Thursday, August 29, 2019

Market sees no IPOs for first time since 4th of July holiday week

By John Filar Atwood

No companies completed their IPOs last week, which was the first time the market has been quiet since the 4th of July holiday week. August is following a familiar IPO market script in which activity slows dramatically during the final month of the summer. With a few days left, only seven deals have been completed this month, a far cry from July’s 29 new issues, and the 24 IPOs in June.

New registrants. The week’s activity included eight new registrations, two of which were filed by prepackaged software companies Datadog and Ping Identity Holding. Ten SIC 7372 companies have registered so far this year. Venture capital-backed Datadog provides a monitoring and analytics platform for developers, IT teams and business users. Ping Identity, which is controlled by Vista Equity Partners, provides application access security management products and services. IGM Biosciences and TFF Pharmaceuticals were the latest pharmaceutical companies to publicly register. IGM uses immunoglobulin M antibodies to treat cancer. The company’s investors include Danish investment firm Haldor Topsoe Holding. TFF, which raised $8.2 million in a May private placement, makes inhalable pulmonary disease treatments. Exagen joined 2019’s list of California-based health care industry preliminary filers. The company provides diagnostics for rheumatoid arthritis, as well as chronic autoimmune diseases. Blank checks companies Experience Investment and New Providence Acquisition also filed their IPO plans last week. Experience Investment is seeking a target in the travel and leisure industry, and New Providence intends to acquire a business in the consumer products industry. The week’s other new registrant was medical research instrument maker and software developer 10x Genomics. The company, which will be controlled by existing shareholders after the IPO, is reworking its microfluidic chips and associated products because its original versions were found to have infringed patents of Bio-Rad Laboratories.

Withdrawals. Market conditions prompted G Medical Innovations to withdraw its preliminary registration last week. The developer of health monitoring solutions amended its May 17th initial public registration only once, in early June.

The information reported here is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.