IPO Weekly Recap: Yes, the IPO Market has caught the coronavirus – Nasdaq

The IPO market is feeling the effects of the coronavirus outbreak with a surge in the VIX volatility index weighing on IPO activity. Since 2015, a week in which VIX volatility has surpassed 35 has been followed by a week averaging two US IPO pricings. Our observational trend continues through 2020, as one biotech entered the public market this past week.  Six IPOs and three SPACs submitted initial filings with the SEC.

Passage Bio (PASG), a preclinical biotech developing gene therapies, priced at the high end of the range to raise $216 million at an $840 million market cap. The deal raised 72% more in proceeds than Passage Bio originally filed for. The company is furthering the research from UPenn’s Gene Therapy Program, which is headed by co-founder James Wilson. Bolstered by the recent performances of other large early stage biotech IPOs, Passage Bio finished up 23%, another sign that biotechs are pushing back against the effects of the coronavirus. Chinese medical information platform Zhongchao (ZCMD) began trading on Monday after raising $12 million in an IPO on Friday 2/21. The company was flat after its first day on the Nasdaq and is currently down 2%.

Accolade NLS Pharmaceutics ORIC Pharmaceutics Procore Technologies Pulmonx ZoomInfo Social Hedosophia II Social Hedosophia III GigCaptial3

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IPO Weekly Recap: Yes, the IPO Market has caught the coronavirus

Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)

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IPO Weekly Recap: Yes, the IPO Market has caught the coronavirus - Nasdaq