This week five IPOs debuted but none better than Nkarta Inc.
The week will be remembered for the record setting opening print of Nkarta, Inc (NKTX). They priced 14.0mm shares (upsized from 13.0mm) at $18.00 ($1.00 above the upwardly-revised range) and opened at $54.75 for a gain of 204.2% at first trade. The shares finished at $47.90 for a 166.1% gain which marked the best one-day gain ahead of Agora Inc (API) and Lemonade (LMND) — each of those popped 153% and 139%, respectively. The 166% gain by NKTX was also ahead of Beyond Meat’s (BYND) 163% first day performance in 2019.
Poseida Therapeutics (PSTX) — They priced 14.0mm shares at $16.00 and opened at $17.00 for a gain of 6.3% at first trade. PSTX struggled in its first day performance and closed the day below issue at $15.35.
Inventiva S.A. (IVA) — They priced 7.5mm shares at $14.40 (midpoint of the range) and opened at $15.13 for a gain of 5.1% at first trade. Similar to PSTX, this deal broke issue on day one and traded as low as $12.76 before rebounding and closing its opening session at $13.42 or -6.8% versus issue.
BlueCity Holdings Limited (BLCT) priced a full-size deal, 5.3mm ADSs at the midpoint of the range, $16.00, and opened at $20.45 for a gain of 27.8% at first trade. BlueCity was halted several times and traded erratcially. The stock traded as high as $35.89 for a gain of 124.3% at top tick but closed the week at $24.50.
Quhuo Limited (QH) — They priced a full-size deal, 3.3mm ADSs (upsized from 2.7mm ADSs), at the midpoint of the range, $10.00, and opened at $15.31 for a gain of 53.1% at first trade. The stock halted seconds after it was opened but the stock did more than double in early, erratic trading. QH closed the Friday session at $12.77 or 27.7% above the $10.00 issue price.
Looking ahead to this week, there are four IPOs currently on the calendar and we anticipate more to launch Monday and “potentially” debut in the same week.
Need to know which IPOs to indicate for? We have you covered.
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