fenwickTech IPOs reported a more typical percentage of insider participation in the first half ......
Transcript of fenwickTech IPOs reported a more typical percentage of insider participation in the first half ......
fenwick & west
Key Metrics for Technology and Life Sciences
Initial Public OfferingsH1 2019
Key Metrics for Technology and Life Sciences Initial Public OfferingsH1 2019
Survey Contents
Survey Results ....................................................................................................................2
Offerings Completed ..........................................................................................................3
Size of Offerings, Red Herring Midpoint ............................................................................4
Size of Offerings, Final IPO Price .......................................................................................5
Aggregate Amount Raised, Red Herring Midpoint ............................................................6
Aggregate Amount Raised, Final IPO Price .......................................................................7
Price Changes Between the Red Herring and Initial Offering Price.................................. 8
Days on File......................................................................................................................12
Price Changes Around the Expiration of the Lock-Up .....................................................13
Insider Participation ..........................................................................................................14
Technology Offerings .......................................................................................................15
Life Sciences Offerings ...................................................................................................17
Methodology ....................................................................................................................19
Disclaimer.........................................................................................................................19
Sign-Up Information .........................................................................................................19
Authors
Contact the authors or members of your client service team to discuss the report or for more information.
James D. EvansCo-Chair, Capital Markets &
Public Companies
[email protected] Full Bio
Robert A. FreedmanCo-Chair, Capital Markets
& Public Companies
2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
As we had predicted in our prior IPO survey, 2019 has proven to be strong for initial public offerings. Following a somewhat sluggish start to the year, technology and life sciences IPOs took off in the second quarter, making for an overall strong first half that is on par with the second half of 2018.
By the Numbers The 59 life sciences and technology offerings completed in the first half of 2019 compared with the 57 in the second half of 2018, continuing a trend of stability. Still recovering from the effects of the federal government shutdown and stock market volatility that slowed capital markets activity in the last few months of 2018, the first quarter of 2019 saw one tech offering (Lyft) and 10 life sciences offerings. The pace picked up significantly in the second quarter, when 24 tech and 24 life sciences companies debuted. In all, 25 tech companies and 34 life sciences companies went public in H1 2019, on par with the 23 tech offerings and 34 life sciences offerings in H2 2018.
The first half of 2019 included 15 offshore companies, compared with 19 in the second half of 2018. In the United States, 20 companies went public in the San Francisco Bay Area—nine of them tech and 11 life sciences—the highest number since we started tracking the numbers in 2014. Also of note, Slack Technologies went public through a direct listing in the first half of 2019, similar to that of Spotify in the first half of the previous year.
ValuationsIf tech IPOs in the second half of 2018 produced offering proceeds that were marked by an unusually large spread in valuations, H1 2019 did even more so. So far this year, about 12% of tech deals priced between $25 million and $75 million, another 16% between $100 million and $150 million, and another 28% priced between $175 million and $225 million. Life sciences offerings again showed more of a sweet spot in amounts raised: The majority of IPOs in the first half of the year (76.5%) raised between $50 million and $150 million.
Only five tech and life sciences offerings in the first half of 2019 had proceeds of more than $1 billion. The largest was a technology offering for Uber that raised $8.1 billion. The largest life sciences offering, Avantor, raised $2.9 billion.
Survey Results Life Sciences and Tech IPOs Continue Steady Pace in First Half
Insider ParticipationTech IPOs reported a more typical percentage of insider participation in the first half of 2019—down to 24% from a one-time peak of 65.2% in the second half of 2018. Approximately 65% of life sciences deals saw insiders purchasing IPO shares and/or purchasing shares in a simultaneous private placement—on par with the first half of 2018.
Dual-Class Share Structure The dual-class capital structure continued to be widely utilized by technology companies, as 13 technology IPOs featured this structure, the same as in the second half of 2018. Only two life sciences companies had a dual-class structure, compared to one in the prior period.
Pricing The clear majority of offerings in the first half of 2019 priced within or above-range—88% of tech offerings and 82.3% of life sciences offerings—underscoring a relatively strong and stable market environment. Just three technology offerings and six life sciences offerings priced below the red herring range.
The results indicate that IPOs so far this year were well priced with healthy but modest first-day gains. Consistent with prior half-year periods, technology offerings enjoyed stronger first-day trading as 72% traded up at first day close compared to 64.7% of life sciences offerings.
OutlookOur H1 2019 data suggests a healthy and stable market continuing, with deals well priced, trending up on average 72% on first-day close for tech and 65% for life sciences. While to date only two companies have done direct listings, more companies are considering this route to becoming public. We anticipate continued strength going into the second half of 2019, notwithstanding the potential for uncertainty surrounding the upcoming U.S. presidential elections and rhetoric around healthcare programs and policies, which may very well affect IPOs planned later this year. It is also unclear how long the bull market for tech and life sciences company IPOs will continue.
NUMBER OF IPO DEALS IN H1 2019
25TECH
34LIFE
SCIENCES
25TECH
34LIFE
SCIENCES
10 INTERNATIONAL
15 UNITED STATES
3KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
0
3
6
9
12
15
18
21
24
27
Q1 Q2 Q3 Q4
2012
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4
2015
Q1 Q2 Q3 Q4
2016
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017
Life Sciences—International
Technology—International
Life Sciences—U.S.
Technology—U.S.
