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Key Metrics for Technology and Life Sciences Initial Public Offerings2019 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. EvansCo-Chair, Capital Markets &
Public Companies
[email protected] Full Bio
Robert A. FreedmanCo-Chair, Capital Markets
& Public Companies
2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
U.S. initial public offerings notched another robust year in 2019 despite bouts of volatility, a number
of high-profile technology IPOs that struggled, and a slight drop in deal volume. A total of 108
companies went public in 2019, down from 112 in 2018—which was a particularly strong year for
public markets. In particular, the second half of 2019 saw 49 life sciences and technology IPOs,
down from the 59 in the first half of 2019.
By the Numbers
In the second half of 2019, 49 life sciences and technology companies made their debut on the
public markets, down from 59 in the first half of the year, continuing a trend of relative stability.
Technology and life sciences offerings represented a bright spot in the market; 23 technology
companies went public (down from 25 in the first half) and 26 life sciences companies completed
offerings (down from 34 in the first half).
Though we do not include SPAC data in this survey, it is worth noting that their numbers continued
to increase, rising from 4% in 2013 to 30% of the total share of annual IPOs in 2019, PwC reported.
We believe the increase in popularity was driven, at least in part, by sophisticated well-known
individuals and entities setting up new SPACs.
The number of companies incorporated offshore listing in the U.S. remained stable, with 14
offerings in the second half compared to 15 in the first half. Those numbers are slightly down from
19 in the second half of 2018.
In the San Francisco Bay Area, 13 companies went public in the second half—seven of them
technology and six life sciences.
Valuations
Technology deal valuations consisted of about 35% of technology deals raising between $20
million and $100 million, about 22% raising between $150 million and $225 million, and another
17% raising between $275 million and $400 million.
In the life sciences space, valuations consisted of the majority of IPOs in the second half of the
year (65.4%) raising between $25 million and $100 million and another 27% coming in between
$125 million and $200 million.
Survey Results Life Sciences and Technology IPOs Stay Strong in Second Half Despite Bumps
Only two technology and life sciences offerings in the second half of 2019 had proceeds of more
than $1 billion, down from five in the first half. SmileDirectClub was the largest life sciences offering
raising $1.3 billion. The other offering, technology-company Peloton Interactive, raised $1.16 billion.
Dual-Class Share Structure
The dual-class capital structure continued to be widely utilized by technology companies, as 11
technology IPOs featured this structure, down from 13 in the first half. Only three life sciences
companies had a dual-class structure, compared to two in the first half.
Pricing
The clear majority of offerings in the first half of 2019 priced within or above-range—91% of
technology offerings and 73% of life sciences offerings—underscoring a relatively strong and
stable market environment.
The results indicate that 2019 IPOs were well priced with healthy but generally had modest first-day
gains. Consistent with prior half-year periods, technology offerings enjoyed solid first-day trading
as 60.9% traded up at first day close compared to 61.5% of life sciences offerings.
Outlook
We remain cautiously optimistic about public market activity despite uncertainties arising from the
global outbreak of the corona virus, international trade tensions and the upcoming U.S. election.
In the life sciences space, rhetoric related to healthcare programs and policies may affect IPO
planning and timing. On the technology side, our data from the second half of 2019 suggests
the head winds from 2019—including U.S.-China trade tensions and concerns about economic
growth—may affect technology deal volume and value. After a spotty 2019, when certain
high-profile technology offerings underperformed, investors are focusing more on the path to
profitability, environmental and social awareness and robust governance as a mark of readiness.
Direct listings continue to generate a tremendous amount of interest and more companies, as
well as board members and investors, are considering the process as an alternative to a public
offering following the debuts of Slack and Spotify in the last two years. If market conditions are
stable, we expect to see at least two and perhaps more direct listings in 2020.
NUMBER OF IPO DEALS IN H2 2019
23TECH
26LIFE
SCIENCES
23TECH
26LIFE
SCIENCES
9 INTERNATIONAL
14 UNITED STATES
5 INTERNATIONAL
21 UNITED STATES
3KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 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
Q1
2019
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
1
10
21
14
3
2 1
8
4
79
2
12 12
2
IPOS PER QUARTER 2012 – 2019
Offerings CompletedThis graph shows the number of technology
and life sciences IPOs completed during each
quarter of 2012 through 2019.
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 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
Q1
2019
8
3
5
14
1
12
8
5
1
3
4
5
7
7
3
3
19
5
1015
4
4
14
32
1
10
21
14
3
2 1
8
4
79
2
12 12
2
34 2019 H125
26
232019
4KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2019, SECOND HALF
Size of Offerings, Red Herring Midpoint
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
The following scatter graphs plot technology and life sciences IPOs
completed during the first and second half of 2019 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): 2019, FIRST HALF
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
5KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
IPO DEAL COMPARISON 2019, 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 2019 in terms of the
initial offering price per share and number of shares offered based
on actual pricing of the offering.
