fenwickTech IPOs reported a more typical percentage of insider participation in the first half ......

fenwick & west

Key Metrics for Technology and Life Sciences

Initial Public OfferingsH1 2019

Key Metrics for Technology and Life Sciences Initial Public OfferingsH1 2019

Survey Contents

Survey Results ....................................................................................................................2

Offerings Completed ..........................................................................................................3

Size of Offerings, Red Herring Midpoint ............................................................................4

Size of Offerings, Final IPO Price .......................................................................................5

Aggregate Amount Raised, Red Herring Midpoint ............................................................6

Aggregate Amount Raised, Final IPO Price .......................................................................7

Price Changes Between the Red Herring and Initial Offering Price.................................. 8

Days on File......................................................................................................................12

Price Changes Around the Expiration of the Lock-Up .....................................................13

Insider Participation ..........................................................................................................14

Technology Offerings .......................................................................................................15

Life Sciences Offerings ...................................................................................................17

Methodology ....................................................................................................................19

Disclaimer.........................................................................................................................19

Sign-Up Information .........................................................................................................19

Authors

Contact the authors or members of your client service team to discuss the report or for more information.

James D. EvansCo-Chair, Capital Markets &

Public Companies

[email protected] Full Bio

Robert A. FreedmanCo-Chair, Capital Markets

& Public Companies

[email protected] Bio

https://www.fenwick.com/professionals/Pages/jamieevans.aspx

https://www.fenwick.com/professionals/Pages/robertfreedman.aspx

2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2019

As we had predicted in our prior IPO survey, 2019 has proven to be strong for initial public offerings. Following a somewhat sluggish start to the year, technology and life sciences IPOs took off in the second quarter, making for an overall strong first half that is on par with the second half of 2018.

By the Numbers The 59 life sciences and technology offerings completed in the first half of 2019 compared with the 57 in the second half of 2018, continuing a trend of stability. Still recovering from the effects of the federal government shutdown and stock market volatility that slowed capital markets activity in the last few months of 2018, the first quarter of 2019 saw one tech offering (Lyft) and 10 life sciences offerings. The pace picked up significantly in the second quarter, when 24 tech and 24 life sciences companies debuted. In all, 25 tech companies and 34 life sciences companies went public in H1 2019, on par with the 23 tech offerings and 34 life sciences offerings in H2 2018.

The first half of 2019 included 15 offshore companies, compared with 19 in the second half of 2018. In the United States, 20 companies went public in the San Francisco Bay Area—nine of them tech and 11 life sciences—the highest number since we started tracking the numbers in 2014. Also of note, Slack Technologies went public through a direct listing in the first half of 2019, similar to that of Spotify in the first half of the previous year.

ValuationsIf tech IPOs in the second half of 2018 produced offering proceeds that were marked by an unusually large spread in valuations, H1 2019 did even more so. So far this year, about 12% of tech deals priced between $25 million and $75 million, another 16% between $100 million and $150 million, and another 28% priced between $175 million and $225 million. Life sciences offerings again showed more of a sweet spot in amounts raised: The majority of IPOs in the first half of the year (76.5%) raised between $50 million and $150 million.

Only five tech and life sciences offerings in the first half of 2019 had proceeds of more than $1 billion. The largest was a technology offering for Uber that raised $8.1 billion. The largest life sciences offering, Avantor, raised $2.9 billion.

Survey Results Life Sciences and Tech IPOs Continue Steady Pace in First Half

Insider ParticipationTech IPOs reported a more typical percentage of insider participation in the first half of 2019—down to 24% from a one-time peak of 65.2% in the second half of 2018. Approximately 65% of life sciences deals saw insiders purchasing IPO shares and/or purchasing shares in a simultaneous private placement—on par with the first half of 2018.

Dual-Class Share Structure The dual-class capital structure continued to be widely utilized by technology companies, as 13 technology IPOs featured this structure, the same as in the second half of 2018. Only two life sciences companies had a dual-class structure, compared to one in the prior period.

Pricing The clear majority of offerings in the first half of 2019 priced within or above-range—88% of tech offerings and 82.3% of life sciences offerings—underscoring a relatively strong and stable market environment. Just three technology offerings and six life sciences offerings priced below the red herring range.

The results indicate that IPOs so far this year were well priced with healthy but modest first-day gains. Consistent with prior half-year periods, technology offerings enjoyed stronger first-day trading as 72% traded up at first day close compared to 64.7% of life sciences offerings.

OutlookOur H1 2019 data suggests a healthy and stable market continuing, with deals well priced, trending up on average 72% on first-day close for tech and 65% for life sciences. While to date only two companies have done direct listings, more companies are considering this route to becoming public. We anticipate continued strength going into the second half of 2019, notwithstanding the potential for uncertainty surrounding the upcoming U.S. presidential elections and rhetoric around healthcare programs and policies, which may very well affect IPOs planned later this year. It is also unclear how long the bull market for tech and life sciences company IPOs will continue.

