technology and life sciences ipo survey - 2015, full year · 2020-04-16 · technology and life...

2015

Key Metrics for Recent Technology and Life SciencesInitial Public Offerings2015

Key Metrics for Recent Technology and Life SciencesInitial Public Offerings2015

Survey Introduction and Background

This report has been developed as a resource for our clients and friends interested in understanding

recent IPO activity of technology and life sciences companies. This information comprises a number of

graphs and charts reflecting selected statistics that we believe provide useful information about activity

in these markets. This is followed by the listing of technology and life sciences IPOs priced in 2015. We

hope that you find this useful. Please contact Daniel J. Winnike at [email protected] or Jeffrey R.

Vetter at [email protected] if you care to discuss this information or, as always, contact members of

your client service team for more information.

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

Confidential Submissions ....................................................................................................................................14

Price Changes Around the Expiration of the Lock-Up ..............................................................................................15

Insider Participation ............................................................................................................................................16

List of Technology Offerings .................................................................................................................................17

List of Life Sciences Offerings ..............................................................................................................................19

Methodology ...................................................................................................................................................... 23

mailto:dwinnike%40fenwick.com?subject=IPO%20Survey-2013

mailto:jvetter%40fenwick.com?subject=IPO%20Survey-2013

2key metrics for recent technology and life sciences initial public offerings 2015

Survey Results

Technology and life sciences IPO activity peaked in the second quarter of 2015, with the number of deals down

sequentially in each of the third and fourth quarters from the prior quarter, foreshadowing the continued

slowdown we are seeing in early 2016. A total of 94 technology and life sciences IPOs were completed in 2015,

compared with 140 in the recent banner year of 2014.

There were 26 life sciences IPOs completed in the second half of 2015, compared with 37 in the first half of the

year. Technology IPOs declined to a total of 13 in the second half of 2015 from 18 in the first half. The number of

domestic life sciences IPOs in the second half of 2015 was at the lowest level of any half-year period since the first

half of 2013, and the number of technology IPOs in the second half of 2015 was the lowest in any half-year period

since the beginning of 2012. This reduced level of activity preceded the dramatic turbulence in worldwide equity

markets in January 2016, a month in which no technology or life sciences IPOs were completed in the U.S.

While the number of life sciences IPOs declined in the second half of 2015, the size of the deals increased.

Approximately 50% of second-half life sciences deals raised over $100 million, compared with approximately 32%

of the first-half deals. Perhaps reflecting a stronger group of companies able to complete deals in the second half

of 2015, or reflecting that these companies had more modest valuation expectations, 85% of these life sciences

companies saw their stock trade up in the first day of trading. This compares with the approximately 68% of first-

half life sciences IPO companies whose stock traded up on the first day of trading. A smaller percentage, 62%, of

second-half life sciences offerings reflected insider participation than was the case for first-half life sciences IPOs,

which was 73%. However, a greater percentage of the second half life sciences deals saw the insiders subscribe for

50% or more of the offering than was the case in the first half (19% in the second half and 4% in the first), perhaps

reflecting a need for “anchor” investors to market these offerings.

The decline in the number of technology IPOs in the second half of 2015 was accompanied by a tougher pricing

environment. Approximately 38% of second-half IPOs priced below the bottom of their red herring ranges,

compared with 17% pricing below the range in the first half. Further reflecting this less receptive environment,

approximately 38% of second-half technology IPOs traded down on the first day of trading, compared with

approximately 17% of first-half technology IPOs.

Another interesting development in 2015 was the increasing number of IPOs completed at a price lower than the

per share price of the issuer’s last financing round, with the number of these “down-round IPOs” increasing in

the second half. In many of these instances, the late round investors either had an adjustment to the conversion

ratio of their preferred stock or had additional shares issued to them to compensate them for the lower priced

offering. With the recent declines in valuations of publicly-traded companies, we might expect to see further use

of “make-whole” provisions for IPOs. For a deeper look at the effect that the terms of late stage financings had on

41 technology IPOs in the past two years, see the Fenwick & West publication The Effect of Companies’ Late Stage

Venture Financings on Their IPOs 2014 - 2015.

https://www.fenwick.com/publications/Pages/The-Effect-of-Companies-Late-Stage-Venture-Financings-on-their-IPOs--2014-2015.aspx

https://www.fenwick.com/publications/Pages/The-Effect-of-Companies-Late-Stage-Venture-Financings-on-their-IPOs--2014-2015.aspx


Offerings Completed

The graph below shows the number of technology and life sciences IPOs completed during each quarter of 2012,

2013, 2014 and 2015.

