IPO Market Quiet While Private Capital Hums

Includes: CRVS, SNDX
by: Renaissance Capital IPO Research

It's been a quiet February for US IPOs with only four biotechs pricing largely pre-sold deals. Six operating companies have postponed IPOs. Meanwhile, the private market continues to be active.

Notable recent private funding rounds

Uber picked up another $200 million in funding from LetterOne to expand into more emerging markets. Luxembourg-based LetterOne is run by Russian billionaire Mikhail Fridman.

Drug developer Apellis Pharmaceuticals secured $47 million in Series D funding from Cormorant, Hillhouse and venBio. The company withdrew its $86 million IPO last week.

Magic Leap, a pre-revenue US virtual reality company, raised $794 million in a round led by Alibaba alongside Google, Qualcomm, Fidelity, J.P. Morgan, Morgan Stanley and others at a $4.5 billion valuation.

In biotech world, ARMO BioSciences raised $50 million to support trials of its PD-1 checkpoint inhibitor, a white-hot space targeted by IPO filers Corvus (NASDAQ:CRVS) and Syndax (NASDAQ:SNDX).

Cloud telecom service ThinkingPhones raised $112 million from Summit Partners, Bessemer and TCV, and changed its name to Fuze.

Snagajob, a job-search site for hourly workers, raised $100 million from Rho Acceleration and others on February 4 (one day before LinkedIn fell 44%).

Student housing site Student.com raised $60 million in a round led by VY Capital.

Roku raised $46 million; the media streaming device maker had reportedly worked on a confidential IPO filing in late 2014.