06/24/19-06/28/19 IPO Summary

A look back at the week that was to end the month of June and the second quarter of 2019. 

Adaptive Biotechnologies Corporation (ADPT) – Adaptive Biotechnologies Corporation (ADPT) priced 15mm shares at an above range price of $20.00 and opened at $39.01 for a gain of 95.1% at first trade. ADPT hit a high of $48.82 in Friday morning’s session and the stock closed the week at $48.30 for a 141.5% win for the week.

BridgeBio Pharma Inc (BBIO) – BridgeBio Pharma, Inc. (BBIO) priced a slightly up-sized 20.5mm shares at an above range price of $17.00 and opened at $30.61 for a gain of 80.1% at first trade. 

The RealReal, Inc. (REAL) has priced 15mm shares at an above range price of $20.00 and opened at $28.00 for a gain of 40% at first trade. REAL traded in a relatively tight first day range for its Friday debut ($27.04-$30.05).

Karuna Therapeutics, Inc (KRTX) has priced an up-sized 5.6mm shares at $16.00 (midpoint of range) and opened at $18.50 for a gain of 15.6% at first trade. After a brief dip, KRTX shot higher and hit a high of $24.44 for a gain of 52.6% at the highest print.

Morphic Holding Inc (MORF) – Morphic Holdings (MORF) IPO priced 6.0mm shares (upsized from 5.0mm) at $15.00 (mid-range) and opened at $18.00 for a gain of 20.0% at first trade. MORF hit a high of $21.00 for a gain of 40.0% at top-tick.

Change Healthcare Inc (CHNG) – This IPO priced $3.00 below the range and opened at $14.00 for a gain of 7.7% at first trade. CHNG closed its opening session at $15.00 for nice gains on investors taking on the risk of a below-range priced IPO. 

Linx S.A. (LINX) priced an up-sized 32.8mm ADSs at 36 Brazilian Real or according to our conversion rate a price of USD$9.40 and opened at USD$9.30 for a loss of -1.1% at first trade. 

Cambium Networks, Inc (CMBM) has priced 5.8mm shares at a below range price of $12.00 and opened at $10.08 for a loss of -16.0% at first trade. 

Looking ahead to this week, there are zero IPOs on the schedule and the week will be abbreviated due to the Fourth of July holiday. We do expect a rapid pick up in launches “likely” for the week of July 8th with a potential for IPOs to debut the week of July 15th.