NUMBER OF IPO DEALS IN H1 2019

25TECH

34LIFE

SCIENCES

25TECH

34LIFE

SCIENCES

10 INTERNATIONAL

15 UNITED STATES


0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

8

2

4

4

6

2

1

2018

Q1 Q2

2019

8

3

5

14

1

12

8

5

1

3

4

5

7

7

3

3

19

5

1015

4

4

14

32

1

10

21

14

3

2

8

IPOS PER QUARTER 2012 – H1 2019

Offerings CompletedThis graph shows the number of technology

and life sciences IPOs completed during each

quarter of 2012 through the first half of 2019.

IPOS

IPOS

LIFE

LIFE

SCIE

SCIE

NC

NC

ES

ES

TE

TE

CH

CH

0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017




Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

8

2

4

4

6

2

1

2018

Q1 Q2

2019

8

3

5

14

1

12

8

5

1

3

4

5

7

7

3

3

19

5

1015

4

4

14

32

1

10

21

14

3

2

8

34

34 2019 H125


RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2018, SECOND HALF

Size of Offerings, Red Herring Midpoint

Pinduoduo

ElancoAnimalHealth

NIO

Tencent

StoneCo

SolarWinds

Farfetch

Moderna

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice

Number of Shares in Millions

Life Sciences International (5 deals)

Technology International (14 deals)

Life Sciences U.S. (29 deals)

Technology U.S. (9 deals)

Bubble Size = deal size

$500M

$1.498B

$18M

Pinduoduo

ElancoAnimalHealth

NIO

Tencent

StoneCo

SolarWinds

Farfetch

Moderna

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice







$500M

$1.498B

$18M

Pinduoduo

ElancoAnimalHealth

NIO

Tencent

StoneCo

SolarWinds

Farfetch

Moderna

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice







$500M

$1.498B

$18M

The following scatter graphs plot technology and life sciences IPOs

completed during the first half of 2019 and second half of 2018 in

terms of the initial offering price per share and number of shares

offered based on the red herring prospectus.

RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2019, FIRST HALF

Chewy

CrowdStrike

Parsons

Zoom

IPO Deal Comparison (Midpoint Price) 2019, 1st Half

Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60

Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half

Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M

Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M


IPO DEAL COMPARISON 2018, SECOND HALF

Size of Offerings, Final IPO PriceThe following scatter graphs plot technology and life sciences IPOs

completed during the first half of 2019 and second half of 2018 in

terms of the initial offering price per share and number of shares

offered based on actual pricing of the offering.

IPO DEAL COMPARISON 2019, FIRST HALF

Moderna

Pinduoduo

NIO

Tencent

ElancoAnimalHealth

SolarWinds

Farfetch

StoneCo

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice







$604M

$1.626B

$22M

Moderna

Pinduoduo

NIO

Tencent

ElancoAnimalHealth

SolarWinds

Farfetch

StoneCo

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice







$604M

$1.626B

$22M

Moderna

Pinduoduo

NIO

Tencent

ElancoAnimalHealth

SolarWinds

Farfetch

StoneCo

$0

$10

$20

$30

0 50 100 150 17525 75 125

SharePrice







$604M

$1.626B

$22M

Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M

Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M


Aggregate Amount Raised, Red Herring Midpoint

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2018, SECOND HALF

17.6%

35.3%

23.5%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M

4.0% 4.0% 4.0%

8.0%

Life Sciences Deal Size Distribution

deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$225M $250M $3B

$750M$725M $8.46B$2.0B$1.2B

4.0% 4.0% 4.0%

$250M $275M $325M $350M

4.0% 4.0%

2.9%5.9%5.9%

2.9%

4.0% 4.0%8.0% 8.0% 8.0%

4.0%

12.0% 12.0%

17.6%

35.3%

23.5%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M

4.0% 4.0% 4.0%

8.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$225M $250M $3B

$750M$725M $8.46B$2.0B$1.2B

4.0% 4.0% 4.0%

$250M $275M $325M $350M

4.0% 4.0%

2.9%5.9%5.9%

2.9%

4.0% 4.0%8.0% 8.0% 8.0%

4.0%

12.0% 12.0%

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M $600M$225M $625M $750M $775M


$50M $75M $100M $125M $150M$25M$0M $200M $225M $250M $275M$175M deal size

% of deals

32.4%

8.9%

14.7% 14.7%

4.3%

17.4%

4.3%

13.0%

4.3%

13.0%

5.9% 5.9%2.9% 2.9% 2.9% 2.9%

$500M $525M

2.9%

$250M

4.3% 4.3% 4.3%

8.7%8.7%

$1.0B

8.7%

4.3%

$1.5B$1.15B $1.16B

$1.4B

2.9%

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, FIRST HALF

The following graphs provide information about aggregate deal size at the red herring stage in the first half of 2019 and second half of 2018.

