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
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.
3key metrics for recent technology and life sciences initial public offerings H1 2015
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
4key metrics for recent technology and life sciences initial public offerings H1 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
Bubble Size = deal size
Life Sciences International (11 deals)
Technology International (5 deals)
Life Sciences U.S. (26 deals)
Technology U.S. (13 deals)
$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
Number of Shares in Millions
SharePrice
5key metrics for recent technology and life sciences initial public offerings H1 2015
$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
Bubble Size = deal size
Bubble Size = deal size
Life Sciences (27 deals)
Technology (63 deals)
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
FreescaleSemiconductor
Zynga
Freescale Semiconductor
Zynga
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
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
VWR
Mobileye
Travelport
Wayfair
Life Sciences International (11 deals)
Technology International (5 deals)
Life Sciences U.S. (26 deals)
Technology U.S. (13 deals)
$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
Number of Shares in Millions
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.
6key metrics for recent technology and life sciences initial public offerings H1 2015
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
Technology Deal Size Distribution
$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
Life Sciences Deal Size Distribution
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
7key metrics for recent technology and life sciences initial public offerings H1 2015
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
Technology Deal Size Distribution
$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%
Life Sciences Deal Size Distribution
$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
Technology Deal Size Distribution
$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
Life Sciences Deal Size Distribution
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%
8key metrics for recent technology and life sciences initial public offerings H1 2015
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
9key metrics for recent technology and life sciences initial public offerings H1 2015
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.
10key metrics for recent technology and life sciences initial public offerings H1 2015
Price Changes (continued)
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%
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biggest movers - ipo price to price at
1st day close 2015, first half
biggest movers - ipo price to price at
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%
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11key metrics for recent technology and life sciences initial public offerings H1 2015
Price Changes (continued)
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%
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58.4%
Toka
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64.7%
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biggest movers - ipo price to price at
1st day close 2015, first half
biggest movers - ipo price to price at
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%
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Axov
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12key metrics for recent technology and life sciences initial public offerings H1 2015
Price Changes (continued)
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
first half of 2015 and second half of 2014.
18.8%
45.5%
20.0%21.4%
-26.8%
25.0%
36.4%38.9%
21.1%23.1%
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biggest movers - red herring price to
final ipo price 2015, first half
biggest movers - red herring price to
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%
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13key metrics for recent technology and life sciences initial public offerings H1 2015
Price Changes (continued)
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
first half of 2015 and second half of 2014.
18.8%
45.5%
20.0%21.4%
-26.8%
25.0%
36.4%38.9%
21.1%23.1%
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biggest movers - red herring price to
final ipo price 2015, first half
biggest movers - red herring price to
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%
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14key metrics for recent technology and life sciences initial public offerings H1 2015
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
Life Sciences (39 deals)
Technology (17 deals)
Life Sciences (36 deals)
Technology (16 deals)
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
15key metrics for recent technology and life sciences initial public offerings H1 2015
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
16key metrics for recent technology and life sciences initial public offerings H1 2015
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
17key metrics for recent technology and life sciences initial public offerings H1 2015
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
18key metrics for recent technology and life sciences initial public offerings H1 2015
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.
company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size
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
19key metrics for recent technology and life sciences initial public offerings H1 2015
Life Sciences Offerings: H1 20151, 2
company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size
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.
20key metrics for recent technology and life sciences initial public offerings H1 2015
company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size
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)
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.
21key metrics for recent technology and life sciences initial public offerings H1 2015
Life Sciences Offerings: H2 20141, 2
company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size
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
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.
22key metrics for recent technology and life sciences initial public offerings H1 2015
company name/ticker symbol red herring midpoint priced final shares3 final pricing final deal size
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
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.
Life Sciences Offerings: H2 20141, 2 (continued)
23key metrics for recent technology and life sciences initial public offerings H1 2015
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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