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IPO Roundup: PagerDuty Inc, Ruhnn Holdings, NGM Biopharmaceuticals, Silk Road and Tradeweb Markets set terms

Last updated: 20:55 01 Apr 2019 BST, First published: 20:28 01 Apr 2019 BST

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PagerDuty Inc, a cloud computing company that produces software-as-a-serve (SaaS) incident response platform for IT departments, announced terms for its IPO on Monday. The San Francisco company said it plans to raise $181 million by offering 9.1 million shares at a price range of $19 to $21.

At the midpoint of the proposed range, PagerDuty would command a market value of approximately $1.7 billion.

READ: PagerDuty files confidentially for IPO, while New Fortress dials down IPO terms

Founded in 2009, PagerDuty helps alert coders to crashes and other technical problems when they arise. It booked $118 million in sales for the 12 months ended January 31, 2019. It plans to list on the New York Stock Exchange under the symbol “PD.”

Morgan Stanley, JP Morgan, RBC Capital Markets and Allen & Company are the joint bookrunners on the deal. It is expected to price next week.

Ruhnn Holding Ltd

Ruhnn Holding Ltd, a Chinese e-commerce platform used by internet celebrities to sell fashion-forward items, is expected to make its trading debut on the tech-laden Nasdaq on Wednesday.

It is seeking to raise up to $200 million by offering 10 million shares between $11.50 and $13.50, according to its prospectus.

Backed by Alibaba Group Holding Ltd (NYSE:BABA), the Hangzhou-based company is the largest internet key opinion leader, or KOL, in China measured by revenue in 2018, according to the Frost & Sullivan report. 

Revenue from the sale of Ruhnn's celebrity-endorsed products rocketed 59.4% to RMB912.5 million (US$132.7 million) for fiscal year 2018, from RMB572.4 million (US$85.29 million) for fiscal year 2017.

The Chinese company hones in on online influencers and allows them to monetize their celebrity by opening online stores which are owned and operated by Ruhnn on third-party e-commerce platforms. Ruhnn creates the brands for celebrities to reflect their personality and caters to the tastes of their fanbase. In turn, the influencers boost sales by endorsing the products on their social media channels.

NGM Biopharmaceuticals Inc

NGM Biopharmaceuticals Inc is expected to trade on the Nasdaq on Thursday under the ticker symbol “NGM” by raising nearly $100 million through the sale of 6.7 million shares priced between $14 and $16.

At the midpoint of the range, the valuation of the company would balloon to nearly $1.1 billion. The San Francisco clinical-stage biotech is advancing a broad pipeline of treatment candidates stretching from type 2 diabetes and the fatty liver disease NASH, to cancer and a vision-blurring eye disease. It has also renewed a collaboration with drug giant Merck & Co (NYSE:MRK).

Silk Road Medical Inc

Silk Road Medical Inc is expected to trade on the Nasdaq on Thursday under the ticker symbol “SILK” by issuing nearly 4.7 million shares between $15 and $17 each.

The California medical technology company develops and manufactures proprietary transcarotid medical devices for carotid artery disease patients, who suffer stroke, or brief stroke-like attacks.

Tradeweb Markets Inc 

Tradeweb Markets Inc is also expected to debut on the Nasdaq Thursday by issuing nearly 27.3 million shares priced between $24 and $26 each.

Tradeweb is a New York-based financial services company that builds and operates electronic over-the-counter (OTC) marketplaces for companies that trade fixed income products and derivatives.

Founded in 1998, the company offers 40 products to its global network of clients which include asset managers, hedge funds and institutional investors. The company employs 900 people including more than 250 technologists.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

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