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Kyverna Therapeutics raised almost $320 million in its initial public offering, which was priced above the marketed range. Backed by Gilead Sciences (GILD) and Bain Capital Life Sciences Opportunities, the company's offering was the second largest for a drug developer this year.

Meanwhile, Moderna (MRNA) and Bayer (BAYRY)-backed Metagenomi dropped over 30% in its Nasdaq debut on Friday.

Latest IPOs and Direct Listings

Metagenomi (MGX) opened on Feb. 9 at $10.25. Metagenomi, a precision genetic medicines company committed to developing curative therapeutics for patients using its proprietary metagenomics-derived gene editing toolbox, priced its initial public offering of 6.25 million shares of its common stock at a price of $15.00 per share, at the low end of the deal range of $15.00-$17.00.

BBB Foods (TBBB) opened on Feb. 9 at $19.50 after having priced 33.661 million shares at $17.50. The deal size was raised to 33.6 million shares of common stock from 28.05 million shares of common stock, and was priced at the high end of the revised $16.50-$17.50 range. The Mexican grocery-store chain operator's shares have been approved for listing on the New York Stock Exchange.

Telomir Pharmaceuticals (TELO) opened on Feb. 9 at $7, right at its IPO price. Telomir Pharmaceuticals, a pre-clinical-stage pharmaceutical company focused on the development and commercialization of TELOMIR-1, priced in 1 million shares, which are trading on the Nasdaq Capital Market.

Kyverna Therapeutics (KYTX) opened on Feb. 8 at $34.25. The company had priced 14.5 million shares at $22.00, above the revised $20.00-$21.00 range. Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases.

Its lead product candidate, KYV-101, is advancing through clinical development across two broad areas of autoimmune disease: rheumatology and neurology, including Phase 2 trials for multiple sclerosis and myasthenia gravis, a Phase 1/2 trial for systemic sclerosis, and two ongoing multi-center, open-label Phase 1 trials in the United States and Germany for patients with lupus nephritis.

Perfect Moment (PMNT) opened on Feb. 8 at $4.43. The luxury lifestyle brand that combines fashion and technical performance for its ranges of skiwear, outerwear, swimwear, and activewear had priced 1.33 million shares at $6.00. The deal size was increased to 1.33 million shares from 1.23 million, and was priced at the low end of the $6.00-$7.00 range.

American Healthcare REIT (AHR) opened on Feb. 7 at $12.85. The company had priced its public offering of 56 million shares of its common stock at $12.00 per share, at the low end of the $12-$15 range.

American Healthcare REIT is a self-managed real estate investment trust that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on medical office buildings, senior housing, skilled nursing facilities, hospitals, and other healthcare-related facilities.

Recent SPAC IPOs

Helix Acquisition Corp. II (HLXB) opened on Feb. 9 at $10.03. The special purpose acquisition company intends to focus on opportunities in healthcare or healthcare-related industries. Leerink Partners served as the sole bookrunning manager for the offering.

Legato Merger III (LEGT) opened on Feb. 6 at $10.06. The blank check company intends to initially focus on target businesses in the infrastructure, engineering and construction, industrial, and renewables industries.

Performance

• Metagenomi opened well below its IPO price late on Friday and closed at $10.31.
• BBB Foods closed its first day of trading at $19.05.
• Telomir Pharmaceuticals finished Friday at $5.
• Perfect Moment finished the week at $5.24.
• Kyverna Therapeutics ended Friday at $30.10.
• American Healthcare REIT closed out the week at $13.12.

Upcoming IPOs

Upcoming IPOs and direct listings expected include Reddit, Telix Pharmaceuticals, Key Mining, Auna, Origin Life Sciences, Rubrik, and New Era.

Reddit, which confidentially filed initial public offering paperwork in 2021, is expected to unveil the filing as soon as later this month and name the New York Stock Exchange as its listing exchange, people familiar with the matter told The Wall Street Journal's Corrie Driebusch.

Winning one of this year's most anticipated IPOs is a coup for the IntercontinentalExchange (ICE) unit, which competes against the rival Nasdaq (NDAQ) for the biggest IPOs, the report noted.

Telix Pharmaceuticals announced that it it considering an initial public offering of American Depositary Shares, representing its ordinary shares in the U.S. and listing on the Nasdaq Global Market. Telix's ordinary shares will remain listed on the Australian Securities Exchange.

Key Mining Corp., which previously had filed related to an offering of shares of its common stock in an initial public offering and said it had applied to list its common stock on the Nasdaq Capital Market under the trading symbol "KMCM," stated in an amended filing that it has applied to list its common stock on the NYSE American under the same ticker. The filing stated the following:

"We are an exploration stage mining company focused primarily on the development of two projects, both of which are located in the Atacama Region, also known as Region III, of the Republic of Chile. Our Cerro Blanco project, or the Cerro Blanco Project, is focused primarily on exploring for rutile from which high grade titanium dioxide, or TiO2, can be processed. Our Fiel Rosita project, or the Fiel Rosita Project, is focused primarily on exploring for copper, and to a lesser extent, zinc."

Auna S.A. has filed with the SEC for a planned initial public offering and applied to have the class A shares listed on the New York Stock Exchange under the symbol "AUNA." The prospectus filed with the SEC stated the following: 

"Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America. We operate hospitals and clinics in Mexico, Peru and Colombia, provide prepaid healthcare plans in Peru and provide dental and vision plans in Mexico."

Rubrik, a cloud and data security startup backed by Microsoft (MSFT), is on track for an initial public offering, Bloomberg's Amy Or and Katie Roof reported last year, citing people familiar with the matter. The IPO could bring in $500-$700 million, the authors said, noting that the timing and amount to be raised was still subject to change.

New Era Cap, a supplier of major U.S. sports league headwear, had kicked off preparations for an initial public offering in New York that could value it at $4 to $5 billion, Reuters reported last year, citing people familiar with the matter. New Era, which makes caps affiliated with the NFL, MLB, and NBA, had invited investment banks and law firms to pitch for roles in its stock market debut, the sources said.

Origin Life Sciences said it is offering 1.875 million shares of its common stock at an assumed public offering price of $4.00 per share in an initial public offering. The company has applied to list its common stock for trading on NYSE American under the symbol "OLSI."

Origin Life Sciences is a clinical-stage biotechnology company that has been developing a high-energy plasma device that generates nitric oxide in the form of a plasma/NO stream and delivers it to targeted locations of the body. "The stream can potentially be used for various therapeutic purposes, including as an anti-infective, anti-inflammatory and tissue-regenerative therapy for chronic wounds and skin and soft tissue infections," the company said in a regulatory filing.

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