The initial public offering market cooled off slightly, but remained active, from the last few weeks of explosive company pricings. Seven new IPOs and 10 special purpose acquisition companies went public last week, with IPOs raising a total of $884 million. The IPO pipeline also remained hot, with 11 new IPOS and 22 SPACs submitting filings to keep this year busy.
Last week's largest deal was made by Kronos Bio, Inc. (KRON ), raising just over $250 million by pricing its shares above the range at $19 each. The oncology-focused biotech's lead candidate has been tested in 148 patients to date, with Kronos planning to initiate a registrational Phase II/III clinical trial in 2021 with data expected in 2023. Biotechs, as well as healthcare-focused stocks in general, usually do well in their public debut and Kronos was no exception, finishing up 43% in its first week.
Shattuck Labs, Inc. (STTK ) followed close behind, raising nearly $202 million by pricing its upsized offering above its range at $17 per share. The oncology-focused biotech currently has two lead candidates in Phase I clinical trials, with initial data for both expected in the second half of 2021. The stock finished its first week up 14%.
fuboTV Inc. (FUBO ) was next, raising $183 million from pricing its shares at the mid-range of $10 each. The live TV sports streaming platform offers subscribers live sports without a cable subscription, as well as news and other entertainment content. Fast-growing but unprofitable, the streaming service has over 300,000 paid subscribers in 2019. The company also has large competitors like DISH Network's (DISH ) Sling and Google's (GOOGL ) YouTube TV. The company ended the week up 1%.
Spruce Biosciences, Inc (SPRB ) followed, pricing its shares at the mid-range of $15 each to raise an offering of $90 million. The biotech is focused on developing novel therapies for endocrine disorders, with its lead candidate currently in Phase II clinical trials. The company finished the week up 13%.
iHuman Inc (IH ) kept close behind, raising $84 million by pricing its shares at the mid-range of $12 each. The Chinese education/entertainment product provider targets both educational organizations and individual users, and is ranked number one in terms of paying users for online childhood educational entertainment providers in the nation. Investors were impressed, with the stock ending the week up 33%.
Aziyo Biologics, Inc. (AZYO ) came second to last in terms of offering raised, with the company pricing its shares at its mid-range of $17 each to raise $50 million in its debut. Aziyo has a portfolio of advanced medical products designed to be similar to natural biological material. Yet, due to the company's recent revenue decline and widening losses, with stock finished down 20%.
Finally, Intrusion Inc. (INTZ ) raised $25 million in its debut, almost half of what the enterprise security software provider had expected to raise in its filing. However, investors bet positively on the stock based on the recent popularity of cybersecurity stocks, with Intrusion finishing up 38%.