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IPO Roundup: SmileDirectClub vies to be 2019's next unicorn as IPO season returns

Also going public this week are internet speed and security platform Cloudfare and biomedical instruments company 10x Genomics, among others

Smile Direct Club aligners
The company plans to raise $1.2 billion by offering 58.5 million shares at a price between $19 and $22 per share

The August IPO reprieve is over, as five new companies plan to jump into the publically-traded water this week.

Wednesday

SmileDirectClub Inc (NASDAQ:SDC), a direct-to-consumer dentistry company selling clear teeth straightening systems, is a unicorn IPO with a perfect smile. The company plans to raise $1.2 billion by offering 58.5 million shares at a price between $19 and $22 per share. According to a report from Renaissance Capital, more than half the proceeds are going to insiders. Based in Nashville, the company has exploded since its 2014 launch, growing to $622 million in trailing sales.

10x Genomics Inc (NASDAQ:TXG), a biomedical instruments company based in Pleasanton, California, is looking to raise $297 million offering 9 million shares between $31 and $35 per share. In particular, 10x is focused on single-cell sequencing, and the company sells its platform to biomedical researchers. Since launching the product in mid-2015, the company said it has sold 1,284 instruments around the world.

Thursday 

Cloudflare Inc (NYSE:NET), a San Francisco-based web content and security platform, expects to offer 35 million shares between $10 and $12 per share in a bid to raise $385 million. The company works to speed up and keep safe 20 million internet properties, and bills itself as delivering service quality previously only available to large companies. 

SpringWorks Therapeutics Inc (NASDAQ:SWTX), a Samford, Connecticut biopharmaceutical company developing small-molecule therapies, hopes to raise $125 million by offering 7.4 million shares between $16 and $18 per share. Its lead product candidate, nirogacestat, is a gamma secretase inhibitor that treats a rare type of soft tissue tumors.

Satsuma Pharmaceuticals Inc (NASDAQ:STSA), a South San Francisco company developing a nasal spray for migraines, is set to go public with a $75 million IPO offering 5 million shares between $14 and $16. Its lead drug candidate, STS101, combines a dry powder formulation with a single-use nasal delivery device. In July, the company launched a Phase 3 trial of STS101 and expects topline results in the second half of 2020.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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