IPO Roundup: Cybersecurity company Cloudflare leads strong batch of IPOs

Cloudflare Inc (NYSE:NET), a San Francisco-based web content and security platform, had more robust IPO than expected, raising $525 million and pricing at $15 per share, $1 above its already revised-up range.

The company works to speed up and keep safe 20 million internet properties, and bills itself as delivering service quality previously only available to large companies.

Investors were off and running with Cloudflare. Trading opened at $18.43 and climbed to $19.40, nearly 30% above its IPO price.

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SpringWorks Therapeutics Inc (NASDAQ:SWTX), a Samford, Connecticut biopharmaceutical company developing small-molecule therapies, raked in $162 million after pricing at $18 per share, the top of its range. 

The company’s lead product candidate, nirogacestat, is a gamma-secretase inhibitor that treats a rare type of soft tissue tumors.

SpringWorks has sprung ahead in the early going, opening at $24.50 and rising to $25.15, a nearly 40% boost from its IPO price.

Satsuma Pharmaceuticals Inc (NASDAQ:STSA), a South San Francisco company developing a nasal spray for migraines, landed $83 million in its IPO, pricing in the middle of its expected range at $15 per share. 

Its lead drug candidate, STS101, combines a dry powder formulation with a single-use nasal delivery device. In July, the company launched a Phase 3 trial of STS101 and expects topline results in the second half of 2020.

After surging to an opening price of $19, the stock has cooled to $15.30, 2% higher than its IPO price. 

Contact Andrew Kessel at [email protected] 

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Story by ProactiveInvestors