The initial public offering (IPO) market has ignited in June as investors rally around positive economic data from states reopening following coronavirus pandemic related shutdowns. Last week saw the addition of eight new companies alongside two Special Purpose Acquisition Companies (SPACs). The week ahead plans to be just as active, with an additional eight companies and one new SPAC slated to debut.
Kicking off last week, Warner Music Group (NASDAQ: WMG) priced its upsized deal at $25 per share to raise on offering of $1.925 billion, making it 2020's largest IPO so far. The record company finished its first week up 20% in its second public market debut.
Cloud computing sales platform ZoomInfo Technologies (NASDAQ: ZI) also priced above its range, raising $935 million by initially pricing shares at $21 each. Being the first tech IPO of 2020, the fast-growing and profitable platform finished the week up 85%. Shift4 Payments (NYSE: FOUR), a fintech payments platform, raised $345 million from its in range share pricing at $23 each. The company disclosed that it has been impacted by coronavirus pandemic related shutdowns, but that did not stop the stock from finishing the week up 46%. Lastly for new tech stocks, Dada Nexus (NASDAQ: DADA), Chinese online grocery provider, raised $320 million in its upsized IPO by pricing its shares in range at $16 each. The company ended the week mostly flat.
For investor-friendly biotechs that priced last week, Legend Biotech (NASDAQ: LEGN) led the week by raising about $424 million from shares priced initially at $23 each. The company's lead candidate made in collaboration with Janssen (NYSE: JNJ), is anticipated to gain marketing approval in the second half of 2020. The company finished the week up 61%. Applied Molecular Transport (NASDAQ: AMTI) raised $154 million by pricing its stock shares at $14 each. The biotech has phase 2 trials planned for its lead candidate for the second half of 2020 and finished the week up 28%. Pliant Therapeutics (NASDAQ: PLRX) raised $144 million by pricing its shares at $16 each. The Phase 2 fibrosis biotech finished its first week up 39%. Lastly, Calliditas Therapeutics (NASDAQ: CALT) raised about $81 million from pricing its shares at $19.50 each. The Swedish clinical-stage biotech end the week up 1%.
Finally, two SPACs prices to finish off last week, with ARYA Sci Acquisition II raising $130 million to focus on a health-care company and Mountain Crest Acquisition raising $50 million with no particular focus.
For the upcoming week, The AZEK Company plans to raise $625 million by offering 31.3 million shares at a price range between $19 to $21 each. The company manufacturers both residential and commercial construction products throughout the Americas. Online used car company Vroom plans to raise $431 million from shares priced between $18-$20 each. The company's lead rival Carvana (NYSE: CVNA) is up over 20% for its year-to-date. uCloudlink plans to raise $50 million by offering 2.6 million shares in the price range of $18 to $20.50 each.
For biotechs, oncology biotech Lantern Pharma plans to raise over $30 million from 1.563 million shares priced between $15-$17 each. Muscle disorder biotech Avidity Biosciences plans to raise $150 million from 10 million offered shares at the price range of $14 to $16 each. Preclinical vaccine biotech Vaxcyte plans to raise $210 million from 14 million offered shares at at a price range of $14 to $16. Rare disease biotech Generation Bio plans to raise $126 million by offering 7.4 million shares pricing between $16 to $18 each. Chinese cancer test provider Burning Rock Biotech plans to raise $196 million by offering 13.5 million shares in the price range of $13.50 to $15.50.
To finish next week, SPAC Hudson Executive Investment plans to raise $200 million to target a fintech or healthcare business.