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SmileDirectClub tops list of healthcare IPOs in Q3'19

The third quarter of 2019 saw 39 healthcare companies going public, raking in an aggregate of $5.75 billion in proceeds, over half a billion more than what similar companies raised in the year-ago quarter, according to S&P Global Market Intelligence data.

By the end of the third quarter, 120 IPOs in the global healthcare sector had taken place, data showed.

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Nashville, Tenn.-based SmileDirectClub Inc. raised about $1.35 billion in gross proceeds from its IPO, topping the list by proceeds generated. The operator of a teledentistry platform was also the only company to have raised more than $1 billion in its IPO during the three months ended Sept. 30.

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Healthcare equipment manufacturer Envista Holdings Corp. raised the second-highest gross proceeds of $677.2 million after listing its shares on the New York Stock Exchange. A total of 14 companies listed in the U.S. in the most recent quarter.

Pleasanton, Calif.-based 10x Genomics Inc., which develops instruments and software for the analysis of biological systems, had the highest per-share price in the IPOs tracked. The company's shares sold for $39 each, for a total of $448.5 million in gross proceeds.

Livongo Health Inc. had the second-highest per-share price among IPOs completed. The Mountain View, Calif.-based company raised $408.5 million at $28 per share during the offering.

Shanghai-based Shanghai Henlius Biotech Inc. had the highest-earning IPO among the six Chinese companies that went public during the period, with gross proceeds amounting to $409.8 million. The biotechnology company, which develops monoclonal antibody treatments for cancer and autoimmune diseases, listed its shares on the Stock Exchange of Hong Kong.

Shenzhen Chipscreen Biosciences Co. Ltd. had the biggest IPO pop of the quarter. The Shanghai-based biotechnology company saw a 366.5% jump in its stock price on the first day of trading. It raised gross proceeds of $148.1 million in the IPO, which was priced at $2.96 per share.

Osteopore Ltd. also attracted significant investor enthusiasm on its first trading day, seeing a 262.5% stock jump after going public. The company, which has its registered office in Australia and corporate headquarters in Singapore, develops implants for neurosurgical and orthopedic applications.

Mumbai, India-based distribution company Transpact Enterprises Ltd., together with London-based pharmaceutical company Freyherr International Group PLC, had the lowest proceeds from their IPOs during the quarter at $200,000 each.

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