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M $600M$225M $625M $750M $775M


$50M $75M $100M $125M $150M$25M$0M $200M $225M $250M $275M$175M deal size

% of deals

32.4%

8.9%

14.7% 14.7%

4.3%

17.4%

4.3%

13.0%

4.3%

13.0%

5.9% 5.9%2.9% 2.9% 2.9% 2.9%

$500M $525M

2.9%

$250M

4.3% 4.3% 4.3%

8.7%8.7%

$1.0B

8.7%

4.3%

$1.5B$1.15B $1.16B

$1.4B

2.9%


Aggregate Amount Raised, Final IPO Price

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2018, SECOND HALF

20.6%

8.9%5.9%

23.5%

11.8%8.9%

2.9%2.9%5.9%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $250M$225M $275M

17.4%

4.3% 4.3%

8.7% 8.7%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M$25M $225M

2.9%

$250M

8.7%

4.3% 4.3%

$375M $400M

4.3%

$885M

4.3%

$1.0B $1.1B

4.3% 4.3% 4.3%

$1.6B$1.2B

4.3%

13.0%

2.9% 2.9%

$324M $604M $1.5B

20.6%

8.9%5.9%

23.5%

11.8%8.9%

2.9%2.9%5.9%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $250M$225M $275M

17.4%

4.3% 4.3%

8.7% 8.7%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M$25M $225M

2.9%

$250M

8.7%

4.3% 4.3%

$375M $400M

4.3%

$885M

4.3%

$1.0B $1.1B

4.3% 4.3% 4.3%

$1.6B$1.2B

4.3%

13.0%

2.9% 2.9%

$324M $604M $1.5B

14.7%

38.2%

8.9%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M

8.0%

4.0% 4.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$2.9B

$625M$600M $8.1B$2.3B$1.4B$1.0B

4.0%4.0% 4.0% 4.0%

$750M $775M

4.0% 4.0%

$300M $325M $350M $375M

4.0%

5.9%

14.7%

2.9% 2.9% 2.9%

$275M $300M $325M $350M

2.9%

4.0%

16.0%

8.0%4.0%

12.0% 12.0% 14.7%

38.2%

8.9%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M

8.0%

4.0% 4.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$2.9B

$625M$600M $8.1B$2.3B$1.4B$1.0B

4.0%4.0% 4.0% 4.0%

$750M $775M

4.0% 4.0%

$300M $325M $350M $375M

4.0%

5.9%

14.7%

2.9% 2.9% 2.9%

$275M $300M $325M $350M

2.9%

4.0%

16.0%

8.0%4.0%

12.0% 12.0%

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, FIRST HALF

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the first half of 2019 and second half of 2018.


Price Changes Between the Red Herring and Initial Offering Price

Technology

Life Sciences

$10

$12

$16

$18

$20

$22

$24

$15.00$15.00

$16.00$16.00

$23.99

$15.00$15.00

$15.07

$17.69

$14.00

$15.00

$17.24

Red Herring Final Price 1st Day Close

2019 H12018 H2

AVERAGE PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

MEDIAN PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

Red Herring Final Price 1st Day Close

Technology

$10

$12

$14

$16

$18

$20

$22

$24

$26

$14.41

$16.87

$19.03

$27.26

$20.63

$19.25

$15.63$15.96

$20.89

$14.95$14.82

$15.58 Life Sciences

2019 H12018 H2

Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of marketing

efforts are processes that are equal parts science and art. These graphs show the median and average prices for technology

and life sciences IPOs from the red herring stage to the actual public offering price to the closing price on the first day of

trading, for the first half of 2019 and second half of 2018.


RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, FIRST HALF

RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2018, SECOND HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, FIRST HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2018, SECOND HALF

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

17.6%

61.8%

20.6%

39.1%

43.5%

17.4%

The two graphs on the left show the percentage of technology and life sciences IPOs

with a final price that falls above, within or below the red herring range in the first half

of 2019 and second half of 2018. The two graphs on the right show the percentage

of technology and life sciences deals that closed up, down or flat on their first day of

trading in the first half of 2019 and second half of 2018.

Price Changes – Red Herring Range & First Day Trading

ClosedUp

ClosedFlat

ClosedDown

20.0%

Life Sciences

Technology

14.7%

64.7%

20.6%

87.0%

4.3%

8.7%

Technology

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

17.6%

17.6%

64.7%

36.0%

52.0%

12.0%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

72.0%

28.0%

64.7%

32.4%2.9%


The following graphs show the technology company IPOs with the largest percentage gain and loss

from the red herring midpoint to the actual initial public offering price and from the initial public offering

price to the first day of trading for IPOs completed in the first half of 2019 and second half of 2018.

50.0%

73.6%

92.1%

42.9%43.7%

58.7%

94.4%

128.1%

Ana

plan

SV

MK

Eve

ntbr

ite

Ela

stic

N.V

.

