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IPO Roundup: Canada's potential largest IPO ever leads packed slate of companies going public this week

GFL Environmental, the fourth-largest diversified environmental services company in North America, is planning a $1.9 billion public offering

GFL truck
GFL offers non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services across Canada and 23 US states

Eight companies are scheduled to go public this week, including Canada's biggest-ever IPO and a pair of biotechnology companies from Malvern, Pennsylvania.

Pricing Monday

Q&K International Group Ltd (NASDAQ:QK), a Shanghai-based apartment rental platform, is angling for a $49 million IPO. 

The company expects to offer 2.7 shares at a price between $17 and $19 per share. 

Q&K operates by leasing apartments from landlords, renovating them into standardized furnished rooms and re-leasing them as affordable housing. 

The company has grown from 940 available rental units when it was founded in 2012 to more than 91,000 units in December 2018 across six cities in China. It claims to be the top long-term apartment operator in the Yangtze mega-city cluster around Shanghai in terms of gross rental value and the third-largest operator across all of China by that same metric.

Pricing Tuesday

89bio Inc (NASDAQ:ETNB), a Phase 1 biotechnology company developing therapies for nonalcoholic steatohepatitis (NASH) and other metabolic diseases, hopes to raise $70 million by offering 4.4 million shares at a price between $15 and $17 per share. 

The San Francisco company’s lead product candidate, BIO89-100, is an engineered analog of fibroblast growth factor 21, which functions as an endocrine hormone-regulating carbohydrate and lipid metabolism.

89bio has completed a Phase 1a first-in-human clinical trial with 58 healthy volunteers, and results showed robust and durable biological effects, the company said. In July, the company began a proof of concept Phase 1b/2a clinical trial in patients with NASH or non-alcoholic fatty liver disease and a high risk of NASH, with topline results expected in 2020.

Pricing Wednesday 

Galera Therapeutics Inc (NASDAQ:GRTX), a biopharmaceutical company designing drugs to reduce the tissue toxicity of radiotherapy, plans to raise $75 million by offering 5 million shares between $14 and $16 per share. 

The Malvern, Pennsylvania-based company’s lead drug candidate, GC4419, is a treatment for severe oral mucositis, a debilitating complication of radiotherapy in patients with head and neck cancer that can cause inflammation in the mouth, pain and even an inability to eat.

Centogene (NASDAQ:CNTG), a German provider of genetic tests for rare diseases, is set to raise $60 million by offering 4 million shares at a price between $14 and $16 per share. 

The company has developed a global proprietary rare disease platform that relies on more than 2 billion data points from 450,000 patients around the world. Its platform includes epidemiologic, phenotypic and genetic data that reflects a global population, as well as a biobank of patients' blood samples.

36KR Holdings Inc (NASDAQ:KRKR) a Chinese online media publisher, expects to offer 3.6 million shares between $14.50 and $17.50 per share to raise $58 million. 

The Beijing-based company bills itself a top coverage provider of so-called new economy content and has expanded to provide business offerings such as online advertising services, enterprise value-added services and subscription services.

The company claims to be the first to cover ByteDance, the Chinese company behind TikTok, back in January 2013.

Pricing Thursday

GFL Environmental Inc (NYSE:GFL), a waste management firm based in Vaughn, Ontario, is gunning for a $1.9 billion IPO,  which would be the largest ever for a Canadian company, according to research firm Renaissance Capital.

The company expects to offer 86.7 million shares at a price between $20 and $24 per share.

GFL is the fourth-largest diversified environmental services company in North America, operating across Canada and in 23 US states. It provides non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services. 

TELA Bio Inc (NASDAQ:TELA), a producer of soft tissue reconstruction implants, is hoping to raise $60 million by offering 4 million shares at a price between $14 and $16 million per share. 

The company, also based in Malvern, Pennsylvania, offers reinforcing implants used in hernia repair, abdominal wall reconstruction, as well as plastic and reconstructive surgery. Its products have been used in more than 6,500 patients, the company said. 

TELA’s OviTex Reinforced Tissue Matrix portfolio of products has received 510(k) clearance from the FDA, which indicates a device is substantially equivalent to a legally marketed device and therefore safe for commercial distribution.  

CNS Pharmaceuticals Inc (NASDAQ:CNSP), a Houston biotechnology company focused on brain cancer therapies, is looking to raise $10 million by offering 2.1 million shares at a price between $4 and $6 per share. 

The company, originally scheduled to go public last week, is developing drug candidates for the treatment of primary and metastatic brain and central nervous system tumors. Its lead drug candidate, Berubicin, is designed to treat glioblastoma, a type of brain cancer currently considered to be incurable. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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