IPO DEAL COMPARISON 2019, FIRST HALF
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
SharePrice
Number of Shares in Millions
SharePrice
Number of Shares in Millions
Bubble Size = deal size
$468M
$1.2B
$43M
Bubble Size = deal size
$589M
$1.35B
$20M
IPO Deal Comparison (Midpoint Price) 2019, 2nd Half
DouYu
DouYu
Dynatrace
10x Genomics
10x Genomics
SmileDirectClub
SmileDirectClub
Cloudflare
Cloudflare
Envista
Envista
Datadog
Datadog
Peloton
Peloton
OneConnect
OneConnect
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
$0
$10
$20
$30
$40
$5
$15
$25
$35
0 20 40 60 8010 30 50 70
Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half
Dynatrace
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Life Sciences International (5 deals)
Technology International (9 deals)
Life Sciences U.S. (21 deals)
Technology U.S. (14 deals)
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
Chewy
CrowdStrike
Parsons
Zoom
IPO Deal Comparison (Midpoint Price) 2019, 1st Half
Avantor
Parsons
Lyft
$0
$20
$40
$60
$0
$20
$40
$60
Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half
Uber
Avantor
Uber
Lyft
CrowdStrike
Chewy
ChangeHealthcare
ChangeHealthcare
ZoomSharePrice
SharePrice
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
0 50 100 150 200 22517525 75 125
Number of Shares in Millions
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Life Sciences International (5 deals)
Technology International (10 deals)
Life Sciences U.S. (29 deals)
Technology U.S. (15 deals)
Bubble Size = deal size
$3B
$8.46B
$30M
Bubble Size = deal size
$8.1B
$2.9B
$27.5M
6KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
Aggregate Amount Raised, Red Herring Midpoint
DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, SECOND HALF
17.6%
35.3%
23.5%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M
4.0% 4.0% 4.0%
8.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$225M $250M $3B
$750M$725M $8.46B$2.0B$1.2B
4.0% 4.0% 4.0%
$250M $275M $325M $350M
4.0% 4.0%
2.9%5.9%5.9%
2.9%
4.0% 4.0%8.0% 8.0% 8.0%
4.0%
12.0% 12.0%
17.6%
35.3%
23.5%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M
4.0% 4.0% 4.0%
8.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$225M $250M $3B
$750M$725M $8.46B$2.0B$1.2B
4.0% 4.0% 4.0%
$250M $275M $325M $350M
4.0% 4.0%
2.9%5.9%5.9%
2.9%
4.0% 4.0%8.0% 8.0% 8.0%
4.0%
12.0% 12.0%
deal size
% of deals
Technology Deal Size Distribution
$50M $75M $100M $125M $150M $175M $200M$25M $225M $275M $325M
Life Sciences Deal Size Distribution
$50M $75M $100M $125M $150M$25M $250M $275M$175M deal size
% of deals
38.5%
3.8% 3.8% 3.8% 3.8% 3.8%
19.2%
15.4%
7.7%
4.3%
13.0%
4.3%
13.0% 13.0%
$600M $625M
4.3%
$250M
4.3%
$300M $400M$375M
4.3%
$450M $500M
4.3%
$425M
4.3%
$475M
4.3%4.3%4.3%
8.7%
4.3%4.3%
$1.2B$850M $875M
$1.2B
DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, FIRST HALF
The following graphs provide information about aggregate deal size at the red herring stage in the first and second half of 2019.
