THRD News

While market conditions are still keeping the IPO window mostly closed, the year's large issuers are finding support, especially over the past few months. Excluding high-flying outlier HKD, just 15 IPOs have raised $100 million or more in 2022, and 13 (87%) are trading above issue. The group averages an impressive 29% return from offer, driven by... ...read more

IPO Market Misfires in the Slowest 3Q in Over a Decade It was the worst third quarter for new issuers in over a decade, with 25 IPOs raising $2.4 billion as the 2022 US IPO market remains on track to raise the lowest proceeds of any year in our firm's 30+ year history. While issuance did pick up slightly from the...read more

Six issuers began trading this past week, four of which will be included in our stats. The most notable debuts included Corebridge Financial (CRBG) and Third Harmonic Bio (THRD). The pipeline was also active, with seven IPOs and two SPACs submitting initial filings. AIG carve-out Corebridge priced at the low end to raise $1.7...read more

Third Harmonic Bio, a Phase 1 biotech developing a therapy for allergic and inflammatory diseases, raised $185 million by offering 10.9 million shares at $17, the midpoint of the $16 to $18 range. The company offered 1.9 million more shares than anticipated. Third Harmony Bio's lead candidate, THB001, is an oral small molecular inhibitor of KIT, a cell surface receptor that...read more