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IPO Roundup: Viela Bio leads batch of biotechs, but others pull back at the 11th hour

A few biotechs and a banking company went public Thursday morning, but not everyone made it to the finish line

Person in suit touching IPO graphic
Viela offered 7.9 million shares at $19 per share, an increase of 400,000 shares that allowed the company to maintain the expected value of its offering

Viela Bio Inc (NASDAQ:VIE), a biotechnology company working to treat autoimmune and inflammatory diseases, is up after a positive start after its $150 million IPO. 

The company offered 7.9 million shares at $19 per share, an increase of 400,000 shares that allowed the company to maintain the expected value of its offering. 

Investors have responded well thus far, opening trading at $21.50 before cooling slightly to $20, 5.3% above its IPO price.

Frequency Therapeutics Inc (NASDAQ:FREQ), a biotechnology company developing therapies for degenerative diseases, was not received as kindly by traders.

The Woburn, Massachusetts company raised $84 million in a downsized IPO, offering 6 million shares at $14 per share, the low end of its range. The company had previously planned to offer 6.7 million shares. 

Shares opened lower at $11.49 and climbed to $12.01, 14% below its IPO price.

MetroCity Bankshares Inc (NASDAQ:MCBS), a bank-holding company focused on serving Asian-American communities, raised $26 million by offering 1.94 million shares at $13.50. That fell below its expected range of $14.50 to $16.50.

Trading opened at $13.50 for the Atlanta-based company, and so far the stock has fallen 2.6% to $13.15.

Postponed

 ADC Therapeutics SA (NYSE:ADCT), a Swiss biotechnology company, announced that it was pulling its planned $200 million IPO. 

“In light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement,” CEO Chris Martin said in a statement. 

The company had planned to offer 8.16 million shares at a price between $23 and $26 per share.

Monopar Therapeutics Inc (NASDAQ:MNPR), a Wilmette, Illinois-based biotechnology company, also blamed market conditions for the shelving of its IPO. 

According to broker Renaissance Capital, the company elected to postpone its $40 million public offering. The company expected to offer 4.4 million shares at a price between $8 and $10.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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