H1 2013
Key Metrics for Recent
Technology and Life Sciences
Initial Public Offerings
H1 2013
Fenwick
fenwick & west llp
Key Metrics for Recent
Technology and Life Sciences
Initial Public Offerings
H1 2013
Survey Introduction and Background
This is a half-yearly update of our full 2011-2012 IPO survey available at fenwick.com/iposurvey.
We provide this report to our clients and friends interested in understanding recent IPO activity of
technology and life sciences companies. This information comprises a number of tables and charts
reflecting selected statistics that we believe provide useful information about activity in these markets.
This is followed by the listing of technology and life sciences IPOs priced in the first half of 2013. We
hope that you find this useful. Please contact Daniel J. Winnike at dwinnike@fenwick.com or Jeffrey R.
Vetter at jvetter@fenwick.com if you care to discuss this information or, as always, contact members of
your client service team for more information.
Survey Contents
Survey Results.......................................................................................................................................................1
Offerings Completed.............................................................................................................................................. 2
Size of Offering 2013, First Half.............................................................................................................................. 3
Size of Offering 2011-2012..................................................................................................................................... 4
Aggregate Amount Raised 2013, First Half............................................................................................................... 5
Aggregate Amount Raised 2011-2012...................................................................................................................... 6
Price Changes Between the Red Herring and Initial Offering Price��������������������������������������������������������������������������� 7
Price Changes Around the Expiration of the Lock Up............................................................................................... 11
List of Offerings: First Half 2013.............................................................................................................................12
Methodology........................................................................................................................................................14
Survey Results
The first half of 2013 culminated with Q2 representing the strongest quarter for technology and life sciences IPOs
in more than 10 quarters. The life sciences sector was especially active, with 18 offerings in the first half of the
year. Life sciences IPOs were at the top end of the scale in terms of size of the offering. Zoetis, a wholly owned
subsidiary of Pfizer, raised more than $2.2 billion and Quintiles Transnational raised more than $900 million. Life
sciences IPOs were also at the lower end in terms of size, with three offerings each raising less than $50 million.
The largest technology offering, Tableau Software, raised $250 million.
Technology deals tended to show upward pricing momentum through the process, with 33.3% of the 2013
offerings pricing above, 53.3% within and 13.3% below their red herring range and 86.7% closing above their
offering price in first day trading. Of the life sciences offerings, 11.2% priced above, 44.4% within and 44.4%
below their red herring range, with several offerings featuring an IPO price that was more than 35% below the
red herring midpoint. Life sciences IPOs fared better on their first day of trading with 72.2% closing up. Further
reflective of these trends, approximately 63% of technology deals featured an aggregate value in the $50–$100
million range at the red herring stage, but at final pricing half of the deals fell into the $75–$125 million range and
only 12% were in the $50–$75 million range. Among life sciences deals in the first half of 2013, 55% were in the
$50–$75 million range at the red herring stage, while at final pricing 55% of deals were in the $25–$75 million
range.
JOBS Act Implications
In a post-JOBS Act era, it is interesting to note that among the 33 IPOs considered in this survey, five issuers who
were otherwise eligible to avail themselves of the SEC’s confidential submission process, elected not to do so.
Another five issuers didn’t qualify under the JOBS Act — four submitted public filings prior to the law’s April 5, 2012
enactment and a fifth issuer, Zoetis, was the lone issuer that did not to qualify as an “emerging growth company”
due to revenues in excess of $1 billion. Among the 23 issuers who filed confidentially, four elected to only make
one confidential submission prior to their first public filing of the S-1, meaning that they elected not to take full
advantage of the new confidential submission process.
Also of note was that many of the IPOs from the first half of 2013 had been initially submitted to or filed with the
SEC in either late 2012 or early 2013, suggesting that most of the IPOs during the first half of 2013 progressed
on a normal track, rather than having a “backlog” of IPOs that had cleared the SEC, waiting for a market window
to open. Most of the filings appeared to follow the standard SEC review track, with some registration statements
being declared effective in as little as 2.5 months, with others taking 3-5 months to progress through the SEC
review process.
key metrics for recent technology and life sciences initial public offerings h1 2013
1
Offerings Completed
The table below shows the number of technology and life sciences IPOs completed through the first half of 2013.
