In the aftermath of Election day, we are seeing “positive” signs toward syndicate resuming activity.
For starters, the volatility index (VIX) is down nearly 30% and currently below 27 (was north of 40 at the end of last week). With that being said, the pipeline is relatively thin at the moment and needs to be refreshed with new filings. The current make-up of the IPO pipeline includes mainly healthcare-related and foreign companies. It is our opinion that the following companies are the most “likely” to launch ahead of the Thanksgiving holiday. Some of the list below “could” indeed launch at any time beginning today:
- Compass Therapeutics (CMPX)
- Sotera Health Company (SHC)
- Maravai Life Sciences (MRVI)
- Olema Pharmaceuticals (OLMA)
- Southeastern Grocers Inc (SEGR)
- Neogames S.A. (NGMS)
- Yatsen Holding Limited (YSG)
- Ozon Holdings plc (TBD)
Below are the new IPO filings and terms added on existing IPOs over the last week.
NEW FILINGS
Company: Upstart Holdings, Inc.
Symbol: UPST
Description: They are a leading, cloud-based artificial intelligence lending platform.
Shares: TBD
Price Range: TBD
Trade Date: TBD
Underwriter(s): Goldman Sachs, BofA Securities, Citigroup, Jefferies, Barclays
Co-Manager(s): JMP Securities, Blaylock Van LLC
Filed: 11-05-20
Listed Cash Raise: $100m
Company: Ozon Holdings PLC
Symbol: TBD
Description: They are a leading e-commerce platform in the large, fragmented, underpenetrated and growing Russian e-commerce market.
Shares: TBD
Price Range: TBD
Trade Date: TBD
Underwriter(s): Morgan Stanley, Goldman Sachs, Citigroup, UBS Investment Bank, Sber CIB, VTB Capital, RenCap
Filed: 11-02-20
Listed Cash Raise: $100m
Company: Olema Pharmaceuticals, Inc.
Symbol: OLMA
Description: They are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next generation targeted therapies for women’s cancers.
Shares: TBD
Price Range: TBD
Trade Date: TBD
Underwriter(s): J.P. Morgan, Jefferies, Cowen, Canaccord Genuity
Filed: 10-30-20
Listed Cash Raise: $100m
Company: Yatsen Holding Limited
Symbol: YSG
Description: Yatsen is a leader in the rapidly evolving China beauty market.
Shares: TBD
Price Range: TBD
Trade Date: TBD
Underwriter(s): Goldman Sachs, Morgan Stanley, CICC
Filed: 10-30-20
Listed Cash Raise: $100m
TERMS ADDED
Company: IN8bio, Inc.
Symbol: INAB
Description: They are a clinical-stage biotechnology company focused on developing innovative therapies for the treatment of cancers, including solid tumors, by employing allogeneic, autologous and genetically modified gamma-delta T cells.
Shares: 4.7 million
Market Cap: $292m-$331m
Price Range: $15.00-$17.00
Trade Date: Thursday, 11/12
Underwriter(s): Barclays, Cantor, Mizuho
Terms Added: 11-5-20
Company: Aspire Real Estate Investors, Inc.
Symbol: ASPI
Description: They will be externally managed and advised by our Manager, which is majority owned and controlled by an affiliate of Avanath, a real estate investment manager that invests in property markets nationwide on behalf of pension funds and other institutional investors through commingled funds.
Shares: 15 million
Price Range: $20.00-$20.00
Market Cap: $327m-$327m
Trade Date: Tuesday, 11/17
Underwriter(s): Morgan Stanley, B. Riley Securities, Wells Fargo Securities, BMO Capital Markets, KeyBanc Capital Markets
Co-Manager(s): Loop Capital Markets, Ramirez & Co., Siebert Williams Shank
Terms Added: 11-06-20
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