deal size
% of deals
Technology Deal Size Distribution
$50M $75M $100M $125M $150M $175M $200M$25M $225M $275M $325M
Life Sciences Deal Size Distribution
$50M $75M $100M $125M $150M$25M $250M $275M$175M deal size
% of deals
38.5%
3.8% 3.8% 3.8% 3.8% 3.8%
19.2%
15.4%
7.7%
4.3%
13.0%
4.3%
13.0% 13.0%
$600M $625M
4.3%
$250M
4.3%
$300M $400M$375M
4.3%
$450M $500M
4.3%
$425M
4.3%
$475M
4.3%4.3%4.3%
8.7%
4.3%4.3%
$1.2B$850M $875M
$1.2B
7KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
Aggregate Amount Raised, Final IPO Price
DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, SECOND HALF
7.7% 7.7%
34.6%
23.1%
11.5%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $275M$225M $300M
17.4%
8.7%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M $575M $600M$25M
8.7%
$0M $25M
4.3% 4.3% 4.3% 4.3% 4.3%
$350M $375M
4.3%
$400M
4.3%
$750M $775M$625M $650M$575M$525M $550M
4.3% 4.3% 4.3% 4.3%
$1.2B
4.3%
8.7%
7.7%3.8% 3.8%
$1.3B
7.7% 7.7%
34.6%
23.1%
11.5%
deal size
% of deals
Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $275M$225M $300M
17.4%
8.7%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M $575M $600M$25M
8.7%
$0M $25M
4.3% 4.3% 4.3% 4.3% 4.3%
$350M $375M
4.3%
$400M
4.3%
$750M $775M$625M $650M$575M$525M $550M
4.3% 4.3% 4.3% 4.3%
$1.2B
4.3%
8.7%
7.7%3.8% 3.8%
$1.3B
14.7%
38.2%
8.9%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M
8.0%
4.0% 4.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$2.9B
$625M$600M $8.1B$2.3B$1.4B$1.0B
4.0%4.0% 4.0% 4.0%
$750M $775M
4.0% 4.0%
$300M $325M $350M $375M
4.0%
5.9%
14.7%
2.9% 2.9% 2.9%
$275M $300M $325M $350M
2.9%
4.0%
16.0%
8.0%4.0%
12.0% 12.0% 14.7%
38.2%
8.9%
2.9% 2.9%
deal size
% of deals
Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M
8.0%
4.0% 4.0%
Life Sciences Deal Size Distribution
deal size
% of deals
$50M $75M $100M $125M $150M $175M $200M$25M
$50M$25M
$2.9B
$625M$600M $8.1B$2.3B$1.4B$1.0B
4.0%4.0% 4.0% 4.0%
$750M $775M
4.0% 4.0%
$300M $325M $350M $375M
4.0%
5.9%
14.7%
2.9% 2.9% 2.9%
$275M $300M $325M $350M
2.9%
4.0%
16.0%
8.0%4.0%
12.0% 12.0%
DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, 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 2019.
8KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
Price Changes Between the Red Herring and Initial Offering Price
Technology
Life Sciences
$10
$12
$16
$18
$20
$22
$24
$15.00$15.00
$16.00$16.00
$23.99
$15.00$15.00
$15.09
$17.69
$16.00
$15.00
$18.65
Red Herring Final Price 1st Day Close
2019 H22019 H1
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
$24
$26
$15.13
$16.60
$19.03
$27.26
$20.63
$19.25
$15.63$15.96
$22.02
$16.10$16.23
$17.63
Life Sciences
2019 H22019 H1
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 2019.
9KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, FIRST HALF
RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, SECOND HALF
RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, FIRST HALF
RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, SECOND HALF
Life Sciences
Technology
DealsAboveRange
WithinRange
BelowRange
3.8%69.2%
26.9%
47.8%
8.7%
43.5%
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 2019. 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 2019.
Price Changes – Red Herring Range & First Day Trading
ClosedUp
ClosedFlat
ClosedDown
20.0%
Life Sciences
3.8%
61.5%
34.6%
60.9%
13.0%
26.1%
Technology
Life Sciences
Technology
DealsAboveRange
WithinRange
BelowRange
17.6%
17.6%
64.7%
36.0%
52.0%
12.0%
Life Sciences
Technology
ClosedUp
ClosedFlat
ClosedDown
72.0%
28.0%
64.7%
32.4%2.9%
10KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 2019.
30.0%
36.7%
51.9%
43.5%
49.1%50.7%
61.4%
76.4%
SiT
ime
Cor
pora
tion
Dyn
atra
ce
Hea
lth C
atal
yst
Bill
.com
Hol
ding
s
Med
allia
89bi
oApr
ea T
hera
peut
ics
IGM
Bio
scie
nces
-29.9%
Vir
Bio
tech
nolo
gy
Sm
ileD
irect
Clu
b
-27.5%
-15.6%
Ful
crum
The
rape
utic
s
Miru
m P
harm
aceu
tical
s
Cen
toge
ne B
.V.
-11.9% -10.8%
32.7%
Exa
gen
33.8%
Cas
tle B
iosc
ienc
es
-26.5%
You
dao
Pel
oton
Inte
ract
ive
-11.2% -9.9%
36K
r H
oldi
ngs
Sun
nova
Ene
rgy
Inte
rnat
iona
l
Can
aan-6.3%
-0.1%
Technology—International
Technology—U.S.