0

3

6

9

12

15

18

21

24

27

2013

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012 2014

Q3 Q4 Q1 Q2

2015

Q3 Q4

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

6

87

9 98

32

5 54

3 3

5

31

3

13 13

11 1110 10 10

1212 121

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

7

7

ipos per quarter 2012–2015


red herring deal comparison (midpoint price): 2015, second half

Size of Offerings, Red Herring Midpoint

The following scatter graphs plot technology and life sciences IPOs completed during the first half and second half of

2015 in terms of the initial offering price per share and number of shares offered based on the red herring stage of the

offering. The second half 2015 graph excludes First Data Corporation with a deal size of $3.0 billion as a significant

outlier.

red herring deal comparison (midpoint price): 2015, first half

$500M

$40M

$160M

Bubble Size = Deal Size

Life Sciences International (11 deals)

Technology International (5 deals)

Life Sciences U.S. (26 deals)

Technology U.S. (13 deals)

$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60

Fitbit

GoDaddy

BlackKnightPressGaney

Cellectis

Celyad

Galapagos

Inovalon Holdings

AxovantSciences

Number of Shares in Millions

SharePrice

NantKwest

Sunrun

CPI CardGroup

Square

NovoCure

Pure Storage

Match Group

Atlassian

Red Herring Deal Comparison (Midpoint Price) 2015, 2nd Half

Bubble Size = deal size

$433M

$42M

$150M

10 5 0 15 25 35 20 30


$0

$10

$20

$30

$35

$25

$15

$5

SharePrice





This graph excludes the outlier First Data Corporation with a deal size of $3.0 billion and a red herring midpoint share price of $19.00 and 160 million shares.


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

Number of Shares in Millions (logarithmic scale)

Number of Shares in Millions (logarithmic scale)

SharePrice

SharePrice

$10.6B

$1B

$12M

$16B

$1B



Life Sciences (27 deals)

Technology (63 deals)



Red Herring Deal Comparison (Midpoint Price): 2011-2012

IPO Deal Comparison: 2011-2012

Groupon

GrouponVantiv

Vantiv

Workday

Workday

Facebook

FreescaleSemiconductor

Zynga

Freescale Semiconductor

Zynga

Facebook

Size of Offerings, Final IPO Price

The following scatter graphs plot technology and life sciences IPOs completed during the first half and second half

of 2015 in terms of the initial offering price per share and number of shares offered based on actual pricing of the

offering. The second half 2015 graph excludes First Data Corporation with a deal size of $2.6 billion as a significant

outlier.

ipo deal comparison: 2015, first half

ipo deal comparison: 2015, second half

NantKwest

NovoCure

Sunrun

Square

Atlassian

Pure Storage

Match Group

CPI CardGroup

IPO Deal Comparison: 2015, 2nd Half


$462M

$207M

$25M

10 5 0 15 25 35 20 30


$0

$10

$20

$30

$35

$25

$15

$5

SharePrice









$600M

$34M

$210M

Bubble Size = Deal Size$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60

GoDaddy

BlackKnightPressGaney

Celyad

Cellectis

Galapagos

Inovalon Holdings

AxovantSciences

Fitbit


SharePrice

This graph excludes the outlier First Data Corporation with a deal size of $2.6 billion, share price of $16.00 and 160 million shares.


Aggregate Amount Raised, Red Herring Midpoint

The following graphs provide information about aggregate deal size at the red herring stage in the first half and

second half of 2015.

distribution of deal size (red herring midpoint): 2015, second half

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M $425M $450M $475M $500M$225M $400M$375M

27.8%

5.6%5.6% 5.6% 5.6%

16.7%

11.1%11.1%11.1%

Life Sciences Deal Size Distribution

deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $250M $275M$225M

24.3%

37.8%

10.8%

2.7%

13.5%

2.7%2.7%5.4%

deal size

% of deals


$50M $75M $100M $125M $150M $275M $300M$25M $350M $425M $450M$325M $300M$375M

30.8%

15.4%

7.7%

15.4% 15.4%

7.7% 7.7%

$3B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $325M $350M$225M

31.0%

42.3%

3.8% 3.8% 3.8%

11.5%

7.7%

26.9%

distribution of deal size (red herring midpoint): 2015, first half


Aggregate Amount Raised, Final IPO Price

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the

first half and second half of 2015.

