Donnelley Financial Solutions

US IPO Report - September 2020 Edition

Congratulations to the 70 September ~$93 Billion issuers and their advisors on the "A September to remember.... A record- Total raised ytd successful completion of their IPO. breaking month brings Q-3 to a close with a DFIN was proud to have serviced ACON bang. More PE sponsors participated in SPAC S2 Acquisitions, American Well, Asana, SPACs formations lending to the continuation of SPAC mania, giving many private companies Athira Pharma, Boqii, Broadstone Net 35 SPACs priced in September making an alternative to the traditional IPO route. Lease, Chindata, Corsair Gaming, Dyne the total ytd count 116 with a total September also saw a significant number of Therapeutics, Equity Distribution valuation of ~$40 billion. 11 of the 116 tech offerings including the direct listing for Acquisition, Executive Network Partner, SPACs have already announced their DFIN client Palantir Technologies." GoodRx, Graybug Vision, JFrog, Laird business combination and there are an Superfood, Metacrine, NavSight, CRAIG CLAY, PRESIDENT, DONNELLEY FINANCIAL additional 60 SPACs pending pricing. SOLUTIONS Oaktree Acquisition Corp II, Orphazyme A/S, Outset Medical, Pactiv Evergreen, Palantir Technologies, Peridot League Table *Top 20

Acquisition, PMV Pharmaceutical, Issuer's Counsel #/Issuers 2020 Priced IPOs (count) Prelude Therapeutics, Stepstone, Sumo Skadden Arps 22 70 Logic, Taysha Gene Therapies, Unity Kirkland & Ellis 19 Cooley 18 Software, VPC Impact, and Yalla Group. Latham & Watkins LLP 18 Goodwin Procter LLP 17 Ellenoff Grossman 16 September Priced IPOs (count) Davis Polk 13 White & Case 13 2017 (16) 0 JAN FEB MAR APR MAY JUNE JULY AUG SEP Winston & Strawn 12 2018 (25) Wilson Sonsini 11 Loeb & Loeb LLP 9 2019 (17) Simpson Thacher 8 104 Weil Gotshal 8 2020 (70) WilmerHale 7 IPOs publicly filed in September Fenwick & West 5 making total count ytd 377. In 2019, Graubard Miller 5 Technology there were 229 filings for the same Paul Weiss 5 Ropes & Gray 5 13 offerings in September brings ytd period and 240 in 2018. 127 of Sheppard Mullin 4 total to 38 with total 2020 filings are pending pricing. Cleary Gottlieb 3 raised $20 billion.

Priced IPO Counts ytd

274 47 112 2 105 3 Total Issuers Foreign Issuers SPACs Direct Listings ≥$100M (non-SPAC) REIT September Issuers

