Opening Day: Array Jumps After $1.05B IPO

Shares of Oaktree-backed (OAK) Array Technologies jumped as much as 50% in their trading debut after the company's expanded initial public offering raised $1.05B. Meanwhile, Tencent-backed (TCEHY) Miniso raised $608M in its U.S. IPO.

LATEST IPOS:

Praxis Precision Meds (PRAX) opened on October 16 at $25.94 after having priced 10M shares at $19.00. The IPO deal size was increased to 10M shares of common stock from 7.4M shares of common stock and the range was raised to $17.00-$18.00 from $16.00-$18.00. Cowen, Evercore ISI, Piper Sandler and Wedbush acted as joint book running managers for the offering. Praxis Precision Meds is a Phase 2 biotech developing therapies for CNS disorders using genetic insights.

Eargo (EAR) opened on October 16 at $36 per share, double its pricing at $18 per share. The deal was upsized to 7.85M shares from 6.67M and priced above the $14.00-$16.00 target range. JPMorgan and BofA acted as joint book running managers for the offering. Eargo sells an advanced hearing aid direct to consumers in the U.S.

Aligos Therapeutics (ALGS) opened on October 16 at $17.40 after its IPO priced at $15 per share. Aligos priced 10M shares within the $14.00-$16.00 range. JPMorgan, Jefferies, Piper Sandler and Cantor Fitzgerald acted as joint book running managers for the offering. Aligos Therapeutics is developing treatments for chronice hepatitis B and other liver and viral diseases.

Kiromic Biopharma (KRBP) opened on October 16 at $11.80. The company priced 1.25M shares at $12.00. ThinkEquity acted as sole book running manager for the offering. Kiromic Biopharma is a preclinical biotech developing immunotherapies for blood cancers and solid tumors.

Opthea (OPT) opened on October 16 at $11.05 after having priced 8.563M American Depositary Shares at $13.50. Citi and SVB Leerink acted as joint book running managers for the offering. Opthea is developing a treatment for Wet AMD and other eye conditions.

Tarsus Pharmaceuticals (TARS) opened on October 16 at $16.20 after its 5.5M share IPO priced at $16 per share. The deal size was increased to 5.5M shares from 5.0M and priced at midpoint of $15.00-$17.00 target range. BofA, Jefferies and Raymond James are acting as joint book running managers for the offering. Tarsus is in Phase 3 trials for its treatment for Demodex blepharitis.

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