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IPO Roundup: Chinese live-streamer DouYu sets the pace in a busy week of international IPOs

Also going public this week were Danish biotechnology company Genmab A/S and Peruvian wealth-management company Intercorp Financial Services

DouYu logo
DouYu raised $775 million offering 67.4 million shares at $11.50, the low end of its expected offer range

This week was rife with new companies diving into the uncharted waters of public trading, including several companies from outside North America.

Wednesday

DouYu International Holdings Ltd (NASDAQ:DOYU), a Chinese video game live-streaming platform that posted the biggest IPO of the week, got off to a rough start. The company raised $775 million offering 67.4 million shares at $11.50, the low end of its expected offer range. DouYu has the biggest user base and the highest level of user engagement among live-stream platforms in China, according to iResearch.

After debuting at $11.02, the stock has slumped to $10.40.

Thursday

Genmab A/S (NASDAQ:GMAB), a biotechnology company based in Copenhagen, offered more shares than originally expected but at a lower price. The company upped its offering to 28.5 million from 27.8 million shares and sold at a price of $17.75, less than the $18.11 initially planned. Genmab is focused on creating antibody treatments for cancer and other diseases, and it plans to launch a proprietary product by 2025. Its pipeline includes five products in clinical development and about 20 proprietary and partnered pre-clinical programs.

Since opening at $18.25, the share price has ticked down slightly to $18.07.

AssetMark Financial Holdings Inc (NYSE:AMK), a wealth-management and technology-solutions company based in Concord, California, raked in $275 million after offering 12.5 million shares at $22 per share, $1 above the high end of its expected range. The company’s platform provides tools to independent financial advisors and their clients.

Shares debuted at $25.45 and have risen higher to $26.50.

Phreesia Inc (NASDAQ:PHR), a patient-intake software provider for healthcare companies, started hot on its public debut. The company made $167 million by offering 9.3 million shares at $18 per share, 1.5 million more shares than expected and $1 above its projected range. The New York company’s namesake SaaS platform offers a patient-intake management system and an integrated-payments system.

The new stock opened at $26.75 but has since cooled slightly to $24.18.

Fulcrum Therapeutics Inc (NASDAQ:FULC), a clinical-stage biopharmaceutical company, raised $75 million by offering 4.5 million shares at $16 per share, the low end of its estimated range. The Cambridge, Massachusetts company is focused on rare genetically defined diseases. Losmapimod, its product candidate for facioscapulohumeral muscular dystrophy, is expected to be part of a Phase 2b clinical trial in mid 2019.

Shares slumped to a $14.50 debut and fell to $12.50 in its first three days of trading.

Mirum Pharmaceuticals Inc (NASDAQ:MIRM), a Foster City, California-based biopharmaceutical company, brought in $75 million by offering 5 million shares at $15, the midpoint of its range. The company’s treatment pipeline consists of a pair of clinical-stage candidates to treat progressive familial intrahepatic cholestasis and Alagille syndrome, disorders that affect the liver.

After opening lower at $13, the stock has ticked up to $13.40.

Friday

Intercorp Financial Services Inc (NASDAQ:IFS), a Peruvian wealth-management company, raised $414 million by offering 9 million shares at $46 per share, just below the midpoint of ts range. The company’s digital platform and distribution network offers its 3 million customers access to its banking, insurance and wealth-management products and services.

Shares opened at $46 and have since risen to $46.98.

Medallia Inc (NASDAQ:MDLA), an enterprise software company from San Francisco, comfortably exceeded expectations by ramping up its number of shares and its offer price. The company sold 15.5 million shares at $21 per share for a total of $326 million, well above the expected 14.5 million shares with a range between $16 and $18. Medallia’s signature SaaS platform, the Medallia Experience Cloud, helps businesses gather data from their customers and deliver insight in real time.

To make things even better, shares opened at $34 and increased to $36.54, 74% higher than its IPO price.

Afya Ltd (NASDAQ:AFYA), a Brazilian healthcare education company, outpaced its expectations by selling 13.7 shares at $19 per share to bring in $261 million. The price point was $1 above its expected range. Afya’s network, the largest in Brazil, is made up of 14 undergraduate and graduate medical school campuses with 9 operating units and 5 approved units.

The stock shot up to a debut of $23.50 before dipping slightly to $22.77.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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