to raise $26 million. Lantern finished down 2%.
For the week ahead, Royalty Pharma plc plans to raise over $2.2 billion from 70 million shares priced in the range of $25-$28 each. The company is a global leader in pharmaceutical royalty agreements and is highly profitable.
Forma Therapeutics Holdings, Inc. plans to raise over $243 million fro 11.7 million offered shares priced between $16-$18. The phase 1 hematology and oncology biotech currently has licensing agreements with Bristol-Meyer Squibb (NYSE: BMY) and Boehringer Ingelheim.
Genetron Holdings Ltd. plans to raise over $201 million for 13 million share offered in the range of $11.50-$13.50. The company is a big player in China's cancer diagnosis market.
Repare Therapeutics, Inc. plans to raise over $152 million from 7.35 million offered shares priced between $16-$18. The oncology-focused biotech is using its CRISPER-enabled SNIPRx platform to discover and develop cancer therapies.
PROGENITY, Inc. plans to raise over $122 million for 6.7 million shares offered between $14-$16 each. The company providers molecular diagnostics with a focus on prenatal, pregnancy, and hereditary testings.