6
8 87
9 98
32
5 5 5
0
443 3
5
31
3
13 13
11 1110 10 10
1212 121
1
21
4
4
44
4
4
3
1213
16 1615
18
6
2
2
2
3
93
53
51
2
8
2
4
4
6
2
1
2018
Q1 Q2
2019
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
1
10
21
14
3
2
8
IPOS PER QUARTER 2012 – H1 2019
Offerings CompletedThis graph shows the number of technology
and life sciences IPOs completed during each
quarter of 2012 through the first half of 2019.
IPOS
IPOS
LIFE
LIFE
SCIE
SCIE
NC
NC
ES
ES
TE
TE
CH
CH
0
3
6
9
12
15
18
21
24
27
Q1 Q2 Q3 Q4
2012
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4
2015
Q1 Q2 Q3 Q4
2016
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017
Life Sciences—International
Technology—International
Life Sciences—U.S.
Technology—U.S.
6
8 87
9 98
32
5 5 5
0
443 3
5
31
3
13 13
11 1110 10 10
1212 121
1
21
4
4
44
4
4
3
1213
16 1615
18
6
2
2
2
3
93
53
51
2
8
2
4
4
6
2
1
2018
Q1 Q2
2019
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
1
10
21
14
3
2
8
34
34 2019 H125
4KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2018, SECOND HALF
Size of Offerings, Red Herring Midpoint
Pinduoduo
ElancoAnimalHealth
NIO
Tencent
StoneCo
SolarWinds
Farfetch
Moderna
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$500M
$1.498B
$18M
Pinduoduo
ElancoAnimalHealth
NIO
Tencent
StoneCo
SolarWinds
Farfetch
Moderna
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$500M
$1.498B
$18M
Pinduoduo
ElancoAnimalHealth
NIO
Tencent
StoneCo
SolarWinds
Farfetch
Moderna
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$500M
$1.498B
$18M
The following scatter graphs plot technology and life sciences IPOs
completed during the first half of 2019 and second half of 2018 in
terms of the initial offering price per share and number of shares
offered based on the red herring prospectus.
RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2019, FIRST HALF
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
5KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
IPO DEAL COMPARISON 2018, SECOND HALF
Size of Offerings, Final IPO PriceThe following scatter graphs plot technology and life sciences IPOs
completed during the first half of 2019 and second half of 2018 in
terms of the initial offering price per share and number of shares
offered based on actual pricing of the offering.
IPO DEAL COMPARISON 2019, FIRST HALF
Moderna
Pinduoduo
NIO
Tencent
ElancoAnimalHealth
SolarWinds
Farfetch
StoneCo
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$604M
$1.626B
$22M
Moderna
Pinduoduo
NIO
Tencent
ElancoAnimalHealth
SolarWinds
Farfetch
StoneCo
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$604M
$1.626B
$22M
Moderna
Pinduoduo
NIO
Tencent
ElancoAnimalHealth
SolarWinds
Farfetch
StoneCo
$0
$10
$20
$30
0 50 100 150 17525 75 125
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (14 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (9 deals)
Bubble Size = deal size
$604M
$1.626B
$22M
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
6KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
Aggregate Amount Raised, Red Herring Midpoint
DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2018, SECOND HALF
17.6%
35.3%
23.5%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M
4.0% 4.0% 4.0%
8.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$225M $250M $3B
$750M$725M $8.46B$2.0B$1.2B
4.0% 4.0% 4.0%
$250M $275M $325M $350M
4.0% 4.0%
2.9%5.9%5.9%
2.9%
4.0% 4.0%8.0% 8.0% 8.0%
4.0%
12.0% 12.0%
17.6%
35.3%
23.5%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M
4.0% 4.0% 4.0%
8.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$225M $250M $3B
$750M$725M $8.46B$2.0B$1.2B
4.0% 4.0% 4.0%
$250M $275M $325M $350M
4.0% 4.0%
2.9%5.9%5.9%
2.9%
4.0% 4.0%8.0% 8.0% 8.0%
4.0%
12.0% 12.0%
deal size
% of deals
Technology Deal Size Distribution
$50M $75M $100M $125M $150M $175M $200M $600M$225M $625M $750M $775M
Life Sciences Deal Size Distribution
$50M $75M $100M $125M $150M$25M$0M $200M $225M $250M $275M$175M deal size
% of deals
32.4%
8.9%
14.7% 14.7%
4.3%
17.4%
4.3%
13.0%
4.3%
13.0%
5.9% 5.9%2.9% 2.9% 2.9% 2.9%
$500M $525M
2.9%
$250M
4.3% 4.3% 4.3%
8.7%8.7%
$1.0B
8.7%
4.3%
$1.5B$1.15B $1.16B
$1.4B
2.9%
DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, FIRST HALF
The following graphs provide information about aggregate deal size at the red herring stage in the first half of 2019 and second half of 2018.
