NIO seeks to raise $1.8 billion in biggest U.S. listing by China automaker: Reuters

Chinese electric vehicle start-up NIO on Monday filed for a $1.8 billion initial public offering of its American depositary shares, the biggest U.S. listing by a Chinese automaker. The company, backed by Chinese tech heavyweight Tencent Holdings Ltd, applied for a float of up to $1.8 billion, according to its filing with the Securities and Exchange Commission. It plans to go public on the New York Stock Exchange under the symbol “NIO”. The float comes as the firm, founded by Chinese entrepreneur William Li in 2014, and other Chinese EV makers seek fresh capital to develop new products and finance investments in areas including autonomous driving and battery technologies. Having begun promoting EVs in 2009, China aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-tech industries. Start-up electric carmakers such as WM Motor Technology Co and
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Orchard raises $150 million to expand after GSK gene therapy deal: Reuters

Anglo-American biotech company Orchard Therapeutics has raised a further $150 million to fund its work in gene therapy, building on earlier fundraisings worth more than $140 million. The new financing comes four months after its acquisition of a portfolio of GlaxoSmithKline rare disease medicines, including the gene therapy Strimvelis for ADA severe combined immune deficiency (ADA-SCID), or “bubble baby” disease. Gene therapy is a hot area for drug research – highlighted by Novartis’s $8.7 billion acquisition of AveXis in April – but products sold to Orchard are viewed as too niche for GSK as it refocuses its drug research under CEO Emma Walmsley. Strimvelis has so far been used to treat just a handful of patients since its launch in Europe two years ago. Orchard, which has previously said it would consider an initial public offering (IPO) as the company develops, said on Monday the latest financing had been
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Carlyle starts preparations for $5 billion listing of chemicals group Atotech, say sources: Reuters

Buyout group Carlyle (CG.O) is starting preparations for a stock market listing of German speciality chemicals group Atotech, a former part of oil group Total (TOTF.PA) which could be valued at around $5 billion, people close to the matter said. The private equity investor has asked investment banks to pitch for roles in an initial public offering which is expected to take place in New York next year, two of the people said, while another person said a German IPO was also a possibility. Carlyle declined to comment. Atotech, a Berlin-based maker of speciality chemicals and equipment for printed circuit boards and semiconductors, posted adjusted earnings before interest, tax, depreciation and amortization of $329 million on sales of $1.2 billion last year.
Carlyle bought Atotech in 2016 at an enterprise value of $3.2 billion or 12 times its core earnings. The investor would likely seek
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KKR plans to list its Indian businesses on local exchange: FT

Investment firm KKR & Co (KKR.N) plans to list a bulk of its operations in India on the local stock exchange, the Financial Times reported on Monday, citing four people involved in the matter. The expected public offering of KKR’s Indian unit excludes private equity operations, which are part of the company’s broader Asia private equity business run out of Hong Kong, the FT report on.ft.com/2MeXXZZ said. The timing of the potential IPO has not been finalised, the report said. In India, KKR operates as a buyout company with a credit business that not only takes stakes in local companies but also lends to them. KKR was not immediately available for comment.

Online furniture retailer Westwing targets late 2018 IPO, say sources: Reuters

Online furniture retailer Westwing, backed by German ecommerce investor Rocket Internet, is reviving plans for a Frankfurt stock market listing which may come in late 2018, people close to the matter said. The company, which in 2016 shelved its initial public offering (IPO) plans, may sell shares worth about 100 to 150 million euros ($116-$174 mln) – mostly newly issued ones, they said. Westwing may be valued at 400 to 450 million euros in a potential deal, the people said. Citi and Berenberg have been chosen to organise the flotation as so called global coordinators, they added. Westwing said that it is under no time pressure to do a deal. “We have always said that we will at some stage plan a stock market listing,” a Westwing spokeswoman said. German start-up investor Rocket Internet holds 32 percent of Westwing, with other investors including Investment AB Kinnevik , Access
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Apollo-backed Spartan Energy Acquisition Corp goes public

