The biggest story in the world of IPOs this week is the end of the saga surrounding We Company's failed offering. The company, with its flagship WeWork, fully withdrew their IPO on September 30. The company was watched closely by investors since its filing on August 14 with an offering amount of $1 billion, far below its private valuation of $47 billion. The failure of WeWork and the We Company to go beyond private business is critiqued to be the end of the "Unicorn" era.
Six companies were scheduled to price IPOs this past week, but only four entered the market. All four companies priced this week opened on October 3.
Aprea Therapeutics, Inc.
Frequency Therapeutics, Inc.
Metrocity Bankshares, Inc.
Viela Bio, Inc.
Biotech Se is set to be prices on October 10 with an offering amount of $303,600,000. Wanting to trade on the NASDAQ under the symbol BNTX, the stock is estimated to sell between $18-$20 with 13.2 million shares currently.
HBT Financial, INC. plans to enter the public market on October 11 with an offering amount of $181,355,000. Planning to exchange on the NASDAQ with the symbol HBT, the company currently has 8.3 million shares, with pricing estimated to be between $17-$19.
VIR Biotechnology also proposes to start trading on October 11 with an offering amount of $180,714,292. Under the desired symbol VIR, the company plans to run on the NASDAQ with the price estimated to be between $20-$22. The company has 7,142,858 current shares.
ADC Therapeutics SA, filed September 6 with 8,164,000 shares and an offer amount of $244,103,600, has withdrawn its IPO on October 3. In a statement, the clinical-stage oncology-focused biotechnology company's CEO Chris Martin said that, "in light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement. We are fortunate to have a strong balance sheet, highly supportive investors, alternative financing options and a steady flow of forthcoming milestones, all of which factor into our decision to not proceed with an initial public offering in the current market conditions."