The IPO market showed signs of life after a fairly quiet April, with three IPOs and two SPACs this past week. While there were only two new IPO filings, a few large deals in the pipeline updated their prospectuses, including Corebridge Financial(CRBG) and Savers Value Village(SVV).
In the year’s second largest IPO yet, Bausch + Lomb(BLCO) priced well below the range to raise $630 million at $6.5 billion market cap in its return to public markets, finishing up 11%. The offering was 100% secondary, and the company dual listed on the NYSE and the TSX. Highly profitable with strong cash flow, Bausch + Lomb offers a broad portfolio of well-known brands with leading market positions, though margins have declined over the last several years.
Neuromuscular disease biotech PepGen(PEPG) added more shares but priced below the range, raising $108 million at a $277 million market cap. PepGen’s lead candidate is being developed for muscular dystrophy and is currently in a Phase 1 trial, with topline data expected by the end of this year. PepGen finished up 7%.
Canadian gold exploration company Austin Gold(AUST) raised $13 million at a $52 million market cap. The company has interests in four properties, one of which they consider material. While not counted below, agriculture nano-cap Edible Garden(EDBL) raised $15 million, offering units.
Two SPACs came to market: Cartesian Growth II(RENEU), which raised $200 million to target high-growth businesses, and A SPAC II Acquisition(ASCBU), which raised $185 million to target new economy sectors in North America, Europe, and Asia.
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