Qut

outia

o

Ela

nco

Ani

mal

Hea

lth

Alla

kos

Prin

cipi

a B

ioph

arm

a

-28.9%

Ent

asis

The

rape

utic

s H

oldi

ngs

Con

stel

latio

n P

harm

aceu

tical

s

-23.3%-19.1%

Mod

erna

Uro

vant

Vac

cine

x

-16.8%

-5.2%

50.0%

Y-m

Abs

The

rape

utic

s

69.5%

Gua

rdan

t Hea

lth

-3.9%

Niu

Tec

hnol

ogie

s

-21.3%

Coo

Tek

(Cay

man

)


Technology—U.S.

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2018, SECOND HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018 SECOND HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF

Price Changes – Biggest Tech Movers

12.5%

18.8%

27.8% 25.0%

36.4%

Tena

ble

Hol

ding

s

Farfe

tch

Lim

ited

30.9%

Ela

stic

N.V

.

Upw

orrk

21.4%

Ana

plan

Alla

kos

Gua

rdan

t Hea

lth

13.3%

Tilra

y

13.3%

Ra

Med

ical

Sys

tem

s

11.6%

Ela

nco

Ani

mal

Hea

lth

-13.7%

NIO

-15.8%

Arlo

Tec

hnol

ogie

s

-16.7%

Sol

arW

inds

Cor

pora

tion

-16.7%

Son

os

-21.7%N

iu T

echn

olog

ies

-42.9%

-28.6%-23.1%

Osm

otic

a P

harm

aceu

tical

s

Gam

ida

Cel

l

Kod

iak

Sci

ence

s

Logi

cBio

The

rape

utic

s

-53.3%

Pha

seB

io P

harm

aceu

tical

s

-61.5%

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF

Geographical Distribution of Technology Company IPOs – H1 2019

10CALIFORNIA

2ISRAEL

1FLORIDA

1TENNESSEE

1VIRGINIA

1NEVADA

5CHINA

13.3%

25.0%

20.0% 20.0%

61.9%

25.0%20.0%

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18.8%

Pin

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Med

ical

13.3%

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-14.3%

Cam

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-25.7%

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-8.3%

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-8.7%

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roup

-28.6% -28.6%

Kal

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-28.2%

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-33.3% -33.3%

79.4%

101.5%

75.6%72.2%

90.0%93.5%

80.9%

Jum

ia T

echn

olog

ies

AG

88.9%

Five

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Rev

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70.6%

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Med

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67.6%

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Ada

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Cor

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Silk

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-3.3%

Linx

S.A

.

-37.2%

Ruh

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-19.2%

Cam

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-7.6%

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-4.7%

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-21.1%

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-20.0%

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-14.3%

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1GERMANY

1CYPRUS


The following graphs show the life sciences company IPOs with the largest

percentage gain and loss from the red herring midpoint to the actual initial

public offering price and from the initial public offering price to the first day of

trading for IPOs completed in the first half of 2019 and second half of 2018.

50.0%

73.6%

92.1%

42.9%43.7%

58.7%

94.4%

128.1%

Ana

plan

SV

MK

Eve

ntbr

ite

Ela

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N.V

.

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a

-28.9%

Ent

asis

The

rape

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Con

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harm

aceu

tical

s

-23.3%-19.1%

Mod

erna

Uro

vant

Vac

cine

x

-16.8%

-5.2%

50.0%

Y-m

Abs

The

rape

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s

69.5%

Gua

rdan

t Hea

lth

-3.9%

Niu

Tec

hnol

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s

-21.3%

Coo

Tek

(Cay

man

)



BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2018, SECOND HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2018, SECOND HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF

Price Changes – Biggest Life Sciences Movers

12.5%

18.8%

27.8% 25.0%

36.4%

Tena

ble

Hol

ding

s

Farfe

tch

Lim

ited

30.9%

Ela

stic

N.V

.