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, SECOND HALF
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019 SECOND HALF
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF
Price Changes – Biggest Tech Movers
12.2%
31.7% 30.2%
36.4% Dat
adog
Livo
ngo
Hea
lth
33.3%
Dyn
atra
ce
Clo
udfla
re
29.4%
Bill
.com
Hol
ding
s
Sm
ileD
irect
Clu
b
6.7%
Cas
tle B
iosc
ienc
es
5.9%
Spr
ingW
orks
The
rape
utic
s
-9.8%
Dou
Yu
Inte
rnat
iona
l Hol
ding
s
-10.0%
Can
aan
-23.1%
One
Con
nect
Fin
anci
al T
echn
olog
y
-10.3%
Mol
ecul
ar D
ata
-29.4%
Sun
nova
Ene
rgy
Inte
rnat
iona
l
-20.0% -20.0%
-13.3%
Bio
NTe
ch S
E
RA
PT
Ther
apeu
tics
Gal
era
Ther
apeu
tics
Pro
gyny-21.1%
Cab
alet
ta B
io
-26.7%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF
Geographical Distribution of Technology Company IPOs – H2 2019
7CALIFORNIA
1COLORADO
1UTAH
9CHINA
13.3%
25.0%
20.0% 20.0%
61.9%
25.0%20.0%
Zoom
Vid
eo C
omm
unic
atio
ns
Pag
eDut
y22.2%
Cro
wdS
trik
e H
oldi
ngs
Che
wy
18.8%
Pin
tere
st
Sho
ckW
ave
Med
ical
13.3%
Per
sona
lis
App
lied
Ther
apeu
tics
Trev
i The
rape
utic
s
Silk
Roa
d M
edic
al
Ada
ptiv
e B
iote
chno
logi
es
Sto
ke T
hera
peut
ics
-21.4%
Son
im T
echn
olog
ies
-14.3%
Cam
bium
Net
wor
ks
-25.7%
Cha
nge
Hea
lthca
re
-8.3%
Yun
ji
-8.7%
Jiay
in G
roup
-28.6% -28.6%
Kal
eido
Bio
scie
nces
IDE
AY
A B
iosc
ienc
es
-28.2%
Ava
ntor
-33.3% -33.3%
79.4%
101.5%
75.6%72.2%
90.0%93.5%
80.9%
Jum
ia T
echn
olog
ies
AG
88.9%
Five
rr In
tern
atio
nal
Rev
olve
Gro
up
70.6%
Cro
wdS
trik
e H
oldi
ngs
Zoom
Vid
eo C
omm
unic
atio
ns
Sho
ckW
ave
Med
ical
67.6%
Per
sona
lis
Ada
ptiv
e B
iote
chno
logi
es
Cor
texy
me
Silk
Roa
d M
edic
al
-3.3%
Linx
S.A
.
-37.2%
Ruh
nn H
oldi
ng L
imite
d
-19.2%
Cam
bium
Net
wor
ks
-7.6%
Ube
r Te
chno
logi
es
-4.7%
Sci
Pla
y C
orpo
ratio
n
Trev
i The
rape
utic
s
-21.1%
Pre
vail
Ther
apeu
tics
-20.0%
Bic
ycle
The
rape
utic
s
-14.3%
Ave
dro
-12.2%
Axc
ella
Hea
lth-31.0%
3NEW YORK
1MASSACHUSETTS
11KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 2019.
30.0%
36.7%
51.9%
43.5%
49.1%50.7%
61.4%
76.4%
SiT
ime
Cor
pora
tion
Dyn
atra
ce
Hea
lth C
atal
yst
Bill
.com
Hol
ding
s
Med
allia
89bi
oApr
ea T
hera
peut
ics
IGM
Bio
scie
nces
-29.9%
Vir
Bio
tech
nolo
gy
Sm
ileD
irect
Clu
b
-27.5%
-15.6%
Ful
crum
The
rape
utic
s
Miru
m P
harm
aceu
tical
s
Cen
toge
ne B
.V.
-11.9% -10.8%
32.7%
Exa
gen
33.8%
Cas
tle B
iosc
ienc
es
-26.5%
You
dao
Pel
oton
Inte
ract
ive
-11.2% -9.9%
36K
r H
oldi
ngs
Sun
nova
Ene
rgy
Inte
rnat
iona
l
Can
aan-6.3%
-0.1%
Life Sciences—International
Life Sciences—U.S.
