A tidal wave of deals are coming before the U.S. presidential election, with 15 companies set to launch their initial public offerings this week to raised over $6.6 billion. The IPO market has eased into a healthy mix of companies as well, with mortgage lenders, insurance providers, health-care companies, retailers and technology developers set to debut.
The largest deal of the week is planned by Lufax Holding Ltd (LU ), which plans to raise about $2.7 billion from pricing 175 million offered shares between $11.50 to $13.50 each. The personal financial services platform is a leader in small business leading and has demonstrated solid growth and cash flow generation.
Atea Pharmaceuticals, Inc (AVIR ) is planning the biggest deal, aiming to raise $303 million from 11 million shares priced between $22 to $24 each. The biopharmaceutical company is focused on developing antiviral therapies, including a developing treatment for COVID-19. The company's lead candidate is expected to report top-line data in the first half of 2021.
Galecto Inc. (GLTD ) plans to raise $104 million from nearly 5.7 million shares priced between $14 to $16 each. The lung disease focused biotech's lead candidate is expected to report top-line Phase II data in 2022.
Biodesix Inc (BDSX ) aims to raise $91 million from pricing nearly 4.2 million shares between $17 to $19 each. The diagnostics provider creates solutions to discover, develop, and commercialize solutions for unmet clinical needs, primarily for lung diseases. The company's operations have been impacted by the coronavirus pandemic.
SQZ Biotechnologies Co (SQZ ) also plans to raise $91 million from 4.4 million shares priced between $16 to $18 each. The biotech is developing transformative cell therapies to cancer, infectious diseases and other serious conditions. Its lead candidate is set to release initial data in the second half of 2021.
G Medical Innovations Holdings Ltd. (GMVD ) is set to raise over $40 million from 5 million shares offered between $5 to $7 each. The company provides app-connected medical devices for monitoring vital signs and is highly unprofitable.
Inhibikase Therapeutics, Inc. (IKT ) plans to raise over $31 million from about 2.2 million shares priced between $10 to $12 each. The neurological disorder focused biotech plans to begin clinical trials of its lead candidate in patients following its IPO.
Caliber Homes Loans, Inc. (HOMS ) plans to raise about $423 million from 23 million shares priced between $14 to $16 each. The company is the second largest independent mortgage originator based on purchase volume since 2016, with revenues doubling in the first half of 2020 due to the housing market boom induced by the pandemic.
AmeriHome, Inc. (AHM ) plans to raise over $304 million from about 14.7 million shares priced between $14 to $16 each. The residential mortgage lender has demonstrated 21 consecutive quarters of profitability and production volume growth.
Allegro Microsystems Inc (ALGM ) plans to raise over $402 million from 25 million shares offered between $12 to $14 each. The Sanken spin-off is a leading global designer, developer, fabless manufacturer, and marketer of sensor integrated circuits and application-specific analog power integrated circuits for the automotive and industrial markets.
Mavenir Private Holdings II Ltd (MVNR ) plans to raise $345 million from 12.5 million shares priced in the range of $22 to $24 each. Previously taken private by Mitel, the company is now owned by Siris Capital and provides a suite of cloud-native software applications for network functionality of wireless service providers. The company is set to benefit from the adoption of 5G.
Leslie's, Inc. (LESL ) plans to raise $736 million from 40 million shares priced between $14 to $16 each. The pool supplies retailer is the largest direct-to-consumer brand for the nearly $11 billion U.S. pool and spa industry with over 930 retail locations. The company has benefitted from the pandemic-induced housing market boom.
Root, Inc. (ROOT ) plans to raise $706 million from over 24 million shares priced between $22 to $25 each. The mobile-based auto insurance company operates in the U.S. auto market and plans to expand into other markets in the future. The company is highly unprofitable.
Sunshine Silver Mining & Refining Corp (GATO ) plans to raise over $194 million from about 18.7 million shares priced between $7 to $9 each. The precious metals producer focuses on the production, development, and explorations of silver and its currently concentrated on the Cerro Los Gatos Mine.
MediaAlpha, Inc. (MAX ) plans to raise $140 million from 6.2 million shares priced between $18 to $20 each. The company providers an automated digital ad buying platform for the insurance industry, with $4 billion in market opportunities.