deal size
% of deals
Technology Deal Size Distribution
$50M $75M $100M $125M $150M $175M $200M $600M$225M $625M $750M $775M
Life Sciences Deal Size Distribution
$50M $75M $100M $125M $150M$25M$0M $200M $225M $250M $275M$175M deal size
% of deals
32.4%
8.9%
14.7% 14.7%
4.3%
17.4%
4.3%
13.0%
4.3%
13.0%
5.9% 5.9%2.9% 2.9% 2.9% 2.9%
$500M $525M
2.9%
$250M
4.3% 4.3% 4.3%
8.7%8.7%
$1.0B
8.7%
4.3%
$1.5B$1.15B $1.16B
$1.4B
2.9%
7KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
Aggregate Amount Raised, Final IPO Price
DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2018, SECOND HALF
20.6%
8.9%5.9%
23.5%
11.8%8.9%
2.9%2.9%5.9%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $250M$225M $275M
17.4%
4.3% 4.3%
8.7% 8.7%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M$25M $225M
2.9%
$250M
8.7%
4.3% 4.3%
$375M $400M
4.3%
$885M
4.3%
$1.0B $1.1B
4.3% 4.3% 4.3%
$1.6B$1.2B
4.3%
13.0%
2.9% 2.9%
$324M $604M $1.5B
20.6%
8.9%5.9%
23.5%
11.8%8.9%
2.9%2.9%5.9%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $250M$225M $275M
17.4%
4.3% 4.3%
8.7% 8.7%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M$25M $225M
2.9%
$250M
8.7%
4.3% 4.3%
$375M $400M
4.3%
$885M
4.3%
$1.0B $1.1B
4.3% 4.3% 4.3%
$1.6B$1.2B
4.3%
13.0%
2.9% 2.9%
$324M $604M $1.5B
14.7%
38.2%
8.9%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M
8.0%
4.0% 4.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$2.9B
$625M$600M $8.1B$2.3B$1.4B$1.0B
4.0%4.0% 4.0% 4.0%
$750M $775M
4.0% 4.0%
$300M $325M $350M $375M
4.0%
5.9%
14.7%
2.9% 2.9% 2.9%
$275M $300M $325M $350M
2.9%
4.0%
16.0%
8.0%4.0%
12.0% 12.0% 14.7%
38.2%
8.9%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M
8.0%
4.0% 4.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$2.9B
$625M$600M $8.1B$2.3B$1.4B$1.0B
4.0%4.0% 4.0% 4.0%
$750M $775M
4.0% 4.0%
$300M $325M $350M $375M
4.0%
5.9%
14.7%
2.9% 2.9% 2.9%
$275M $300M $325M $350M
2.9%
4.0%
16.0%
8.0%4.0%
12.0% 12.0%
DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, FIRST HALF
The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the first half of 2019 and second half of 2018.
8KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
Price Changes Between the Red Herring and Initial Offering Price
Technology
Life Sciences
$10
$12
$16
$18
$20
$22
$24
$15.00$15.00
$16.00$16.00
$23.99
$15.00$15.00
$15.07
$17.69
$14.00
$15.00
$17.24
Red Herring Final Price 1st Day Close
2019 H12018 H2
AVERAGE PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS
MEDIAN PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS
Red Herring Final Price 1st Day Close
Technology
$10
$12
$14
$16
$18
$20
$22
$24
$26
$14.41
$16.87
$19.03
$27.26
$20.63
$19.25
$15.63$15.96
$20.89
$14.95$14.82
$15.58 Life Sciences
2019 H12018 H2
Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of marketing
efforts are processes that are equal parts science and art. These graphs show the median and average prices for technology
and life sciences IPOs from the red herring stage to the actual public offering price to the closing price on the first day of
trading, for the first half of 2019 and second half of 2018.
9KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, FIRST HALF
RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2018, SECOND HALF
RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, FIRST HALF
RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2018, SECOND HALF
Life Sciences
Technology
DealsAboveRange
WithinRange
BelowRange
17.6%
61.8%
20.6%
39.1%
43.5%
17.4%
The two graphs on the left show the percentage of technology and life sciences IPOs
with a final price that falls above, within or below the red herring range in the first half
of 2019 and second half of 2018. The two graphs on the right show the percentage
of technology and life sciences deals that closed up, down or flat on their first day of
trading in the first half of 2019 and second half of 2018.
Price Changes – Red Herring Range & First Day Trading
ClosedUp
ClosedFlat
ClosedDown
20.0%
Life Sciences
Technology
14.7%
64.7%
20.6%
87.0%
4.3%
8.7%
Technology
Life Sciences
Technology
DealsAboveRange
WithinRange
BelowRange
17.6%
17.6%
64.7%
36.0%
52.0%
12.0%
Life Sciences
Technology
ClosedUp
ClosedFlat
ClosedDown
72.0%
28.0%
64.7%
32.4%2.9%
10KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
The following graphs show the technology company IPOs with the largest percentage gain and loss
from the red herring midpoint to the actual initial public offering price and from the initial public offering
price to the first day of trading for IPOs completed in the first half of 2019 and second half of 2018.
50.0%
73.6%
92.1%
42.9%43.7%
58.7%
94.4%
128.1%
Ana
plan
SV
MK
Eve
ntbr
ite
Ela
stic
N.V
.
Qut
outia
o
Ela
nco
Ani
mal
Hea
lth
Alla
kos
Prin
cipi
a B
ioph
arm
a
-28.9%
Ent
asis
The
rape
utic
s H
oldi
ngs
Con
stel
latio
n P
harm
aceu
tical
s
-23.3%-19.1%
Mod
erna
Uro
vant
Vac
cine
x
-16.8%
-5.2%
50.0%
Y-m
Abs
The
rape
utic
s
69.5%
Gua
rdan
t Hea
lth
-3.9%
Niu
Tec
hnol
ogie
s
-21.3%
Coo
Tek
(Cay
man
)
Technology—International
Technology—U.S.
