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Finance Watch: Ten IPOs So Far In 2024, But Returns To Date Are Subpar

Surrozen Raises Up To $192.5m In Private Placement

 
• By Mandy Jackson

Public Company Edition: This year’s newly public companies are trading an average of 9.7% below their IPO prices, including the two most recent debuts, Boundless Bio and Contineum. Also, Nkarta, Praxis and Nurix grossed $240m, $200m and $175m, respectively, in follow-on offerings.

Finance Watch Public Company
• Source: Alamy

US initial public offerings by biopharmaceutical companies appear to be on the rise in 2024 with nine during the first quarter, including Boundless Bio Inc.’s $100m IPO on 27 March, outpacing 2023 when 21 firms went public for an average of about five per quarter. Returns are another story, however, with the 10 companies that have gone public so far this year – including Contineum Therapeutics Inc. with a $100m IPO on 4 April – delivering an average 9.7% loss as of 15 April.

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