The initial public offering (IPO) market is still red hot as it's heading into August, with seven companies and five special purpose acquisition companies (SPAC) priced onto public markets, including the largest SPAC ever and four large biotechs. The week ahead plans to be another busy lineup, with six companies ready to launch.
Last week's market was led by Jamf Holding Corp. (NASDAQ: JAMF), the Apple (NASDAQ: AAPL) enterprise software provider who has outsize historical growth and positive EBITDA. Jamf raised $468 million from pricing way above its midpoint at $26 per share. The SaaS company ended the week up 53%.
Annexon, Inc. (NASDAQ: ANNX) raised $251 million from pricing its shares above the range at $17 each. The rare disease biotech targets autoimmune and neurodegenerative diseases and currently has multiple candidates in clinical trials. The stock ended its first week up 4%.
Nurix Therapeutics, Inc. (NASDAQ: NRIX) also priced its offering above its planned range at $19 to raise $209 million in its debut. The preclinical oncology biotech is planned to have one drug ready by the first quarter 2021, with two more expected in the second half of the same year. The stock ended the week relatively flat.
iTeos Therapeutics, Inc. (NASDAQ: ITOS) continued the trend and priced its shares above range at $19 to raise an offering of about $201 million. The oncology biotech currently has a candidate in phase 1/2 clinical trials and ended its week also relatively flat.
Inozyme Pharma, Inc. (NASDAQ: INZY) priced its offering at the high end of its range at $16 per share to raise $122 million. The rare disease biotech plans to submit work for a drug candidate in the second half of 2020, and finished its week up 10%.
Montrose Environmental Group, Inc. (NYSE: MEG) ended up pricing its IPO at the low end of its range at $15 per share to raise $150 million in its debut. The company was ever popular with investors due to positive ESG market trends, with the company ending the week up 45%.
Skillful Craftsman Education Technology Ltd. (NASDAQ: EDTK) priced its shares at the midpoint of $5 to raise $15 million in its debut. The Chinese micro-cap company offered vocational training courses in China and ended its week down 11%.
For SPACs, Pershing Square Tontine Holdings, Ltd. raised $4 in its offering, marking it as the largest SPAC ever. The company is targeting a "Mature Unicorn," or a business with a market cap of $10 billion or more. Ascendant Digital Acquisition Corp. raised $360 million to target a digital entertainment company. East Resources Acquisition Co. raised $300 million to focus on an energy business. Property Solutions Acquisition Corp. raised $200 million to target the real estate business. Greencity Acquisition Corp. raised $40 million with focus on an Asia-based business.
The week ahead has six companies planned to price:
Li Auto Inc. plans to raise over $1 billion from 95 million share offered between $8-$10 each.
Vertex, Inc. aims to raise about $390 million from over 21 million shares offered in the range of $14-$16 each.
Vasta Platform Ltd. is slated to raise about $374 million from over 18 million shares priced between $15.50-$17.50 each.
Allovir, Inc. plans to raise $305 million from 14.7 million shares priced between $16-$18 each.
Vital Farms, Inc. aims to raise about $153 million from about 7.8 million shares priced between $15-$17.
1847 Goedeker Inc. plans to raise over $12 million from 1 million shares offered in the range of $9-$11 each.