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M $450M $475M $575M $600M$425M$275M

5.6% 5.6%5.6%5.6% 5.6%

11.1%11.1% 11.1% 11.1%

22.2%

$725M $750M

5.6%


$50M $75M $100M $125M $150M $175M $200M$25M $250M $275M$225M deal size

% of deals

$300M $325M

18.9%

29.7%

10.8%

2.7% 2.7%2.7%2.7%5.4%

18.9%

5.4%

distribution of deal size (final ipo price): 2015, first half

distribution of deal size (final ipo price): 2015, second half

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M $400M $425M $450M $475M$225M $375M$275M

7.7%7.7% 7.7% 7.7% 7.7% 7.7% 7.7%7.7%7.7%

$2.6B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $225M

15.4% 15.4%

3.8%3.8%

11.5% 11.5%

15.4%

11.5%

19.2%23.1%


Price Changes Between the Red Herring and Initial Offering Price

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 part science and art. The graphs below 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 close price

on the first day of trading, for the first half and second half of 2015.

Technology

Life Sciences

$10

$12

$16

$18

$20

$15.00

$15.00

$18.02

$14.95

$17.87

$14.00$14.00

$14.00$14.00

$16.00

$13.00$13.07

2015 H22015 H1

Red Herring Final Price 1st Day Close

median prices for technology & life sciences ipo deals

average prices for technology & life sciences ipo deals

Red Herring Final Price 1st Day Close

Technology

$10

$12

$14

$16

$18

$20

$22

$16.69

$15.47

$20.00$19.80

$14.52

$17.41$16.56

$14.92$14.50

$15.56

$13.00

$18.93

2015 H22015 H1

Life Sciences


relation of final ipo price to original red herring range (% of deals) 2015, second half

relation of final ipo price to original red herring range (% of deals) 2015, first half

relation of price at 1st day close to final ipo price (% of deals) 2015, second half

relation of price at 1st day close to final ipo price (% of deals) 2015, first half

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

30.8%

26.9%

42.3%

15.4%

46.2%

38.5%

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

27.0%

32.4%

40.5%

33.3%

50.0%

16.7%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

84.6%

3.9%11.5%

53.9%

38.5%

7.7%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

67.6%

5.4%

27.0%

77.8%

16.7%

5.6%

Price Changes (continued)

The first two graphs show the percentage of technology and life sciences IPOs with a final price that falls above,

within and below the red herring range in the first half of 2015 compared with the second half of 2015. The lower

graphs show the percentage of technology and life sciences deals that closed up, down or flat on their first day of

trading in the first half of 2015 compared with the second half of 2015.



The graphs below show the five technology company IPOs with the largest percentage gain, and those with a loss, on

the first day of trading for IPOs completed in the first half and second half of 2015.

50.0%

81.2%

115.6%

-5.8%-1.6%

-23.1%

21.7%22.8%

32.3%

45.2%

58.0%

CPI C

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S.A

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biggest movers – ipo price to price at

1st day close 2015, first half


1st day close 2015, second half

73.4%

147.1%

185.6%

-1.8%

-17.4%

40.0%

48.4%51.1%

65.9%

87.5%

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Spa

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Tech

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U.S

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The graphs below show the five life sciences company IPOs with the largest percentage gain and loss on the first day

of trading for IPOs completed in the first half and second half of 2015.

50.0%

81.2%

115.6%

-5.8%-1.6%

-23.1%

21.7%22.8%

32.3%

45.2%

58.0%

CPI C

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0.0%

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50.6%

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1st day close 2015, first half


1st day close 2015, second half

73.4%

147.1%

185.6%

-1.8%

-17.4%

40.0%

48.4%51.1%

65.9%

87.5%

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The graphs below show the five technology company IPOs with the largest percentage increase, and the four that

experienced a decrease, from the red herring midpoint to the actual initial public offering price for IPOs completed in

the first half and second half of 2015.