Upw

orrk

21.4%

Ana

plan

Alla

kos

Gua

rdan

t Hea

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13.3%

Tilra

y

13.3%

Ra

Med

ical

Sys

tem

s

11.6%

Ela

nco

Ani

mal

Hea

lth

-13.7%

NIO

-15.8%

Arlo

Tec

hnol

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s

-16.7%

Sol

arW

inds

Cor

pora

tion

-16.7%

Son

os

-21.7%

Niu

Tec

hnol

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s

-42.9%

-28.6%-23.1%

Osm

otic

a P

harm

aceu

tical

s

Gam

ida

Cel

l

Kod

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Sci

ence

s

Logi

cBio

The

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-53.3%

Pha

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harm

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tical

s

-61.5%

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF

Geographical Distribution of Life Sciences IPOs – H1 2019

13.3%

25.0%

20.0% 20.0%

61.9%

25.0%20.0%

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18.8%

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Med

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13.3%

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-14.3%

Cam

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-25.7%

Cha

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-8.7%

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roup

-28.6% -28.6%

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-33.3% -33.3%

79.4%

101.5%

75.6%72.2%

90.0%93.5%

80.9%

Jum

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AG

88.9%

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-7.6%

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-4.7%

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-31.0%

13CALIFORNIA

8MASSACHUSETTS

1ENGLAND

1CAYMAN ISLANDS

1FRANCE

1WASHINGTON1NORTH CAROLINA

1MARYLAND3NEW YORK


11.8% 11.8% 11.8%

17.6% 17.6%

5.9% 5.9%

number of days

% of deals

60 75 90 105 120 135 150 165 180 195 210 225

8.7%

30.4%

4.3%

17.4% 17.4%13.0%

number of days

% of deals

60 75 90 105 120 135 150

2.9% 2.9% 2.9%

165 210 225 345 360240 255 270

2.9% 2.9% 2.9%

300285

Life Sciences

Technology

1168

4.3% 4.3%

Days on FileDISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2019, FIRST HALFThese graphs display the percentage of deals that priced

within each 15-day period from the initial confidential

submission date or, rarely, initial public submission.

DISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2018, SECOND HALF

number of days

% of deals

60 75 90 105 120 135 150 165 180 270 285 324255

8.0%

20.0% 20.0%

12.0% 12.0%

4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

240

number of days

% of deals

45

Life Sciences

Technology

3.0%3.0%3.0%

15.2%18.2% 18.2%

12.1%15.2%

6.1%3.0%

414

4.0%

513

60 75 90 105 120 135 150 165 180 195 21045 225 240

3.0%


Price Changes Around the Expiration of the Lock-Up

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2019, FIRST HALF

-10%

-5%

0%

5%

2 wks prior Lock-up 2 wks post

Technology Median-2.7%

Life Sciences Median-10.6%Life Sciences Avg-11.5%

Technology Avg-2.3%

End of Lock-Up

In order to assist the development of an orderly market for the

shares being offered, IPO underwriters require the stockholders

of the offering company to agree not to sell shares of the

company’s common stock for a specified period without the

underwriters’ consent. Customarily, this period is 180 days

and applies equally to all holders delivering the “lock-up”

agreement, although in a few instances the lock-up may roll

off in stages, and different holders may be subject to different

restrictive periods. Upon expiration of the lock-up period, there

generally is an influx of “supply,” as pre-IPO stockholders

have their first ability to sell shares into the public market. The

graphs on this page show the average and median changes

in the closing trading price of the subject company shares for

the period beginning two weeks prior, and ending two weeks

following, the scheduled expiration of the lock-up period for

lock-ups expiring in the second half of 2018 and first half of

2019. Those companies completing IPOs in the first half of

2018 and a follow-on offering within 180 days are excluded

from the top graph. Those companies completing IPOs in the

second half of 2018 and a follow-on offering within 180 days

are excluded from the bottom graph.

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2018, SECOND HALF

Life Sciences Median

Life Sciences Avg

-10%

-5%

0%

5%

2 wks prior Lock-up 2 wks post

Technology Median-1.6%-2.3%

Technology Avg-4.9%

-1.2%

End of Lock-Up


PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, FIRST HALF

PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2018, SECOND HALF

65.2%64.7%

Life Sciences Technology

PERCENT OF OFFERING

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

Insider Participation These charts show the percentage of life sciences and technology IPOs in which the final prospectus indicated that specified “insiders”

had expressed an interest in purchasing shares in the offering or in a concurrent private placement. Insiders are directors and officers of a

company as well as existing stockholders. In this case, insiders are typically existing investors who buy additional shares in the IPO or in a

concurrent private placement. Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside for insiders.

24.0%

64.7%

Life Sciences Technology

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Technology Offerings H1 20191, 2

COMPANY NAME / TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL

SHARES3 FINAL PRICING FINAL DEAL SIZE

Lyft, Inc. NasdaqGS:LYFT $65.00 3/29/19 32,500,000 $72.00 $2,340,000,000

Ruhnn Holding Limited NasdaqGS:RUHN $12.50 4/3/19 10,000,000 $12.50 $125,000,000

PagerDuty, Inc. NYSE:PD $20.00 4/11/19 9,070,000 $24.00 $217,680,000

Tufin Software Technologies Ltd. NYSE:TUFN $13.00 4/11/19 7,700,000 $14.00 $107,800,000

Jumia Technologies AG NYSE:JMIA $14.50 4/12/19 13,500,000 $14.50 $195,750,000

Pinterest, Inc. NYSE:PINS $16.00 4/18/19 75,000,000 $19.00 $1,425,000,000

Zoom Video Communications, Inc. NasdaqGS:ZM $30.00 4/18/19 20,869,565 $36.00 $751,304,340

So-Young International Inc. NasdaqGM:SY $12.80 5/2/19 13,000,000 $13.80 $179,400,000

