U.S. IPO Weekly Recap: 8 IPOs Mark The Busiest Week Yet For The IPO Market

Eight companies entered the public market in the busiest week yet for the IPO market. For the first time since June 2018, all eight IPOs raised more than originally expected, either by pricing above the range or upsizing their offerings. They were joined by two SPACs.

In its return to public markets, Warner Music (NASDAQ:WMG) upsized its deal to $1.9 billion at a $13 billion market cap in the year’s largest US IPO to date. The world’s third largest record company, Warner’s revenue growth has been decelerating. The company finished the week up 20%.

Sales platform ZoomInfo (NASDAQ:ZI) completed the first US software IPO of 2020, pricing above the upwardly revised range to raise $935 million at an $8.3 billion market cap. Fast-growing and profitable, the company intends to use the proceeds to repay debt, though it’s still leveraged post-IPO. ZoomInfo finished up 85%.

GenScript’s CAR-T cell therapy carve out Legend Biotech (LEGN) priced well above the range to raise $424 million at a market cap of $3.2 billion, making it the year’s largest US biotech IPO to date. The company’s lead candidate, a last-line therapy for relapsed and refractory multiple myeloma in development with Janssen, hopes to file for marketing approval in the 2H20. Legend finished up 61.

Shift4 Payments (FOUR), a payment processing solutions provider, priced above the range to raise $345 million at a $1.9 billion market cap. The company has seen strong growth but has been impacted by widespread shutdowns through restaurant and hospitality industry exposure. Shift4 finished up 46%.

Chinese delivery platform Dada Nexus (DADA) raised $345 million at a $3.5 billion market cap in an upsized deal. Revenue grew 109% in the 1Q20, driven by pandemic-driven demand, but collaborators JD.com (NASDAQ:JD) and Walmart (NYSE:WMT) made up over half of 2019 revenue. Dada Nexus finished flat.

Inflammatory disease biotech Applied Molecular Transport (AMTI) upsized its offering to raise $154 million at a $500 million market cap. The company’s lead candidate demonstrated safety and showed some clinical effects in a Phase 1b trial for ulcerative colitis, with Phase 2 trials planned for the 2H20. AMT finished up 28%.

Phase 2 fibrosis biotech Pliant Therapeutics (NASDAQ:PLRX) raised $144 million at a $577 million market cap. Capitalizing on fibrosis biology work done by UCSF researchers, Pliant’s lead candidate is a therapy targeting rare fibrosis diseases, but it is also collaborating with Novartis (NYSE:NVS) on the lucrative but elusive NASH. Pliant finished up 39%.

Calliditas Therapeutics (CALT), a Swedish biotech targeting inflammatory kidney diseases, upsized its deal to raise $90 million at a $476 million market cap. The biotech’s lead candidate, Nefecon, is in a fully enrolled Phase 3 trial with top-line data expected by year-end. Calliditas finished up 1%.

Preceptive Advisors’ second healthcare-focused SPAC ARYA Sciences Acquisition II (ARYBU) upsized its offering to raise $130 million, and private equity SPAC Mountain Crest Acquisition (NASDAQ:MCAC) raised $50 million.

10 IPOs During the Week of June 1st, 2020



Market Cap
at IPO

Price vs.

First Day

at 06/05







Provides a data platform for sales, marketing, and recruiting professionals.

Legend Biotech






Clinical stage CAR-T immuno-oncology biotech being spun out of GenScript.

Shift4 Payments






Provides secure payment processing solutions.

Pliant Therapeutics






Phase 2 biotech developing therapies for the treatment of fibrosis.

Applied Molecular






Phase 1 biotech developing novel oral therapies for inflammatory diseases.

Warner Music






World’s third-largest record company and music publisher.

ARYA Sci Acquisition II






Second healthcare-focused blank check company formed by Perceptive Advisors.

Calliditas Therapeutics






Swedish biotech developing novel therapies for inflammatory kidney disease.

Mountain Crest Acq.






Blank check company targeting a private equity portfolio company in North America.

Dada Nexus






Leading on-demand retail and delivery platform in China.

Eight IPOs and one SPAC submitted initial filings. Five companies filed to raise $100 million: API development platform Agora (API), preclinical ear disorder biotech Akouos (AKUS), genomic cancer testing company ArcherDX (RCHR), Phase 1 oncology biotech Fusion Pharmaceuticals (FUSN), and South Korean game developer DoubleDown Interactive (DDI).

Phase 3 surgical infection biotech PolyPid (POLY) filed to raise $58 million, Chinese workforce operations solutions platform Quhuo (QH) filed to raise $35 million, and Phase 3 breast cancer biotech Greenwich LifeSciences (GLSI) filed to raise $24 million. Bill Foley’s third SPAC Trebia Acquisition (TREB.U) filed to raise $375 million.

9 Filings During the Week of June 1st, 2020








Morgan Stanley

Offers a platform for API development.



Health Care


Preclinical biotech developing gene therapies for inner ear disorders.



Health Care

JP Morgan

Provides genomic testing products for cancer.

Fusion Pharmaceuticals


Health Care

Morgan Stanley

Phase 1 biotech developing precision medicines for solid tumors.



Health Care


Phase 3 biotech developing extended-release drugs to prevent surgical site infections.




Roth Cap.

Provides workforce operations solutions for consumer service platforms in China.

DoubleDown Interactive



JP Morgan

South Korean developer and publisher of mobile and web-based games.

Greenwich LifeSciences


Health Care

Aegis Cap.

Phase 3 biotech developing immunotherapies for breast cancer.

Trebia Acquisition



Credit Suisse

Third blank check company formed by financial services veteran Bill Foley.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/4/20, the Renaissance IPO Index was up 22.0% year-to-date, while the S&P 500 was down 3.7%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (NYSE:UBER) and DocuSign (NASDAQ:DOCU). The Renaissance International IPO Index was up 15.2% year-to-date, while the ACWX was down 10.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Be the first to comment

Leave a Reply

Your email address will not be published.