fenwick · 2019. 8. 27. · existing investors bought into 15 of the 23 tech ipos in the second...
TRANSCRIPT
fenwick & west
Key Metrics for Technology and Life Sciences
Initial Public Offerings2018 Full Year
Key Metrics for Technology and Life Sciences Initial Public Offerings2018 Full Year
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. [email protected]
Robert A. [email protected]
2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
The life sciences and technology IPO markets continued their strong performance in the second half of 2018, notwithstanding significant market volatility, a sharp decline in the stock market and a looming federal government shutdown at the end of the year.
The year started slowly but then quickly gained steam with an unusual number of IPOs over the summer before activity slowed again in the last few months.
By the Numbers The 57 life sciences and technology offerings completed in the second half of 2018 were on par with the 56 in the first half of the year and made for the highest number for a half-year period since the first half of 2015, when 55 such offerings were completed.
The 34 life sciences offerings completed in the second half of 2018 were the highest number since 37 were completed in the first half of 2015. Technology offerings in the second half of 2018, with 23 IPOs, matched the number in the first half of 2018.
Though the year ended with a dip as many companies, including highly valued tech unicorns, put their offerings on hold—thanks in large part to market and political uncertainty—the resulting pent up demand from institutional investors will likely have a ripple effect in the market, making for a strong 2019 for IPOs.
ValuationsUnlike the first half of 2018, when the vast majority of technology deals produced offering proceeds in excess of $100 million, the second half of the year was marked by an unusually large spread in valuations. About 17% of tech deals priced in the $50 million to $75 million range on the low end, and about the same percent priced at $1 billion or more at the higher end. Life sciences offerings showed more of a sweet spot in amounts raised: The majority of IPOs in the second half of the year raised between $50 million and $125 million with 23.5% in the $50 million to $75 million range. Only four offerings in the second half of 2018 had proceeds of more than $1 billion. The largest was a technology offering for China-based Pinduoduo that raised $1.6 billion. The largest life sciences offering, Elanco Animal Health Incorporated, raised just over $1.5 billion. The second half of 2018 included 19 offshore companies, compared with 17 in the first half of 2018.
Survey Results Life Sciences and Tech IPOs Continued Hot Streak in Second Half
Insider ParticipationA surprisingly high percentage of tech IPOs—65.2%—reported insider participation, which is three times higher than the 20% of tech IPOs in the first half where insiders participated. Existing investors bought into 15 of the 23 tech IPOs in the second half of the year.
Approximately 65% of life sciences deals saw insiders purchasing IPO shares and/or purchasing shares in a simultaneous private placement (down from about 80% in the first half).
Dual-Class Share Structure The dual-class capital structure continued to be widely utilized by technology companies, as 13 technology IPOs featured this structure, compared to 15 in the first half. Only one life sciences company had a dual-class structure, the same as in the first half.
Pricing The clear majority of offerings in the second half of 2018 priced within or above-range, 82.6% of tech offerings and 79.4% of life sciences offerings, underscoring a relatively strong and stable market environment. Just four technology offerings and seven life sciences offerings priced below the red herring range.
The results indicate that last year’s IPOs were well priced with healthy but modest first-day gains. Consistent with prior half-year periods, technology offerings enjoyed stronger first-day trading as 87% traded up at first day close compared to 64.7% of life sciences offerings.
OutlookOur 2018 data suggests a healthy and stable market, with deals well priced, trending up on average 90% on first-day close for tech and 65% for life sciences. That bodes well for 2019 and we are starting to see that play out. We currently view the market as highly receptive.
NUMBER OF IPO DEALS IN H2 2018
3KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
IPOS PER QUARTER 2012 – 2018
Offerings CompletedThis graph shows the number of technology
and life sciences IPOs completed during each
quarter of 2012 through 2018.
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
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
34
4KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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
GreenSky
Dropbox
Pivotal
DocuSign
BilibiliUxin
Ceridian
$0
$10
$20
$30
SharePrice
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (5 deals)
Life Sciences U.S. (28 deals)
Technology U.S. (17 deals)
0 20 4010 30 50
Bubble Size = deal size
$420M
$750M
$60M
The following scatter graphs plot technology and life sciences IPOs
completed during the first 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): 2018, FIRST HALF
This graph excludes Spotify and ASLAN Pharmaceuticals, as neither offering had a price range. iQIYI as an outlier was also
excluded, with a deal size of $2.3 billion, a share price of $18.00 and 125 million shares.
5KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 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 2018, FIRST HALF
This graph excludes Spotify, as unlike a traditional offering, the selling stockholders were not committed to the sale of a fixed
number, or any, shares and were not given a fixed price at which the company’s shares would be purchased. iQIYI as an outlier
was also excluded, with a deal size of $2.3 billion, a share price of $18.00 and 125 million shares.
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
GreenSky
Dropbox
Pivotal
DocuSign
Bilibili
Uxin
Ceridian
$0
$10
$20
$30
SharePrice
Number of Shares in Millions
Life Sciences International (6 deals)
Technology International (5 deals)
Life Sciences U.S. (28 deals)
Technology U.S. (17 deals)
0 20 4010 30 50Bubble Size = deal size
$462M
$874M
$42M
6KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
Aggregate Amount Raised, Red Herring Midpoint
DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2018, SECOND HALF
12.5%
50.0%
25.0%
6.3%3.2% 3.2%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $400M $425M $450M $475M $500M $525M $550M $600M $625M $725M $750M $2.3B$250M$225M
13.6%
9.1% 9.1%
18.2%
4.5% 4.5%4.5% 4.5% 4.5%
$575M
4.5% 4.5% 4.5% 4.5%4.5% 4.5%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M $225M
12.5%
50.0%
25.0%
6.3%3.2% 3.2%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $400M $425M $450M $475M $500M $525M $550M $600M $625M $725M $750M $2.3B$250M$225M
13.6%
9.1% 9.1%
18.2%
4.5% 4.5%4.5% 4.5% 4.5%
$575M
4.5% 4.5% 4.5% 4.5%4.5% 4.5%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M $225M
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): 2018, FIRST HALF
The following graphs provide information about aggregate deal size at the red herring stage in the first 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%
These graphs exclude Spotify and ASLAN Pharmaceuticals, as neither offering had a price range.
7KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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
30.3%
3.0%
39.4%
9.1%6.1% 6.1%6.1%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $450M $475M $500M$300M $325M $550M $575M $625M $650M $750M $775M $850M $875M $2.3B$250M$225M
4.5% 4.5%
13.6% 13.6%
18.2%
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%4.5% 4.5%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M $225M
30.3%
3.0%
39.4%
9.1%6.1% 6.1%6.1%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $450M $475M $500M$300M $325M $550M $575M $625M $650M $750M $775M $850M $875M $2.3B$250M$225M
4.5% 4.5%
13.6% 13.6%
18.2%
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%4.5% 4.5%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M $225M
DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2018, FIRST HALF
The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the first and second half of 2018.
This graph excludes Spotify, as unlike a traditional offering, the selling stockholders were not committed to the sale of a fixed number, or
any, shares and were not given a fixed price at which the company’s shares would be purchased.
8KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
Price Changes Between the Red Herring and Initial Offering Price
Technology
Life Sciences
$10
$12
$16
$18
$20
$15.00$15.00
$16.00$16.00
$19.75
$15.00$14.50
$15.07
$17.65
$14.00
$15.00
$17.24
2018 H22018 H1
Red Herring Final Price 1st Day Close
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
$14.41
$16.87
$18.93
$22.12
$16.89
$15.11
$15.81$15.38
$20.89
$14.95
$14.82
$15.58
2018 H22018 H1
Life Sciences
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 and second half of 2018.
These graphs exclude Spotify and ASLAN Pharmaceuticals, as neither offering had a price range.
9KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2018, 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) 2018, 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 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 and second half of 2018.
Price Changes (continued)
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
18.8%
78.1%
3.1%
50.0%
45.5%
4.5%
Life Sciences
Technology
ClosedUp
ClosedFlat
ClosedDown
90.9%
9.1%
66.7%
30.3%3.0%
This graph excludes Spotify and ASLAN Pharmaceuticals, as
neither offering had a price range.
This graph excludes Spotify, as unlike a traditional offering, the
selling stockholders were not committed to the sale of a fixed
number, or any, shares and were not given a fixed price at which
the company’s shares would be purchased.
10KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 and second half of 2018.
50.0%
73.6%
92.1%
42.9%43.7%
58.7%
94.4%
128.1%
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asis
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50.0%
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Coo
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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 2018, FIRST HALF
Price Changes (continued)
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
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13.3%
Tilra
y
13.3%
Ra
Med
ical
Sys
tem
s
11.6%E
lanc
o A
nim
al H
ealth
-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
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s
-53.3%
Pha
seB
io P
harm
aceu
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s
-61.5%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018, FIRST HALF
Geographical Distribution of Technology Company IPOs
11.8%13.3%
36.4% 36.4%
45.5%
13.3% 13.3%
Plu
rals
ight
Sm
arts
heet
40.0%
Zsca
ler
Zuor
a
23.5%
Dro
pbox
Tric
ida
11.8%
AV
RO
BIO
AR
MO
Bio
Sci
ence
s
Men
lo T
hera
peut
ics
Neu
rone
tics
-7.1%
Car
dlyt
ics
-21.7%
Uxi
n
Unu
m T
hera
peut
ics
-7.7%
Evo
lus
-7.7%
Sol
id B
iosc
ienc
es
-5.9%
Iteru
m T
hera
peut
ics
-13.3%
56.1%
74.9%
68.4%
42.9%
106.3%
68.9%63.4%
nLig
ht87.3%
Zsca
ler
Ava
lara
41.9%
Cer
idia
n H
CM
Hol
ding
Zuor
aInsp
ire M
edic
al S
yste
ms
47.1%
Aut
olus
The
rape
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s
AR
MO
Bio
Sci
ence
s
Men
lo T
hera
peut
ics
Neu
rone
tics
-2.3%
Bili
bili
-13.6%
iQIY
I
Tran
slat
e B
io-11.4%
Sur
face
Onc
olog
y
-11.1%
Unu
m T
hera
peut
ics
-7.4%
Neo
n Th
erap
eutic
s
-6.3%
AS
LAN
Pha
rmac
eutic
als
-20.2%
This graph excludes Spotify, as the offering did not
have a price range.
This graph excludes Spotify, as unlike a traditional
offering, the selling stockholders were not committed
to the sale of a fixed number, or any, shares and were
not given a fixed price at which the company’s shares
would be purchased.
11KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 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 2018, FIRST HALF
Price Changes (continued)
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%P
hase
Bio
Pha
rmac
eutic
als
-61.5%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018, FIRST HALF
Geographical Distribution of Life Sciences Company IPOs
11.8%13.3%
36.4% 36.4%
45.5%
13.3% 13.3%
Plu
rals
ight
Sm
arts
heet
40.0%
Zsca
ler
Zuor
a
23.5%
Dro
pbox
Tric
ida
11.8%
AV
RO
BIO
AR
MO
Bio
Sci
ence
s
Men
lo T
hera
peut
ics
Neu
rone
tics
-7.1%
Car
dlyt
ics
-21.7%
Uxi
n
Unu
m T
hera
peut
ics
-7.7%
Evo
lus
-7.7%
Sol
id B
iosc
ienc
es
-5.9%
Iteru
m T
hera
peut
ics
-13.3%
56.1%
74.9%
68.4%
42.9%
106.3%
68.9%63.4%
nLig
ht87.3%
Zsca
ler
Ava
lara
41.9%
Cer
idia
n H
CM
Hol
ding
Zuor
aInsp
ire M
edic
al S
yste
ms
47.1%
Aut
olus
The
rape
utic
s
AR
MO
Bio
Sci
ence
s
Men
lo T
hera
peut
ics
Neu
rone
tics
-2.3%
Bili
bili
-13.6%
iQIY
I
Tran
slat
e B
io
-11.4%
Sur
face
Onc
olog
y
-11.1%
Unu
m T
hera
peut
ics
-7.4%
Neo
n Th
erap
eutic
s
-6.3%
AS
LAN
Pha
rmac
eutic
als
-20.2%
This graph excludes ASLAN Pharmaceuticals, as the offering
did not have a price range.
12KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 2018, 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 90 105 120 135 150 165 180 195 210 315 330 345 360 375 390300
26.1%
21.7%
17.4%
8.7%
4.3% 4.3%
285
4.3% 4.3% 4.3% 4.3%
number of days
% of deals
45
Life Sciences
Technology
3.0%3.0%3.0%6.1%6.1%
9.1%9.1%
21.2%
27.3%
6.1%3.0% 3.0%
60 75 90 105 120 135 150 165 180 195 210 360 37545 480 495
13KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
Price Changes Around the Expiration of the Lock-UpPERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2018, 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 first and second half of 2018. Those
companies completing IPOs in the second half of 2017 and a
follow-on offering within 180 days are excluded from the top
graph. Those companies completing IPOs in the first 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-4.7%
-2.0%
Technology Avg-4.6%
-0.2%
End of Lock-Up
14KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2018, 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
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.
26.1%
81.8%
Life Sciences Technology
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
15KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 Rows shaded in orange represent International Technology IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Technology Offerings
H1 20181, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Huami Corporation NYSE:HMI $11.00 2/8/18 10,000,000 $11.00 $110,000,000
Cardlytics, Inc. NasdaqGM:CDLX $14.00 2/9/18 5,400,000 $13.00 $70,200,000
Zscaler, Inc. NasdaqGS:ZS $11.00 3/16/18 12,000,000 $16.00 $192,000,000
Dropbox, Inc. NasdaqGS:DBX $17.00 3/23/18 36,000,000 $21.00 $756,000,000
Bilibili Inc. NasdaqGS:BILI $11.50 3/28/18 42,000,000 $11.50 $483,000,000
iQIYI, Inc. NasdaqGS:IQ $18.00 3/29/18 125,000,000 $18.00 $2,250,000,000
Spotify Technology NYSE:SPOT NA 4/3/18 NA NA NA
Zuora, Inc. NYSE:ZUO $10.00 4/12/18 11,000,000 $14.00 $154,000,000
Pivotal Software, Inc. NYSE:PVTL $15.00 4/20/18 37,000,000 $15.00 $555,000,000
nLIGHT, Inc NYSE:CDAY $14.00 4/26/18 6,000,000 $16.00 $96,000,000
Ceridian HCM Holding Inc. NYSE:CDAY $20.00 4/26/18 21,000,000 $22.00 $462,000,000
DocuSign, Inc. NasdaqGS:DOCU $25.00 4/27/18 21,700,000 $29.00 $629,300,000
Smartsheet Inc. NYSE:SMAR $11.00 4/27/18 11,633,920 $15.00 $174,508,800
Carbon Black, Inc. NasdaqGS:CBLK $16.00 5/4/18 8,000,000 $19.00 $152,000,000
HUYA Inc. NYSE:HUYA $11.00 5/11/18 15,000,000 $12.00 $180,000,000
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Pluralsight, Inc. NasdaqGS:PS $11.00 5/17/18 20,700,000 $15.00 $310,500,000
EVO Payments, Inc. NasdaqGM:EVOP $15.00 5/23/18 14,000,000 $16.00 $224,000,000
GreenSky, Inc. NasdaqGS:GSKY $22.00 5/24/18 38,000,000 $23.00 $874,000,000
Avalara, Inc. NYSE:AVLR $20.00 6/15/18 7,500,000 $24.00 $180,000,000
i3 Verticals, Inc. NasdaqGS:IIIV $12.00 6/21/18 6,650,000 $13.00 $86,450,000
Uxin Ltd NasdaqGS:UXIN $11.50 6/27/18 25,000,000 $9.00 $225,000,000
EverQuote, Inc. NasdaqGM:EVER $16.00 6/28/18 4,687,500 $18.00 $84,375,000
Domo, Inc. NasdaqGM:DOMO $20.50 6/29/18 9,200,000 $21.00 $193,200,000
16KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 Rows shaded in orange represent International Technology 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 2018 FULL YEAR