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, SECOND HALF
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, SECOND HALF
BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF
Price Changes – Biggest Life Sciences Movers
12.2%
31.7% 30.2%
36.4% Dat
adog
Livo
ngo
Hea
lth
33.3%
Dyn
atra
ce
Clo
udfla
re
29.4%
Bill
.com
Hol
ding
s
Sm
ileD
irect
Clu
b
6.7%
Cas
tle B
iosc
ienc
es
5.9%
Spr
ingW
orks
The
rape
utic
s
-9.8%
Dou
Yu
Inte
rnat
iona
l Hol
ding
s
-10.0%
Can
aan
-23.1%
One
Con
nect
Fin
anci
al T
echn
olog
y
-10.3%
Mol
ecul
ar D
ata
-29.4%
Sun
nova
Ene
rgy
Inte
rnat
iona
l
-20.0% -20.0%
-13.3%
Bio
NTe
ch S
E
RA
PT
Ther
apeu
tics
Gal
era
Ther
apeu
tics
Pro
gyny-21.1%
Cab
alet
ta B
io
-26.7%
BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF
Geographical Distribution of Life Sciences IPOs – H2 2019
2GERMANY 1CHINA
13.3%
25.0%
20.0% 20.0%
61.9%
25.0%20.0%
Zoom
Vid
eo C
omm
unic
atio
ns
Pag
eDut
y
22.2%
Cro
wdS
trik
e H
oldi
ngs
Che
wy
18.8%
Pin
tere
st
Sho
ckW
ave
Med
ical
13.3%
Per
sona
lis
App
lied
Ther
apeu
tics
Trev
i The
rape
utic
s
Silk
Roa
d M
edic
al
Ada
ptiv
e B
iote
chno
logi
es
Sto
ke T
hera
peut
ics
-21.4%
Son
im T
echn
olog
ies
-14.3%
Cam
bium
Net
wor
ks
-25.7%
Cha
nge
Hea
lthca
re
-8.3%
Yun
ji
-8.7%
Jiay
in G
roup
-28.6% -28.6%
Kal
eido
Bio
scie
nces
IDE
AY
A B
iosc
ienc
es
-28.2%
Ava
ntor
-33.3% -33.3%
79.4%
101.5%
75.6%72.2%
90.0%93.5%
80.9%
Jum
ia T
echn
olog
ies
AG
88.9%
Five
rr In
tern
atio
nal
Rev
olve
Gro
up
70.6%
Cro
wdS
trik
e H
oldi
ngs
Zoom
Vid
eo C
omm
unic
atio
ns
Sho
ckW
ave
Med
ical
67.6%
Per
sona
lis
Ada
ptiv
e B
iote
chno
logi
es
Cor
texy
me
Silk
Roa
d M
edic
al
-3.3%
Linx
S.A
.
-37.2%
Ruh
nn H
oldi
ng L
imite
d
-19.2%
Cam
bium
Net
wor
ks
-7.6%
Ube
r Te
chno
logi
es
-4.7%
Sci
Pla
y C
orpo
ratio
n
Trev
i The
rape
utic
s
-21.1%
Pre
vail
Ther
apeu
tics
-20.0%
Bic
ycle
The
rape
utic
s
-14.3%
Ave
dro
-12.2%
Axc
ella
Hea
lth
-31.0%
8CALIFORNIA
3MASSACHUSETTS
3PENNSYLVANIA
1FRANCE
1MARYLAND 1NEW YORK
1NEW JERSEY1TENNESSEE
12KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
3.8% 3.8%7.7% 7.7%
11.5%
34.6%
15.4% 15.4%
number of days
% of deals
75 90 105 120 135 150 165 180 195 210 225
8.7% 8.7% 8.7%
21.7%
4.3%
17.4% 17.4%
number of days
% of deals
60 75 90 105 120 135 150 165 225 365 380240
Life Sciences
Technology
4.3% 4.3%
315 330 345
4.3%
Days on FileDISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2019, 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 2019, SECOND HALF
number of days
% of deals
60 75 90 105 120 135 150 165 180 270 285 324255
8.0%
20.0% 20.0%
12.0% 12.0%
4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
240
number of days
% of deals
45
Life Sciences
Technology
3.0%3.0%3.0%
15.2%18.2% 18.2%
12.1%15.2%
6.1%3.0%
414
4.0%
513
60 75 90 105 120 135 150 165 180 195 21045 225 240
3.0%
13KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
Price Changes Around the Expiration of the Lock-Up
PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2019, FIRST HALF
-10%
-5%
0%
5%
2 wks prior Lock-up 2 wks post
Technology Median-3.3%
Life Sciences Median-12.8%
Life Sciences Avg0.0%
Technology Avg-4.8%
End of Lock-UpIn 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 half of 2019 and second half of
2019. Those companies completing IPOs in the second half
of 2018 and a follow-on offering within 180 days are excluded
from the top graph. Those companies completing IPOs in the
first half of 2019 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 2019, SECOND HALF
Life Sciences Median
Life Sciences Avg
-10%
-5%
0%
5%
2 wks prior Lock-up 2 wks post
Technology Median-1.6%-2.3%
Technology Avg-4.9%
-1.2%
End of Lock-Up
14KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR
PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, FIRST HALF
PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, SECOND HALF
34.8%34.6%
Life Sciences Technology
PERCENT OF OFFERING
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
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.
