By John Filar Atwood
Six companies completed IPOs last week, including two prepackaged software companies. With the deals by Datadog and Ping Identity Holding, SIC 7372 has now tallied ten new issues for the year. Datadog’s $648 million offering was the industry’s second largest IPO of 2019 behind Uber’s $8.1 billion deal. Cancer treatment developer IGM Biosciences and autoimmune diagnostics company Exagen joined the list of the year’s health care new issuers. Both companies went public less than a month after they publicly registered. Envista Holdings completed the second IPO by a dental equipment and services (SIC 3843) company in the past two weeks. SIC 3843 previously had not produced an IPO company in the U.S. since at least 1998. The week’s other deal was completed by Apex Technology Acquisition, which raised $305 million to pursue a target in the software and internet technology industries. Apex is one of six 2019 blank checks new issuers headquartered in California.
New registrants. The week’s activity included four new registrations, one of which was filed by Innate Pharma, the third French company to file plans for a U.S. IPO this year. Innate is developing immunotherapies for the treatment of cancer. The IPO will be the company’s initial sale of shares in the U.S. Innate’s ordinary shares currently trade on the Euronext Paris market. Karat Packaging, a maker of disposable packaging products for restaurants and the foodservice industry, registered a $50 million offering. Karat’s customers include Chipotle, Applebee’s, Panda Express, and In-N-Out Burger. BellRing Brands, which is controlled by Post Holdings, plans to go public with a dual class share structure. The company makes PowerBar, Premier Protein, and other convenient-nutrition foods and drinks. Florida-based BI Acquisition filed a preliminary registration last week. The company plans to pursue a target in the metals, mining, and natural resources industries. BI Acquisition is controlled by Bedrock Industries, a privately-held mining company. BI’s sponsor has agreed to purchase $6 million of company units in a concurrent private placement.
Withdrawals. No companies opted to withdraw their pending IPO registration statements last week.
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.