JPMorgan Chase – Signify Health, Apria, Bioventus, and LoanDepot Make Their Market Debuts
With all eyes on
first day of trading, four other companies—
—also made their public-equity market debuts.
Signify Health (ticker: SGFY) was one of the first of the group to begin trading Thursday. Shares of the healthcare platform opened at $32 and ended Thursday at $31.56, up 31.5%.
The solid performance came after Signify raised $564 million after selling 23.5 million shares at $24 each, above their expected price range. The company initially filed to sell 23.5 million shares at $17 to $19 each, which it raised to $20 to $21.
and Deutsche Bank Securities are underwriters on the deal.
The Norwalk, Conn., company provides healthcare services, including sending doctors and nurses into the homes of patients who belong to Medicare Advantage and other managed-care plans. It also supports clients such as health insurers and governments with their payments programs. Signify isn’t profitable, although losses narrowed to $15.2 million for the nine months ended Sept. 30, from $20.5 million in losses for the same period in 2019, a prospectus said. Revenue rose 13% to $417.1 million for the nine months ended Sept. 30.
New Mountain Capital, a private-equity firm, will own 63.1% of the company after the IPO, a prospectus said.
LoanDepot (LDI) surged nearly 57% to close at $22.
The company had been expected to go public last week but delayed its deal. LoanDepot ended up pricing a much smaller IPO, slashing the size and price of its offering. It ultimately raised nearly $54 million after selling 3.85 million shares at $14 apiece, far below the 15 million shares at $19 to $21 loanDepot had planned to offer.
Launched in 2010, loanDepot is the second-largest retail-focused nonbank mortgage originator and the fifth-largest overall retail originator, according to Inside Mortgage Finance. The Foothill Ranch, Calif., company originated $79.4 billion of loans for the 12 months ended Sept. 30, the prospectus said. LoanDepot is profitable with $1.5 billion in income for the nine months ended Sept. 30, up from $18.2 million for the same period in 2019, a prospectus said. Revenue rose 227% to $3 billion for the nine months ended Sept. 30.
The IPO will provide a possible exit for Parthenon Capital Partners, which invested in loanDepot in 2009. Parthenon will own nearly 38% of voting power after the IPO.
Apria (APR) made its debut Thursday, with its stock gaining nearly 17% to close at $23.36.
Late Wednesday, Apria collected $150 million after selling 7.5 million shares at $20 apiece, the midpoint of its $19 to $21 price range. Citigroup and Goldman Sachs are underwriters on the deal.
Apria provides home healthcare equipment and services across three lines: home respiratory therapy, obstructive sleep apnea, and negative-pressure wound therapy. The Indianapolis company is profitable, with income rising nearly106% to $20.3 million for the nine months ended Sept. 30 from $9.8 million in profit for the same period in 2019, a prospectus said. Revenue rose 9% to nearly $815 million.
Apria is backed by
which acquired the company in 2008 for $1.7 billion. Blackstone will own nearly 69% of Apria after the IPO.
Lastly, Bioventus (BVS) also began trading, with shares surging nearly 48% to end at $19.21.
The medical-device company increased the size of its offering but ended up pricing way below its expected price range. It collected $104 million late Wednesday after selling 8 million shares at $13. It had planned to offer 7.3 million shares at $16 to $18.
Morgan Stanley, J.P. Morgan Securities, and Goldman Sachs are underwriters on the deal.
Bioventus offers medical devices and products to treat orthopedic conditions like osteoarthritis joint pain. The Durham, N.C., company reported roughly $12.5 million in net income from continuing operations for the nine months ended Sept. 26, up from $2.8 million in net income from continuing operations for the nine months ended Sept. 28, 2019, a prospectus said. Sales dropped 8.2% to $222.6 million for the nine months ended Sept. 26.
Write to Luisa Beltran at [email protected]