Opening Day: Passage Goes Public Amid Coronavirus-Related Stock Market Meltdown

Passage Bio (PASG) went public during the stock market's worst week since 2008. Nonetheless, the company did fine, with the stock jumping 20% in its first day trading and the offering bringing in $216 million for the gene therapy company. 


GFL Environmental (GFL) opened on March 3 at $17.50. The company had priced 75 million shares at $19.00. The deal size was increased to 75 million shares from 73.2 million shares. JPMorgan (JPM), BMO Capital (BMO), Goldman Sachs (GS), RBC Capital (RY), and Scotiabank (BNS) acted as joint book running managers for the offering. GFL Environmental is a Canadian waste management company.

Passage Bio opened on Feb. 28 at $22.27. The company had priced 12 million shares at $18.00. The deal size was increased from 7.4 million to 12 million shares, and price at the top of $16.00-$18.00 range. JPMorgan, Goldman Sachs, and Cowen acted as joint book running managers for the offering. Passage Bio is a gene therapy company with three lead programs aimed at dementia, Krabbe disease, and rare childhood disease GM1 gangliosidosis.


  • After opening at $17.50, GFL Environmental finished Friday at $17.01.
  • Passage Bio ended the week at $20.20.


Among the upcoming IPOs are DoorDash (DASH), CPG Newco (AZEK) and Imara Inc. (IMRA).

DoorDash announced last week that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process. DoorDash is an on-demand prepared food delivery service.

CPG Newco is the manufacturer and parent company of AZEK Building Products, Versatex, Scranton Products and Vycom building product brands.

Imara Inc. is a Pfizer (PFE)-backed biopharma company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin, known as hemoglobinopathies.

Disclosure: None.

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