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US IPO Weekly Recap: Lyft makes its debut


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All eyes were on Lyft ( LYFT ) as it priced its IPO, along with two biotechs, Genfit ( GNFT ) and Precision BioSciences ( DTIL ), in a week that saw positive IPO returns across the board.

8i Enterprises Acquisition (JFKKU) a blank check targeting a high-growth business in Asia also priced its IPO this week.

4 IPOs During the Week of March 25th, 2019
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 03/29
Genfit ( GNFT ) $135M $770M 0% +9% +18%
Phase 3 French biotech developing therapies for NASH.
Precision BioSciences ( DTIL ) $126M $870M 0% +9% +12%
Early stage biotech developing off-the-shelf CAR T cell cancer therapies.
Lyft ( LYFT ) $2,340M $24,417M 11% +9% +9%
Operates an on-demand ridesharing app that connects riders and drivers.
8i Enterprises Acq. (JFKKU) $50M $65M 0% 0% +0%
Blank check company backed by 8i Capital and targeting a high-growth business in Asia.


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Lyft ( LYFT ) raised $2.3 billion in an upsized offering by selling 32.5 million shares at $72, the high end of the upwardly revised $70 to $72 range. The company had previously filed to offer 30.8 million shares at a range of $62 to $68. The company debuted on the Nasdaq at $86.70 (+20% from IPO) before pulling back to $78.29 by the end of the day (+8.7% from IPO), suggesting that Wall Street will be somewhat cautious on highly valued unicorns that are also highly unprofitable.

Genfit ( GNFT ), a Phase 3 NASH biotech that also trades on the Euronext Paris, raised $135 million at a market cap of $770 million. The company gained 9% on its first day of trading, and ended the week up 18% from its IPO. While NASH therapies have yet to be approved by the FDA, Genfit is coming to market during a time where its peers have been trading well on positive trial results. 

Precision BioSciences  ( DTIL ), an early stage cancer biotech raised $126 million at a market cap of $870 million. The company gained 9% on its first day of trading, and ended the week up 12% from its IPO. 

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/28/19, the Renaissance IPO Index was up 30.4% year-to-date, while the S&P 500 had a gain of 12.9%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include Elanco (ELAN) and VICI Properties (VICI). The Renaissance International IPO Index was up 7.5% year-to-date, while the ACWX was up 9.7%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include SoftBank and Xiaomi.

The article US IPO Weekly Recap: Lyft makes its debut originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.





This article appears in: News Headlines , IPOs
Referenced Symbols: IPO , IPOS , LYFT , GNFT , DTIL



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