SciPlay Corporation NasdaqGS:SCPL $15.00 5/3/19 22,000,000 $16.00 $352,000,000

Yunji Inc. NasdaqGM:YJ $12.00 5/3/19 11,000,000 $11.00 $121,000,000

Parsons Corporation NYSE:PSN $27.00 5/8/19 18,518,500 $27.00 $499,999,500

HeadHunter Group PLC NasdaqGS:HHR $12.25 5/9/19 16,304,348 $13.50 $220,108,698

Jiayin Group Inc. NasdaqGM:JFIN $11.50 5/10/19 3,500,000 $10.50 $36,750,000

Sonim Technologies, Inc. NasdaqGM:SONM $14.00 5/10/19 3,571,429 $11.00 $39,285,719

Uber Technologies, Inc. NYSE:UBER $47.00 5/10/19 180,000,000 $45.00 $8,100,000,000

COMPANY NAME / TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL

SHARES3 FINAL PRICING FINAL DEAL SIZE

Fastly, Inc. NYSE:FSLY $15.00 5/17/19 11,250,000 $16.00 $180,000,000

GSX Techedu Inc. NYSE:GSX $10.50 6/6/19 19,800,000 $10.50 $207,900,000

Revolve Group, Inc. NYSE:RVLV $17.00 6/7/19 11,764,706 $18.00 $211,764,708

CrowdStrike Holdings, Inc. NasdaqGS:CRWD $21.00 6/12/19 18,000,000 $34.00 $612,000,000

Fiverr International Ltd. NYSE:FVRR $19.00 6/13/19 5,263,158 $21.00 $110,526,318

Chewy, Inc. NYSE:CHWY $18.00 6/14/19 46,500,000 $22.00 $1,023,000,000

Cambium Networks Corporation NasdaqGM:CMBM $14.00 6/26/19 5,800,000 $12.00 $69,600,000

Linx S.A. NYSE:LINX $8.69 6/26/19 32,774,601 $9.40 $308,081,249

Change Healthcare Inc. NasdaqGS:CHNG $17.50 6/27/19 42,857,142 $13.00 $557,142,846

The RealReal, Inc. NasdaqGS:REAL $18.00 6/28/19 15,000,000 $20.00 $300,000,000


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Technology Offerings H2 20181, 2

COMPANY NAME / TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Aurora Mobile Limited NasdaqGM:JG $9.50 7/26/18 9,060,000 $8.50 $77,010,000

Pinduoduo Inc. NasdaqGS:PDD $17.50 7/26/18 85,600,000 $19.00 $1,626,400,000

Tenable Holdings, Inc. NasdaqGS:TENB $18.00 7/26/18 10,900,000 $23.00 $250,700,000

Endava plc NYSE:DAVA $18.00 7/27/18 6,340,000 $20.00 $126,800,000

Opera Limited NasdaqGS:OPRA $11.00 7/27/18 9,600,000 $12.00 $115,200,000

Sonos, Inc. NasdaqGS:SONO $18.00 8/2/18 13,888,888 $15.00 $208,333,320

Arlo Technologies, Inc. NYSE:ARLO $19.00 8/3/18 10,215,000 $16.00 $163,440,000

NIO Inc. NYSE:NIO $7.25 9/12/18 160,000,000 $6.26 $1,001,600,000

Qutoutiao Inc. NasdaqGS:QTT $8.00 9/14/18 12,000,000 $7.00 $84,000,000

Eventbrite, Inc. NYSE:EB $20.00 9/20/18 10,000,000 $23.00 $230,000,000

Farfetch Limited NYSE:FTCH $16.00 9/21/18 44,243,749 $20.00 $884,874,980

Viomi Technology Co., Ltd NasdaqGS:VIOT $10.00 9/25/18 11,400,000 $9.00 $102,600,000

SVMK Inc. NasdaqGS:SVMK $10.00 9/26/18 15,000,000 $12.00 $180,000,000

LAIX Inc. NYSE:LAIX $12.50 9/27/18 5,750,000 $12.50 $71,875,000

CooTek (Cayman) Inc. NYSE:CTK $13.00 9/28/18 4,350,000 $12.00 $52,200,000


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Upwork Inc. NasdaqGS:UPWK $11.00 10/3/18 12,476,693 $15.00 $187,150,395

Elastic N.V. NYSE:ESTC $27.50 10/5/18 7,000,000 $36.00 $252,000,000

Anaplan, Inc. NYSE:PLAN $14.00 10/12/18 15,500,000 $17.00 $263,500,000

Niu Technologies NasdaqGM:NIU $11.50 10/19/18 7,000,000 $9.00 $63,000,000

SolarWinds Corporation NYSE:SWI $18.00 10/19/18 25,000,000 $15.00 $375,000,000

StoneCo Ltd. NasdaqGS:STNE $22.00 10/25/18 50,724,638 $24.00 $1,217,391,312

MOGU Inc. NYSE:MOGU $15.00 12/6/18 4,750,000 $14.00 $66,500,000

Tencent Music Entertainment Group NYSE:TME $14.00 12/12/18 82,000,000 $13.00 $1,066,000,000


