BellRing Brands (BRBR) rose as much as 14% in its trading debut after raising $480M in its initial public offering, which was at the low-end of its target. The Post Holdings (POST) spinoff fell short of the $570M it was seeking to raise.
LATEST IPOS:
BellRing Brands opened on October 17 at $15.50. The company had priced 34.29M shares at $14.00. The deal size was increased from 30M shares and priced below the $16.00-$19.00 target range. Morgan Stanley, Citi, JPMorgan and Goldman Sachs acted as joint book running managers for the offering. BellRing Brands manufactures sports and active nutrition products and is separating from parent company Post Holdings.
Innate Pharma (IPHA) opened on October 17 at $5.61. The company had priced 12.5M ADSs at $5.50. Citi, SVB Leerink and Evercore ISI acted as joint book running managers for the offering. Innate Pharma, whose ordinary shares were already trading on the regulated market of Euronext in Paris, expected to raise about $80M from the sale of American Depositary Shares representing ordinary shares. The French biotechnology company is advancing a pipeline of treatment candidates for various cancers.
PERFORMANCE:
- In its first trading day, BellRing Brands ended at $16.93.
- Innate Pharma ended the week at $6.14 after opening $5.61.
UPCOMING IPOS: Among the upcoming IPOs are Leaping Group (YZCM), Happiness Biotech (HAPP), OneWater Marine (ONEW), BRP Group (BRP) and Progyny (PGNY).
Leaping Group is a multimedia service provider with business relationships with national advertising clients in China.
Happiness Biotech manufactures and sells Chinese nutraceuticals to consumers in China.
OneWater Marine is a recreational boat retailer in the U.S., operating 63 stores throughout 11 different states.
BRP Group provides insurance brokerage services for multiple lines primarily in the U.S.
Progyny provides health benefits management service for U.S. fertility patients.
Meanwhile, Karat Packaging (KRAT), which produces eco-friendly packaging products, withdrew its plans for an initial public offering on Thursday. It had filed to raise $40M by offering 5M shares at a price range of $7-$9.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
