2/11/16 Analyst IPO Blog
Accounting for 100% of the four IPOs so far this year, biotechs appeared to be the one sector able to generate demand from public investors. But demand is weaker than it seems. Of the nearly $400 million raised, insiders publicly indicated on 31% of proceeds, which is about 50% higher than the 2013-2015 average. However, we speculate that the remaining $275 million purportedly bought by new investors is actually much lower. Earlier crossover investors ...more
Shimmick Construction Company, which provides heavy civil construction services to public agencies in California, postponed its IPO on Thursday. It had filed to raise $75 million by offering 6.3 million shares (33% insider) at a price range of $11 to $13. The company had originally intended to price in mid-January before moving to day-to-day status.
The Oakland, CA-based company was founded in 1990 and booked $461 million in sales for the 12 months ended September 30, 2015. It had planned to list on the Nasdaq under the symbol [SCCI]. FBR...more
Proteostasis Therapeutics, which is developing a protein modulator to treat cystic fibrosis, raised $50 million by offering 6.3 million shares at $8, below the range of $12 to $14. Proteostasis Therapeutics plans to list on the Nasdaq under the symbol [PTI]. Leerink Partners and RBC Capital Markets acted as lead managers on the deal....more
AveXis, an early-stage biotech developing a gene therapy for spinal muscular atrophy, raised $95 million in an upsized IPO by offering 4.75 million shares at $20, the midpoint of the range of $19 to $21. The company originally planned to offer 4.25 million shares. Existing investors had indicated an interest in buying $30 million on the IPO, which would represent 32% of the deal. AveXis plans to list on the Nasdaq under the symbol [AVXS]. Goldman Sachs and Jefferies acted as lead managers on the deal....more