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Sana Biotechnology raised $588 million in its IPO on Thursday, the largest-ever initial public offering for a preclinical biotech company. Meanwhile, On24 surged over 40% in its trading debut on Wednesday and Telus International jumped nearly 22%. Not only does the SPAC IPO craze continue, it was a busy week for "traditional" IPOs as well, with nine new issues opening on Friday alone.

Latest IPOs

Lucira Health (LHDX) opened on Feb. 5 at $22.10. The company had priced 9 million shares at $17.00. The deal size was increased to 9 million shares from 7.81 million shares and priced at the high-end of the $15.00-$17.00 range. BofA (BAC), William Blair, and LifeSci Capital acted as joint book running managers for the offering. Lucira Health is a developer of an instrument-free, low-cost molecular diagnostics platform for infectious disease testing.

CN Energy Group (CNEY) opened on Feb. 5 at $8, double its IPO price of $4 per share. Network 1 Financial acted as sole book running manager for the 5 million share offering. CN Energy is a Chinese manufacturer of wood-based activated carbon.

Vor Biopharma (VOR) opened on Feb. 5 at $42.02. The company had priced 9.83 million shares at $18.00. The deal size was increased to 9.83 million shares from 8.82 million and priced at the high end of its $16.00-$18.00 target range. Goldman Sachs (GS), Evercore ISI, Barclays (BCS), and Stifel (SF) acted as joint book running managers for the offering. Vor Biopharma is developing cell therapy approaches to treat various blood cancers.

Terns Pharmaceuticals (TERN) opened on Feb. 5 at $16.95. The company had priced 7.5 million shares at $17.00. The deal size was increased to 7.5 million shares from 6.25 million and priced at high end of $15.00-$17.00 target range. JPMorgan (JPM), Goldman Sachs, and Cowen (COWN) acted as joint book running managers for the offering. Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases.

Evaxion Biotech (EVAX) opened on Feb. 5 at $10, where its 3 million share IPO had priced. The deal size was increased to 3 million shares from 2.75 million and priced at the low-end of the $10.00-$12.00 range. Oppenheimer acted as lead book running manager for the offering. Evaxion Biotech is a Danish Phase 1/2 biotech using AI to develop immuno-oncology therapies.

Pharvaris (PHVS) opened on Feb. 5 at $25. The company had priced 8.27 million shares at $20.00. The deal size was increased to 8.27 million shares from 6.95 million and priced above the target range of $17.00-$19.00. Morgan Stanley (MS), BofA, and SVB Leerink acted as joint book running managers for the offering. Pharvaris is a Dutch Phase 1 biotech developing small molecule therapies for rare diseases.

Angion Biomedica (ANGN) opened on Feb. 5 at $17.62 after its 5 million share offering priced at $16.00, at the high end of its $14.00-$16.00 target range. Cowen and Stifel acted as joint book running managers for the offering. Angion Biomedica is a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases.

Bolt Biotherapeutics (BOLT) opened on Feb. 5 at $26.10. The company had priced 11.5 million shares at $20.00. The deal size was increased to 11.5 million shares and the range was increased to $18.00-$19.00 from $16.00-$18.00. Morgan Stanley, SVB Leerink, Stifel, and Guggenheim Securities acted as joint bookrunners for the offering. Bolt Biotherapeutics is a Phase 1/2 biotech developing targeted therapies for solid tumors.

Immunocore Holdings (IMCR) opened on Feb. 5 at $41. The company had priced 9.936 million shares at $26.00. The deal size was increased to 9.936 million shares from 8.3 million shares. Goldman Sachs, JPMorgan, and Jefferies acted as joint book running managers for the offering. Immunocore Holdings is a Phase 3 biotech developing T cell therapies for cancer and other diseases.

Sana Biotechnology (SANA) opened on Feb. 4 at $35. The company had priced 23.5 million shares at $25.00. The deal size was increased to 23.5 million shares from 22 million shares and priced above the $23.00-$24.00 range. Morgan Stanley, Goldman Sachs, JPMorgan, and BofA acted as joint book running managers for the offering. Sana Biotechnology is an upstart that’s looking to treat a variety of diseases through gene therapy and cell engineering.

Landos Biopharma (LABP) opened on Feb. 4 at $13. The company had priced 6.25 million shares at $16.00. The deal priced at the midpoint of $15.00-$17.00 target range. JPMorgan, Jefferies, and SVB Leerink acted as joint book running managers for the offering. Landos Biopharma is a clinical-stage biopharmaceutical company focused on the discovery and development of therapeutics for patients with autoimmune diseases.