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2018, SECOND HALF
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018 SECOND HALF
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF
Price Changes – Biggest Tech Movers
12.5%
18.8%
27.8% 25.0%
36.4%
Tena
ble
Hol
ding
s
Farfe
tch
Lim
ited
30.9%
Ela
stic
N.V
.
Upw
orrk
21.4%
Ana
plan
Alla
kos
Gua
rdan
t Hea
lth
13.3%
Tilra
y
13.3%
Ra
Med
ical
Sys
tem
s
11.6%
Ela
nco
Ani
mal
Hea
lth
-13.7%
NIO
-15.8%
Arlo
Tec
hnol
ogie
s
-16.7%
Sol
arW
inds
Cor
pora
tion
-16.7%
Son
os
-21.7%N
iu T
echn
olog
ies
-42.9%
-28.6%-23.1%
Osm
otic
a P
harm
aceu
tical
s
Gam
ida
Cel
l
Kod
iak
Sci
ence
s
Logi
cBio
The
rape
utic
s
-53.3%
Pha
seB
io P
harm
aceu
tical
s
-61.5%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF
Geographical Distribution of Technology Company IPOs – H1 2019
10CALIFORNIA
2ISRAEL
1FLORIDA
1TENNESSEE
1VIRGINIA
1NEVADA
5CHINA
13.3%
25.0%
20.0% 20.0%
61.9%
25.0%20.0%
Zoom
Vid
eo C
omm
unic
atio
ns
Pag
eDut
y22.2%
Cro
wdS
trik
e H
oldi
ngs
Che
wy
18.8%
Pin
tere
st
Sho
ckW
ave
Med
ical
13.3%
Per
sona
lis
App
lied
Ther
apeu
tics
Trev
i The
rape
utic
s
Silk
Roa
d M
edic
al
Ada
ptiv
e B
iote
chno
logi
es
Sto
ke T
hera
peut
ics
-21.4%
Son
im T
echn
olog
ies
-14.3%
Cam
bium
Net
wor
ks
-25.7%
Cha
nge
Hea
lthca
re
-8.3%
Yun
ji
-8.7%
Jiay
in G
roup
-28.6% -28.6%
Kal
eido
Bio
scie
nces
IDE
AY
A B
iosc
ienc
es
-28.2%
Ava
ntor
-33.3% -33.3%
79.4%
101.5%
75.6%72.2%
90.0%93.5%
80.9%
Jum
ia T
echn
olog
ies
AG
88.9%
Five
rr In
tern
atio
nal
Rev
olve
Gro
up
70.6%
Cro
wdS
trik
e H
oldi
ngs
Zoom
Vid
eo C
omm
unic
atio
ns
Sho
ckW
ave
Med
ical
67.6%
Per
sona
lis
Ada
ptiv
e B
iote
chno
logi
es
Cor
texy
me
Silk
Roa
d M
edic
al
-3.3%
Linx
S.A
.
-37.2%
Ruh
nn H
oldi
ng L
imite
d
-19.2%
Cam
bium
Net
wor
ks
-7.6%
Ube
r Te
chno
logi
es
-4.7%
Sci
Pla
y C
orpo
ratio
n
Trev
i The
rape
utic
s
-21.1%
Pre
vail
Ther
apeu
tics
-20.0%
Bic
ycle
The
rape
utic
s
-14.3%
Ave
dro
-12.2%
Axc
ella
Hea
lth-31.0%
1GERMANY
1CYPRUS
11KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
The following graphs show the life sciences company IPOs with the largest
percentage gain and loss from the red herring midpoint to the actual initial
public offering price and from the initial public offering price to the first day of
trading for IPOs completed in the first half of 2019 and second half of 2018.
50.0%
73.6%
92.1%
42.9%43.7%
58.7%
94.4%
128.1%
Ana
plan
SV
MK
Eve
ntbr
ite
Ela
stic
N.V
.
Qut
outia
o
Ela
nco
Ani
mal
Hea
lth
Alla
kos
Prin
cipi
a B
ioph
arm
a
-28.9%
Ent
asis
The
rape
utic
s H
oldi
ngs
Con
stel
latio
n P
harm
aceu
tical
s
-23.3%-19.1%
Mod
erna
Uro
vant
Vac
cine
x
-16.8%
-5.2%
50.0%
Y-m
Abs
The
rape
utic
s
69.5%
Gua
rdan
t Hea
lth
-3.9%
Niu
Tec
hnol
ogie
s
-21.3%
Coo
Tek
(Cay
man
)
Life Sciences—International
Life Sciences—U.S.
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2018, SECOND HALF
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018, SECOND HALF
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF
Price Changes – Biggest Life Sciences Movers
12.5%
18.8%
27.8% 25.0%
36.4%
Tena
ble
Hol
ding
s
Farfe
tch
Lim
ited
30.9%
Ela
stic
N.V
.