Healthcare (15)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/23/20 GoodRx Latham & Watkins LLP , , JP Morgan, $33 $1,142M Santa Monica, CA-based prescription drug price Barclays, BofA Securities, Citi, , comparison platform RBC Capital Markets, UBS Investment , Cowen, , ISI 9/17/20 American Well Davis Polk Morgan Stanley, Goldman Sachs, Piper $18 $742M , MA-based telehealth platform for insurers Sandler, UBS Investment Bank, Credit Suisse, and patients Cowen, Berenberg 9/15/20 Outset Medical Sidley Austin BofA Securities, Morgan Stanley, Goldman $27 $242M San Jose, CA-based provides a hemodialysis Sachs, SVB Leerink, system for kidney diseases 9/17/20 Dyne Therapeutics WilmerHale JP Morgan, Jefferies, Piper Sandler, Stifel $19 $233M Waltham, MA-based preclinical biotech for rare muscular diseases 9/25/20 PMV Pharmaceutical Wilson Sonsini Goodrich & Rosati Goldman Sachs $18 $212M Cranbury, NJ-based early stage biotech developing targeted therapies for cancer 9/18/20 Athira Pharma Wilson Sonsini Goodrich & Rosati Goldman Sachs, Jefferies, Stifel, JMP Securities $17 $204M Seattle, WA-based phase 2/3 biotech targeting the novel HGF/MET pathway for Alzheimer's 9/25/20 Prelude Therapeutics Fenwick & West Morgan Stanley, Goldman Sachs, BofA $19 $158M Wilmington, DE-based phase 1 biotech developing Securities PRMT5 inhibitors for difficult to treat cancers 9/24/20 Taysha Gene Therapies Cooley LLP Goldman Sachs, Morgan Stanley $20 $157M Dallas, TX-based preclinical biotech developing gene therapies for very rare CNS disorders 9/18/20 Compass Pathways Goodwin Procter LLP Cowen, Evercore ISI, Berenberg, Canaccord $17 $128M Cheshire, United Kingdom-based phase 2 biotech Genuity, HC Wainwright developing therapy for depression 9/25/20 Graybug Vision Fenwick & West SVB Leerink, Piper Sandler, Needham & Co., $16 $90M Redwood City, CA-based phase 2 biotech Wedbush PacGrow developing long-acting formulations of drugs 9/16/20 Metacrine Cooley LLP Jefferies, Evercore ISI, RBC Capital Markets, $13 $85M San Diego, CA-based phase 1 biotech developing Canaccord Genuity FXR agonist therapies for NASH 9/29/20 Orphazyme A/S Cooley LLP BofA Securities, Cowen, Guggenheim $11 $84M Copenhagen, Denmark-based late-stage biotech Securities, Danske Markets developing protein therapies for rare neurodegenerative diseases 9/1/20 PainReform Carter Ledyard & Maxim Group LLC, Joseph Gunnar $8 $20M Herzliya, Israel-based Phase 2 Israeli biotech Milburn LLP developing therapies for post-operative pain relief 9/28/20 GeoVax Labs Womble Bond Dickinson Maxim Group $5 $13M Smyrna, GA-based clinical-stage biotech company 9/25/20 Greenwich LifeSciences Sheppard Mullin Richter & Aegis Capital Corp $5.75 $7M Stafford, TX-based phase 3 biotech developing Hampton LLP immunotherapies for breast cancer

Industrial (1)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/28/20 VIA optronics AG Dechert Berenberg, Craig-Hallum Capital Group $15 $94M Nuremberg, Germany-based provider of sunlight readable, ultrathin display and touch solutions Technology (13)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/16/20 Snowflake Cooley LLP Goldman Sachs, Morgan Stanley, JP Morgan, $120 $3,360M San Mateo, CA-based provides a cloud-based Allen & Company, Citi data warehousing platform 9/30/20 Palantir Technologies Wilson Sonsini Goodrich & Rosati Morgan Stanley, Credit Suisse, Goldman Sachs $7.25 $1,864M Denver, CO-based data analytics platform focused on the government and financial sectors 9/18/20 Unity Software Cooley LLP Goldman Sachs, Credit Suisse, BofA Securities, $52 $1,300M San Francisco, CA-based provides a real-time 3D Barclays, William Blair video game development platform 9/30/20 Asana Cooley LLP Morgan Stanley, JP Morgan, Credit Suisse, $21 $631M San Francisco, CA-based enterprise task Jefferies management and collaboration software 9/30/20 Chindata Group Holdings Limited Kirkland & Ellis Morgan Stanley, Citi, UBS Investment Bank, $13.50 $540M Beijing, China-based integrated data center China Renaissance operator 9/16/20 JFrog Ltd Wilson Sonsini Goodrich & Rosati Morgan Stanley, J P Morgan, BofA Securities $44 $509M Netanya, Israel-based software tools that streamline app development 9/11/20 Lightspeed POS Skadden Arps Morgan Stanley, Barclays, BMO Capital $30.50 $355M Montreal, Canada-based cloud-based POS Markets, BofA Securities, RBC Capital Markets software provider. 9/17/20 Sumo Logic Wilson Sonsini Goodrich & Rosati Morgan Stanley, JP Morgan, RBC Capital $22 $326M Redwood City, CA-based provides on-demand Markets, Jefferies cloud log management solutions to enterprises 9/23/20 Corsair Gaming Latham & Watkins LLP Goldman Sachs, Barclays, Credit Suisse, $17 $238M Fremont, CA-based designs and supplies Macquarie Capital, , Cowen, Stifel personal computer and gaming hardware components 9/23/20 Bentley Systems Simpson Thacher Goldman Sachs, BofA Securities, RBC Capital $22 $237M Exton, PA-based software provider for Markets construction and infrastructure projects 9/30/20 Yalla Group Limited Simpson Thacher Morgan Stanley, Haitong International, Tiger $7.50 $140M Dubai, United Arab Emirates-based voice-centric Brokers social networking and entertainment platform 9/25/20 Amesite Sheppard Mullin Richter & Laidlaw & Company (UK), The Benchmark $5 $15M Detriot, MI-based provider of AI-driven platform Hampton LLP Company for developing online learning products 9/28/20 Siyata Mobile Lucosky Brookman LLP Maxim Group LLC $6 $13M Montreal, Canada-based developer and provider of cellular communication solutions