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue row represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Alector, Inc. NasdaqGS:ALEC $19.00 2/7/19 9,250,000 $19.00 $175,750,000

Gossamer Bio, Inc. NasdaqGS:GOSS $16.00 2/8/19 17,250,000 $16.00 $276,000,000

Harpoon Therapeutics, Inc. NasdaqGS:HARP $14.00 2/8/19 5,400,000 $14.00 $75,600,000

Avedro, Inc. NasdaqGM:AVDR $15.00 2/14/19 5,000,000 $14.00 $70,000,000

TCR2 Therapeutics Inc. NasdaqGS:TCRR $15.00 2/14/19 5,000,000 $15.00 $75,000,000

Stealth BioTherapeutics Corp. NasdaqGM:MITO $13.00 2/15/19 6,500,000 $12.00 $78,000,000

Kaleido Biosciences, Inc. NasdaqGS:KLDO $21.00 2/28/19 5,000,000 $15.00 $75,000,000

ShockWave Medical, Inc. NasdaqGS:SWAV $15.00 3/7/19 5,700,000 $17.00 $96,900,000

GENFIT S.A. NasdaqGS:GNFT $20.32 3/27/19 6,650,000 $20.32 $135,128,000

Precision BioSciences, Inc. NasdaqGS:DTIL $16.00 3/28/19 7,900,000 $16.00 $126,400,000

NGM Biopharmaceuticals, Inc. NasdaqGS:NGM $15.00 4/4/19 6,666,667 $16.00 $106,666,672

Silk Road Medical, Inc. NasdaqGM:SILK $16.00 4/4/19 6,000,000 $20.00 $120,000,000

Brainsway Ltd. NasdaqGM:BWAY $11.94 4/17/19 2,500,000 $11.00 $27,500,000

Turning Point Therapeutics, Inc. NasdaqGS:TPTX $17.00 4/17/19 9,250,000 $18.00 $166,500,000

HOOKIPA Pharma Inc. NasdaqGS:HOOK $15.00 4/18/19 6,000,000 $14.00 $84,000,000

TransMedics Group, Inc. NasdaqGM:TMDX $16.00 5/2/19 5,690,000 $16.00 $91,040,000

H1 20191, 2


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Trevi Therapeutics, Inc. NasdaqGM:TRVI $15.00 5/7/19 5,500,000 $10.00 $55,000,000

Axcella Health Inc. NasdaqGM:AXLA $21.00 5/9/19 3,571,428 $20.00 $71,428,560

Cortexyme, Inc. NasdaqGS:CRTX $17.00 5/9/19 4,412,000 $17.00 $75,004,000

Milestone Pharmaceuticals Inc. NasdaqGS:MIST $15.00 5/9/19 5,500,000 $15.00 $82,500,000

NextCure, Inc. NasdaqGS:NXTC $15.00 5/9/19 5,000,000 $15.00 $75,000,000

Applied Therapeutics, Inc. NasdaqGM:APLT $15.00 5/14/19 4,000,000 $10.00 $40,000,000

Avantor, Inc. NYSE:AVTR $19.50 5/17/19 207,000,000 $14.00 $2,898,000,000

Bicycle Therapeutics plc NasdaqGS:BCYC $15.00 5/23/19 4,333,333 $14.00 $60,666,662

IDEAYA Biosciences, Inc. NasdaqGS:IDYA $14.00 5/23/19 5,000,000 $10.00 $50,000,000

Stoke Therapeutics, Inc. NasdaqGS:STOK $15.00 6/19/19 7,891,110 $18.00 $142,039,980

Akero Therapeutics, Inc. NasdaqGS:AKRO $15.00 6/20/19 5,750,000 $16.00 $92,000,000

Atreca, Inc. NasdaqGS:BCEL $17.00 6/20/19 7,350,000 $17.00 $124,950,000

Personalis, Inc. NasdaqGM:PSNL $15.00 6/20/19 7,921,500 $17.00 $134,665,500

Prevail Therapeutics Inc. NasdaqGM:PRVL $17.00 6/20/19 7,353,000 $17.00 $125,001,000

Adaptive Biotechnologies Corporation NasdaqGS:ADPT $16.00 6/27/19 15,000,000 $20.00 $300,000,000

BridgeBio Pharma, Inc. NasdaqGS:BBIO $15.00 6/27/19 20,500,000 $17.00 $348,500,000

Morphic Holding, Inc. NasdaqGM:MORF $15.00 6/27/19 6,000,000 $15.00 $90,000,000

Karuna Therapeutics, Inc. NasdaqGM:KRTX $16.00 6/28/19 5,578,124 $16.00 $89,249,984


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings (continued)


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Crinetics Pharmaceuticals, Inc. NasdaqGS:CRNX $16.00 7/18/18 6,000,000 $17.00 $102,000,000