IPOs Completed per Quarter
Q1per2011
- Q2
2013half 2013
ipos
quarter
2011—first
Life Sciences IPOs completed
Technology IPOs completed
15
12
9
6
3
0
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
key metrics for recent technology and life sciences initial public offerings h1 2013
2
Size of Offerings 2013, First Half
The following scatter graph tables plot all technology and life sciences IPOs completed in the first half of 2013 in
terms of the initial offering price per share and number of shares offered. The first table shows these statistics at the
red herring stage for the offerings and the second table is based on actual pricing of the offering.
red herring
(midpoint
price):
2013, 2013,
first half
Red
Herringdeal
Dealcomparison
Comparison
(Midpoint
Price):
1st Half
$50
$45
$40
Quintiles
Transnational
Holdings
$35
Technology
Life Sciences
$30
Tableau Software
$25
Zoetis
CDW
$20
EVERTEC
$15
$2B
$10
$750M
$5
$10M
$0
1
10
100
1,000
Bubble Size = deal size
Number of Shares in Millions (logarithmic scale)
ipo deal
2013,
first1st
halfHalf
IPO
Dealcomparison:
Comparison:
2013,
$50
$45
Quintiles
Transnational
Holdings
$40
$35
Technology
$30
Life Sciences
Tableau Software
Zoetis
$25
$20
CDW
EVERTEC
$15
$2.2B
$10
$947M
$5
$21M
$0
1
10
100
1,000
Bubble Size = deal size
Number of Shares in Millions (logarithmic scale)
key metrics for recent technology and life sciences initial public offerings h1 2013
3
Size of Offerings 2011-2012
The following scatter graph tables plot all technology and life sciences IPOs completed in 2011 and 2012 in terms
of the initial offering price per share and number of shares offered. The first table shows these statistics at the red
herring stage for the 2011 and 2012 offerings and the second table is based on actual pricing of the offering.
Red
Deal
Comparison
(Midpoint
red herring
comparison
(midpointPrice):
price): 2011-2012
2011-2012
Red Herring
Herring
Dealdeal
Comparison
(Midpoint
Price):
2011-2012
$50
$50
$45
$45
$40
$40
$35
$35
Share
Share
Price
Price
Technology (63 deals)
Technology (63 deals)
Life Sciences (27 deals)
Life Sciences (27 deals)
Facebook
Facebook
$30
$30
$25
$25
Workday
Workday
$20
$20
Vantiv
Vantiv
$15
$15
Freescale
Freescale
Semiconductor
Semiconductor
Groupon
Groupon
$10
$10
$10.6B
$10.6B
Zynga
Zynga
$1B
$1B
$5
$5
$0
$0 1
1
$12M
$12M
10
10
100
100
1000
1000
Bubble Size = deal size
Bubble Size = deal size
Number of Shares in Millions (logarithmic scale)
Number of Shares in Millions (logarithmic scale)
IPO
Comparison:
2011-2012
IPO Deal
Deal
Comparison:
2011-2012
ipo deal
comparison:
2011-2012
$50
$50
$45
$45
$40
$40
Facebook
Facebook
$35
$35
$30
$30
Share
Share
Price
Price
Technology (63 deals)
Technology (63 deals)
Life Sciences (27 deals)
Life Sciences (27 deals)
Workday
Workday
$25
$25
$20
$20
Vantiv
Vantiv
Groupon
Groupon
Freescale Semiconductor
Freescale Semiconductor
$15
$15
$16B
$16B
Zynga
Zynga
$10
$10
$5
$5
$0
$0 1
1
$1B
$1B
10
10
100
100
Number of Shares in Millions (logarithmic scale)
Number of Shares in Millions (logarithmic scale)
1000
1000
Bubble Size = deal size
Bubble Size = deal size
key metrics for recent technology and life sciences initial public offerings h1 2013
4
Aggregate Amount Raised 2013, First Half
The following tables provide information about aggregate deal size at the red herring stage and based on the actual
pricing of the offering. The first two tables provide information for tech and life sciences company offerings at the red
Distribution of Deal Size (Red Herring Midpoint): 2013, 1st Half
herring
stage and
second
two(Red
tablesHerring
provide information
for 2013,
tech and1st
life sciences
Distribution
ofthe
Deal
Size
Midpoint):
Half offerings based on the actual
Distribution of Deal Size (Red Herring Midpoint): 2013, 1st Half
pricing.
