The initial public offering (IPO) market remained active last week, with six traditional IPOs and ten special purpose acquisition companies (SPAC) joining public markets. However, two companies postponed--fitness equipment brand iFIT Health & Fitness and drug developer AEON Biopharma--both citing market conditions.
In the biggest offering of the week, Life Time Group Holdings, Inc. (NYSE: TDCX) raised $702 million in its debut after pricing its downsized offering at the low end of its range. The fitness chain operates more than 150 locations across 29 states in the United States and one province in Canada, serving nearly 1.4 million member as of 7/31/21. The stock ended the week down 4%.
In the week's best performance, Volcon, Inc. (NASDAQ: VLCN) finished the week up 66% after pricing its upsized offering at its midpoint to raise $17 million. The company currently offers two off-road motorcycles, and plans to expand its offering with a UTA in 2022, following by a high-performance long-rance UTA in 2023.
Here's the rest of the week's listings in order of offering amount:
Pyxis Oncology, Inc. (NASDAQ: PYXS) priced its upsized offering at the high end of its range to raise $168 million. The tumor-focused biotech is developing a broad portfolio of novel ADC candidates and mAb preclinical discovery programs for difficult-to-treat solid and hematologic tumors, and plans to submit Investigational New Drug (IND) forms to the U.S. Food and Drug Administration by mid-2022 and 2023. The stock finished down 18%.
Theseus Pharmaceuticals, Inc. (NASDAQ: THRX) priced its upsized offering at the high end to raise more than $160 million. The biotech's lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kanase for gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST. The stock ended the week up 5%.
IsoPlexis Corp. (NASDAQ: ISO) priced its shares at its midpoint to raise nearly $125 million. The company says its platform is the first to employ both proteomics and single cells biology to characterize and link cellular function to patient outcomes. The stock ended the week down 23%.
Cognition Therapeutics, Inc. (NASDAQ: CGTX) raised $45 million after pricing its upsized offering at the midpoint. The Alzheimer's focused biotech's lead program, CT1812, is a small molecule antagonist designed to penetrate the blood-brain barrier and bind selectively to the S2R complex, and is currently enrolling patients in a Phase 2 clinical trial. The stock finished the week up 6%.
Here's what's coming in the week ahead:
Gitlab, Inc. (NASDAQ: GTLB) plans to raise more than $686 million from 10.4 million shares priced between $55 to $60 each. The platform provides an end-to-end DevOps platform to accelerate the software development cycle from weeks to minutes and enable fast, continuous updates.
AvidXchange Holdings, Inc. (NASDAQ: AVDX) plans to raise nearly $633 million from 22 million shares priced between $23 to $25 each. The business-to-business payments platform provides an end-to-end billing and payment software platform to over 7,000 mid-market businesses.
IHS Holding Ltd. (NYSE: IHS) plans to raise $621 million from 22.5 million shares priced between $21 to $24 each. The telecom is Africa's largest independent operator and developer of shared telecom infrastructure, operating over 30,000 towers.