Fenwick IPO Survey - WordPress.com

H1 2015

Key Metrics for Recent Technology and Life SciencesInitial Public OfferingsH1 2015

Key Metrics for Recent Technology and Life SciencesInitial Public OfferingsH1 2015

Survey Introduction and Background

This report has been developed as a resource for our clients and friends interested in understanding

recent IPO activity of technology and life sciences companies. This information comprises a number of

graphs and charts reflecting selected statistics that we believe provide useful information about activity

in these markets. This is followed by the listing of technology and life sciences IPOs priced in the second

half of 2014 and first half of 2015. We hope that you find this useful. Please contact Daniel J. Winnike at

[email protected] or Jeffrey R. Vetter at [email protected] if you care to discuss this information

or, as always, contact members of your client service team for more information.

Survey Contents

Survey Results ..................................................................................................................................................... 2

Offerings Completed ............................................................................................................................................. 3

Size of Offerings, Red Herring Midpoint ................................................................................................................. 4

Size of Offerings, Final IPO Price ............................................................................................................................ 5

Aggregate Amount Raised, Red Herring Midpoint ................................................................................................... 6

Aggregate Amount Raised, Final IPO Price .............................................................................................................. 7

Price Changes Between the Red Herring and Initial Offering Price ........................................................................... 8

Confidential Submissions ....................................................................................................................................14

Price Changes Around the Expiration of the Lock-Up ..............................................................................................15

Insider Participation ............................................................................................................................................16

List of Technology Offerings .................................................................................................................................17

List of Life Sciences Offerings ..............................................................................................................................19

Methodology ...................................................................................................................................................... 23

mailto:dwinnike%40fenwick.com?subject=IPO%20Survey-2013

mailto:jvetter%40fenwick.com?subject=IPO%20Survey-2013

2key metrics for recent technology and life sciences initial public offerings H1 2015

Survey Results

Following a slow start in the first quarter of 2015, life sciences and technology IPOs resumed the pace that

prevailed throughout the very busy 2014. A total of 55 deals were completed in the first half of 2015, with 17 in the

first quarter and 38 in the second quarter. This compares to a total of 76 and 64 life sciences and technology IPOs

in the first half and second half of 2014.

Life sciences companies continued to be very active in the IPO market, accounting for 37, or two- thirds, of

completed offerings. As was the case in 2014, insider participation was an important feature of life sciences IPOs,

with 73% reporting insider participation, compared to 28% of the technology deals in the first half of the year.

Companies with headquarters outside the U.S. accounted for 27% of the total life sciences and technology IPOs in

the first half of 2015. In 2014, 19% of the life sciences and technology offerings were for off-shore companies. Of

the life sciences offerings, 86% were for companies headquartered outside the San Francisco Bay Area, and of the

tech nology offerings, 78% were for companies headquartered outside of San Francisco Bay Area, which was in line

with 2014.

In terms of deal size, 32% of life sciences IPOs raised over $100 million in their IPOs, while 61% of the technology

offerings exceeded that threshold. The largest technology offering was Fitbit, raising $732 million, and the largest

life sciences offering was for Bermuda based Axovant Sciences, for $315 million. Life sciences offerings featured

greater pricing variability. Just 32% of life sciences deals priced in their red herring range, while 41% priced below

the range and 27% above. Four of these offerings traded up over 99% in the first day of trading and 66% of all the

life sciences offerings closed up in the first day of trading. For technology offerings, 50% priced in the range, while

33% priced above and 17% below, and 78% closed up in the first day of trading.


Offerings Completed

The graph below shows the number of technology and life sciences IPOs completed during each quarter of 2012–

2014 and the first half of 2015.

0

3

6

9

12

15

18

21

24

27

2013

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012 20152014

Q3 Q4 Q1 Q2

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

ipos per quarter 2012—2015


red herring deal comparison (midpoint price): 2014, second half

Size of Offerings, Red Herring Midpoint

The following scatter graphs plot technology and life sciences IPOs completed during the first half of 2015 and second

half of 2014 in terms of the initial offering price per share and number of shares offered based on the red herring

stage of the offering. The second half 2014 graph excludes Alibaba with a deal size of $20.2 billion as a significant

outlier.

