While the initial public offering market may have cooled off a bit at the end of August, September is looking to be another explosive season. Nineteen companies have filed to go public since Monday, with their roadshows all eligible to launch after the United States Labor Day holiday in early September. Notable upcoming companies include tech firms like Snowflake and Unity Software, as well as Amwell, the telehealth company that received $100 million in funding from Google (NASDAQ: GOOGL) earlier this week.
Last week saw the public introduction of four companies related to the health care industry:
Kymera Therapeutics, Inc. (NASDAQ: KYMR) raised $174 million in its upsized debut by pricing its shares above the range at $20 each. The biotech is focused on protein degradation, a selective focus that has gained the company pontential collaboration nobs from big firms like Sanofi (NASDAQ: SNY) and Vertex Pharmaceuticals (NASDAQ: VRTX). For now, the company is in early stage development, with its first candidate not to be expected until the first half of 2021. Kymera was popular with investors, landing the stock up 66% at the end of its first week.
Nano-X Imaging, Ltd. (NASDAQ: NNOX) priced its upsized offering at the high end of its range at $18 per share to raise over $165 million. The Israel-based company is developing low-cost scan systems based on its new X-ray technology, which is breaking into a multi-billion X-ray market. Nano-X is expected to launch its primary candidate in the second half of 2021. The stock ended its first week up 21%.
Harmony Biosciences Holdings, Inc. (NASDAQ: HRMY) priced its upsized IPO above its initial range at $24 each to raise over $128 million. The pharmaceutical's only commercially sold product, WAKIK, is the solely approved product for narcolepsy in adult that is not classified as a controlled substance, making it more easily accessible. Harmony was a hit, ending the week up 50%.
Inhibrx, Inc. (NASDAQ: INBX) raised $119 million in its upsized offering from pricing its shares at the midpoint of $17 each. This is the antibody-focused biotech's second attempt at going public. Inhibrix is currently testing its lead candidate, but there have been some serious setbacks. That did not deter new investors too much though, with the stock ending the week up 20%.
The last week of August is slated to be much slower, but still packs a heavy-hitter:
Xpeng, Inc. plans to raise over $1.27 billion by offering 85 million shares in the range of $11-$13 each. The Chinese electric car company currently offers two models, with a third expected in 2021. Yet, the company is noted to be highly unprofitable and has disclosed the the coronavirus pandemic has impacted sales.