U.S. IPO Week Ahead: Anaplan Leads This Upcoming 5-IPO Week

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Includes: ALLO, EQ, LTHM, OSMT, PLAN
by: Renaissance Capital IPO Research

This 5-IPO week is led by cloud-based business planning software provider Anaplan, which hopes to follow in the footsteps of the many other high-flying SaaS IPOs of 2018 (31% average return). Also pricing this week is Livent, which produces lithium compounds, a key component in electric vehicle batteries. There are two early-stage biotechs pricing this week, both founded in 2017: Equillium and Allogene, the latter of which is targeting a market cap of $2.1 billion, the largest yet this year for a US biotech.

U.S. IPO Calendar

Issuer
Business

Deal Size
Market Cap

Price Range
Shares Filed

Top
Bookrunners

Allogene Therapeutics (NASDAQ:ALLO)
South San Francisco, CA

$272M
$2,065M

$16 - $18
16,000,000

Goldman
JP Morgan

Phase 1 biotech developing off-the-shelf CAR T cell cancer therapies.

Livent (NYSE:LTHM)
Philadelphia, PA

$380M
$2,743M

$18 - $20
20,000,000

BofA ML
Goldman

Lithium compound producer being spun out of FMC.

Osmotica Pharmaceuticals (NASDAQ:OSMT)
Bridgewater, NJ

$125M
$767M

$14 - $16
8,300,000

Jefferies
Barclays

Develops and sells extended-release neurology and women's health drugs.

Anaplan (NYSE:PLAN)
San Francisco, CA

$217M
$2,015M

$13 - $15
15,500,000

Goldman
Morgan Stanley

Provides cloud-based enterprise software for financial and operations planning.

Equillium (NASDAQ:EQ)
La Jolla, CA

$70M
$252M

$14 - $16
4,670,000

Jefferies
Leerink Partners

Biotech developing therapies for graft-versus-host-disease and severe asthma.

Anaplan, which provides cloud-based enterprise software for financial and operations planning, plans to raise $217 million by offering 16 million shares at a price range of $13 to $15. Shareholder Premji Invest intends to purchase up to $20 million in a concurrent private placement. At the midpoint of the proposed range, Anaplan would command a market value of $2.0 billion. Anaplan, which was founded in 2008, booked $200 million in revenue over the last 12 months. The San Francisco, CA-based company plans to list on the NYSE under the symbol PLAN. Goldman Sachs, Morgan Stanley and Barclays are the joint bookrunners on the deal.

Livent, a lithium compound producer being spun out of FMC, plans to raise $380 million by offering 20 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Livent would command a market value of $2.7 billion. Livent, which was founded in 1883, booked $419 million in revenue over the last 12 months. The Philadelphia, PA-based company plans to list on the NYSE under the symbol LTHM. BofA Merrill Lynch, Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.

Allogene Therapeutics, a Phase 1 biotech developing off-the-shelf CAR T cell cancer therapies, plans to raise $272 million by offering 16 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Allogene Therapeutics would command a market value of $2.1 billion. Allogene Therapeutics, which was founded in 2017, plans to list on the Nasdaq under the symbol ALLO. Goldman Sachs, J.P. Morgan, Cowen and Jefferies are the joint bookrunners on the deal.

Equillium, a Phase 1 biotech developing therapies for graft-versus-host-disease and severe asthma, plans to raise $70 million by offering 4.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Equillium would command a market value of $252 million. Equillium, which was founded in 2017, plans to list on the Nasdaq under the symbol EQ. Jefferies, Leerink Partners and Stifel are the joint bookrunners on the deal.

Osmotica Pharmaceuticals, which develops and sells extended-release neurology and women's health drugs, plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Osmotica Pharmaceuticals would command a market value of $767 million. Osmotica Pharmaceuticals, which was founded in 1986, booked $262 million in revenue over the last 12 months. The Bridgewater, NJ-based company plans to list on the Nasdaq under the symbol OSMT. Jefferies, Barclays, RBC Capital Markets and Wells Fargo Securities are the joint bookrunners on the deal.