33.3% 33.3%
Distribution
of Deal Size (Red Herring Midpoint): 2013, 1st Half
33.3% 33.3%
33.3%
distribution
of 33.3%
deal size (red herring midpoint): 2013, first half
33.3%
33.3%
13.3%
13.3%
6.7%
6.7%
13.3%
6.7%
6.7%
6.7%
6.7%
% of deals
$0
$25M
$50M
6.7%
13.3%
$75M $100M $125M $150M $175M $200M
6.7%
$400M $425M
6.7%
$575M $600M
%
of deals
deal
size
$0
$25M
$50M
$75M $100M $125M6.7%
$150M $175M $200M
$400M6.7%
$425M
$575M
$600M
6.7%
deal
% ofsize
deals
$200M
$400M $425M
$575M $600M
deal
% of size
deals
$200M
$400M $425M
$575M $600M
deal size
Technology
Deal Size Distribution
$25M $50M $75M $100M $125M $150M $175M
Technology
Deal Size Distribution
$0
$25M $50M $75M $100M $125M $150M $175M
Technology
Deal Size Distribution
55.6%
Technology
Deal Size Distribution
55.6%
$0
55.6%
55.6%
22.2%
22.2%
22.2%
22.2%
$25M
$50M
$25M
$50M
11.1%
11.1%
5.6%
5.6%
11.1%
5.6%
5.6%
% of deals
$725M
5.6%$750M
$2B5.6%
%
of deals
deal
size
$725M
$2B
deal
% ofsize
deals
$75M $100M
$125M
11.1%
$75M $100M $125M
$750M
5.6%
Life Sciences
Deal Size Distribution
$50M $75M $100M $125M
$725M $750M
Life $25M
Sciences
Deal Size Distribution
$50M $75M $100M $125M
$725M $750M
Life $25M
Sciences
Deal Size Distribution
Life Sciences Deal Size Distribution
5.6%
$2B
deal
% of size
deals
$2B
deal size
distribution of 46.7%
deal size (final ipo price): 2013, first half
46.7%
46.7%
46.7%
20.0%
20.0%
20.0%
20.0%
6.7%
6.7%
6.7%
6.7%
6.7%
6.7%
6.7%
6.7%
6.7%
6.7%
% of deals
$0
$25M
$50M
$75M $100M $125M6.7%
$150M $175M6.7%
$200M $225M $250M6.7%
$275M
6.7%
$375M
$400M
6.7%
$500M
$525M
%
of deals
deal
size
$0
$25M
$50M
$75M $100M $125M6.7%
$150M $175M6.7%
$200M $225M $250M6.7%
$275M
$375M6.7%
$400M
$500M
$525M
6.7%
deal
% ofsize
deals
$200M $225M $250M $275M
$375M $400M
$500M $525M
deal
% of size
deals
$200M $225M $250M $275M
$375M $400M
$500M $525M
deal size
Technology
Deal Size Distribution
$25M $50M $75M $100M $125M $150M $175M
Technology
Deal Size Distribution
$0
$25M $50M $75M $100M $125M $150M $175M
Technology
Deal Size Distribution
38.9%
38.9%
Technology Deal Size Distribution
$0
38.9%
38.9%
16.7%
16.7%
16.7%
11.1% 16.7%
16.7%
11.1%
16.7%
11.1%
$25M
$50M
$25M
$50M
16.7%
16.7%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
% of deals
5.6%
%
of deals
deal
size
5.6%
deal
% ofsize
deals
$75M
$100M $125M5.6%
$150M
11.1%
$75M $100M $125M $150M
5.6%
$925M
5.6%$950M
$2.2B
$925M $950M
5.6%
$2.2B
Life$25M
Sciences
Deal Size Distribution
deal
$50M $75M $100M $125M $150M
$925M $950M
$2.2B
%
of size
deals
Life Sciences Deal Size Distribution
deal size
$25M $50M $75M $100M $125M $150M
$925M $950M
$2.2B
Life Sciences Deal Size Distribution
Life Sciences Deal Size Distribution
key metrics for recent technology and life sciences initial public offerings h1 2013
5
Aggregate Amount Raised 2011-2012
The following tables provide information about aggregate deal size at the red herring stage and based on the actual
pricing
of the offering.
