- ZoomInfo, a SaaS platform for sales and marketing data, plans to raise $868 million at a market cap of $7.7 billion.
- GenScript immuno-oncology spin-off Legend Biotech plans to raise $350 million at a $2.6 billion market cap, making it the largest biotech IPO of 2020 so far.
- Payment processor Shift4 Payments plans to raise $300 million at a $1.6 billion market cap.
IPOs are once again gaining steam and the calendar is flush with deals. With the IPO Index near all-time highs (IPO), there are now eight offerings slated to price, making it the busiest week of the year.
In what would be the largest IPO year to date, record label giant Warner Music (WMG) plans to raise $1.7 billion at a $12.8 billion market cap. Warner is the third-largest record company and music publisher in the world with a 16% market share, but growth has been decelerating and relies heavily on streaming partners.
Phase 2 fibrosis biotech Pliant Therapeutics (PLRX) plans to raise $135 million at a $541 million market cap. The company increased its share offering by 50% ahead of the IPO. Its lead candidate is a therapy targeting rare fibrosis diseases, but it is also collaborating with Novartis (NVS) on the lucrative but elusive NASH indication.
ZoomInfo (ZI), a SaaS platform for sales and marketing data, plans to raise $868 million at a market cap of $7.7 billion. The company originally filed to price between $16 and $18 before increasing its range to $19 to $20. The first software IPO of 2020, ZoomInfo is fast growing and highly profitable with a sticky customer base. A triple class share structure and relatively high debt add some hair to the deal.
GenScript immuno-oncology spin-off Legend Biotech (LEGN) plans to raise $350 million at a $2.6 billion market cap, making it the largest biotech IPO of 2020 so far. The company's lead candidate is being developed with Janssen as a last-line therapy for relapsed and refractory multiple myeloma. It hopes to file for marketing approval in the 2H20 based on strong trial results.
Payment processor Shift4 Payments (FOUR) plans to raise $300 million at a $1.6 billion market cap. The company provides a suite of integrated multichannel payment products and services, and its customers include KFC (YUM), Hilton (HLT), Kohler, and The Metropolitan Museum of Art. As of March 31, 2020, Shift4 Payments served over 66,000 merchants representing over $6 billion in end-to-end payment volume for the 1Q20.
Chinese delivery platform Dada Nexus (DADA) plans to raise $264 million at a $3.7 billion market cap. Fast-growing and highly unprofitable, the company operates JD-Daojia, one of China's largest local on-demand retail platforms by gross merchandise value in 2019, and Dada Now, a leading local on-demand delivery platform in China by number of orders in 2019.
Inflammatory disease biotech Applied Molecular Transport (AMTI) plans to raise $130 million at a $448 million market cap. The company's lead candidate, AMT-101, is an oral GI-selective interleukin 10 that has completed a Phase 1b trial for ulcerative colitis (UC). The company plans to initiate Phase 2 trials of AMT-101 in UC and related inflammatory indications between 2020 and 2021.
Swedish kidney disease biotech Calliditas Therapeutics (CALT) plans to raise $75 million on the Nasdaq at a $467 million market cap. The company is currently listed on the Nasdaq Stockholm (CALTX). Its lead candidate, Nefecon, is targeting autoimmune renal disease IgA nephropathy. It is currently in a global pivotal Phase 3 trial, with top-line data expected in the 4Q20.
|U.S. IPO Calendar|
|Deal Size |
|Price Range |
|Pliant Therapeutics (PLRX) |
South San Francisco, CA
|Phase 2 biotech developing therapies for the treatment of fibrosis.|
|Warner Music (WMG) |
New York, NY
|Morgan Stanley |
|World's third-largest record company and music publisher.|
|ZoomInfo (ZI) |
|JP Morgan |
|Provides a data platform for sales, marketing, and recruiting professionals.|
|AMT (AMTI) |
South San Francisco, CA
|Phase 1 biotech developing novel oral therapies for inflammatory diseases.|
|Calliditas Therapeutics (CALT) |
|Swedish biotech developing novel therapies for inflammatory kidney disease.|
|Dada Nexus (DADA) |
|Leading on-demand retail and delivery platform in China.|
|Legend Biotech (LEGN) |
|Morgan Stanley |
|Clinical stage CAR-T immuno-oncology biotech being spun out of GenScript.|
|Shift4 Payments (FOUR) |
|Provides secure payment processing solutions.|
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
This article was written by