Last Week's IPO Recap

Last week brought us six new IPOs. Among these, breast cancer biotech company Olema Pharmaceuticals OLMA led the way as the week's top performer while its stock skyrocketed 157% on its first day. Olema Pharmaceuticals was the only one to hurry up and go public before the holiday. Other public newbies were Maravai LifeSciences Holdings, Inc. MRVI, Sotera Health Company SHC, Yatsen Holding Limited YSG, Telos Corporation TLS, and NeoGames S.A. (NGMS) NGMS.

Olema Pharmaceuticals

Olema Pharmaceuticals managed to raise $209 million at a $769 million market cap. The company focuses on the discovery and development of targeted therapies for women's cancers, like a targeted endocrine therapy which can be taken orally. The company's leading candidate is currently going through Phase 1/2 trials, with the initial data expected in the second half of 2021. Olema finished the week up 157%.

Maravai LifeSciences

Maravai LifeSciences, the research testing service provider, also upsized and raised $1.6 billion at a $7.2 billion market cap. During 2020, the company demonstrated accelerated growth thanks to the use of its mRNA products in COVID-19 vaccine development. Its main customers include Pfizer Inc. PFE, responsible for 14% of the company's revenues (January-September), and BioNTech SE BNTX. Maravai finished up 11% last week.

Sotera Health

The sterilization service provider, Sotera Health, also did very well during its first "public" week. The company raised $1.1 billion at a $6.4 billion market cap. The Sotera IPO priced late Thursday and began trading Friday, finishing up 9%. Sotera also provides Co-60 products used in gamma-radiation and lab testing for advisory purposes. The company makes some good and growing profitable margins, and it is also praised for its strong free cash flow.

Yatsen 

With a 377% YoY (2018 to 2019) increase in revenues, Chinese company Yatsen produces and sells cosmetics under brands including Perfect Diary. The company went public last week, raising $617 million at a $7.0 billion market cap. Although the operating margins are down since the beginning of the year due in part to COVID-19, the company finished last week up 91%.

Telos

Telos made sure that not all the previous week's IPOs are from the medical and cosmetic world. The IT and cybersecurity company from Ashburn, Virginia, provides highly customizable software-based security solutions, mostly to the United States Department of Defense as well as some other government and enterprise clients. It finished last week up 12% and raised $254 million at a $1.1 billion market cap.

NeoGames 

NeoGames, the company providing technology, gaming, and operational services to lottery operators in North America and Europe, managed to raise $82 million at a $444 million market cap. It finished the week up 22%.  

COVID-19 Made Us Look at Things Differently

Investment in biotech and medical research is traditionally risky. The same goes for the cybersecurity and IT segment. Even as COVID-19 made us look at these industries differently, last week's IPOs are entering a drastically altered market than they might have just a few months ago.

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