$871M

$50M

$400M

Bubble Size = deal size

Mobileye

$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60

Number of Shares in Millions

SharePrice

Life Sciences International (11 deals)

Technology International (9 deals)

Life Sciences U.S. (31 deals)

Technology U.S. (13 deals)

Catalent

Lending Club

VWRWayfair

Travelport

red herring deal comparison (midpoint price): 2015, first half

$500M

$40M

$160M






$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60

Fitbit

GoDaddy

BlackKnightPressGaney

Cellectis

Celyad

Galapagos

Inovalon Holdings

AxovantSciences


SharePrice


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

Number of Shares in Millions (logarithmic scale)

Number of Shares in Millions (logarithmic scale)

SharePrice

SharePrice

$10.6B

$1B

$12M

$16B

$1B



Life Sciences (27 deals)

Technology (63 deals)



Red Herring Deal Comparison (Midpoint Price): 2011-2012

IPO Deal Comparison: 2011-2012

Groupon

GrouponVantiv

Vantiv

Workday

Workday

Facebook

FreescaleSemiconductor

Zynga

Freescale Semiconductor

Zynga

Facebook

Size of Offerings, Final IPO Price

The following scatter graphs plot technology and life sciences IPOs completed during the first half of 2015 and second

half of 2014 in terms of the initial offering price per share and number of shares offered based on actual pricing of the

offering. The second half 2014 graph excludes Alibaba with a deal size of $21.8 billion as a significant outlier.

ipo deal comparison: 2015, first half

ipo deal comparison: 2014, second half

$890M

$480M

$35M

Bubble Size = deal size$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60


SharePrice





Catalent

Lending Club

VWR

Mobileye

Travelport

Wayfair





$600M

$34M

$210M

Bubble Size = deal size$0

$10

$20

$30

$40

$50

$60

$70

$80

0 10 20 30 40 50 60

GoDaddy

BlackKnightPressGaney

Celyad

Cellectis

Galapagos

Inovalon Holdings

AxovantSciences

Fitbit


SharePrice

This graph excludes the outlier Alibaba with a deal size of $21.8 billion, share price of $68.00 and $320.1 million shares.


Aggregate Amount Raised, Red Herring Midpoint

The following graphs provide information about aggregate deal size at the red herring stage in the first half of 2015

and second half of 2014.

distribution of deal size (red herring midpoint): 2014, second half

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M $425M $450M $475M $500M$225M $400M$375M

27.8%

5.6%5.6% 5.6% 5.6%

16.7%

11.1%11.1%11.1%

Life Sciences Deal Size Distribution

deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $250M $275M$225M

24.3%

37.8%

10.8%

2.7%

13.5%

2.7%2.7%5.4%

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M $350M $375M $450M $475M $500M$225M $300M$275M

36.4%

4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%

13.6%

9.1%

$625M $650M $20.2B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $375M $400M $600M $625M$225M

31.0%

42.9%

4.8%2.4%2.4% 2.4% 2.4% 2.4% 2.4%

7.1%

$850M $875M

distribution of deal size (red herring midpoint): 2015, first half


Aggregate Amount Raised, Final IPO Price

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the

first half of 2015 and second half of 2014.

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M $450M $475M $575M $600M$425M$275M

5.6% 5.6%5.6%5.6% 5.6%

11.1%11.1% 11.1% 11.1%

22.2%

$725M $750M

5.6%


$50M $75M $100M $125M $150M $175M $200M$25M $250M $275M$225M deal size

% of deals

$300M $325M

18.9%

29.7%

10.8%

2.7% 2.7%2.7%2.7%5.4%

18.9%

5.4%

distribution of deal size (final ipo price): 2015, first half

distribution of deal size (final ipo price): 2014, second half

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $300M $500M $850M $875M $900M$225M $475M$325M

4.5%4.5%4.5% 4.5% 4.5% 4.5% 4.5%

13.6%

9.1%9.1%9.1%9.1%

$21.8B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $525M $550M $850M $875M$225M $250M $275M $300M $325M

21.4%

4.8%2.4% 2.4% 2.4% 2.4% 2.4%

11.9%

16.7%

33.3%

18.2%


Price Changes Between the Red Herring and Initial Offering Price

Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of

marketing efforts are processes that are part science and art. The graphs below show the median and average prices

for technology and life sciences IPOs from the red herring stage to the actual public offering price to the close price

on the first day of trading, for each of the first half of 2015 and second half of 2014.