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 Rows shaded in blue represent International Life Sciences 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
Menlo Therapeutics Inc. NasdaqGS:MNLO $15.00 1/25/18 7,000,000 $17.00 $119,000,000
ARMO BioSciences, Inc. NasdaqGS:ARMO $15.00 1/26/18 7,529,412 $17.00 $128,000,004
resTORbio, Inc. NasdaqGS:TORC $15.00 1/26/18 5,666,667 $15.00 $85,000,005
Solid Biosciences Inc. NasdaqGS:SLDB $17.00 1/26/18 7,812,500 $16.00 $125,000,000
Sol-Gel Technologies Ltd. NasdaqGM:SLGL $12.00 2/1/18 6,250,000 $12.00 $75,000,000
Evolus, Inc. NasdaqGM:EOLS $13.00 2/8/18 5,000,000 $12.00 $60,000,000
Arcus Biosciences, Inc. NYSE:RCUS $14.00 3/15/18 8,000,000 $15.00 $120,000,000
Homology Medicines, Inc. NasdaqGS:FIXX $15.00 3/28/18 9,000,000 $16.00 $144,000,000
Unum Therapeutics Inc. NasdaqGS:UMRX $13.00 3/29/18 5,770,000 $12.00 $69,240,000
MorphoSys AG NasdaqGS:MOR $24.12 4/19/18 8,300,000 $25.04 $207,832,000
Surface Oncology, Inc. NasdaqGM:SURF $14.00 4/19/18 7,200,000 $15.00 $108,000,000
Unity Biotechnology, Inc. NasdaqGS:UBX $17.00 5/3/18 5,000,000 $17.00 $85,000,000
Inspire Medical Systems, Inc. NYSE:INSP $15.00 5/3/18 6,750,000 $16.00 $108,000,000
ASLAN Pharmaceuticals Limited NasdaqGM:ASLN NA 5/4/18 6,000,000 $7.03 $42,180,000
Evelo Biosciences, Inc. NasdaqGS:EVLO $16.00 5/9/18 5,312,500 $16.00 $85,000,000
Scholar Rock Holding Corporation NasdaqGS:SRRK $14.00 5/24/18 5,360,000 $14.00 $75,040,000
H1 20181, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Kiniksa Pharmaceuticals, Ltd. NasdaqGS:KNSA $18.00 5/24/18 8,477,777 $18.00 $152,599,986
Iterum Therapeutics plc NasdaqGM:ITRM $15.00 5/25/18 6,150,000 $13.00 $79,950,000
MeiraGTx Holdings plc NasdaqGS:MGTX $15.00 6/8/18 5,000,000 $15.00 $75,000,000
Verrica Pharmaceuticals Inc. NasdaqGM:VRCA $15.00 6/15/18 5,000,000 $15.00 $75,000,000
Eidos Therapeutics, Inc. NasdaqGS:EIDX $16.00 6/20/18 6,250,000 $17.00 $106,250,000
AVROBIO, Inc. NASDAQ: AVRO $17.00 6/21/18 5,247,958 $19.00 $99,711,202
Xeris Pharmaceuticals, Inc. NasdaqGS:XERS $15.00 6/21/18 5,700,000 $15.00 $85,500,000
Aptinyx Inc. NasdaqGS:APTX $15.00 6/21/18 6,399,999 $16.00 $102,399,984
Magenta Therapeutics, Inc. NasdaqGM:MGTA $15.00 6/21/18 6,666,667 $15.00 $100,000,005
Kezar Life Sciences, Inc. NasdaqGS:KZR $15.00 6/21/18 5,000,000 $15.00 $75,000,000
Autolus Therapeutics plc NasdaqGS:AUTL $16.00 6/22/18 8,823,530 $17.00 $150,000,010
electroCore, Inc. NasdaqGS:ECOR $15.00 6/22/18 5,200,000 $15.00 $78,000,000
Neon Therapeutics, Inc. NasdaqGS:NTGN $16.00 6/27/18 6,250,000 $16.00 $100,000,000
Neuronetics, Inc. NasdaqGM:STIM $15.00 6/28/18 5,500,000 $17.00 $93,500,000
Forty Seven, Inc. NasdaqGS:FTSV $15.00 6/28/18 7,035,000 $16.00 $112,560,000
Tricida, Inc. NasdaqGS:TCDA $17.00 6/28/18 11,700,000 $19.00 $222,300,000
Translate Bio, Inc. NasdaqGS:TBIO $13.00 6/28/18 9,350,000 $13.00 $121,550,000
18KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2018 FULL YEAR
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 Rows shaded in blue represent International Life Sciences 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 2018 FULL YEAR
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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