16.3%

22.2%17.7%18.8%

0.0%

14.3%20.0%

0.0%0.0%

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-37.5% -35.9% -33.9%

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biggest movers – red herring price to

final ipo price 2015, first half


final ipo price 2015, second half

13.3%

23.1%28.6%

43.8%

-23.1%

-7.7%

-57.1%-61.5%

-27.3%-28.6%

13.3%16.7%

30.8%33.3%

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The graphs below show the five life sciences company IPOs with the largest percentage increase, and largest

percentage decrease, from the red herring midpoint to the actual initial public offering price for IPOs completed in the

first half and second half of 2015.

16.3%

22.2%17.7%18.8%

0.0%

14.3%20.0%

0.0%0.0%

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final ipo price 2015, first half


final ipo price 2015, second half

13.3%

23.1%28.6%

43.8%

-23.1%

-7.7%

-57.1%-61.5%

-27.3%-28.6%

13.3%16.7%

30.8%33.3%

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Sci

ence

s—In

tern

atio

nal

Life

Sci

ence

s—U

.S.


number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 375 390 405 420

5.6%8.3%

22.2%

13.9%11.1%

5.6% 5.6% 5.6%5.6%

6.3% 6.3%6.3%

2.8%2.8%

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 330 345 435 450

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 300

16.7%

23.1%

26.9%

11.5%

7.7%7.7%3.8%3.8%3.8%3.8%

8.3% 8.3%

16.7%

8.3%

33.3%

8.3%

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 360 375 390 405 420

7.7%

555 570





2.8%2.8%2.8% 2.8%

465

6.3%

18.8%

12.5%

18.8%

12.5%

6.3% 6.3%

Confidential Submissions

For deals that began with a confidential filing, the graphs below show the number of days between the initial

confidential submission and pricing. The graphs display the percentage of deals that priced within each 15-day period

from the initial confidential submission date.

distribution of days between initial confidential submission and final pricing

2015, second half

distribution of days between initial confidential submission and final pricing

2015, first half


Price Changes Around the Expiration of the 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

below 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 half and second half of 2015. Those companies completing IPOs in the second half of

2014 and a follow-on offering within 180 days are excluded from the first graph below. Those companies completing

IPOs in the first half of 2015 and a follow-on offering within 180 days are excluded from the second graph below.

percent change of share prices surrounding end of lock-up period 2015, second half

Life Sciences MedianLife Sciences Avg

-10%

-5%

0%

10%

5%

2 wks prior Lock-up 2 wks post

Technology Median-9.9%

-3.6%

Technology Avg-8.6%

-3.7%

End of Lock-Up

percent change of share prices surrounding end of lock-up period 2015, first half

Life Sciences MedianLife Sciences Avg

-10%

-5%

0%

10%

5%

2 wks prior Lock-up 2 wks post

Technology Median-4.9%

0.2%

Technology Avg-4.1%

-1.1%

End of Lock-Up


Insider Participation

The charts below show the percentage of life sciences and technology IPOs where the final prospectus indicated that

specified “insiders” had expressed an interest in purchasing shares in the offering. 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. Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside

for insiders.

percentage of deals with insider participation and percentage of offering made available to insiders 2015, first half

percentage of deals with insider participation and percentage of offering made available to insiders 2015, second half

27.8%

73.0%

percent of deals with insider participation

Life Sciences Technology

percent of offering

1-25% of offering

25-50% of offering

50%+ ofoffering

30.8%

61.5%

percent of deals with insider participation

Life Sciences Technology

percent of offering

1-25% of offering

25-50% of offering

50%+ ofoffering


Technology Offerings: H1 20151, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.

company name / ticker symbol red herring midpoint priced final shares3 final pricing final deal size