Technology

Life Sciences

$10

$12

$16

$18

$20

$13.75

$12.50

$15.00

$12.96

$14.95

$17.87

$16.17

$14.00$14.00$14.00

$14.00$15.00

2015 H12014 H2

Red Herring Final Price 1st Day Close

median prices for technology & life sciences ipo deals

average prices for technology & life sciences ipo deals

Red Herring Final Price 1st Day Close

Technology

Life Sciences

$10

$12

$14

$16

$18

$20

$22

$24

$22.63

$15.13

$13.38

$14.94

$17.68

$16.69

$20.00

$17.41

$14.92$15.56

$18.93

$17.28

2015 H12014 H2


relation of final ipo price to original red herring range (% of deals) 2014, second half

relation of final ipo price to original red herring range (% of deals) 2015, first half

relation of price at 1st day close to final ipo price (% of deals) 2014, second half

relation of price at 1st day close to final ipo price (% of deals) 2015, first half

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

11.9%

35.7%

52.4%

45.5%

27.3%

27.3%

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

27.0%

32.4%

40.5%

33.3%

50.0%

16.7%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

54.8%

14.3%

31.0%

81.8%

18.2%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

67.6%

5.4%

27.0%

77.8%

16.7%

5.6%

Price Changes (continued)

The first two graphs show the percentage of technology and life sciences IPOs with a final price that falls above,

within and below the red herring range in the first half of 2015 compared with the second half of 2014. The lower

graphs show the percentage of technology and life sciences deals that closed up, down, or flat on their first day of

trading in the first half of 2015 compared with the second half of 2014.



The graphs below show the five technology company IPOs with the largest percentage gain, and those with a loss, on

the first day of trading for IPOs completed in the first half of 2015 and second half of 2014.

45.8%

67.2%

113.3%

-13.6%

-1.8%

-34.9%

48.0%

56.2%

64.3%64.9%

87.1%

Mob

ileye

N.V

.

Lend

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lub

Corp

orat

ion

Tube

Mog

ul

Hor

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orksCy

ber-

Ark

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and

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cs

ReW

alk

Robo

tics

Aten

to S

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Wor

kiva

-18.8%-16.7%-14.3% -11.7%

-27.5%

Mac

rocu

re

Bio

Bla

st P

harm

a

Forw

ard

Phar

ma

Neo

thet

ics

Pfen

ex

-23.6%

58.4%

Toka

i Pha

rmac

euti

cals

64.7%

Aval

anch

e B

iote

chno

logi

es

biggest movers - ipo price to price at

1st day close 2015, first half


1st day close 2014, second half

73.4%

147.1%

185.6%

-1.8%

-17.4%

40.0%

48.4%51.1%

65.9%

87.5%

Kom

it D

igit

al L

td.

Fitb

it

Sho

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ox

Etsy

MIN

DB

OD

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Poin

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Cor

pora

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Adur

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Ser

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peut

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Apig

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orpo

rati

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-15.1%-20.0%

-18.5%

-8.8%

-25.3%

Bel

lero

phon

The

rape

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s

Cely

ad S

A

CoLu

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Phar

mac

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Pres

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PLC

Arca

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Bio

scie

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-20.4%

99.3%

Axov

ant S

cien

ces

117.4%

Spa

rk T

hera

peut

ics

Tech

nolo

gy—

Inte

rnat

iona

l

Tech

nolo

gy—

U.S

.



The graphs below show the five life sciences company IPOs with the largest percentage gain and loss on the first day

of trading for IPOs completed in the first half of 2015 and second half of 2014.

45.8%

67.2%

113.3%

-13.6%

-1.8%

-34.9%

48.0%

56.2%

64.3%64.9%

87.1%

Mob

ileye

N.V

.

Lend

ingC

lub

Corp

orat

ion

Tube

Mog

ul

Hor

tonw

orksCy

ber-

Ark

Sof

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OL

Glo

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Upl

and

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Juno

The

rape

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s

Sag

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cs

ReW

alk

Robo

tics

Aten

to S

.A.

Wor

kiva

-18.8%-16.7%-14.3% -11.7%

-27.5%

Mac

rocu

re

Bio

Bla

st P

harm

a

Forw

ard

Phar

ma

Neo

thet

ics

Pfen

ex

-23.6%

58.4%

Toka

i Pha

rmac

euti

cals

64.7%

Aval

anch

e B

iote

chno

logi

es


1st day close 2015, first half


1st day close 2014, second half

73.4%

147.1%

185.6%

-1.8%

-17.4%

40.0%

48.4%51.1%

65.9%

87.5%

Kom

it D

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al L

td.

Fitb

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Sho

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Etsy

MIN

DB

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Poin

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Cor

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Adur

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Ser

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peut

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Apig

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rati

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-15.1%-20.0%

-18.5%

-8.8%

-25.3%

Bel

lero

phon

The

rape

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s

Cely

ad S

A

CoLu

cid

Phar

mac

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Pres

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PLC

Arca

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Bio

scie

nces

-20.4%

99.3%

Axov

ant S

cien

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117.4%

Spa

rk T

hera

peut

ics

Life

Sci

ence

s—In

tern

atio

nal

Life

Sci

ence

s—U

.S.