Spartan Energy Acquisition Corp, a blank check company focused on the energy industry in North America, has debuted its IPO after pricing its 48 million shares at $10 per share. The stock began trading August 10, 2018 on the New York Stock Exchange under the ticker symbol “SPAQ.U.” Citigroup Global Markets Inc and Credit Suisse Securities (USA) LLC are the lead underwriters. Spartan Energy Acquisition Corp is backed by Apollo Global Management LLC.  PRESS RELEASE Spartan Energy Acquisition Corp. (the “Company”), led by Chairman Gregory Beard and Chief Executive Officer Geoffrey Strong, today announced the pricing of its initial public offering (“IPO”) of 48,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “SPAQ.U” beginning August 10, 2018. Each unit consists of one share of the Company’s
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Sonos IPO prices below range amid muted investor reception: Reuters

Sonos Inc (SONO.O), the U.S. company that popularized wireless speakers, priced its initial public offering below its targeted range on Wednesday, signaling investors are selective about backing stock market hopefuls in the technology sector. Sonos is trying to convince investors it can withstand new competition from the likes of Apple Inc (AAPL.O) and Alphabet Inc’s (GOOGL.O) Google based on the popularity of its multi-room connected audio system and the numbers of third-party apps and services it supports. The company said it sold around 5.6 million shares at $15 per share in the IPO, below its $17-$19 target range, raising $83.3 million. Existing Sonos shareholders, which include investment firm KKR & Co (KKR.N), sold a further 8.3 million shares. Santa Barbara, California-based Sonos plans to start trading on the Nasdaq on Thursday under the symbol “SONO”. Founded in 2002, Sonos’ speakers and the
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German caravan maker Hymer attracts private equity interest, say sources: Reuters

Family-owned Erwin Hymer Group has attracted interest from private equity as it explores a stock market flotation which could value the German mobile home manufacturer at up to 3 billion euros ($3.51 billion), people close to the matter said. Buyout groups KPS and Centerbridge are expected to submit final bids by early September for the owner of the Hymer, Dethleff’s and Buerstner recreational vehicle brands, the sources said, adding that Hymer’s owners may still opt for a listing. Erwin Hymer Group is currently conducting a dual track process, with options including an initial public offering (IPO) or taking in an external investor, a Hymer spokesman said. Centerbridge declined to comment, while KPS was not immediately available for comment. The family owners, which are seeking funds for Hymer investments in North America and Asia, initially only planned to divest a minority, but have opened up to the idea of selling
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VC-backed Tenable debuts IPO

Cybersecurity company Tenable has rolled out its IPO after pricing its 10.9 million shares at $23 per share. The stock began trading July 26, 2018 on the NASDAQ under the ticker symbol “TENB.” Morgan Stanley, J.P. Morgan, Allen & Company LLC and Deutsche Bank are the lead underwriters. Tenable’s pre-IPO backers include Tenable’s backers include Accel, In-Q-Tel and Insight Venture Partners. PRESS RELEASE COLUMBIA, Md., July 26, 2018 /PRNewswire/ — Tenable Holdings, Inc. (“Tenable”) today announced the pricing of its initial public offering of 10,900,000 shares of common stock at a price to the public of $23.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol “TENB” on July 26, 2018, and the offering is expected to close on July 30, 2018, subject to customary closing conditions. In addition, Tenable has granted the underwriters a
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China’s Pinduoduo prices U.S. IPO at top of range, raises $1.6 billion, say sources: Reuters

Chinese online group discounter Pinduoduo Inc (PDD.O) priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to three people familiar with the situation. The pricing values money-losing Pinduoduo – which counts Chinese internet giant Tencent Holdings Ltd (0700.HK) as a main backer – at $23.8 billion including all outstanding share options, compared with a valuation of $15 billion following a funding round in April. The fast-growing company allows consumers to group together to get better discounts from merchants selling goods as varied as clothes, kitchenware and gadgets. It offered about 85.6 million ADS or about 6.8 percent of its enlarged share capital, at $16 to $19 each. Pinduoduo declined to comment on the pricing. The people declined to be named because they
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PE-backed Focus Financial goes public

Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, has debuted its IPO after pricing its over 16 million shares at $33 per share. The stock began trading July 26, 2018 on the NASDAQ under the ticker symbol “FOCS.” Goldman Sachs, BofA Merrill Lynch, KKR Capital Markets, BMO Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey are the underwriters. Focus Financial’s pre-IPO backers are KKR and Stone Point Capital. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”) announced today the pricing of an initial public offering of 16,216,217 shares of its Class A common stock at $33.00 per share. The shares are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “FOCS” on July 26, 2018. In addition, Focus granted the underwriters a 30-day option to purchase up to an additional 2,432,433 shares of Focus’s Class
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Chinese biotech firm Ascletis raises $400 million in HK IPO, say sources: Reuters

Chinese biotech Ascletis Pharma Inc (1672.HK) raised $400 million after pricing its IPO in the middle of an indicative range, three people said, in the first such Hong Kong listing under rules designed to attract early-stage biotech firms. The initial public offering (IPO) is widely seen as a test of the new regime as Hong Kong seeks to establish itself as a financing center for the growing number of Chinese drug developers. New York is currently the established center for biotech IPOs, with $2.4 billion worth of such shares sold last year. The largest early-state biotech deal was in 2014 when Juno Therapeutics raised $304 million, Thomson Reuters data showed. Nine biotechs have so far filed for Hong Kong listings, and at least another four plan to follow suit, bankers said. Ascletis, which makes anti-viral, cancer and liver disease drugs, sold 224 million new shares, or 20 percent
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Aquestive Therapeutics debuts IPO

Warren, New Jersey-based Aquestive Therapeutics Inc, a specialty pharmaceutical company, has raised $67.5 million for its IPO after pricing its 4.5 million shares at $15 per share. The stock began trading July 25, 2018 on the NASDAQ under the ticker symbol “AQST.” BMO Capital Markets and RBC Capital Markets are the lead underwriters. Aquestive Therapeutics’ pre-IPO backers include Bratton Capital Management. PRESS RELEASE WARREN, N.J., July 24, 2018 /PRNewswire/ — Aquestive Therapeutics, Inc., a specialty pharmaceutical company focused on identifying, developing and commercializing differentiated products to address unmet medical needs, today announced the pricing of its initial public offering of 4,500,000 shares of common stock at a public offering price of $15.00 per share for aggregate gross proceeds of $67,500,000. All of the shares in the offering are being offered by Aquestive Therapeutics. In addition, Aquestive Therapeutics granted the underwriters a 30-day
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VC-backed Bloom Energy goes public

Fuel cell startup Bloom Energy Corp has debuted its IPO after pricing its 18 million shares at $15 per share. The stock began trading July 25, 2018 on the New York Stock Exchange under the ticker symbol “BE.” J.P. Morgan and Morgan Stanley are the lead underwriters. Bloom Energy’s pre-IPO backers included Kleiner Perkins Caufield & Byers, New Enterprise Associates and GSV Capital. PRESS RELEASE SUNNYVALE, Calif., July 24, 2018 — Bloom Energy Corporation (NYSE:BE) today announced the pricing of its initial public offering of 18,000,000 shares of its Class A common stock at a price to the public of $15.00 per share. The shares are expected to begin trading on the New York Stock Exchange on July 25, 2018 under the symbol “BE.” The offering is expected to close on July 27, 2018, subject to customary closing conditions. Bloom Energy has granted the underwriters
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VC-backed Constellation Pharmaceuticals rolls out IPO

Cambridge, Massachusetts-based Constellation Pharmaceuticals Inc, a developer of tumor-targeted and immuno-oncology therapies, has raised $60 million for its IPO after pricing its 4 million shares at $15 per share. The stock began trading July 19, 2018 on the NASDAQ under the ticker symbol “CNST.” J.P. Morgan, Jefferies and BMO Capital Markets are the lead underwriters. The investors included Cormorant Asset Management, Deerfield Management, Fidelity Management and Research Company, Hillhouse Capital, NS Investment, OrbiMed, Sirona Capital, Venrock Healthcare Partners, The Column Group, Third Rock Ventures, Venrock, SROne, University of California Investment Office, Topspin Partners and Casdin Capital. PRESS RELEASE CAMBRIDGE, Mass., July 18, 2018 (GLOBE NEWSWIRE) — Constellation Pharmaceuticals, Inc. (the “Company”)(Nasdaq:CNST), a clinical-stage biopharmaceutical company using its expertise in epigenetics to discover and develop novel therapeutics, today announced the pricing of its initial public offering of 4,000,000 shares of common stock at a public offering
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VC-backed Allakos goes public