Sensei Biotherapeutics (SNSE) opened on Feb. 4 at $24.70. The company had priced 7 million shares at $19.00. The deal size was increased to 7.0 million shares from 5.89 million and priced above the $16.00-$18.00 target range. Citi (C), Piper Sandler, and Berenberg acted as joint book running managers for the offering. Sensei Biotherapeutics is a clinical-stage immunotherapy company focused on the discovery and development of next generation therapeutics for cancer.

Atotech (ATC) opened on Feb. 4 at $17. The company had priced 29.27 million shares at $17.00. The deal size was decreased to 29.27 million shares from 34.15 million and priced below the $19.00-$22.00 target range. Citi, Credit Suisse, BofA, and JPMorgan acted as joint book running managers for the offering. The underwriters of the offering will also have a 30-day option to purchase up to an additional 4.39 million common shares from certain affiliates of The Carlyle Group (CG), the selling shareholders, the company has noted. Atotech is a Carlyle-backed specialty chemicals company that had been carved out of Total (TOT).

On24 (ONTF) opened on Feb. 3 at $77. The company had priced 8.561 million shares at $50.00. The deal size was increased to 8.56 million shares from 6.32 million shares and priced at the high-end of the $45.00-$50.00 range. Goldman Sachs, JPMorgan, and KeyBanc acted as joint book running managers for the offering. On24 offers an interactive webinar and virtual event experiences platform.

Telus International (TIXT) opened on Feb. 3 at $33.10. The company had priced 37 million shares at $25.00. The deal size was increased to 37 million shares from 33.3 million shares and priced at the high-end of the $23.00-$25.00 range. JPMorgan and Morgan Stanley acted as joint book running managers for the offering. Telus Corporation (TU) and its subsidiary, Telus International, have said that following the offering, Telus Corp. is expected to hold approximately 67.8% of the voting power of Telus International, or 67.0% if the underwriters' over-allotment option is exercised in full, and 57.1% of the economic interest, or 55.2% if the underwriters' over-allotment option is exercised in full.

SPAC IPOs

After there were 248 special purpose acquisition company, or SPAC, IPOs in 2020, there have already been 118 such IPOs in 2021 to date, according to data compiled by SPACInsider.

JOFF Fintech Acquisition Corp. (JOFF) opened on Feb. 5 at $10.37. The blank check company's upsized initial public offering of 36 million units priced at $10.00 per unit.

Fifth Wall Acquisition Corp. I (FWAA) opened on Feb. 5 at $11.27 after having priced its upsized initial public offering of 30 million shares of class A Common Stock at a price of $10.00 per share. The blank check company intends to focus on industries that "complement its management team's background, and to capitalize on the ability of its management team to identify and acquire a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which the company calls the 'Built World.'"

Thunder Bridge Capital Partners III (TBCP) opened on Feb. 5 at at $10.70 after its upsized initial public offering of 36 million units priced at $10.00 per unit. The blank check company intends to focus its search on companies in the financial services industry.

RMG Acquisition Corp. III (RMGC) opened on Feb. 5 at $11. Its initial public offering of 42 million units priced at $10.00 per unit. The blank check company intends to "capitalize on the ability of its management team to identify, acquire, and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns."

Decarbonization Plus Acquisition II (DCRN) opened on Feb. 4 at $11.31. The blank check company had priced its initial public offering of 35 million units at $10.00 per unit.

Novus Capital Corporation II (NXU) opened on Feb. 4 at $10.77. The blank check company had priced its initial public offering of 25 million units at $10.00 per unit. Novus Capital Corporation II intends to focus its efforts on evaluating business combination targets opportunities in the smart technology innovations market.

Centricus Acquisition (CENHU) opened on Feb. 4 at $10.40. The blank check company had priced its initiation public offering at $10. Centricus Acquisition raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated.

Astrea Acquisition (ASAX) opened on Feb. 4 at $10.17. The blank check company had priced its initial public offering of 15 million units at $10.00 per unit. Astrea's efforts to identify a prospective target business will not be limited to any particular industry or geographic region.

Itiquira Acquisition (ITQR) opened on Feb. 4 at $10.40. The blank check company had priced its initial public offering of 20 million units at $10.00 per unit. "Although the company's efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus its search on a target located in Brazil in sectors with strong growth potential, with high correlation to Brazil growth, resilient business models, in non-cyclical industries, with favorable secular trends, including those that have been historically underserviced by the government. These include, but are not limited to, technology, healthcare, pharma, education, and consumer services," Itiquira stated.