Upw
orrk
21.4%
Ana
plan
Alla
kos
Gua
rdan
t Hea
lth
13.3%
Tilra
y
13.3%
Ra
Med
ical
Sys
tem
s
11.6%
Ela
nco
Ani
mal
Hea
lth
-13.7%
NIO
-15.8%
Arlo
Tec
hnol
ogie
s
-16.7%
Sol
arW
inds
Cor
pora
tion
-16.7%
Son
os
-21.7%
Niu
Tec
hnol
ogie
s
-42.9%
-28.6%-23.1%
Osm
otic
a P
harm
aceu
tical
s
Gam
ida
Cel
l
Kod
iak
Sci
ence
s
Logi
cBio
The
rape
utic
s
-53.3%
Pha
seB
io P
harm
aceu
tical
s
-61.5%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF
Geographical Distribution of Life Sciences IPOs – H1 2019
13.3%
25.0%
20.0% 20.0%
61.9%
25.0%20.0%
Zoom
Vid
eo C
omm
unic
atio
ns
Pag
eDut
y
22.2%
Cro
wdS
trik
e H
oldi
ngs
Che
wy
18.8%
Pin
tere
st
Sho
ckW
ave
Med
ical
13.3%
Per
sona
lis
App
lied
Ther
apeu
tics
Trev
i The
rape
utic
s
Silk
Roa
d M
edic
al
Ada
ptiv
e B
iote
chno
logi
es
Sto
ke T
hera
peut
ics
-21.4%
Son
im T
echn
olog
ies
-14.3%
Cam
bium
Net
wor
ks
-25.7%
Cha
nge
Hea
lthca
re
-8.3%
Yun
ji
-8.7%
Jiay
in G
roup
-28.6% -28.6%
Kal
eido
Bio
scie
nces
IDE
AY
A B
iosc
ienc
es
-28.2%
Ava
ntor
-33.3% -33.3%
79.4%
101.5%
75.6%72.2%
90.0%93.5%
80.9%
Jum
ia T
echn
olog
ies
AG
88.9%
Five
rr In
tern
atio
nal
Rev
olve
Gro
up
70.6%
Cro
wdS
trik
e H
oldi
ngs
Zoom
Vid
eo C
omm
unic
atio
ns
Sho
ckW
ave
Med
ical
67.6%
Per
sona
lis
Ada
ptiv
e B
iote
chno
logi
es
Cor
texy
me
Silk
Roa
d M
edic
al
-3.3%
Linx
S.A
.
-37.2%
Ruh
nn H
oldi
ng L
imite
d
-19.2%
Cam
bium
Net
wor
ks
-7.6%
Ube
r Te
chno
logi
es
-4.7%
Sci
Pla
y C
orpo
ratio
n
Trev
i The
rape
utic
s
-21.1%
Pre
vail
Ther
apeu
tics
-20.0%
Bic
ycle
The
rape
utic
s
-14.3%
Ave
dro
-12.2%
Axc
ella
Hea
lth
-31.0%
13CALIFORNIA
8MASSACHUSETTS
1ENGLAND
1CAYMAN ISLANDS
1FRANCE
1WASHINGTON1NORTH CAROLINA
1MARYLAND3NEW YORK
12KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
11.8% 11.8% 11.8%
17.6% 17.6%
5.9% 5.9%
number of days
% of deals
60 75 90 105 120 135 150 165 180 195 210 225
8.7%
30.4%
4.3%
17.4% 17.4%13.0%
number of days
% of deals
60 75 90 105 120 135 150
2.9% 2.9% 2.9%
165 210 225 345 360240 255 270
2.9% 2.9% 2.9%
300285
Life Sciences
Technology
1168
4.3% 4.3%
Days on FileDISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2019, FIRST HALFThese graphs display the percentage of deals that priced
within each 15-day period from the initial confidential
submission date or, rarely, initial public submission.
DISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2018, SECOND HALF
number of days
% of deals
60 75 90 105 120 135 150 165 180 270 285 324255
8.0%
20.0% 20.0%
12.0% 12.0%
4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
240
number of days
% of deals
45
Life Sciences
Technology
3.0%3.0%3.0%
15.2%18.2% 18.2%
12.1%15.2%
6.1%3.0%
414
4.0%
513
60 75 90 105 120 135 150 165 180 195 21045 225 240
3.0%
13KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
Price Changes Around the Expiration of the Lock-Up
PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2019, FIRST HALF
-10%
-5%
0%
5%
2 wks prior Lock-up 2 wks post
Technology Median-2.7%
Life Sciences Median-10.6%Life Sciences Avg-11.5%
Technology Avg-2.3%
End of Lock-Up
In order to assist the development of an orderly market for the
shares being offered, IPO underwriters require the stockholders
of the offering company to agree not to sell shares of the
company’s common stock for a specified period without the
underwriters’ consent. Customarily, this period is 180 days
and applies equally to all holders delivering the “lock-up”
agreement, although in a few instances the lock-up may roll
off in stages, and different holders may be subject to different
restrictive periods. Upon expiration of the lock-up period, there
generally is an influx of “supply,” as pre-IPO stockholders
have their first ability to sell shares into the public market. The
graphs on this page show the average and median changes
in the closing trading price of the subject company shares for
the period beginning two weeks prior, and ending two weeks
following, the scheduled expiration of the lock-up period for
lock-ups expiring in the second half of 2018 and first half of
2019. Those companies completing IPOs in the first half of
2018 and a follow-on offering within 180 days are excluded
from the top graph. Those companies completing IPOs in the
second half of 2018 and a follow-on offering within 180 days
are excluded from the bottom graph.
PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2018, SECOND HALF
Life Sciences Median
Life Sciences Avg
-10%
-5%
0%
5%
2 wks prior Lock-up 2 wks post
Technology Median-1.6%-2.3%
Technology Avg-4.9%
-1.2%
End of Lock-Up
14KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, FIRST HALF
PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2018, SECOND HALF
65.2%64.7%
Life Sciences Technology
PERCENT OF OFFERING
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
Insider Participation These charts show the percentage of life sciences and technology IPOs in which the final prospectus indicated that specified “insiders”
had expressed an interest in purchasing shares in the offering or in a concurrent private placement. Insiders are directors and officers of a
company as well as existing stockholders. In this case, insiders are typically existing investors who buy additional shares in the IPO or in a
concurrent private placement. Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside for insiders.