24.0%
64.7%
Life Sciences Technology
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
PERCENT OF OFFERING
1-25% OF OFFERING
25-50% OF OFFERING
50%+ OFOFFERING
15KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Technology Offerings H1 20191, 2
COMPANY NAME / TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
Lyft, Inc. NasdaqGS:LYFT $65.00 3/29/19 32,500,000 $72.00 $2,340,000,000
Ruhnn Holding Limited NasdaqGS:RUHN $12.50 4/3/19 10,000,000 $12.50 $125,000,000
PagerDuty, Inc. NYSE:PD $20.00 4/11/19 9,070,000 $24.00 $217,680,000
Tufin Software Technologies Ltd. NYSE:TUFN $13.00 4/11/19 7,700,000 $14.00 $107,800,000
Jumia Technologies AG NYSE:JMIA $14.50 4/12/19 13,500,000 $14.50 $195,750,000
Pinterest, Inc. NYSE:PINS $16.00 4/18/19 75,000,000 $19.00 $1,425,000,000
Zoom Video Communications, Inc. NasdaqGS:ZM $30.00 4/18/19 20,869,565 $36.00 $751,304,340
So-Young International Inc. NasdaqGM:SY $12.80 5/2/19 13,000,000 $13.80 $179,400,000
SciPlay Corporation NasdaqGS:SCPL $15.00 5/3/19 22,000,000 $16.00 $352,000,000
Yunji Inc. NasdaqGM:YJ $12.00 5/3/19 11,000,000 $11.00 $121,000,000
Parsons Corporation NYSE:PSN $27.00 5/8/19 18,518,500 $27.00 $499,999,500
HeadHunter Group PLC NasdaqGS:HHR $12.25 5/9/19 16,304,348 $13.50 $220,108,698
Jiayin Group Inc. NasdaqGM:JFIN $11.50 5/10/19 3,500,000 $10.50 $36,750,000
Sonim Technologies, Inc. NasdaqGM:SONM $14.00 5/10/19 3,571,429 $11.00 $39,285,719
Uber Technologies, Inc. NYSE:UBER $47.00 5/10/19 180,000,000 $45.00 $8,100,000,000
COMPANY NAME / TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
Fastly, Inc. NYSE:FSLY $15.00 5/17/19 11,250,000 $16.00 $180,000,000
GSX Techedu Inc. NYSE:GSX $10.50 6/6/19 19,800,000 $10.50 $207,900,000
Revolve Group, Inc. NYSE:RVLV $17.00 6/7/19 11,764,706 $18.00 $211,764,708
CrowdStrike Holdings, Inc. NasdaqGS:CRWD $21.00 6/12/19 18,000,000 $34.00 $612,000,000
Fiverr International Ltd. NYSE:FVRR $19.00 6/13/19 5,263,158 $21.00 $110,526,318
Chewy, Inc. NYSE:CHWY $18.00 6/14/19 46,500,000 $22.00 $1,023,000,000
Cambium Networks Corporation NasdaqGM:CMBM $14.00 6/26/19 5,800,000 $12.00 $69,600,000
Linx S.A. NYSE:LINX $8.69 6/26/19 32,774,601 $9.40 $308,081,249
Change Healthcare Inc. NasdaqGS:CHNG $17.50 6/27/19 42,857,142 $13.00 $557,142,846
The RealReal, Inc. NasdaqGS:REAL $18.00 6/28/19 15,000,000 $20.00 $300,000,000
16KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Technology Offerings H2 20191, 2
COMPANY NAME TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
DouYu International Holdings Limited NasdaqGS:DOYU $12.75 7/17/19 67,387,110 $11.50 $774,951,765
AssetMark Financial Holdings, Inc. NYSE:AMK $20.00 7/18/19 12,500,000 $22.00 $275,000,000
Phreesia, Inc. NYSE:PHR $16.00 7/18/19 9,288,194 $18.00 $167,187,492
Medallia, Inc. NYSE:MDLA $17.00 7/19/19 15,500,000 $21.00 $325,500,000
Health Catalyst, Inc. NasdaqGS:HCAT $21.50 7/25/19 7,000,000 $26.00 $182,000,000
Livongo Health, Inc. NasdaqGS:LVGO $21.50 7/25/19 12,687,000 $28.00 $355,236,000
Sunnova Energy International Inc. NYSE:NOVA $17.00 7/25/19 14,000,000 $12.00 $168,000,000
Dynatrace, Inc. NYSE:DT $12.00 8/1/19 35,609,612 $16.00 $569,753,792
9F Inc. NasdaqGM:JFU $8.50 8/15/19 8,900,000 $9.50 $84,550,000
10x Genomics, Inc. NasdaqGS:TXG $33.00 9/12/19 10,000,000 $39.00 $390,000,000
Cloudflare, Inc. NYSE:NET $11.00 9/13/19 35,000,000 $15.00 $525,000,000
Datadog, Inc. NasdaqGS:DDOG $20.50 9/19/19 24,000,000 $27.00 $648,000,000
Ping Identity Holding Corp. NYSE:PING $15.00 9/19/19 12,500,000 $15.00 $187,500,000
Peloton Interactive, Inc. NasdaqGS:PTON $27.50 9/26/19 40,000,000 $29.00 $1,160,000,000
Youdao, Inc. NYSE:DAO $16.50 10/25/19 5,600,000 $17.00 $95,200,000
COMPANY NAME TICKER SYMBOLRED
HERRING MIDPOINT
PRICEDFINAL
SHARES3 FINAL PRICING FINAL DEAL SIZE