The graphs below show the five technology company IPOs with the largest percentage increase, and the four that

experienced a decrease, from the red herring midpoint to actual initial public offering price for IPOs completed in the


18.8%

45.5%

20.0%21.4%

-26.8%

25.0%

36.4%38.9%

21.1%23.1%

Hub

Spo

t

Lend

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Corp

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Mob

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N.V

.

New

Rel

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Bel

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The

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logi

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Sag

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12.5%

Nev

ro

Aten

to S

.A.

-28.6%

Trup

anio

n

-38.5%

Conn

ectu

re

-41.7%

Tube

Mog

ul

-47.2%

Cnov

a N

.V.

-45.5% -45.5% -45.5%

Pfen

ex

Auri

s M

edic

al H

oldi

ng A

.G.

Min

erva

Neu

rosc

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es

Foam

ix P

harm

aceu

tica

ls

-38.5%

Mar

inus

Pha

rmac

euti

cals

-53.9%

biggest movers - red herring price to

final ipo price 2015, first half


final ipo price 2014, second half

13.3%

23.1%28.6%

43.8%

-23.1%

-7.7%

-57.1%-61.5%

-27.3%-28.6%

13.3%16.7%

30.8%33.3%

Evol

ent H

ealt

h

Box

Sho

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20.0%

Inov

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Hol

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s

Fitb

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Dig

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Xact

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Adur

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Flex

Pha

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Cor

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Spa

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14.3%

Invi

tae

Corp

orat

ion

Ste

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td.

Inot

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harm

aceu

tica

ls C

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rati

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-55.6%

Lant

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Hol

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s

-42.9%

Arca

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Bio

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-34.6%

Carb

ylan

The

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AppF

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Tech

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Inte

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Tech

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U.S

.



The graphs below show the five life sciences company IPOs with the largest percentage increase, and largest

percentage decrease, from the red herring midpoint to actual initial public offering price for IPOs completed in the


18.8%

45.5%

20.0%21.4%

-26.8%

25.0%

36.4%38.9%

21.1%23.1%

Hub

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t

Lend

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Corp

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Sag

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12.5%

Nev

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Aten

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-28.6%

Trup

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-38.5%

Conn

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-41.7%

Tube

Mog

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-47.2%

Cnov

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-45.5% -45.5% -45.5%

Pfen

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Foam

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arin

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harm

aceu

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ls

-53.9%


final ipo price 2015, first half


final ipo price 2014, second half

13.3%

23.1%28.6%

43.8%

-23.1%

-7.7%

-57.1%-61.5%

-27.3%-28.6%

13.3%16.7%

30.8%33.3%

Evol

ent H

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Box

Sho

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20.0%

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Hol

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s

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Pha

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Spa

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14.3%

Invi

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Corp

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ion

Ste

adyM

ed L

td.

Inot

ek P

harm

aceu

tica

ls C

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-55.6%

Lant

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Hol

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s

-42.9%

Arca

dia

Bio

scie

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-34.6%

Carb

ylan

The

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s

Bao

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AppF

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Life

Sci

ence

s—In

tern

atio

nal

Life

Sci

ence

s—U

.S.


number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 375 390 405 420

5.6%8.3%

22.2%

13.9%11.1%

5.6% 5.6% 5.6%5.6%

6.3% 6.3%6.3%

2.8%2.8%

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 330 345 435 450

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 300 540 555

23.5%

5.9%5.9%5.9% 5.9%

435 450

2.6%2.6%2.6%2.6%5.1%

7.7%

15.4%15.4%

2.6%

number of days

% of deals

0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 300





5.1%

20.5%17.9%

11.8% 11.8%11.8%

17.6%

2.8%2.8%2.8% 2.8%

465

6.3%

18.8%

12.5%

18.8%

12.5%

6.3% 6.3%

Confidential Submissions

For deals that began with a confidential filing, the graphs below show the number of days between the initial

confidential submission and pricing. The graphs display the percentage of deals that priced within each 15 day period

from the initial confidential submission date.