24.0%
64.7%
Life Sciences Technology
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
15KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Technology Offerings H1 20191, 2
COMPANY NAME / TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
Lyft, Inc. NasdaqGS:LYFT $65.00 3/29/19 32,500,000 $72.00 $2,340,000,000
Ruhnn Holding Limited NasdaqGS:RUHN $12.50 4/3/19 10,000,000 $12.50 $125,000,000
PagerDuty, Inc. NYSE:PD $20.00 4/11/19 9,070,000 $24.00 $217,680,000
Tufin Software Technologies Ltd. NYSE:TUFN $13.00 4/11/19 7,700,000 $14.00 $107,800,000
Jumia Technologies AG NYSE:JMIA $14.50 4/12/19 13,500,000 $14.50 $195,750,000
Pinterest, Inc. NYSE:PINS $16.00 4/18/19 75,000,000 $19.00 $1,425,000,000
Zoom Video Communications, Inc. NasdaqGS:ZM $30.00 4/18/19 20,869,565 $36.00 $751,304,340
So-Young International Inc. NasdaqGM:SY $12.80 5/2/19 13,000,000 $13.80 $179,400,000
SciPlay Corporation NasdaqGS:SCPL $15.00 5/3/19 22,000,000 $16.00 $352,000,000
Yunji Inc. NasdaqGM:YJ $12.00 5/3/19 11,000,000 $11.00 $121,000,000
Parsons Corporation NYSE:PSN $27.00 5/8/19 18,518,500 $27.00 $499,999,500
HeadHunter Group PLC NasdaqGS:HHR $12.25 5/9/19 16,304,348 $13.50 $220,108,698
Jiayin Group Inc. NasdaqGM:JFIN $11.50 5/10/19 3,500,000 $10.50 $36,750,000
Sonim Technologies, Inc. NasdaqGM:SONM $14.00 5/10/19 3,571,429 $11.00 $39,285,719
Uber Technologies, Inc. NYSE:UBER $47.00 5/10/19 180,000,000 $45.00 $8,100,000,000
COMPANY NAME / TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
Fastly, Inc. NYSE:FSLY $15.00 5/17/19 11,250,000 $16.00 $180,000,000
GSX Techedu Inc. NYSE:GSX $10.50 6/6/19 19,800,000 $10.50 $207,900,000
Revolve Group, Inc. NYSE:RVLV $17.00 6/7/19 11,764,706 $18.00 $211,764,708
CrowdStrike Holdings, Inc. NasdaqGS:CRWD $21.00 6/12/19 18,000,000 $34.00 $612,000,000
Fiverr International Ltd. NYSE:FVRR $19.00 6/13/19 5,263,158 $21.00 $110,526,318
Chewy, Inc. NYSE:CHWY $18.00 6/14/19 46,500,000 $22.00 $1,023,000,000
Cambium Networks Corporation NasdaqGM:CMBM $14.00 6/26/19 5,800,000 $12.00 $69,600,000
Linx S.A. NYSE:LINX $8.69 6/26/19 32,774,601 $9.40 $308,081,249
Change Healthcare Inc. NasdaqGS:CHNG $17.50 6/27/19 42,857,142 $13.00 $557,142,846
The RealReal, Inc. NasdaqGS:REAL $18.00 6/28/19 15,000,000 $20.00 $300,000,000
16KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Technology Offerings H2 20181, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Aurora Mobile Limited NasdaqGM:JG $9.50 7/26/18 9,060,000 $8.50 $77,010,000
Pinduoduo Inc. NasdaqGS:PDD $17.50 7/26/18 85,600,000 $19.00 $1,626,400,000
Tenable Holdings, Inc. NasdaqGS:TENB $18.00 7/26/18 10,900,000 $23.00 $250,700,000
Endava plc NYSE:DAVA $18.00 7/27/18 6,340,000 $20.00 $126,800,000
Opera Limited NasdaqGS:OPRA $11.00 7/27/18 9,600,000 $12.00 $115,200,000
Sonos, Inc. NasdaqGS:SONO $18.00 8/2/18 13,888,888 $15.00 $208,333,320
Arlo Technologies, Inc. NYSE:ARLO $19.00 8/3/18 10,215,000 $16.00 $163,440,000
NIO Inc. NYSE:NIO $7.25 9/12/18 160,000,000 $6.26 $1,001,600,000
Qutoutiao Inc. NasdaqGS:QTT $8.00 9/14/18 12,000,000 $7.00 $84,000,000
Eventbrite, Inc. NYSE:EB $20.00 9/20/18 10,000,000 $23.00 $230,000,000
Farfetch Limited NYSE:FTCH $16.00 9/21/18 44,243,749 $20.00 $884,874,980
Viomi Technology Co., Ltd NasdaqGS:VIOT $10.00 9/25/18 11,400,000 $9.00 $102,600,000
SVMK Inc. NasdaqGS:SVMK $10.00 9/26/18 15,000,000 $12.00 $180,000,000
LAIX Inc. NYSE:LAIX $12.50 9/27/18 5,750,000 $12.50 $71,875,000
CooTek (Cayman) Inc. NYSE:CTK $13.00 9/28/18 4,350,000 $12.00 $52,200,000
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Upwork Inc. NasdaqGS:UPWK $11.00 10/3/18 12,476,693 $15.00 $187,150,395
Elastic N.V. NYSE:ESTC $27.50 10/5/18 7,000,000 $36.00 $252,000,000