Box, Inc. NYSE: BOX

$12.00 1/2015 12,500,000 $14.00 $175,000,000

Inovalon Holdings, Inc. NasdaqGS: INOV

$22.50 2/2015 22,222,222 $27.00 $599,999,994

MaxPoint Interactive, Inc. NYSE: MXPT

$11.50 3/2015 6,500,000 $11.50 $74,750,000

SolarEdge Technologies, Inc. NasdaqGS: SEDG

$17.00 3/2015 7,000,000 $18.00 $126,000,000

GoDaddy Inc. NYSE: GDDY

$18.00 4/2015 23,000,000 $20.00 $460,000,000.00

Kornit Digital Ltd. NasdaqGM: KRNT

$14.00 4/2015 7,100,000 $10.00 $71,000,000

Wowo Ltd. NasdaqGM: WOWO

$10.00 4/2015 4,000,000 $10.00 $40,000,000

Etsy, Inc. NasdaqGM: ETSY

$15.00 4/2015 16,666,666 $16.00 $266,666,656

Apigee Corporation NasdaqGS: APIC

$17.00 4/2015 5,115,000 $17.00 $86,955,000

Black Knight Financial Services, Inc. NYSE: BKFS

$23.50 5/2015 18,000,000 $24.50 $441,000,000

Baozun Inc. NasdaqGS: BZUN

$13.00 5/2015 11,000,000 $10.00 $110,000,000

Shopify Inc. NYSE: SHOP

$13.00 5/2015 7,700,000 $17.00 $130,900,000

Evolent Health, Inc. NYSE: EVH

$15.00 6/2015 11,500,000 $17.00 $195,500,000

Fitbit, Inc. NYSE: FIT

$15.00 6/2015 36,575,000 $20.00 $731,500,000

MINDBODY, Inc. NasdaqGM: MB

$14.00 6/2015 7,150,000 $14.00 $100,100,000

Xactly Corporation NYSE: XTLY

$11.00 6/2015 7,037,500 $8.00 $56,300,000

AppFolio, Inc. NasdaqGM: APPF

$13.00 6/2015 6,200,000 $12.00 $74,400,000

Alarm.com Holdings, Inc. NasdaqGM: ALRM

$14.00 6/2015 7,000,000 $14.00 $98,000,000


Technology Offerings: H2 20151, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.