Consumer (4)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/17/20 Pactiv Evergreen Davis Polk Credit Suisse, Citi, BofA Securities, Goldman $14 $574M Lake Forest, IL-based largest manufacturer of Sachs, Baird, BMO Capital Markets, Deutsche fresh food and beverage packaging in North Bank, HSBC America 9/18/20 Vitru Davis Polk Goldman Sachs, BofA Securities, Itau BBA $16 $96M Santa Catarina, Brazil-based provides online and tutored post-secondary education services 9/30/20 Boqii Holding Limited Davis Polk Roth Capital, CMB International Capital, $10 $70M Shanghai, China-based pet-focused online Valuable Capital retailer 9/23/20 Laird Superfood Hogan Lovells Canaccord Genuity, Craig-Hallum Capital $22 $58M Sisters, OR-based manufactures plant-based Group, Roth Capital packaged beverage products Financial (1)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/16/20 StepStone Group Gibson Dunn JP Morgan, Goldman Sachs, Morgan Stanley, $18 $315M New York, NY-based global private markets Barclays, UBS Investment Bank investment firm

SPACs (35)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/9/20 Cohn Robbins Holdings Skadden Arps Credit Suisse $10 $720M Wilmington, DE-based formed by Gary Cohn and ESG investing veteran Clifton Robbins 9/17/20 Reinvent Technology Partners Skadden Arps Morgan Stanley $10 $600M New York, NY-based targeting the tech sector 9/11/20 TWC Tech Holdings II Ellenoff Grossman & Schole LLP Citi, Deutsche Bank, Academy Securities, $10 $525M San Francisco, CA-based formed by True Wind Blaylock Van, Loop Capital Markets, Roberts & Capital targeting the tech industry Ryan Investments, Tigress Financial Partners 9/30/20 Vesper Healthcare Acquisition Ellenoff Grossman & Schole LLP Goldman Sachs, JP Morgan $10 $400M Miami Beach, FL-based formed by the former CEO of Allergan targeting the healthcare sector 9/2/20 CM Life Sciences White & Case Jefferies $10 $385M New York, NY-based targeting a life science 9/10/20 Starboard Value Acquisition Akin Gump UBS Securities LLC $10 $360M New York, NY-based formed by Starboard Value 9/16/20 Equity Distribution Acquisition Kirkland & Ellis Credit Suisse $10 $360M Chicago, IL-based formed by Sam Zell's Equity Group to acquire an industrials business 9/16/20 Executive Network Partner Kirkland & Ellis Evercore ISI $25 $360M Boston, MA-based formed by Paul Ryan, Solamere Capital, and Vivint Solar co-founder Alex Dunn 9/11/20 Ribbit LEAP Goodwin Procter LLP JP Morgan $10 $350M Palo Alto, CA-based formed by Ribbit Capital targeting a fintech business 9/30/20 Qell Acquisition Goodwin Procter LLP JP Morgan, Barclays $10 $330M San Francisco, CA-based targeting a sustainable tech business 9/24/20 Peridot Acquisition Kirkland & Ellis UBS Investment Bank, Barclays, Tudor $10 $300M Houston, TX-based targeting businesses with a Pickering Holt & Co positive environmental impact 9/10/20 Prime Impact Acquisition I Goodwin Procter LLP Goldman Sachs $10 $300M San Jose, CA-based targeting a data-centric technology company 9/4/20 Tailwind Acquisition Kirkland & Ellis Jefferies $10 $300M Los Angeles, CA-based formed by Casper CEO Philip Krim targeting a technology business 9/11/20 Tortoise Acquisition Corp II Vinson & Elkins LLP Barclays, Goldman Sachs $10 $300M Leawood, KS-based formed by Tortoise Capital targeting a sustainable energy business 9/11/20 Broadstone Acquisition Winston & Strawn Citi $10 $300M London, United Kingdom-based targeting a stressed business in the UK and Europe 9/4/20` Falcon Capital Acquisition White & Case Goldman Sachs $10 $300M New York, NY-based formed by Ariliam Group and Eagle Equity Partners targeting a media business 9/25/20 Vector Acquisition Kirkland & Ellis Deutsche Bank, BofA