The first
two(Red
tables
provide information
for2011-2012
tech and life sciences company offerings at the red
Distribution
of Deal
Size
Herring
Midpoint):
herring
stage andof
theDeal
second
two(Red
tablesHerring
provide information
for tech
and life sciences offerings based on the actual
Distribution
Size
Midpoint):
2011-2012
pricing.
Distribution of Deal Size (Red Herring Midpoint): 2011-2012
27.0%
Distribution of
Deal Size (Red Herring Midpoint): 2011-2012
20.6% 27.0%
distribution
of deal size
(red herring midpoint): 2011-2012
14.3%
20.6%
27.0%
20.6%
27.0% 14.3%
7.9%
6.3%
3.2%
4.8%
4.8%
1.6%
1.6%
1.6%
% of deals
4.8%
4.8%
3.2%
deal size
$01.6%$25M
$125M $150M $175M $200M $225M $250M
$275M
$300M
$500M
$750M 1.6% $1B 1.6% $1.25B
>$10B 1.6%
1.6%
1.6%
1.6%$50M $75M $100M
% of deals
14.3%
7.9%
6.3%
deal
size
4.8%
4.8%
$0
$25M $50M $75M $100M $125M 7.9%
$150M $175M 3.2%
$200M $225M $250M $275M $300M
$500M
$750M
$1B
$1.25B
>$10B
6.3%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
% of deals
4.8%
4.8%
3.2%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
% of size
deals
deal
$25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M
$500M
$750M
$1B
$1.25B
>$10B
$0
1.6%
1.6% 20.6%
14.3%
7.9%
1.6%
6.3%
1.6%
Technology Deal Size Distribution
Technology Deal Size Distribution
$0
$25M
$50M
$75M $100M $125M $150M $175M $200M $225M $250M $275M $300M
55.6%
Technology Deal Size Distribution
55.6%
Technology
Deal Size Distribution
$500M
$750M
$1B
$1.25B
deal size
>$10B
55.6%
55.6%
18.5%
18.5%
7.4%
3.7%
18.5%
7.4%
3.7%
$0
$25M
$50M
3.7%
3.7%
3.7%
3.7%
% of deals
3.7%
3.7%
3.7%
18.5% 3.7%
size
$75M $100M $125M $150M $175M $200M %deal
of deals
$100M
$125M
$150M $175M $200M
Life Sciences$75M
Deal
Size
Distribution
3.7%
3.7%
3.7%
3.7%
Life
Sciences Deal Size
3.7%
3.7%Distribution
3.7%
3.7%
3.7%
7.4%
$0
$25M $50M
3.7%
7.4%
deal size
% of deals
$0
$25M
$50M
% of deals
$75M $100M $125M $150M $175M $200M deal size
$0
$25M
$50M
$75M $100M $125M $150M $175M $200M deal size
Life Sciences Deal Size Distribution
Life
Sciences Deal
Size Distribution
Distribution
of Deal
Size (Final IPO Price): 2011-2012
Distribution of Deal Size (Final IPO Price): 2011-2012
distribution of deal
size (final ipo price): 2011-2012
25.4%
Distribution 25.4%
of Deal
Size (Final IPO Price): 2011-2012
15.9%
14.3%
Distribution
of Deal Size (Final IPO Price): 2011-2012
6.3%
1.6%
14.3%
15.9%
25.4%
6.3%
25.4%
6.3%
6.3%
6.3%
6.3%
1.6%
3.2%
4.8%
4.8%
1.6%
1.6%
1.6%
3.2%
1.6%
0%
4.8%
4.8%
15.9%
3.2%
$0 1.6%$25M $50M
$200M
$225M $250M
$275M
$300M $325M $350M
$750M 3.2% $1B
14.3%$75M $100M $125M $150M $175M
1.6%
1.6%
1.6%
1.6%$375M $500M
0%
15.9%
14.3%
$25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M $325M $350M $375M $500M
$750M
$1B
$0
6.3%
6.3%
6.3%
4.8%
4.8%
3.2%
3.2%
6.3%
6.3%
6.3%
1.6%
1.6%
1.6%
1.6%
1.6%
4.8%
4.8%
0%
3.2%
3.2%
1.6%
1.6%
1.6%
1.6%
1.6%
$25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M $325M $350M $375M 0%
$0
$500M
$750M
$1B
33.3%
$0
$750M
$1B
$25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M $325M $350M $375M $500M
29.6%
33.3%
25.9%
Technology Deal Size Distribution
Technology Deal Size Distribution
Technology Deal Size Distribution
29.6%
Technology
Deal Size Distribution
$16B 1.6%
$16B
$16B
% of deals
deal size
% of deals
deal size
1.6%
% of deals
1.6%
%
of size
deals
deal
$16B
deal size