Rubius Therapeutics, Inc. NasdaqGS:RUBY $21.00 7/18/18 10,483,000 $23.00 $241,109,000

Allakos Inc. NasdaqGS:ALLK $16.00 7/19/18 7,133,333 $18.00 $128,399,994

Constellation Pharmaceuticals, Inc. NasdaqGS:CNST $15.00 7/19/18 4,000,000 $15.00 $60,000,000

Tilray, Inc. NasdaqGS:TLRY $15.00 7/19/18 9,000,000 $17.00 $153,000,000

Replimune Group, Inc. NasdaqGS:REPL $15.00 7/20/18 6,700,000 $15.00 $100,500,000

Aquestive Therapeutics, Inc. NasdaqGM:AQST $15.00 7/25/18 4,500,000 $15.00 $67,500,000

Vaccinex, Inc. NasdaqGM:VCNX $13.50 8/9/18 3,333,334 $12.00 $40,000,008

Principia Biopharma Inc. NasdaqGS:PRNB $16.00 9/14/18 6,250,000 $17.00 $106,250,000

Elanco Animal Health Incorporated NYSE:ELAN $21.50 9/20/18 62,900,000 $24.00 $1,509,600,000

Y-mAbs Therapeutics, Inc. NasdaqGS:YMAB $15.00 9/21/18 6,000,000 $16.00 $96,000,000

Entasis Therapeutics Holdings Inc. NasdaqGM:ETTX $17.00 9/26/18 5,000,000 $15.00 $75,000,000

Arvinas Holding Company, LLC NasdaqGS:ARVN $15.00 9/27/18 7,500,000 $16.00 $120,000,000

Ra Medical Systems, Inc. NYSE:RMED $15.00 9/27/18 3,900,000 $17.00 $66,300,000

Sutro Biopharma, Inc. NasdaqGM:STRO $15.00 9/27/18 5,667,000 $15.00 $85,005,000

Urovant Sciences Ltd. NasdaqGS:UROV $15.00 9/27/18 10,000,000 $14.00 $140,000,000

H2 20181, 2


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Gritstone Oncology, Inc. NasdaqGS:GRTS $14.00 9/28/18 6,666,667 $15.00 $100,000,005

Guardant Health, Inc. NasdaqGS:GH $16.00 10/4/18 12,500,000 $19.00 $237,500,000

Kodiak Sciences Inc. NasdaqGM:KOD $14.00 10/4/18 9,000,000 $10.00 $90,000,000

Allogene Therapeutics, Inc. NasdaqGS:ALLO $17.00 10/11/18 18,000,000 $18.00 $324,000,000

Equillium, Inc. NasdaqGM:EQ $15.00 10/12/18 4,670,000 $14.00 $65,380,000

SI-BONE, Inc. NasdaqGM:SIBN $14.00 10/17/18 7,200,000 $15.00 $108,000,000

Osmotica Pharmaceuticals plc NasdaqGS:OSMT $15.00 10/18/18 6,650,000 $7.00 $46,550,000

PhaseBio Pharmaceuticals, Inc. NasdaqGM:PHAS $13.00 10/18/18 9,200,000 $5.00 $46,000,000

LogicBio Therapeutics, Inc. NasdaqGM:LOGC $13.00 10/19/18 7,000,000 $10.00 $70,000,000

Gamida Cell Ltd. NasdaqGM:GMDA $14.00 10/26/18 6,250,000 $8.00 $50,000,000

Axonics Modulation Technologies, Inc. NasdaqGS:AXNX $15.00 10/31/18 8,000,000 $15.00 $120,000,000

Orchard Therapeutics plc NasdaqGS:ORTX $15.00 10/31/18 14,285,715 $14.00 $200,000,010

Twist Bioscience Corporation NasdaqGS:TWST $15.00 10/31/18 5,000,000 $14.00 $70,000,000

Eton Pharmaceuticals, Inc. NasdaqGM:ETON $6.00 11/13/18 3,600,000 $6.00 $21,600,000

Vapotherm, Inc. NYSE:VAPO $15.00 11/14/18 4,000,000 $14.00 $56,000,000

Taiwan Liposome Company, Ltd. NasdaqGM:TLC $7.46 11/21/18 3,750,000 $5.80 $21,750,000

Moderna, Inc. NasdaqGS:MRNA $23.00 12/7/18 26,275,993 $23.00 $604,347,839

Synthorx, Inc. NasdaqGS:THOR $11.00 12/7/18 11,912,727 $11.00 $131,039,997


MethodologyData points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration dates from EDGAR Online IPO Deal Data and daily stock-trading price data. The exact dates upon which lock-ups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.

The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on the midpoint of the range and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to the public and the aggregate number of shares offered, as reflected on the cover page of the final prospectus. The closing price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.

DisclaimerThe preparation of the information contained herein involves assumptions, compilations and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.

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