Eight companies are going public in the week ahead, including five biotechs, a genome sequencer, a discount grocer, and a the popular workplace messaging software Slack (WORK).
Already, four more IPOs have set pricing dates for the week of June 24. Expect more to join the calendar in the coming week; likely candidates include talent agency Endeavor Group (EDR), online consignor The RealReal (REAL), and yet another wave of biotechs (Inhibrix – INBX; Karuna Therapeutics – KRTX; Adaptive Biotechnologies – ADPT; Genmab – GMAB; BridgeBio Pharma – BBIO).
| U.S. IPO CALENDAR | |||
|---|---|---|---|
| ISSUER BUSINESS | DEAL SIZE MARKET CAP | PRICE RANGE SHARES FILED | TOP BOOKRUNNERS |
| Stoke Therapeutics (STOK) Bedford, MA | $101M $509M | $14 – $16 6,700,000 | JP Morgan Cowen |
| Preclinical biotech developing RNA-targeted therapies for rare genetic diseases. | |||
| Akero Therapeutics (AKRO) South San Francisco, CA | $75M $430M | $14 – $16 5,000,000 | JP Morgan Jefferies |
| Early stage biotech developing therapies for NASH and other metabolic diseases. | |||
| Atreca (BCEL) Redwood City, CA | $125M $484M | $16 – $18 7,350,000 | Cowen Evercore ISI |
| Preclinical biotech developing immunotherapies for solid tumors. | |||
| Dermavant Sciences (DRMT) Phoenix, AZ | $100M $323M | $12 – $14 7,700,000 | Jefferies Leerink |
| Phase 3 biotech developing in-licensed therapies for dermatological diseases. | |||
| Grocery Outlet Holdings (GO) Emeryville, CA | $275M $1,491M | $15 – $17 17,187,500 | BofA ML Morgan Stanley |
| Operates a network of more than 300 independently run discount grocery stores. | |||
| Personalis (PSNL) Menlo Park, CA | $100M $479M | $14 – $16 6,666,667 | Morgan Stanley BofA ML |
| Provides a genome sequencing platform for cancer drug development. | |||
| Prevail Therapeutics (PRVL) New York, NY | $125M $672M | $16 – $18 7,353,000 | Morgan Stanley BofA ML |
| Early stage biotech developing gene therapies for neurodegenerative diseases. | |||
Akero Therapeutics (AKRO), an early stage biotech developing therapies for NASH and other metabolic diseases, plans to raise $75 million by offering 5.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Akero would command a market value of $430 million. The South San Francisco, CA-based company was founded in 2017and plans to list on the Nasdaq under the symbol AKRO. J.P. Morgan, Jefferies and Evercore ISI are the joint bookrunners on the deal. Insiders intend to purchase up to $30 million of the IPO (40% of the deal).
Atreca (BCEL), a preclinical biotech developing immunotherapies for solid tumors, plans to raise $125 million by offering 7.4 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Atreca would command a market value of $484 million. The Redwood City, CA-based company was founded in 2010 and plans to list on the Nasdaq under the symbol BCEL. Cowen, Evercore ISI and Stifel are the joint bookrunners on the deal. Insiders intend to purchase up to $60 million of the IPO (48% of the deal).
Dermavant Sciences (DRMT), a Phase 3 biotech developing in-licensed therapies for dermatological diseases, plans to raise $100 million by offering 7.7 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Dermavant would command a market value of $323 million. The Phoenix, AZ-based company was founded in 2015 and plans to list on the Nasdaq under the symbol DRMT. Jefferies, SVB Leerink and Guggenheim Securities are the joint bookrunners on the deal. Parent Roivant Sciences intends to purchase $35 million of the IPO (35% of the deal).
Personalis (PSNL), which provides a genome sequencing platform for cancer drug development, plans to raise $100 million by offering 6.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Personalis would command a market value of $479 million. Personalis, which was founded in 2011, booked $48 million in sales over the last 12 months. The Menlo Park, CA-based company plans to list on the Nasdaq under the symbol PSNL. Morgan Stanley, BofA Merrill Lynch and Cowen are the joint bookrunners on the deal.
Prevail Therapeutics (PRVL), an early stage biotech developing gene therapies for neurodegenerative diseases, plans to raise $125 million by offering 7.4 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Prevail Therapeutics would command a market value of $672 million. The New York, NY-based company was founded in 2017 and plans to list on the Nasdaq under the symbol PRVL. Morgan Stanley, BofA Merrill Lynch and Cowen are the joint bookrunners on the deal.
Stoke Therapeutics (STOK), a preclinical biotech developing RNA-targeted therapies for rare genetic diseases, plans to raise $101 million by offering 6.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Stoke would command a market value of $509 million. The Bedford, MA-based company was founded in 2014 and plans to list on the Nasdaq under the symbol STOK. J.P. Morgan, Cowen and Credit Suisse are the joint bookrunners on the deal.
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