25.9%
33.3%
33.3%
3.7%
29.6%
29.6%
25.9%
3.7%
3.7%
25.9%
3.7%
$25M
$0
$50M
% of deals
3.7%
3.7%
size
$75M $100M $125M $150M %deal
of deals
$50M $75M $100M $125M $150M deal size
Life$25M
Sciences
Deal Size Distribution
3.7%
3.7%
3.7%
Life
Sciences Deal Size
Distribution
% of deals
3.7%
3.7%
3.7%
$0
$0
$25M
$50M
$75M $100M $125M $150M
% of size
deals
deal
$0
$25M
$50M
$75M $100M $125M $150M
deal size
key metrics for recent technology and life sciences initial public offerings Life Sciences Deal Size Distribution
Life Sciences Deal Size Distribution
h1 2013
6
Price Changes Between the Red Herring and Initial Offering Price
Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of
marketing efforts are processes that are equal parts science and art. The tables below show the median and average
prices for tech and life sciences IPOs from the red herring stage to the actual public offering price to the close price on
the first day of trading.
median prices for life sciences & technology ipo deals
2013, first half
$19.98
$20
2013 H1
2011–2012
$18
$16
Technology
$15.50
$14.00
$14.00
$14.00
$13.00
$16.26
$14.35
$14.00
$12
Life Sciences
$10
$10.00
$10.11
Final Price
1st Day Close
$8
Red Herring
average prices for life sciences & technology ipo deals
2013, first half compared to 2011–2012
$21.21
$20
2013 H1
2011–2012
$19.56
$18
$16
Technology
$16.23
$15.86
$15.37
$14.39
$15.33
$12.96
$13.75
$14
$12
$15.88
$11.21
Life Sciences
$9.93
$10
$8
Red Herring
Final Price
1st Day Close
key metrics for recent technology and life sciences initial public offerings h1 2013
7
Price Changes (continued)
The first two tables show the percentage of technology and life sciences deals with a final IPO price that falls above,
within and below the red herring range in H1 2013 compared with the 2011-2012 time period. The lower table shows
the percentage of technology and life sciences deals that closed up or closed down on their first day of trading in
H1 2013.
relation of final ipo price to original
red herring range (% of deals)
2013, first half
relation of final ipo price to original
red herring range (% of deals)
2011–2012
Technology
Technology
33.3%
47.6%
Life Sciences
Life Sciences
Deals
Above
Range
11.2%
53.3%
44.4%
Deals
Above
Range
Within
Range
Within
Range
Below
Range
Below
Range
44.4%
7.4%
29.6%
28.6%
63.0%
23.8%
13.3%
relation of price at 1st day close to
final ipo price (% of deals)
2013, first half
Technology
Life Sciences
86.7%
72.2%
Closed
Up
Closed
Flat
11.1%
13.3%
16.7%
Closed
Down
key metrics for recent technology and life sciences initial public offerings h1 2013
8
Price Changes (continued)
The tables below show the five technology and life sciences company offerings with the largest percentage gain and
loss on the first day of trading.
34.2%
Textura Corporation
59.3%
Gigamon, Inc.
63.7%
Xoom Corporation
77.7%
Tableau Software, Inc.
Marketo, Inc.
Enanta Pharmaceuticals, Inc.
37.7%
Chimerix, Inc.
53.3%
Aratana Therapeutics, Inc.
58.3%
Epizyme, Inc.
bluebird bio, Inc.
biggest movers - ipo price to price at 1st day close 2013, first half
49.8%
39.4%
22.7%
8.1%
CDW Corporation
2.2%
EVERTEC, Inc.
-5.9%
1.0%
Cyan, Inc.
KaloBios Pharmaceuticals, Inc.
-10.0%
Gogo, Inc.
0%
Technology Price Change
from IPO to 1st Day Close
Tremor Video, Inc.
0%
Tetraphase Pharmaceuticals, Inc.
-7.1%
Omthera Pharmaceuticals, Inc.