Fangdd Network Group Ltd. NasdaqGM:DUO $14.00 11/1/19 6,000,000 $13.00 $78,000,000
36Kr Holdings Inc. NasdaqGM:KRKR $16.00 11/8/19 1,380,000 $14.50 $20,010,000
Canaan Inc. NasdaqGM:CAN $10.00 11/21/19 10,000,000 $9.00 $90,000,000
SiTime Corporation NasdaqGM:SITM $14.00 11/21/19 4,300,000 $13.00 $55,900,000
Bill.com Holdings, Inc. NYSE:BILL $17.00 12/12/19 9,823,529 $22.00 $216,117,638
EHang Holdings Limited NasdaqGM:EH $13.50 12/12/19 3,200,000 $12.50 $40,000,000
OneConnect Financial Technology Co., Ltd. NYSE:OCFT $13.00 12/13/19 31,200,000 $10.00 $312,000,000
Molecular Data Inc. NasdaqCM:MKD $6.00 12/30/19 11,500,000 $5.38 $61,870,000
17KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 Green rows represent U.S. and blue row represent International 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
Alector, Inc. NasdaqGS:ALEC $19.00 2/7/19 9,250,000 $19.00 $175,750,000
Gossamer Bio, Inc. NasdaqGS:GOSS $16.00 2/8/19 17,250,000 $16.00 $276,000,000
Harpoon Therapeutics, Inc. NasdaqGS:HARP $14.00 2/8/19 5,400,000 $14.00 $75,600,000
Avedro, Inc. NasdaqGM:AVDR $15.00 2/14/19 5,000,000 $14.00 $70,000,000
TCR2 Therapeutics Inc. NasdaqGS:TCRR $15.00 2/14/19 5,000,000 $15.00 $75,000,000
Stealth BioTherapeutics Corp. NasdaqGM:MITO $13.00 2/15/19 6,500,000 $12.00 $78,000,000
Kaleido Biosciences, Inc. NasdaqGS:KLDO $21.00 2/28/19 5,000,000 $15.00 $75,000,000
ShockWave Medical, Inc. NasdaqGS:SWAV $15.00 3/7/19 5,700,000 $17.00 $96,900,000
GENFIT S.A. NasdaqGS:GNFT $20.32 3/27/19 6,650,000 $20.32 $135,128,000
Precision BioSciences, Inc. NasdaqGS:DTIL $16.00 3/28/19 7,900,000 $16.00 $126,400,000
NGM Biopharmaceuticals, Inc. NasdaqGS:NGM $15.00 4/4/19 6,666,667 $16.00 $106,666,672
Silk Road Medical, Inc. NasdaqGM:SILK $16.00 4/4/19 6,000,000 $20.00 $120,000,000
Brainsway Ltd. NasdaqGM:BWAY $11.94 4/17/19 2,500,000 $11.00 $27,500,000
Turning Point Therapeutics, Inc. NasdaqGS:TPTX $17.00 4/17/19 9,250,000 $18.00 $166,500,000
HOOKIPA Pharma Inc. NasdaqGS:HOOK $15.00 4/18/19 6,000,000 $14.00 $84,000,000
TransMedics Group, Inc. NasdaqGM:TMDX $16.00 5/2/19 5,690,000 $16.00 $91,040,000
H1 20191, 2
COMPANY NAME / TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Trevi Therapeutics, Inc. NasdaqGM:TRVI $15.00 5/7/19 5,500,000 $10.00 $55,000,000
Axcella Health Inc. NasdaqGM:AXLA $21.00 5/9/19 3,571,428 $20.00 $71,428,560
Cortexyme, Inc. NasdaqGS:CRTX $17.00 5/9/19 4,412,000 $17.00 $75,004,000
Milestone Pharmaceuticals Inc. NasdaqGS:MIST $15.00 5/9/19 5,500,000 $15.00 $82,500,000
NextCure, Inc. NasdaqGS:NXTC $15.00 5/9/19 5,000,000 $15.00 $75,000,000
Applied Therapeutics, Inc. NasdaqGM:APLT $15.00 5/14/19 4,000,000 $10.00 $40,000,000
Avantor, Inc. NYSE:AVTR $19.50 5/17/19 207,000,000 $14.00 $2,898,000,000
Bicycle Therapeutics plc NasdaqGS:BCYC $15.00 5/23/19 4,333,333 $14.00 $60,666,662
IDEAYA Biosciences, Inc. NasdaqGS:IDYA $14.00 5/23/19 5,000,000 $10.00 $50,000,000
Stoke Therapeutics, Inc. NasdaqGS:STOK $15.00 6/19/19 7,891,110 $18.00 $142,039,980
Akero Therapeutics, Inc. NasdaqGS:AKRO $15.00 6/20/19 5,750,000 $16.00 $92,000,000
Atreca, Inc. NasdaqGS:BCEL $17.00 6/20/19 7,350,000 $17.00 $124,950,000
Personalis, Inc. NasdaqGM:PSNL $15.00 6/20/19 7,921,500 $17.00 $134,665,500
Prevail Therapeutics Inc. NasdaqGM:PRVL $17.00 6/20/19 7,353,000 $17.00 $125,001,000
Adaptive Biotechnologies Corporation NasdaqGS:ADPT $16.00 6/27/19 15,000,000 $20.00 $300,000,000
BridgeBio Pharma, Inc. NasdaqGS:BBIO $15.00 6/27/19 20,500,000 $17.00 $348,500,000
Morphic Holding, Inc. NasdaqGM:MORF $15.00 6/27/19 6,000,000 $15.00 $90,000,000
Karuna Therapeutics, Inc. NasdaqGM:KRTX $16.00 6/28/19 5,578,124 $16.00 $89,249,984
18KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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 Green rows represent U.S. and blue rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.