Atlas Crest Investment Corp. II (ACII) opened on Feb. 4 at $10.75. The blank check company had priced its upsized initial public offering of 30 million units at $10.00 per unit. Atlas Crest Investment Corp. II intends to evaluate opportunities in many sectors, but "believes the diverse experience and extensive relationship network of its management team, board, and sponsor will drive particularly attractive investment opportunities in certain high growth sectors including media, fintech/payments, software and technology enabled services, online gaming/sports betting, healthcare, and disruptive consumer."

Gaming & Hospitality Acquisition (GHAC) opened on Feb. 3 at $10.38. The blank check company had priced its initial public offering of 17.5 million units at $10.00 per unit. Gaming & Hospitality intends to focus on acquisition opportunities in the gaming and hospitality sectors.

MDH Acquisition (MDH) opened on Feb. 2 at $10.25. The blank check company had priced of its upsized initial public offering of 24 million units at $10.00 per unit. MDH Acquisition intends to focus on industries that "complement its management team's background in transportation and logistics, telecommunications, financial services, and professional services, and to capitalize on the ability of its management team to identify and acquire a business."

Ares Acquisition (AAC) opened on Feb. 2 at $10.27. The blank check company had priced its initial public offering of 87 million units at $10.00 per unit. Ares will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, except that it does not intend to pursue the fossil fuel energy industry.

Performance

• After opening at $22.10, Lucira Health ended Friday at $24.98.
• CN Energy Group finished the week at $5.74.
• After opening at $42.02, Vor Biopharma ended Friday at $37.50.
• Terns Pharmaceuticals finished the week at $18.39.
• Evaxion Biotech ended Friday at $9.89.
• After opening at $25, Pharvaris finished the week at $29.
• Angion Biomedica ended Friday at $17.02.
• Bolt Biotherapeutics finished the week at $32.15.
• After opening at $41, Immunocore ended Friday at $43.20.
• Sana Biotechnology finished the week at $39.12.
• Landos Biopharma ended Friday at $11.05.
• After opening at $24.70, Sensei Biotherapeutics finished the week at $22.49.
• Atotech ended Friday at $19.
• On24 finished the week at $69.
• After opening at $33.10, Telus International ended Friday at $31.58.

Upcoming IPOs

Among the upcoming IPOs are Roblox (RBLX), Bumble (BMBL), Coinbase (COIN), Caliber Home Loans (HOMS), Pharming Group (PHAR), loanDepot (LDI), and Apria (APR). Reports this week indicated that two well-known, upstart food companies - Chobani and Oatly - are also making plans to come public.

On Jan. 28, Reuters reported that Roblox has postponed plans to go public due to SEC scrutiny of how the video game platform recognizes revenue in its finances. Previously, the video game company had said in a regulatory filing that it was aiming to list shares on the New York Stock Exchange in February. The company has been approved to list its Class A common stock on the NYSE under the symbol "RBLX."

On Jan. 15, Bumble filed with the SEC for a planned initial public offering of shares of Class A common stock and applied to list its shares on the Nasdaq Global Select Market under the trading symbol "BMBL." In the IPO filing, Bumble disclosed it had about 42 million monthly active users, or MAUs, in Q3 of 2020 and 2.4 million paying users year-to-date as of September 2020.

LD Holdings Group has announced that its newly formed affiliate, loanDepot, has launched the roadshow for the initial public offering of 15 million shares of its Class A common stock. The offering consists of 9.41 million shares of Common Stock being sold by loanDepot and 5.59 million shares of Common Stock being sold by certain funds managed by Parthenon Capital Partners. The initial public offering price is expected to be between $19.00 and $21.00 per share. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "LDI."

Coinbase is the largest U.S. cryptocurrency exchange and has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. Its IPO is expected to come in February 2021.

Caliber Home Loans is a financial services company and an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA, and the USDA.

Pharming Group is a commercial stage biopharmaceutical company developing innovative protein replacement therapies and precision medicines for the treatment of rare diseases and unmet medical needs.

Apria announced the launch of its initial public offering of 7.5 million shares of its common stock to be sold by certain of its stockholders. The initial public offering price is currently expected to be between $19.00-$21.00 per share. The selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock. Apria intends to list its shares of common stock on the Nasdaq Global Select Market under the symbol "APR."

On Feb. 4, Cara Lombardo and Dana Cimilluca of The Wall Street Journal reported that Greek yogurt maker Chobani is eyeing an initial public offering later this year that it hopes could value the company at as much as $7 billion to $10 billion.

On Feb. 5, Bloomberg's Ruth David and Agnieszka de Sousa said that Malmo, Sweden-based Oatly is considering seeking a value of around $10 billion in a U.S. listing. The maker of vegan food and drink products is working with advisers on an IPO that could come as soon as May, the report said.