distribution of days between initial confidential submission and final pricing

2014, second half

distribution of days between initial confidential submission and final pricing

2015, first half


Price Changes Around the Expiration of the Lock-Up

In order to assist the development of an orderly market for the shares being offered, IPO underwriters require the

stockholders of the offering company to agree not to sell shares of the company’s common stock for a specified

period without the underwriters’ consent. Customarily this period is 180 days and applies equally to all holders

delivering the “lock-up” agreement, although in a few instances the lock-up may roll off in stages and different

holders may be subject to different restrictive periods. Upon expiration of the lock-up period, there generally is an

influx of “supply,” as pre-IPO stockholders have their first ability to sell shares into the public market. The graphs

below shows the average and median changes in the closing trading price of the subject company shares for the

period beginning two weeks prior, and ending two weeks following, the scheduled expiration of the lock-up period

for lock-ups expiring in the first half of 2015 and second half of 2014. Those companies completing IPOs in the second

half of 2014 and a follow-on offering within 180 days are excluded from the first graph below. Those companies

completing IPOs in the first half of 2014 and a follow-on offering within 180 days are excluded from the second

graph below.

percent change of share prices surrounding end of lock-up period 2014, second half

Life Sciences Median

Life Sciences Avg

-10%

-5%

0%

10%

5%

2 wk prior Lock-up 2 wk post

Technology Median-3.7%

-2.2%Technology Avg-3.0%

1.5%

End of Lock-Up

percent change of share prices surrounding end of lock-up period 2015, first half

Life Sciences MedianLife Sciences Avg

-10%

-5%

0%

10%

5%

2 wk prior Lock-up 2 wk post

Technology Median-4.9%

0.2%

Technology Avg-4.1%

-1.1%

End of Lock-Up


Insider Participation

The charts below show the percentage of life sciences and technology IPOs where “insiders” participated in the

funding by purchasing shares. Insiders are directors and officers of a company as well as owners of more than 10% of

a company’s voting shares. In this case, insiders are typically existing investors who buy additional shares in the IPO.

Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside for insiders.

percentage of deals with insider participation and percentage of offering made available to insiders 2015, first half

22.2%

73.0%

percent of deals with insider participation

Life Sciences Technology

percent of offering

1-25% of offering

25-50% of offering

50%+ ofoffering


Technology Offerings: H1 20151, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.

company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size

Box, Inc. NYSE: BOX

$12.00 1/2015 12,500,000 $14.00 $175,000,000

Inovalon Holdings, Inc. NasdaqGS:INOV

$22.50 2/2015 22,222,222 $27.00 $599,999,994

MaxPoint Interactive, Inc. NYSE: MXPT

$11.50 3/2015 6,500,000 $11.50 $74,750,000

SolarEdge Technologies, Inc. NasdaqGS:SEDG

$17.00 3/2015 7,000,000 $18.00 $126,000,000

GoDaddy Inc. NYSE:GDDY

$18.00 4/2015 23,000,000 $20.00 $460,000,000.00

Kornit Digital Ltd. NasdaqGM:KRNT

$14.00 4/2015 7,100,000 $10.00 $71,000,000

Wowo Ltd. NasdaqGM:WOWO

$10.00 4/2015 4,000,000 $10.00 $40,000,000

Etsy, Inc. NasdaqGM:ETSY

$15.00 4/2015 16,666,666 $16.00 $266,666,656

Apigee Corporation NasdaqGS:APIC

$17.00 4/2015 5,115,000 $17.00 $86,955,000

Black Knight Financial Services, Inc. NYSE:BKFS

$23.50 5/2015 18,000,000 $24.50 $441,000,000

Baozun Inc. NasdaqGS:BZUN

$13.00 5/2015 11,000,000 $10.00 $110,000,000

Shopify Inc. NYSE:SHOP

$13.00 5/2015 7,700,000 $17.00 $130,900,000

Evolent Health, Inc. NYSE:EVH

$15.00 6/2015 11,500,000 $17.00 $195,500,000

Fitbit, Inc. NYSE:FIT

$15.00 6/2015 36,575,000 $20.00 $731,500,000

MINDBODY, Inc. NasdaqGM:MB

$14.00 6/2015 7,150,000 $14.00 $100,100,000

Xactly Corporation NYSE:XTLY

$11.00 6/2015 7,037,500 $8.00 $56,300,000

AppFolio, Inc. NasdaqGM:APPF

$13.00 6/2015 6,200,000 $12.00 $74,400,000

Alarm.com Holdings, Inc. NasdaqGM:ALRM

$14.00 6/2015 7,000,000 $14.00 $98,000,000


Technology Offerings: H2 20141, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.


