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Five IPOs and one SPAC went public this past week led by Royalty Pharma (NASDAQ:RPRX), which completed the largest US IPO of 2020 to date. Healthcare continued to dominate, with all five IPOs coming from the sector.

Royalty Pharma priced its upsized offering at the high end to raise $2.2 billion at a $16.7 billion market cap and popped 59% on its first day of trading. The company is a global leader in the pharmaceutical royalty space, and its portfolio consists of royalties on drugs from large pharmaceuticals, research hospitals, and academic intuitions. Royalty Pharma is highly profitable and has had historically strong free cash flow, but it is reliant on a handful of therapies for most of its royalty receipts. Royalty Pharma finished up 75%.

Phase 1 hematologic disease biotech Forma Therapeutics (NASDAQ:FMTX) upsized its offering and priced well above the range to raise $278 million at an $836 million market cap. The company’s lead candidate, FT-4202, has begun a Phase 1 trial in sickle cell disease patients, and interim results showed safety, tolerability, and therapeutic activity. If successful, FT-4202 would allow Forma to gain share in the estimated $2 billion market. Forma finished up 95%.

Genetron Holdings (NASDAQ:GTH), a Chinese provider DNA sequencing-based cancer diagnostic services, raised $256 million at a $1.5 billion market cap. The company increased its ADS offering and priced well above the range. Unprofitable and fast-growing, Genetron came to market at a clear discount to close peer and recent IPO Burning Rock (NASDAQ:BNR). It finished flat.

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Preclinical oncology biotech Repare Therapeutics (NASDAQ:RPTX) priced its further upsized deal at the upwardly revised range to raise $220 million at a $765 million market cap. Formed by Versant Ventures in 2016, the company is developing gene therapies for solid tumors, and preclinical data suggests potential clinical benefit. Repare finished up 54%.

Prenatal and disease screening test company Progenity (NASDAQ:PROG) priced at the midpoint to raise $100 million at a $677 million market cap. The company saw test volumes grow in 2019 and is developing a preeclampsia rule-out test that would address a $3 billion market opportunity. However, it has been plagued by legal issues, owing over $80 million in legal settlements. Progenity finished down 13%.

Trebia Acquisition (NYSE:TREBU), the third SPAC formed by Fidelity National Financial (NYSE:FNF) Chairman Bill Foley, upsized its deal to raise $450 million. The company plans to focus on financial services, technology, software, data, analytics, services, and related areas.

6 IPOs During the Week of June 15th, 2020

Issuer
Business

Deal
Size

Market Cap
at IPO

Price vs.
Midpoint

First Day
Return

Return
at 06/19

Forma Therapeutics

$278M

$836M

18%

+95%

+95%

Phase 1 biotech developing therapies for SCD and hematologic diseases.

Royalty Pharma

$2,175M

$16,671M

6%

+59%

+75%

Buys royalty interests in marketed and late-stage biopharmaceuticals.

Repare Therapeutics

$220M

$765M

18%

+54%

+54%

Preclinical biotech developing gene therapies for solid tumors.

Genetron Holdings

$256M

$1,485M

28%

+0%

+0%

Provides DNA sequencing-based diagnostic services for cancer patients in China.

Trebia Acquisition

$450M

$544M

0%

n/a

+0%

Third blank check company formed by financial services veteran Bill Foley.

Progenity

$100M

$677M

0%

-13%

-13%

Sells in vitro molecular tests for prenatal and disease screening.

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Seven IPOs and two SPACs submitted initial filings. Phase 2 oncology biotech Poseida Therapeutics (PSTX) filed to raise $115 million. Health insurance platform GoHealth (GHTH), specialty insurer Trean Insurance (TIG), and preclinical oncology biotech Nkarta (NKTX) all filed to raise $100 million. French Phase 2 NASH biotech Inventiva (IVA) filed to raise $90 million. BlueCity Holdings (BLCT), China’s leading LGBTQ dating platform, filed to raise $50 million. Biotech SPAC Therapeutics Acquisition (TXACU) filed to raise $100 million and Asia-focused SPAC Greencity Acquisition (GRCYU) filed to raise $40 million. Micro-cap cannabinoid biotech InMed Pharmaceuticals (INM) filed to raise $12 million.

9 Filings During the Week of June 15th, 2020

Issuer
Business

Deal
Size

Sector

Lead
Underwriter

GoHealth

$100M

Financials

Goldman

Medicare-focused health insurance marketplace.

Greencity Acquisition

$40M

SPAC

Ladenburg

Blank check company focused on businesses in Asia.

InMed Pharmaceuticals

$12M

Health Care

Roth Cap.

Clinical stage biotech developing cannabinoid-based products.

Inventiva

$90M

Health Care

Jefferies

Phase 2 French biotech developing therapies for NASH and other diseases.

Nkarta

$100M

Health Care

Cowen

Preclinical developer of off-the-shelf cancer therapies based on natural killer cells.

Poseida Therapeutics

$115M

Health Care

BofA

Phase 2 biotech developing CAR T cell therapies for multiple myeloma.

Trean Insurance

$100M

Financials

JP Morgan

Specialty casualty insurer in the US.

BlueCity Holdings

$50M

Technology

AMTD Global

Leading online LGBTQ community and dating platform in China.

Therapeutics Acquisition

$100M

SPAC

Jefferies

Blank check company formed by RA Capital targeting the biotech sector.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/18/20, the Renaissance IPO Index was up 32.0% year-to-date, while the S&P 500 was down 3.6%. Renaissance Capital’s IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Spotify (NYSE:SPOT) and DocuSign (NASDAQ:DOCU). The Renaissance International IPO Index was up 16.2% year-to-date, while the ACWX was down 10.6%. Renaissance Capital’s International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.