Tradeweb Markets Inc (NASDAQ:TW) surged Thursday in its debut after raising $1.1 billion in the second-largest US initial public offering this year.
So far, Lyft Inc’s (NASDAQ:LYFT) $2.34 billion IPO last week is the biggest listing this year.
Tradeweb stock opened strong at $34.26, a 27% pop above the IPO price of $27. Tradeweb sold 40 million shares to raise nearly $1.1 billion. It held steady at around $34.37 in afternoon trading.
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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.
Tradeweb CEO Lee Olesky said in an interview to Bloomberg that the IPO streamlines Tradeweb’s ownership structure and gives it funds for hiring new talent and potential acquisitions.
“It’s not as if we’re doing this just for M&A,” Olesky told Bloomberg. “Having equity puts you in a different sort of footprint from a financial standpoint.”
Silk Road Medical
Silk Road Medical (NASDAQ:SILK) had a terrific debut as investors wasted no time in buying up shares of the California medical technology company.
Shares soared 82.4% to $36.48 in afternoon trade Thursday after pricing at $20, the high end of its estimated range. Silk Road initially set a price range of 15 to 17, later revised to a range of 19 to 20.
Silk Road also hiked the number of shares for the offering by 28% to 6 million from 4.7 million.
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.
The company reported revenue of $34.5 million in 2018, up 143% from the prior year. It still clocked a loss of $39 million.
NGM Biopharmaceuticals Inc
NGM Biopharmaceuticals Inc (NASDAQ:NGM) dipped 6.6% to $15 in afternoon trading after it raised $107 million by offering 6.7 million shares at $16, the high end of the range of $14 to $16.
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).
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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