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.
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| 4 IPOs During the Week of March 25th, 2019 |
|Market Cap |
|Price vs. |
|First Day |
| 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. |
) 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
), 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
), 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:
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, Renaissance International ETF (symbol: IPOS)
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