Globant S.A. NYSE:GLOB

$12.00 7/2014 5,850,000 $10.00 $58,500,000

Trupanion, Inc. NYSE:TRUP

$14.00 7/2014 7,125,000 $10.00 $71,250,000

TubeMogul, Inc. NasdaqGS:TUBE

$12.00 7/2014 6,250,000 $7.00 $43,750,000

Mobileye N.V. NYSE:MBLY

$18.00 8/2014 35,589,000 $25.00 $889,725,000

iDreamSky Technology Limited NasdaqGS:DSKY

$13.00 8/2014 7,700,000 $15.00 $115,500,000

Alibaba Group Holding Limited NYSE: BABA

$63.00 9/2014 320,106,100 $68.00 $21,767,214,800

Cyber-Ark Software Ltd. NasdaqGS:CYBR

$14.00 9/2014 5,360,000 $16.00 $85,760,000

Travelport Worldwide Limited NYSE:TVPT

$15.00 9/2014 30,000,000 $16.00 $480,000,000

Atento S.A. NYSE:ATTO

$20.50 10/2014 10,000,000 $15.00 $150,000,000

Wayfair Inc. NYSE:W

$26.50 10/2014 11,000,000 $29.00 $319,000,000

Yodlee Corp. NasdaqGS:YDLE

$12.00 10/2014 6,250,000 $12.00 $75,000,000

MOL Global, Inc. NasdaqGS:MOLG

$13.50 10/2014 13,500,000 $12.50 $168,750,000

HubSpot, Inc. NYSE:HUBS

$20.00 10/2014 5,000,000 $25.00 $125,000,000

Upland Software, Inc. NasdaqGM:UPLD

$13.00 11/2014 3,846,154 $12.00 $46,153,848

Cnova N.V. NasdaqGM:CNV

$13.25 11/2014 26,800,000 $7.00 $187,600,000

Momo Inc. NasdaqGS:MOMO

$13.50 12/2014 16,000,000 $13.50 $216,000,000

LendingClub Corporation NYSE:LC

$11.00 12/2014 58,000,000 $15.00 $870,000,000

Workiva Inc. NYSE:WK

$14.00 12/2014 7,200,000 $14.00 $100,800,000

Connecture, Inc. NasdaqGM:CNXR

$13.00 12/2014 6,635,000 $8.00 $53,080,000

New Relic, Inc. NYSE:NEWR

$19.00 12/2014 5,000,000 $23.00 $115,000,000

Hortonworks, Inc. NasdaqGS:HDP

$13.00 12/2014 6,250,000 $16.00 $100,000,000

On Deck Capital, Inc. NYSE:ONDK

$17.00 12/2014 10,000,000 $20.00 $200,000,000


Life Sciences Offerings: H1 20151, 2


Ascendis Pharma A/SNasdaqGS:ASND

$17.00 1/2015 6,000,000 $18.00 $108,000,000

Presbia PLCNasdaqGM:LENS

$12.00 1/2015 4,166,667 $10.00 $41,666,670

Entellus Medical, Inc.NasdaqGM:ENTL

$16.00 1/2015 4,603,580 $17.00 $78,260,860

Flex Pharma, Inc.NasdaqGM:FLKS

$13.00 1/2015 5,400,000 $16.00 $86,400,000

TRACON Pharmaceuticals, Inc.NasdaqGM:TCON

$13.00 1/2015 3,600,000 $10.00 $36,000,000

Avinger, Inc.NasdaqGM:AVGR

$13.00 1/2015 5,000,000 $13.00 $65,000,000

Spark Therapeutics, Inc.NasdaqGS:ONCE

$16.00 1/2015 7,000,000 $23.00 $161,000,000

Invitae CorporationNYSE:NVTA

$14.00 2/12/15 6,350,000 $16.00 $101,600,000

Bellerophon Therapeutics LLCNasdaqGM:BLPH

$15.00 2/13/15 5,000,000 $12.00 $60,000,000

Inotek Pharmaceuticals CorporationNasdaqGM:ITEK