Life Sciences Offerings (continued)
H2 20191, 2
COMPANY NAME TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Fulcrum Therapeutics, Inc. NasdaqGM:FULC $17.00 7/18/19 4,500,000 $16.00 $72,000,000
Mirum Pharmaceuticals, Inc. NasdaqGM:MIRM $15.00 7/18/19 5,000,000 $15.00 $75,000,000
Castle Biosciences, Inc. NasdaqGM:CSTL $15.00 7/25/19 4,000,000 $16.00 $64,000,000
InMode Ltd. NasdaqGS:INMD $15.00 8/8/19 5,000,000 $14.00 $70,000,000
SmileDirectClub, Inc. NasdaqGS:SDC $20.50 9/12/19 58,537,000 $23.00 $1,346,351,000
Satsuma Pharmaceuticals, Inc. NasdaqGM:STSA $15.00 9/13/19 5,500,000 $15.00 $82,500,000
SpringWorks Therapeutics, Inc. NasdaqGS:SWTX $17.00 9/13/19 9,000,000 $18.00 $162,000,000
IGM Biosciences, Inc. NasdaqGS:IGMS $16.00 9/18/19 10,937,500 $16.00 $175,000,000
Envista Holdings Corporation NYSE:NVST $22.50 9/18/19 26,768,000 $22.00 $588,896,000
Exagen Inc. NasdaqGM:XGN $15.00 9/19/19 3,600,000 $14.00 $50,400,000
Frequency Therapeutics, Inc. NasdaqGS:FREQ $15.00 10/3/19 6,000,000 $14.00 $84,000,000
Aprea Therapeutics, Inc. NasdaqGS:APRE $15.00 10/3/19 5,666,667 $15.00 $85,000,005
Viela Bio, Inc. NasdaqGS:VIE $20.00 10/3/19 7,900,000 $19.00 $150,100,000
BioNTech SE NasdaqGS:BNTX $19.00 10/10/19 10,000,000 $15.00 $150,000,000
Vir Biotechnology, Inc. NasdaqGS:VIR $21.00 10/11/19 7,142,858 $20.00 $142,857,160
COMPANY NAME TICKER SYMBOLRED HERRING
MIDPOINTPRICED
FINAL SHARES3
FINAL PRICING
FINAL DEAL SIZE
Innate Pharma S.A. NasdaqGS:IPHA $7.50 10/17/19 12,500,000 $5.50 $68,750,000
Cabaletta Bio, Inc. NasdaqGS:CABA $15.00 10/25/19 6,800,000 $11.00 $74,800,000
Progyny, Inc. NasdaqGS:PGNY $15.00 10/25/19 10,000,000 $13.00 $130,000,000
Phathom Pharmaceuticals, Inc. NasdaqGS:PHAT $19.00 10/25/19 9,563,157 $19.00 $181,699,983
Oyster Point Pharma, Inc. NasdaqGS:OYST $17.00 10/31/19 5,000,000 $16.00 $80,000,000
RAPT Therapeutics, Inc. NasdaqGM:RAPT $15.00 10/31/19 3,000,000 $12.00 $36,000,000
Galera Therapeutics, Inc. NasdaqGM:GRTX $15.00 11/7/19 5,000,000 $12.00 $60,000,000
Centogene B.V. NasdaqGM:CNTG $15.00 11/7/19 4,000,000 $14.00 $56,000,000
TELA Bio, Inc. NasdaqGM:TELA $15.00 11/8/19 4,000,000 $13.00 $52,000,000
ECMOHO Limited NasdaqGM:MOHO $11.00 11/8/19 4,375,000 $10.00 $43,750,000
89bio, Inc. NasdaqGM:ETNB $16.00 11/11/19 5,304,687 $16.00 $84,874,992
19KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 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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