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IPO Roundup: Three new companies make public debuts; Canada's largest IPO ever gets canned

GFL Environmental, the fourth-largest diversified environmental services company in North America, had planned on a $1.9 billion IPO

GFL truck
“The existing shareholders determined that the proposed pricing offered in the IPO did not represent fair value for the company,” GFL CEO Patrick Dovigi

Galera Therapeutics Inc (NASDAQ:GRTX), a biopharmaceutical company designing drugs to reduce the tissue toxicity of radiotherapy, raised $60 million in its IPO.

The company offered 5 million shares at $12 per share, lower than the $14 to $16 projected range. But that put Galera well short of its planned $75 million offering.

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.

Shares opened at $12.50 but slid to $12.20, 1.7% above its IPO price.

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

Centogene BV (NASDAQ:CNTG), a German provider of genetic tests for rare diseases, raised $56 million by offering 4 million shares at $14 per share, the low end of it’s range.

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.

The stock debuted at $14.10 before slipping to $13.14, 6.1% lower than its IPO price.

Silvergate Capital Corporation (NYSE:SI), a commercial bank focused on cryptocurrency business, raised $40 million in its IPO. 

The La Jolla, California company offered 3.3 million shares at $12 per share, beneath its projected $13 to $15 range. 

Silvergate Capital is the holding company for Silvergate Bank, which operates a virtually instantaneous payment network for participants in the digital currency industry called the Silvergate Exchange Network. 

In the first six months of 2019, the company said it saw 374% growth over the same period in 2018.

Postponed

GFL Environmental Inc (NYSE:GFL), a waste management firm based in Vaughn, Ontario, was on pace to undergo the biggest IPO ever for a Canadian company at $1.9 billion. 

Then, on Wednesday, the company opted to postpone. It had expected 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.

“The existing shareholders determined that the proposed pricing offered in the IPO did not represent fair value for the company and therefore have elected to revisit the public markets at a later date,” GFL CEO Patrick Dovigi told materials management news outlet Waste360.

Downsizing

36KR Holdings Inc (NASDAQ:KRKR) a Chinese online media publisher, dropped the expected price range of its IPO.

The company is now set to offer 1.4 million shares — 2.2 million fewer than originally planned — at a price between $14.50 and $17.50 per share to raise $22 million. The company had initially expected 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.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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