IPO Roundup: Handful of companies to go public this week led by insurance broker BRP Group

This week is packed with seven IPOs crammed into a two-day window, including two biotechnology companies, a pair of firms based in China and a recreational boat dealership network.

Pricing Wednesday

BRP Group Inc (NASDAQ:BRP), an insurance-brokerage firm based in Tampa, Florida, has its eyes on a $246 million offering.

The eight-year-old company is set to offer 16.4 million shares at a price between $14 and $16 per share.

BRP represents 400,000 clients in the US and abroad through its more than 40 offices. The company said it believes itself the second-fastest growing insurance broker based on fiscal 2018 results. 

OneWater Marine Inc (NASDAQ:ONEW), a recreational boat dealership based in Buford, Georgia, plans to offer 3.2 million shares at a price between $18 and $20 per share for an IPO worth $60 million. 

The company owns and operates 60 stores comprising 20 groups in 11 states, as of May. Its dealer groups are located in the Southeast, Gulf Coast, Mid-Atlantic and Northeast, and the company said it believes itself to be the market leader by sales volume of premium boats in 12 of its 17 markets. 

Founded in 2014 with 19 stores through the combination of Singleton Assets & Operations, Singleton Marine, and Legendary Marine, the company has added 36 additional stores through 16 acquisitions. 

Pricing Thursday

Progyny Inc (NASDAQ:PGNY), a New York-based provider of fertility benefits, plans to raise $150 million in its IPO. 

The company plans to offer 10 million shares at a price between $14 and $16 per share. 

Progyny, founded in 2016, offers its fertility and family building benefits to more than 80 employer clients and roughly 1.4 million employees and their partners.

Phathom Pharmaceuticals Inc (NASDAQ:PHAT), a Phase 3 biotechnology company focused on treating gastrointestinal diseases, is gunning for a $150 million IPO by offering 7.9 million shares a price between $18 and $20 per share.

Founded in 2018 and based in Buffalo Grove, Illinois, Phathom’s initial product candidate is vonoprazan, which blocks acid secretion in the stomach as a treatment for gastroesophageal reflux disease.

The company in-licensed the drug from Takeda Pharmaceutical Company Ltd (OTCMKTS:TKPHF), which developed vonoprazan and created Phathom with its venture partners at Frazier Healthcare Partners.

Takeda has received marketing approval for the drug in nine countries in Asia and Latin America, and it generated over $500 million in net sales in its fourth full year on the market since its approval in Japan in late 2014

Youdao Inc (NYSE:DAO), a Chinese online education company being spun out of internet services company NetEase Inc (NASDAQ:NTES), expects to offer 5.6 million shares at a price between $15 and $18 per share en route to a $92 million IPO.

The company calls itself the leading intelligent learning company in China, boasting more than 100 million monthly active users (MAUs) in the first half of 2019.

The company was founded in 2006 as part of NetEase, and in 2007 it launched its flagship Youdao Dictionary, the top language app in China in terms of MAUs in the first half of 2019, according to Frost and Sullivan.

Cabaletta Bio Inc (NASDAQ:CABA), a Philadelphia-based biotechnology company developing engineered T-cells, hopes to raise $87 million by offering 5.9 million shares between $14 and $16 per share.

The company’s lead CAAR T cell product candidate is designed to treat patients with the rare skin disorder mucosal pemphigus vulgaris, and its three other candidates have demonstrated target engagement in vitro.

To advance its lead candidate and access a cell therapy manufacturing platform, Cabaletta said it has entered a collaboration with the University of Pennsylvania.

Aesthetic Medical International Holdings Group Ltd (NASDAQ:AIH), a provider of medical services in China, is aiming for a $30 million IPO. 

The Shenzhen-based company plans to offer 2.5 million shares at a price between $11 and $13 per share. 

Founded in 1997, AIH offers eye surgery, rhinoplasty, breast augmentation, liposuction, cosmetic dentistry and more. According to Frost and Sullivan, the company is the third-largest private aesthetic medical services provider in China in terms of revenue.

Contact Andrew Kessel at [email protected] 

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Story by ProactiveInvestors