Ooma, Inc. NYSE: OOMA

$17.00 7/2015 5,000,000 $13.00 $65,000,000

Rapid7, Inc. NasdaqGM: RPD

$14.00 7/2015 6,450,000 $16.00 $103,200,000

Sunrun Inc. NasdaqGS: RUN

$14.00 8/2015 17,900,000 $14.00 $250,600,000

Pure Storage, Inc. NYSE: PSTG

$17.00 10/2015 25,000,000 $17.00 $425,000,000

CPI Card Group Inc. NasdaqGS: PMTS

$17.00 10/2015 15,000,000 $10.00 $150,000,000

First Data Corporation NYSE: FDC

$19.00 10/2015 160,000,000 $16.00 $2,560,000,000

Xtera Communications NasdaqGM: XCOM

$10.00 11/2015 5,000,000 $5.00 $25,000,000

Instructure, Inc. NYSE: INST

$17.00 11/2015 4,400,000 $16.00 $70,400,000

Match Group, Inc. NasdaqGS: MTCH

$13.00 11/2015 33,333,333 $12.00 $399,999,996

Mimecast Limited NasdaqGS: MIME

$11.00 11/2015 7,750,000 $10.00 $77,500,000

Square, Inc. NYSE: SQ

$12.00 11/2015 27,000,000 $9.00 $243,000,000

Atlassian Corporation PLC NasdaqGS: TEAM

$17.50 12/2015 22,000,000 $21.00 $462,000,000

Yirendai Ltd. NYSE: YRD

$10.00 12/2015 7,500,000 $10.00 $75,000,000


Life Sciences Offerings: H1 20151, 2


Ascendis Pharma A/SNasdaqGS: ASND

$17.00 1/2015 6,000,000 $18.00 $108,000,000

Presbia PLCNasdaqGM: LENS

$12.00 1/2015 4,166,667 $10.00 $41,666,670

Entellus Medical, Inc.NasdaqGM: ENTL

$16.00 1/2015 4,603,580 $17.00 $78,260,860

Flex Pharma, Inc.NasdaqGM: FLKS

$13.00 1/2015 5,400,000 $16.00 $86,400,000

TRACON Pharmaceuticals, Inc.NasdaqGM: TCON

$13.00 1/2015 3,600,000 $10.00 $36,000,000

Avinger, Inc.NasdaqGM: AVGR

$13.00 1/2015 5,000,000 $13.00 $65,000,000

Spark Therapeutics, Inc.NasdaqGS: ONCE

$16.00 1/2015 7,000,000 $23.00 $161,000,000

Invitae CorporationNYSE: NVTA

$14.00 2/12/15 6,350,000 $16.00 $101,600,000

Bellerophon Therapeutics LLCNasdaqGM: BLPH

$15.00 2/13/15 5,000,000 $12.00 $60,000,000

Inotek Pharmaceuticals CorporationNasdaqGM: ITEK

$14.00 2/18/15 6,667,000 $6.00 $40,002,000

Summit Therapeutics PLCNasdaqGM: SMMT

$11.54 3/5/15 3,450,000 $9.90 $34,155,000

SteadyMed Ltd.NasdaqGM: STDY

$13.00 3/20/15 4,700,000 $8.50 $39,950,000

Cellectis SANasdaqGM: CLLS

$36.83 3/25/15 5,500,000 $41.50 $228,250,000

Carbylan Therapeutics, Inc.NasdaqGM: CBYL

$13.00 4/9/15 13,000,000 $5.00 $65,000,000

Cidara Therapeutics, Inc.NasdaqGM: CDTX

$15.00 4/15/15 4,800,000 $16.00 $76,800,000

Aduro Biotech, Inc.NasdaqGM: ADRO

$15.00 4/15/15 7,000,000 $17.00 $119,000,000

KemPharm, Inc.NasdaqGM: KMPH

$13.00 4/16/15 5,090,909 $11.00 $55,999,999

Blueprint Medicines CorporationNasdaqGM: BPMC

$16.00 4/30/15 8,145,834 $18.00 $146,625,012

HTG Molecular Diagnostics, Inc.NasdaqGM: HTGM

$14.00 5/6/15 3,570,000 $14.00 $49,980,000

CoLucid Pharmaceuticals, Inc.NasdaqGM: CLCD

$14.00 5/6/15 5,500,000 $10.00 $55,000,000

Adaptimmune Therapeutics PLCNasdaqGM: ADAP

$16.00 5/6/15 11,250,000 $17.00 $191,250,000

Collegium Pharmaceutical, Inc.NasdaqGM: COLL

$13.00 5/7/15 5,800,000 $12.00 $69,600,000

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in blue represent International Life Sciences IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.



aTyr Pharma, Inc.NasdaqGM: LIFE

$14.00 5/7/15 5,360,000 $14.00 $75,040,000

Galapagos NVNasdaqGM: GLPG

$42.43 5/14/15 4,996,522 $42.05 $210,103,750

Arcadia Biosciences, Inc.NasdaqGM: RKDA

$14.00 5/15/15 8,200,000 $8.00 $65,600,000

Press Ganey Holdings, Inc.NYSE: PGND

$23.00 5/21/15 8,900,000 $25.00 $222,500,000

EndoChoice Holdings, Inc.NYSE: GI

$16.00 6/5/15 6,350,000 $15.00 $95,250,000

Biotie Therapies Corp.NasdaqGS: BITI

$14.82 6/11/15 3,761,418 $14.89 $56,007,514

Axovant Sciences Ltd.NYSE: AXON

$14.00 6/11/15 21,000,000 $15.00 $315,000,000

Invuity, Inc.NasdaqGM: IVTY

$16.00 6/15/15 4,000,000 $12.00 $48,000,000

Nivalis Therapeutics, Inc.NasdaqGM: NVLS

$14.00 6/17/15 5,500,000 $14.00 $77,000,000

Cynapsus Therapeutics Inc.NasdaqGM: CYNA

$14.00 6/18/15 4,500,000 $14.00 $63,000,000

Celyad SANasdaqGM: CYAD

$70.98 6/19/15 1,168,000 $68.56 $80,078,080

Catabasis Pharmaceuticals, Inc.NasdaqGM: CATB

$14.00 6/25/15 5,000,000 $12.00 $60,000,000

Lantheus Holdings, Inc.NasdaqGM: LNTH

$13.50 6/25/15 10,833,334 $6.00 $65,000,004

Glaukos CorporationNYSE: GKOS

$14.00 6/25/15 6,000,000 $18.00 $108,000,000

Seres Therapeutics, Inc.NasdaqGM: MCRB

$16.00 6/26/15 7,430,555 $18.00 $133,749,990

Life Sciences Offerings: H1 20151, 2 (continued)



