Markets

US IPO Weekly Recap: June kicks off to a slow start with 2 IPO pricings but only one trading

Two IPOs priced in the first week of June; only one has started trading

Four companies added to the calendar (including two SPACs)

2 IPOs During the Week of June 4th, 2018
IssuerBusiness DealSize Market Capat IPO Price vs.Midpoint First DayReturn Returnat 06/08
MeiraGTx ( MGTX ) $75M $423M 0% +0% +0%
Developing gene therapies for disorders of the eye and salivary gland.
M17 Entertainment ( YQ ) $60M $299M -27% n/a +0%
Taiwan-based live music streaming platform and dating app.

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MeiraGTx Holdings ( MGTX ) raised $75 million at a $423 million valuation. Pricing at the midpoint of the $14 to $16 range, the deal was supported by strong insider buying (53% of deal size). The gene therapy biotech was spun out from Kadmon ( KDMN ) in 2015 and plans to initially target inherited retinal dystrophies (IRDs). If it is able to replicate the safety and efficacy of Spark Therapeutics ' (ONCE) recently-approved drug Luxturna, it will be able to begin pivotal trials for multiple candidates by late 2019.

Taiwan-based music streaming platform M17 Entertainment ( YQ ) raised $60 million, pricing well below the $10 to $12 range at $8 for a $299 million market cap; however, the stock has yet to begin trading. Despite the company's high topline growth (revenue increased 223% to $38 million in the 1Q18), growth in monthly active users has remained roughly flat with the top 10 users accounting for 12% of revenue (implying an average monthly spend of nearly $150,000 per user).

4 Filings During the Week of June 4th, 2018
IssuerBusiness DealSize Sector LeadUnderwriter
HL Acquisitions (HCCHU) $43M SPAC EarlyBird
Blank check company focused on acquiring a business in the hydrocarbon logistics and processing industry.
Cornerstone Management (CSCA) $70M Financials ViewTrade
China-based private equity fund manager
New Frontier (NFC.U) $200M SPAC Credit Suisse
Chinese blank check company formed to acquire a healthcare, technology or education business.
Tricida (TCDA) $150M Health Care Goldman
Late-stage biotech targeting conditions associated with chronic kidney disease.

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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 8.5% year-to-date, while the S&P 500 is up 3.9%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include Spotify (SPOT) and US Foods (USFD). The Renaissance International IPO Index is down -1.4% year-to-date, while the ACWX is down -0.4%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland .

The article US IPO Weekly Recap: June kicks off to a slow start with 2 IPO pricings but only one trading 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.


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

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