Securities $10 $300M San Francisco, CA-based formed by Vector Capital targeting the tech industry 9/17/20 ACON S2 Acquisitions Kirkland & Ellis Deutsche Bank, Cowen, Stifel $10 $250M Washington, DC-based formed by ACON Investments targeting a sustainable business SPACs cont'd Date Issuer Issuer Counsel Underwriters Price/Share Value 9/23/20 ArcLight Clean Transition Kirkland & Ellis , Barclays $10 $250M Boston, MA-based targeting a renewable energy business 9/25/20 Aspirational Consumer Lifestyle Skadden Arps Credit Suisse $10 $225M Singpore-based formed by executives at LVMH and L Catterton targeting a lifestyle business 9/30/20 FG New America Acquisition White & Case Pipler Sandler, Think Equity $10 $225M Itasca, IL-based targeting insurtech and fintech businesses 9/17/20 Oaktree Acquisition Corp II Kirkland & Ellis Deutsche Bank, Citi $10 $225M Los Angeles, CA-based led by the head of Oaktree Capital's Value Equities group 9/30/20 Climate Change Crisis Real Impact I Ropes & Gray Citi, BofA Securities, Barclays $10 $200M Acquisition Princeton, NJ-based targeting climate change- fighting sectors 9/25/20 FinTech Acquisition Corp. IV Ledgewood Cantor Fitzgerald, Securities $10 $200M Philadelphia, PA-based formed by management of The Bancorp targeting fintech 9/3/20 INSU Acquisition Corp II Ledgewood Cantor Fitzgerald $10 $200M Philadelphia, PA-based formed by Cohen & Company and targeting the insurance industry 9/10/20 NavSight Holdings Venable Credit Suisse $10 $200M Reston, VA-based targeting a business that supports national security, intelligence, and defense missions 9/15/20 Sandbridge Acquisition Ropes & Gray Citigroup, UBS Investment Bank $10 $200M Los Angeles, CA-based formed by Sandbridge Capital targeting a consumer business 9/23/20 VPC Impact Acquisition White & Case Jefferies $10 $200M Chicago, IL-based formed by Victory Park Capital to acquire a fintech business 9/22/20 PMV Consumer Acquisition Paul Hastings UBS Investment Bank, BTIG $10 $175M Palm Beach, FL-based formed by the Gabelli Group targeting the consumer industry 9/15/20 Software Acquisition Group Inc II Ellenoff Grossman & Schole LLP B Riley FBR Inc $10 $150M Las Vegas, NV-based led by former Ooyala officers targeting a software company 9/3/20 BCTG Acquisition Loeb & Loeb LLP SVB Leerink $10 $145M San Diego, CA-based formed by Boxer Capital targeting the biotech industry 9/18/20 North Mountain Merger Corp Paul Weiss Citigroup $10 $115M New York, NY-based targeting the fintech industry 9/18/20 Alpha Healthcare Acquisition Ellenoff Grossman & Schole LLP Oppenheimer & Co., Northland Securities $10 $100M New York, NY-based targeting a healthcare business in the US 9/4/20 HighCape Capital Acquisition White & Case Cantor Fitzgerald & Co. $10 $100M New York, NY-based formed by HighCape Capital targeting the life sciences industry 9/9/20 Industrial Tech Acquisitions Ellenoff Grossman & Schole LLP Maxim Group $10 $75M Houston, TX-based targeting a technology business operating in industrial or energy REIT (1)

Date Issuer Issuer Counsel Underwriters Price/Share Value 9/17/20 Broadstone Net Lease Fried, Frank, Harris, Shriver & JP Morgan, Goldman Sachs, BMO Capital $17 $570M Rochester, NY-based single-tenant commercial Jacobson LLP Markets, Morgan Stanley, Capital One Securities, net lease REIT Truist Securities Donnelley Financial Solutions

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Sources: SEC.gov, DFIN's EDGAR®Online Includes: NYSE & NASDAQ listed companies including SPACs, Up-Lists, Foreign issuers, Secondary listings, Direct listings and REITs. Values do not include over-allotment proceeds if exercised. Issuers names are linked to the IPO document on the SEC's website.