Life Sciences Offerings: H2 20151, 2


ConforMIS, Inc. NasdaqGS: CFMS

$15.00 7/2015 9,000,000 $15.00 $135,000,000

Teladoc, Inc. NYSE: TDOC

$16.00 7/2015 8,250,000 $19.00 $156,750,000

Natera, Inc. NasdaqGS: NTRA

$16.00 7/2015 10,000,000 $18.00 $180,000,000

Chiasma, Inc. NasdaqGS: CHMA

$14.00 7/2015 6,365,000 $16.00 $101,840,000

ProNAi Therapeutics, Inc. NasdaqGM: DNAI

$15.00 7/2015 8,100,000 $17.00 $137,700,000

Neos Therapeutics, Inc. NasdaqGM: NEOS

$15.00 7/2015 4,800,000 $15.00 $72,000,000

NantKwest, Inc. NasdaqGS: NK

$21.50 7/2015 8,288,000 $25.00 $207,200,000

vTv Therapeutics Inc. NasdaqGM: VTVT

$16.00 7/2015 7,812,500 $15.00 $117,187,500

Zynerba Pharmaceuticals NasdaqGM: ZYNE

$14.00 8/2015 3,000,000 $14.00 $42,000,000

Aimmune Therapeutics, Inc. NasdaqGS: AIMT

$15.00 8/2015 10,000,000 $16.00 $160,000,000

Global Blood Therapeutics, Inc. NasdaqGS: GBT

$17.00 8/2015 6,000,000 $20.00 $120,000,000

REGENXBIO Inc. NasdaqGS: RGNX

$18.00 9/2015 6,300,000 $22.00 $138,600,000

Nabriva Therapeutics AG NasdaqGM: NBRV

$16.00 9/2015 9,000,000 $10.25 $92,250,000

Penumbra Inc. NYSE: PEN

$26.50 9/2015 4,000,000 $30.00 $120,000,000

Mirna Therapeutics Inc. NasdaqGM:MIRN

$14.00 10/2015 6,250,000 $7.00 $43,750,000

Edge Therapeutics Inc. NasdaqGS:EDGE

$15.00 10/2015 7,315,151 $11.00 $80,466,661

NovoCure Limited NasdaqGS: NVCR

$27.50 10/2015 7,500,000 $22.00 $165,000,000

Aclaris Therapeutics, Inc. NasdaqGS: ACRS

$15.00 10/2015 5,000,000 $11.00 $55,000,000

CytomX Therapeutics, Inc. NasdaqGS: CTMX

$15.00 10/2015 6,666,667 $12.00 $80,000,004

Strongbridge Biopharma NasdaqGS: SBBP

$17.93 10/2015 2,500,000 $10.00 $25,000,000

Dimension Therapeutics, Inc. NasdaqGS: DMTX

$15.00 10/2015 5,500,000 $13.00 $71,500,000

Myokardia NasdaqGS: MYOK

$16.00 10/2015 5,437,500 $10.00 $54,375,000




Advanced Accelerator Applications SA NasdaqGS: AAAP

$16.00 11/2015 4,688,000 $16.00 $75,008,000

Voyager Therapeutics, Inc. NasdaqGS: VYGR

$16.00 11/2015 5,000,000 $14.00 $70,000,000

WAVE Life Sciences Pte. Ltd. NasdaqGM: WVE

$16.00 11/2015 6,375,000 $16.00 $102,000,000

Mesoblast Limited NasdaqGS: MESO

$12.10 11/2015 7,479,617 $8.00 $59,836,936


Life Sciences Offerings: H2 20151, 2 (continued)


1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Final share numbers do not reflect any exercise of the over-allotment option.

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.

Sign-Up InformationTo be placed on an email list for future editions of this survey, please visit fenwick.com/iposurvey and go to the sign-up link at the bottom of the page.

© 2016 Fenwick & West LLP

http://www.fenwick.com/iposurvey

technology and life sciences ipo survey - 2015, full year · 2020-04-16 · technology and life...

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