San Carlos, California-based Allakos, a developer of antibodies that treat various eosinophil and mast cell related diseases, has raised about $128.4 million for its IPO after pricing its over 7.1 million shares at $18 per share. The stock began trading July 19, 2018 on the NASDAQ under the ticker symbol “ALLK.” Goldman Sachs and Jefferies LLC are the lead underwriters. Allakos’ pre-IPO backers include Novo Ventures, Alta Partners, RiverVest Venture Partners and the Roche Venture Fund. PRESS RELEASE SAN CARLOS, Calif., July 19, 2018 (GLOBE NEWSWIRE) — Allakos Inc., (Nasdaq:ALLK), a clinical stage biotechnology company focused on the development of antibodies for the treatment of various eosinophil and mast cell related diseases, today announced the pricing of its initial public offering of 7,133,333 shares of its common stock at a public offering price of $18.00 per share, for total gross proceeds of approximately
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PE-backed Canadian cannabis firm Tilray debuts IPO

Canadian cannabis firm Tilray, a portfolio company of Privateer Holdings, has raised about $153 million for its IPO after pricing its 9 million shares at $17 per share. The stock began trading July 19, 2018 on the NASDAQ under the ticker symbol “TLRY.” Cowen and BMO Capital Markets are the lead underwriters. Tilray is not trading on any Canadian stock exchange. PRESS RELEASE Tilray, Inc., a vertically-integrated and federally-licensed cannabis cultivator, processor and distributor, today announced the pricing of its initial public offering of 9,000,000 shares of Class 2 common stock. 6,524,000 shares of Class 2 common stock will be offered in the United States and certain other countries except Canada at a price to the public of US$17.00 per share for a total offering size of US$110,908,000 and 2,476,000 shares of Class 2 common stock, which we refer to as Subordinate Voting Shares, will
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VC-backed Crinetics Pharmaceuticals debuts IPO

San Diego-based Crinetics Pharmaceuticals, a drug developer focused on rare endocrine diseases and endocrine-related tumors, has raised $102 million for its IPO after pricing its 6 million shares at $17 per share. The stock began trading July 18, 2018 on the NASDAQ under the ticker symbol “CRNX.” J.P. Morgan Securities LLC, Leerink Partners LLC and Piper Jaffray & Co are the lead underwriters. Crinetics’ pre-IPO backers include Versant Ventures, 5AM Ventures and Vivo Capital. PRESS RELEASE SAN DIEGO, July 17, 2018 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq:CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced the pricing of its initial public offering of 6,000,000 shares of common stock at a public offering price of $17.00 per share. All of the shares are being offered by Crinetics. The shares are
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Rubius Therapeutics goes public

Cambridge, Massachusetts-based Rubius Therapeutics, a creator of cellular therapies, has debuted its IPO after pricing its over 10.4 million shares at $23 per share. The stock began trading July 18, 2018 on the NASDAQ under the ticker symbol “RUBY.” J.P. Morgan, Morgan Stanley, Jefferies and Leerink Partners are the lead underwriters. Rubius’ pre-IPO backers include Flagship Pioneering. PRESS RELEASE CAMBRIDGE, Mass., July 17, 2018 (GLOBE NEWSWIRE) — Rubius Therapeutics, Inc. (Nasdaq:RUBY), a biotechnology company pioneering the development of a new class of ready-to-use cellular therapies, today announced the pricing of its initial public offering of 10,483,000 shares of common stock at a public offering price of $23.00 per share, before underwriting discounts and commissions. In addition, Rubius has granted the underwriters a 30-day option to purchase up to an additional 1,572,450 shares of common stock at the initial public offering price, less the underwriting
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