$14.00 2/18/15 6,667,000 $6.00 $40,002,000

Summit Therapeutics plcNasdaqGM:SMMT

$11.54 3/5/15 3,450,000 $9.90 $34,155,000

SteadyMed Ltd.NasdaqGM:STDY

$13.00 3/20/15 4,700,000 $8.50 $39,950,000

Cellectis S.A.NasdaqGM:CLLS

$36.83 3/25/15 5,500,000 $41.50 $228,250,000

Carbylan Therapeutics, Inc.NasdaqGM:CBYL

$13.00 4/9/15 13,000,000 $5.00 $65,000,000

Cidara Therapeutics, Inc.NasdaqGM:CDTX

$15.00 4/15/15 4,800,000 $16.00 $76,800,000

Aduro Biotech, Inc.NasdaqGM:ADRO

$15.00 4/15/15 7,000,000 $17.00 $119,000,000

KemPharm, Inc.NasdaqGM:KMPH

$13.00 4/16/15 5,090,909 $11.00 $55,999,999

Blueprint Medicines CorporationNasdaqGM:BPMC

$16.00 4/30/15 8,145,834 $18.00 $146,625,012

HTG Molecular Diagnostics, Inc.NasdaqGM:HTGM

$14.00 5/6/15 3,570,000 $14.00 $49,980,000

CoLucid Pharmaceuticals, Inc.NasdaqGM:CLCD

$14.00 5/6/15 5,500,000 $10.00 $55,000,000

Adaptimmune Therapeutics plcNasdaqGM:ADAP

$16.00 5/6/15 11,250,000 $17.00 $191,250,000

Collegium Pharmaceutical, Inc.NasdaqGM:COLL

$13.00 5/7/15 5,800,000 $12.00 $69,600,000

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Rows shaded in blue represent International Life Sciences IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.



aTyr Pharma, Inc.NasdaqGM:LIFE

$14.00 5/7/15 5,360,000 $14.00 $75,040,000

Galapagos NVNasdaqGM:GLPG

$42.43 5/14/15 4,996,522 $42.05 $210,103,750

Arcadia Biosciences, Inc.NasdaqGM:RKDA

$14.00 5/15/15 8,200,000 $8.00 $65,600,000

Press Ganey Holdings, Inc.NYSE:PGND

$23.00 5/21/15 8,900,000 $25.00 $222,500,000

EndoChoice Holdings, Inc.NYSE:GI

$16.00 6/5/15 6,350,000 $15.00 $95,250,000

Biotie Therapies Corp.NasdaqGS:BITI

$14.82 6/11/15 3,761,418 $14.89 $56,007,514

Axovant Sciences Ltd.NYSE:AXON

$14.00 6/11/15 21,000,000 $15.00 $315,000,000

Invuity, Inc.NasdaqGM:IVTY

$16.00 6/15/15 4,000,000 $12.00 $48,000,000

Nivalis Therapeutics, Inc.NasdaqGM:NVLS

$14.00 6/17/15 5,500,000 $14.00 $77,000,000

Cynapsus Therapeutics Inc.NasdaqGM:CYNA

$14.00 6/18/15 4,500,000 $14.00 $63,000,000

Celyad SANasdaqGM:CYAD

$70.98 6/19/15 1,168,000 $68.56 $80,078,080

Catabasis Pharmaceuticals, Inc.NasdaqGM:CATB

$14.00 6/25/15 5,000,000 $12.00 $60,000,000

Lantheus Holdings, Inc.NasdaqGM:LNTH

$13.50 6/25/15 10,833,334 $6.00 $65,000,004

Glaukos CorporationNYSE:GKOS

$14.00 6/25/15 6,000,000 $18.00 $108,000,000

Seres Therapeutics, Inc.NasdaqGM:MCRB

$16.00 6/26/15 7,430,555 $18.00 $133,749,990

Life Sciences Offerings: H1 20151, 2 (continued)



