The IPO activity in the U.S. healthcare sector has had a strong showing this year, with 87 listings between January and October. There have been no IPOs so far this month and two healthcare firms are expected to go public on November 20.
1. Sotera Health Company
Sotera Health Company is a leading global provider of mission-critical sterilization and lab testing and advisory services to the medical device and pharmaceutical industries.
The Broadview Heights, Ohio-based company plans to list its stock on the Nasdaq Global Select Market under the ticker symbol "SHC" on November 20, 2020.
The company has offered to sell 46.6 million shares in the offering - with the initial public offering price expected to be between $20.00 and $23.00 per share. The underwriters have a 30-day option period to purchase up to 6.99 million additional shares.
The company has more than 5,800 customers in over 50 countries, which include more than 40 of the top 50 medical device companies and 8 of the top 10 global pharmaceutical companies by revenue. The company has a global network of 63 facilities, consisting of 50 sterilization services facilities and 13 labs. The company operates under the Nelson Labs brand for laboratory testing services, and operates under the Sterigenics and Nordion brands for sterilization services.
Underwriters of the IPO:
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Jefferies LLC, Barclays Capital Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC, BNP Paribas Securities Corp, KeyBanc Capital Markets Inc., Citizens Capital Markets, Inc., ING Financial Markets LLC, Academy Securities, Inc., Loop Capital Markets LLC, Penserra Securities LLC, Siebert Williams Shank & Co., LLC, Tigress Financial Partners LLC
Financial Numbers:
For the nine month ended September 30, 2020, the company's net income declined to $5.06 million from $7.05 million in the same period last year, whereas total net revenues for the period rose to $601.3 million from $584.8 million a year ago.
2. Maravai LifeSciences Holdings Inc.
San Diego, California-based Maravai LifeSciences is a life sciences company providing nucleic acid products and biologics safety testing products to biopharmaceutical customers worldwide to enable the development of drug therapies, diagnostics, and novel vaccines.
The company's products and services are sold to more than 5,000 customers, including the top 20 global biopharmaceutical firms. For example, one of the company's products CleanCap is used in a couple of COVID-19 mRNA vaccine programs - those of Pfizer & BioNTech, Imperial College London, Fosun Pharma in partnership with BioNTech, CureVac and Daiichi-Sankyo.
The company, which was founded in 2014, plans to go public on the Nasdaq Global Market, under the symbol "MRVI", on November 20, 2020.
The company has offered to sell 50 million Class A common stock in the offering - with the initial public offering price expected to be between $24.00 and $27.00 per share. The underwriters have a 30-day option period to purchase up to 7.5 million additional shares.
After this offering, funds controlled by its equity sponsor, GTCR, LLC, will own about 81% of the combined voting power of outstanding shares of Class A common stock and Class B common stock.
Underwriters of the IPO:
Morgan Stanley & Co. LLC, Jefferies LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, UBS Securities LLC, Robert W. Baird & Co. Inc, William Blair & Company, L.L.C., Stifel, Nicolaus & Company, Inc, KeyBanc Capital Markets Inc., Academy Securities, Inc., Loop Capital Markets LLC, Penserra Securities LLC, Tigress Financial Partners LLC.
Financial Numbers:
The company caters to three distinct market segments - nucleic acid production, biologics safety testing and protein detection.
For the nine month ended September 30, 2020, the company's net income surged to $64.3 million from $0.25 million in the same period last year.
Revenues for the period rose to $185.75 million from $107.18 million a year ago.
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