NanoString Technologies, Inc.
-19.4%
-7.6%
Ambit Biosciences Corporation
Life Sciences Price Change
from IPO to 1st Day Close
key metrics for recent technology and life sciences initial public offerings h1 2013
9
Price Changes (continued)
The tables below show the five technology and life sciences company offerings with the largest percentage increase,
and largest percentage decrease, from the red herring midpoint to actual initial public offering price.
Model N, Inc.
Xoom Corporation
Rally Software Development Corporation
14.8%
14.3%
0%
0%
Gigamon, Inc.
Silver Spring Networks, Inc.
-16.7%
0%
Cyan, Inc.
CDW Corporation
-38.5%
Omthera Pharmaceuticals, Inc.
KaloBios Pharmaceuticals, Inc.
Ambit Biosciences Corporation
-50.0%
Aratana Therapeutics, Inc.
Insys Therapeutics, Inc.
-52.9%
16.7%
Technology Price Change
from Red Herring Midpoint to IPO
-20.9%
-38.5%
16.7%
3.5%
Life Sciences Price Change
from Red Herring Midpoint to IPO
-42.9%
Marin Software Incorporated
Tableau Software, Inc.
26.5%
Tremor Video, Inc.
5.3%
PTC Therapeutics, Inc.
7.1%
Quintiles Transnational Holdings, Inc.
10.6%
Epizyme, Inc.
13.3%
Zoetis, Inc.
bluebird bio, Inc.
biggest movers - red herring price to final ipo price 2013, first half
key metrics for recent technology and life sciences initial public offerings h1 2013
10
Price Changes Around the Expiration of the Lock-Up
In order to assist the development of an orderly market for the shares being offered, IPO underwriters require the
stockholders of the offering company to agree not to sell shares of the company’s common stock for a specified
period without the underwriters’ consent. Customarily this period is 180 days and applies equally to all holders
delivering the “lock-up” agreement, although in a few instances the lock up may roll off in stages and different
holders may be subject to different restrictive periods. Upon expiration of the lock-up period, there generally is an
influx of “supply,” as pre-IPO stockholders have their first ability to sell shares into the public market. The table below
shows the average and median changes in the closing trading price of the subject company shares for the period
beginning two weeks prior, and ending two weeks following, the scheduled expiration of the lock-up period for lockups expiring in the first half of 2013.
percent change of share prices surrounding end of lock-up period
2013, first half
20%
End of Lock-Up
12.9% Life Sciences Avg
10%
3.4% Life Sciences Median
-0%
-1.7% Technology Median
-5.3% Technology Avg
-10%
-20%
2 wk prior
Lock-up
2 wk post
key metrics for recent technology and life sciences initial public offerings h1 2013
11
List of Offerings: First Half 20131
The following table presents the technology and life sciences offerings priced in the first half of 2013.
company name ticker symbol
primary industry
priced
final shares2
final pricing
final deal size
KaloBios Pharmaceuticals, Inc.
NasdaqGM:KBIO
Life Science
1/2013
8,750,000
$8.00
$70,000,000
LipoScience, Inc.
NasdaqGM:LPDX
Life Science
1/2013
5,000,000
$9.00
$45,000,000
Xoom Corporation
NasdaqGS:XOOM
Technology
2/2013
6,325,000
$16.00
$101,200,000
Zoetis Inc.
NYSE:ZTS
Life Science
2/2013
86,100,000
$26.00
$2,238,600,000
Enanta Pharmaceuticals, Inc.
NASDAQ:ENTA
Life Science
3/2013
4,000,000
$14.00
$56,000,000
Marin Software Incorporated
NYSE:MRIN
Technology
3/2013
7,500,000
$14.00
$105,000,000
Model N, Inc.
NYSE:MODN
Technology
3/2013
6,740,000
$15.50
$104,470,000
Silver Spring Networks Inc.
NYSE:SSNI
Technology
3/2013
4,750,000
$17.00
$80,750,000
Tetraphase Pharmaceuticals, Inc.
NasdaqGM:TTPH
Life Science
3/2013
10,714,286
$7.00
$75,000,002
Chimerix, Inc.
NasdaqGM:CMRX
Life Science
4/2013
7,320,000
$14.00
$102,480,000
EVERTEC, Inc.
