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IPOs Collapse In The Second Quarter

 
• By Elizabeth Cairns

Biotechs have had a difficult time raising cash through flotations over the past quarter, with one stepping away altogether.    

Stock market or forex trading graph and candlestick chart

Arguably the defining biotech IPO of the second quarter of 2024 was the one that didn’t happen. In June, radiopharmaceuticals developer Telix Pharmaceuticals Ltd. yanked its NASDAQ filing at the last minute, saying potential investors were not willing to pay the price it sought. (Also see "Telix Scuttles Its US Listing" - Scrip, 17 June, 2024.)

Key Takeaways
  • Just three biotechs floated on Western exchanges in Q2 2024.
  • They raised a total of $516m.
  • And did so at an average discount of 4% to their...

If that weren’t sign enough of a gloomy IPO microclimate, the fact that just three deals did get away this past quarter – and only then by pricing on average...

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