Anaplan, Inc. NYSE:PLAN $14.00 10/12/18 15,500,000 $17.00 $263,500,000
Niu Technologies NasdaqGM:NIU $11.50 10/19/18 7,000,000 $9.00 $63,000,000
SolarWinds Corporation NYSE:SWI $18.00 10/19/18 25,000,000 $15.00 $375,000,000
StoneCo Ltd. NasdaqGS:STNE $22.00 10/25/18 50,724,638 $24.00 $1,217,391,312
MOGU Inc. NYSE:MOGU $15.00 12/6/18 4,750,000 $14.00 $66,500,000
Tencent Music Entertainment Group NYSE:TME $14.00 12/12/18 82,000,000 $13.00 $1,066,000,000
17KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue row represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Life Sciences Offerings
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Alector, Inc. NasdaqGS:ALEC $19.00 2/7/19 9,250,000 $19.00 $175,750,000
Gossamer Bio, Inc. NasdaqGS:GOSS $16.00 2/8/19 17,250,000 $16.00 $276,000,000
Harpoon Therapeutics, Inc. NasdaqGS:HARP $14.00 2/8/19 5,400,000 $14.00 $75,600,000
Avedro, Inc. NasdaqGM:AVDR $15.00 2/14/19 5,000,000 $14.00 $70,000,000
TCR2 Therapeutics Inc. NasdaqGS:TCRR $15.00 2/14/19 5,000,000 $15.00 $75,000,000
Stealth BioTherapeutics Corp. NasdaqGM:MITO $13.00 2/15/19 6,500,000 $12.00 $78,000,000
Kaleido Biosciences, Inc. NasdaqGS:KLDO $21.00 2/28/19 5,000,000 $15.00 $75,000,000
ShockWave Medical, Inc. NasdaqGS:SWAV $15.00 3/7/19 5,700,000 $17.00 $96,900,000
GENFIT S.A. NasdaqGS:GNFT $20.32 3/27/19 6,650,000 $20.32 $135,128,000
Precision BioSciences, Inc. NasdaqGS:DTIL $16.00 3/28/19 7,900,000 $16.00 $126,400,000
NGM Biopharmaceuticals, Inc. NasdaqGS:NGM $15.00 4/4/19 6,666,667 $16.00 $106,666,672
Silk Road Medical, Inc. NasdaqGM:SILK $16.00 4/4/19 6,000,000 $20.00 $120,000,000
Brainsway Ltd. NasdaqGM:BWAY $11.94 4/17/19 2,500,000 $11.00 $27,500,000
Turning Point Therapeutics, Inc. NasdaqGS:TPTX $17.00 4/17/19 9,250,000 $18.00 $166,500,000
HOOKIPA Pharma Inc. NasdaqGS:HOOK $15.00 4/18/19 6,000,000 $14.00 $84,000,000
TransMedics Group, Inc. NasdaqGM:TMDX $16.00 5/2/19 5,690,000 $16.00 $91,040,000
H1 20191, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Trevi Therapeutics, Inc. NasdaqGM:TRVI $15.00 5/7/19 5,500,000 $10.00 $55,000,000
Axcella Health Inc. NasdaqGM:AXLA $21.00 5/9/19 3,571,428 $20.00 $71,428,560
Cortexyme, Inc. NasdaqGS:CRTX $17.00 5/9/19 4,412,000 $17.00 $75,004,000
Milestone Pharmaceuticals Inc. NasdaqGS:MIST $15.00 5/9/19 5,500,000 $15.00 $82,500,000
NextCure, Inc. NasdaqGS:NXTC $15.00 5/9/19 5,000,000 $15.00 $75,000,000
Applied Therapeutics, Inc. NasdaqGM:APLT $15.00 5/14/19 4,000,000 $10.00 $40,000,000
Avantor, Inc. NYSE:AVTR $19.50 5/17/19 207,000,000 $14.00 $2,898,000,000
Bicycle Therapeutics plc NasdaqGS:BCYC $15.00 5/23/19 4,333,333 $14.00 $60,666,662
IDEAYA Biosciences, Inc. NasdaqGS:IDYA $14.00 5/23/19 5,000,000 $10.00 $50,000,000
Stoke Therapeutics, Inc. NasdaqGS:STOK $15.00 6/19/19 7,891,110 $18.00 $142,039,980
Akero Therapeutics, Inc. NasdaqGS:AKRO $15.00 6/20/19 5,750,000 $16.00 $92,000,000
Atreca, Inc. NasdaqGS:BCEL $17.00 6/20/19 7,350,000 $17.00 $124,950,000
Personalis, Inc. NasdaqGM:PSNL $15.00 6/20/19 7,921,500 $17.00 $134,665,500
Prevail Therapeutics Inc. NasdaqGM:PRVL $17.00 6/20/19 7,353,000 $17.00 $125,001,000
Adaptive Biotechnologies Corporation NasdaqGS:ADPT $16.00 6/27/19 15,000,000 $20.00 $300,000,000
BridgeBio Pharma, Inc. NasdaqGS:BBIO $15.00 6/27/19 20,500,000 $17.00 $348,500,000
Morphic Holding, Inc. NasdaqGM:MORF $15.00 6/27/19 6,000,000 $15.00 $90,000,000
Karuna Therapeutics, Inc. NasdaqGM:KRTX $16.00 6/28/19 5,578,124 $16.00 $89,249,984
18KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Life Sciences Offerings (continued)
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Crinetics Pharmaceuticals, Inc. NasdaqGS:CRNX $16.00 7/18/18 6,000,000 $17.00 $102,000,000