NYSE:EVTC
Technology
4/2013
25,263,159
$20.00
$505,263,180
Omthera Pharmaceuticals, Inc.3
NasdaqGM:OMTH
Life Science
4/2013
8,000,000
$8.00
$64,000,000
Rally Software Development Corp.
NYSE:RALY
Technology
4/2013
6,000,000
$14.00
$84,000,000
Ambit Biosciences Corporation
NasdaqGM:AMBI
Life Science
5/2013
8,125,000
$8.00
$65,000,000
ChannelAdvisor Corporation
NYSE:ECOM
Technology
5/2013
5,750,000
$14.00
$80,500,000
Cyan, Inc.
NYSE:CYNI
Technology
5/2013
8,000,000
$11.00
$88,000,000
Epizyme, Inc.
NasdaqGM:EPZM
Life Science
5/2013
5,142,000
$15.00
$77,130,000
Insys Therapeutics, Inc.
NasdaqGM:INSY
Life Science
5/2013
4,000,000
$8.00
$32,000,000
Marketo, Inc.
NasdaqGS:MKTO
Technology
5/2013
6,059,509
$13.00
$78,773,617
Portola Pharmaceuticals, Inc.
NasdaqGM:PTLA
Life Science
5/2013
8,422,758
$14.50
$122,129,991
1
The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.
2
Final share numbers do not reflect any exercise of the over-allotment option.
3
Agreed to be acquired on May 27, 2013.
key metrics for recent technology and life sciences initial public offerings h1 2013
12
company name ticker symbol
primary industry
priced
final shares2
final pricing
final deal size
Receptos, Inc.
NasdaqGM:RCPT
Life Science
5/2013
5,200,000
$14.00
$72,800,000
Quintiles Transnational Holdings Inc.
NYSE:Q
Life Science
5/2013
23,684,210
$40.00
$947,368,400
Tableau Software, Inc.
NYSE:DATA
Technology
5/2013
8,200,000
$31.00
$254,200,000
Aratana Therapeutics, Inc.
NasdaqGM:PETX
Life Science
6/2013
5,750,000
$6.00
$34,500,000
bluebird bio, Inc.
NasdaqGS:BLUE
Life Science
6/2013
5,941,176
$17.00
$100,999,992
CDW Corporation
NasdaqGS:CDW
Technology
6/2013
23,250,000
$17.00
$395,250,000
Esperion Therapeutics, Inc
NasdaqGM:ESPR
Life Science
6/2013
5,000,000
$14.00
$70,000,000
Gigamon Inc.
NYSE:GIMO
Technology
6/2013
6,750,000
$19.00
$128,250,000
Gogo Inc.
NasdaqGS:GOGO
Technology
6/2013
11,000,000
$17.00
$187,000,000
NanoString Technologies, Inc.
NasdaqGM:NSTG
Life Science
6/2013
5,400,000
$10.00
$54,000,000
PTC Therapeutics Inc.
NasdaqGS:PTCT
Life Science
6/2013
8,372,000
$15.00
$125,580,000
Textura Corporation
NYSE:TXTR
Technology
6/2013
5,000,000
$15.00
$75,000,000
Tremor Video, inc.
NYSE:TRMR
Technology
6/2013
7,500,000
$10.00
$75,000,000
key metrics for recent technology and life sciences initial public offerings h1 2013
13
Methodology
Data points used in the compilation and analysis of this information were gathered using a variety of resources,
including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration
dates from EDGAR Online IPO Deal Data, and daily stock trading price data. The exact dates upon which lock-ups
expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of
dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors
based on SIC codes and other company descriptors.
The information in the tables and charts regarding offering size does not reflect any exercise of the underwriters’
over-allotment, or green shoe, option. Information at the red herring stage is based on midpoint of the range, and
on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus.
The information regarding the actual offering size is based on the price to the public and the aggregate number of
shares offered as reflected on the cover page of the final prospectus. The closing price on the first day of trading is
the closing price on the company’s primary exchange on the first day of public trading of the shares following the
pricing of the offering.
Disclaimer
The preparation of the information contained herein involves assumptions, compilations and analysis, and there
can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its
partners, associates, staff or agents shall have any liability for any information contained herein, including any
errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal
advice or opinion.
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© 2013 Fenwick & West LLP
key metrics for recent technology and life sciences initial public offerings h1 2013
14
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