Life Sciences Offerings: H2 20141, 2


Minerva Neurosciences, Inc. NasdaqGM:NERV

$11.00 7/2014 5,454,545 $6.00 $32,727,270

CareDx, Inc. NasdaqGM:CDNA

$16.00 7/2014 4,000,000 $10.00 $40,000,000

Roka Bioscience, Inc. NasdaqGM:ROKA

$15.00 7/2014 5,000,000 $12.00 $60,000,000

Sage Therapeutics, Inc. NasdaqGM:SAGE

$15.00 7/2014 5,000,000 $18.00 $90,000,000

Pfenex Inc. NYSE:PFNX

$13.00 7/2014 8,333,333 $6.00 $49,999,998

Immune Design Corp. NasdaqGM:IMDZ

$13.00 7/2014 5,000,000 $12.00 $60,000,000

Intersect ENT, Inc. NasdaqGM:XENT

$12.00 7/2014 5,000,000 $11.00 $55,000,000

Innocoll GmbH NasdaqGM:INNL

$14.00 7/2014 6,500,000 $9.00 $58,500,000

Ocular Therapeutix, Inc. NasdaqGM:OCUL

$15.00 7/2014 5,000,000 $13.00 $65,000,000

Macrocure Ltd. NasdaqGM:MCUR

$14.00 7/2014 5,350,000 $10.00 $53,500,000

Bio Blast Pharma Ltd. NasdaqGM:ORPN

$12.00 7/2014 3,200,000 $11.00 $35,200,000

Catalent, Inc. NYSE:CTLT

$20.50 7/2014 42,500,000 $20.50 $871,250,000

Marinus Pharmaceuticals, Inc. NasdaqGM:MRNS

$13.00 7/2014 5,625,000 $8.00 $45,000,000

Avalanche Biotechnologies, Inc. NasdaqGM:AAVL

$14.00 7/2014 6,000,000 $17.00 $102,000,000

Loxo Oncology, Inc. NasdaqGM:LOXO

$13.00 8/2014 5,261,538 $13.00 $68,399,994

Auris Medical Holding AG NasdaqGM:EARS

$11.00 8/2014 9,400,000 $6.00 $56,400,000

T2 Biosystems, Inc. NasdaqGM:TTOO

$16.00 8/2014 5,200,000 $11.00 $57,200,000

Otonomy, Inc. NasdaqGM:OTIC

$15.00 8/2014 6,250,000 $16.00 $100,000,000

ReWalk Robotics Ltd. NasdaqGM:RWLK

$15.00 9/2014 3,000,000 $12.00 $36,000,000

Tokai Pharmaceuticals, Inc. NasdaqGM:TKAI

$14.00 9/2014 6,480,000 $15.00 $97,200,000

Foamix Pharmaceuticals Ltd. NasdaqGM:FOMX

$11.00 9/2014 6,700,000 $6.00 $40,200,000

ProQR Therapeutics B.V. NasdaqGM:PRQR

$12.00 9/2014 7,500,000 $13.00 $97,500,000




Vitae Pharmaceuticals, Inc. NasdaqGM:VTAE

$12.00 9/2014 6,875,000 $8.00 $55,000,000

Calithera Biosciences, Inc. NasdaqGS:CALA

$14.00 10/2014 8,000,000 $10.00 $80,000,000

VWR Corporation NasdaqGS:VWR

$23.50 10/2014 25,532,000 $21.00 $536,172,000

Dermira, Inc. NasdaqGS:DERM

$15.00 10/2014 7,812,500 $16.00 $125,000,000

Forward Pharma A/S NasdaqGS:FWP

$21.00 10/2014 10,500,000 $21.00 $220,500,000

Atara Biotherapeutics, Inc. NasdaqGS:ATRA

$15.00 10/2014 5,000,000 $11.00 $55,000,000

Proteon Therapeutics, Inc. NasdaqGM:PRTO

$13.00 10/2014 6,110,000 $10.00 $61,100,000

DBV Technologies S.A. NasdaqGS:DBVT

$23.00 10/2014 4,277,826 $21.64 $92,572,155

Sientra, Inc. NasdaqGS:SIEN

$15.00 10/2014 5,000,000 $15.00 $75,000,000

Xenon Pharmaceuticals Inc. NasdaqGM:XENE

$11.00 11/2014 4,000,000 $9.00 $36,000,000

Coherus BioSciences, Inc. NasdaqGM:CHRS

$13.50 11/2014 6,296,300 $13.50 $85,000,050

Nevro Corp. NYSE:NVRO

$16.00 11/2014 7,000,000 $18.00 $126,000,000

INC Research Holdings, Inc. NasdaqGM:INCR

$18.50 11/2014 8,108,108 $18.50 $149,999,998

PRA Health Sciences, Inc. NasdaqGM:PRAH

$21.50 11/2014 16,976,744 $18.00 $305,581,392

NeuroDerm Ltd. NasdaqGM:NDRM

$13.00 11/2014 4,500,000 $10.00 $45,000,000

FibroGen, Inc. NasdaqGM:FGEN

$17.50 11/2014 8,100,000 $18.00 $145,800,000

Neothetics, Inc. NasdaqGM:NEOT

$14.00 11/2014 4,650,000 $14.00 $65,100,000

Histogenics Corporation NasdaqGM:HSGX

$14.00 12/2014 5,909,091 $11.00 $65,000,001

Bellicum Pharmaceuticals, Inc. NasdaqGM:BLCM

$16.00 12/2014 7,350,000 $19.00 $139,650,000

Juno Therapeutics, Inc. NasdaqGS:JUNO

$16.50 12/2014 11,022,917 $24.00 $264,550,008


Life Sciences Offerings: H2 20141, 2 (continued)


1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Final share numbers do not reflect any exercise of the over-allotment option.

MethodologyData points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration dates from EDGAR Online IPO Deal Data, and daily stock trading price data. The exact dates upon which lock-ups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.

The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on midpoint of the range, and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to the public and the aggregate number of shares offered as reflected on the cover page of the final prospectus. The closing price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.

DisclaimerThe preparation of the information contained herein involves assumptions, compilations, and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff, or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.

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© 2015 Fenwick & West LLP

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