Rubius Therapeutics, Inc. NasdaqGS:RUBY $21.00 7/18/18 10,483,000 $23.00 $241,109,000
Allakos Inc. NasdaqGS:ALLK $16.00 7/19/18 7,133,333 $18.00 $128,399,994
Constellation Pharmaceuticals, Inc. NasdaqGS:CNST $15.00 7/19/18 4,000,000 $15.00 $60,000,000
Tilray, Inc. NasdaqGS:TLRY $15.00 7/19/18 9,000,000 $17.00 $153,000,000
Replimune Group, Inc. NasdaqGS:REPL $15.00 7/20/18 6,700,000 $15.00 $100,500,000
Aquestive Therapeutics, Inc. NasdaqGM:AQST $15.00 7/25/18 4,500,000 $15.00 $67,500,000
Vaccinex, Inc. NasdaqGM:VCNX $13.50 8/9/18 3,333,334 $12.00 $40,000,008
Principia Biopharma Inc. NasdaqGS:PRNB $16.00 9/14/18 6,250,000 $17.00 $106,250,000
Elanco Animal Health Incorporated NYSE:ELAN $21.50 9/20/18 62,900,000 $24.00 $1,509,600,000
Y-mAbs Therapeutics, Inc. NasdaqGS:YMAB $15.00 9/21/18 6,000,000 $16.00 $96,000,000
Entasis Therapeutics Holdings Inc. NasdaqGM:ETTX $17.00 9/26/18 5,000,000 $15.00 $75,000,000
Arvinas Holding Company, LLC NasdaqGS:ARVN $15.00 9/27/18 7,500,000 $16.00 $120,000,000
Ra Medical Systems, Inc. NYSE:RMED $15.00 9/27/18 3,900,000 $17.00 $66,300,000
Sutro Biopharma, Inc. NasdaqGM:STRO $15.00 9/27/18 5,667,000 $15.00 $85,005,000
Urovant Sciences Ltd. NasdaqGS:UROV $15.00 9/27/18 10,000,000 $14.00 $140,000,000
H2 20181, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Gritstone Oncology, Inc. NasdaqGS:GRTS $14.00 9/28/18 6,666,667 $15.00 $100,000,005
Guardant Health, Inc. NasdaqGS:GH $16.00 10/4/18 12,500,000 $19.00 $237,500,000
Kodiak Sciences Inc. NasdaqGM:KOD $14.00 10/4/18 9,000,000 $10.00 $90,000,000
Allogene Therapeutics, Inc. NasdaqGS:ALLO $17.00 10/11/18 18,000,000 $18.00 $324,000,000
Equillium, Inc. NasdaqGM:EQ $15.00 10/12/18 4,670,000 $14.00 $65,380,000
SI-BONE, Inc. NasdaqGM:SIBN $14.00 10/17/18 7,200,000 $15.00 $108,000,000
Osmotica Pharmaceuticals plc NasdaqGS:OSMT $15.00 10/18/18 6,650,000 $7.00 $46,550,000
PhaseBio Pharmaceuticals, Inc. NasdaqGM:PHAS $13.00 10/18/18 9,200,000 $5.00 $46,000,000
LogicBio Therapeutics, Inc. NasdaqGM:LOGC $13.00 10/19/18 7,000,000 $10.00 $70,000,000
Gamida Cell Ltd. NasdaqGM:GMDA $14.00 10/26/18 6,250,000 $8.00 $50,000,000
Axonics Modulation Technologies, Inc. NasdaqGS:AXNX $15.00 10/31/18 8,000,000 $15.00 $120,000,000
Orchard Therapeutics plc NasdaqGS:ORTX $15.00 10/31/18 14,285,715 $14.00 $200,000,010
Twist Bioscience Corporation NasdaqGS:TWST $15.00 10/31/18 5,000,000 $14.00 $70,000,000
Eton Pharmaceuticals, Inc. NasdaqGM:ETON $6.00 11/13/18 3,600,000 $6.00 $21,600,000
Vapotherm, Inc. NYSE:VAPO $15.00 11/14/18 4,000,000 $14.00 $56,000,000
Taiwan Liposome Company, Ltd. NasdaqGM:TLC $7.46 11/21/18 3,750,000 $5.80 $21,750,000
Moderna, Inc. NasdaqGS:MRNA $23.00 12/7/18 26,275,993 $23.00 $604,347,839
Synthorx, Inc. NasdaqGS:THOR $11.00 12/7/18 11,912,727 $11.00 $131,039,997
19KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019
MethodologyData points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration dates from EDGAR Online IPO Deal Data and daily stock-trading price data. The exact dates upon which lock-ups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.
The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on the midpoint of the range and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to the public and the aggregate number of shares offered, as reflected on the cover page of the final prospectus. The closing price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.
DisclaimerThe preparation of the information contained herein involves assumptions, compilations and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.
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