2025 IPO Pricing and Performance

IPO - Pricing (21)
Cowen and Company

Date	Company Name	Sector	Price ($)	Size (M)	1	2	3	Turnover	Gain
						UnderWriters*
Oct 31	Orchard Therape	Health-Care	14	14	COWN	GS	JPM	24.7%	0%
Oct 31	Twist Bioscienc	Health-Care	14	5	COWN	JPM		27%	0%
Oct 18	PhaseBio Pharma	Health-Care	5	9	CITI	COWN	Stifel	17.8%	0%
Oct 11	Allogene Therap	Health-Care	18	18	COWN	GS	JPM	45.1%	38.9%
Sep 28	Gritstone Oncol	Health-Care	15	6	BRCL	COWN	GS	21.8%	-5.1%
Sep 27	Sutro Biopharma	Health-Care	15	5	COWN	PPRJ		47.7%	1.3%
Sep 21	Y-mAbs Therapeu	Health-Care	16	6	BAML	COWN		41.4%	50%
Jul 26	Liquidia Techno	Health-Care	11	4	COWN	JEFF		38.7%	0.9%
Jul 19	Establishment L	Health-Care	15	3	COWN	JEFF		52.2%	65%
Jul 19	Tilray Inc.	Consumer-Durables	17	9	COWN			132.4%	31.7%
Jun 28	Tricida Inc.	Health-Care	19	11	COWN	GS	JPM	34.3%	36.8%
Jun 21	i3 Verticals In	Miscellaneous	13	6	COWN	KEYB	RAYJ	77.2%	41.2%
Jun 21	AVROBIO Inc.	Health-Care	19	5	COWN	MS	WLFG	53%	64.2%
Jun 21	Magenta Therape	Health-Care	15	6	COWN	GS	JPM	49.3%	-3.2%
Jun 21	Kezar Life Scie	Health-Care	15	5	COWN	JEFF	WLFG	34.3%	18.3%
Jun 21	Aptinyx Inc.	Health-Care	16	6	BMO	COWN	JPM	54.8%	26.3%
Jun 15	Verrica Pharmac	Health-Care	15	5	BAML	COWN	JEFF	23.3%	16.7%
May 24	Scholar Rock Ho	Health-Care	14	5	BMO	COWN	JEFF	34.8%	10.7%
May 9	Evelo Bioscienc	Health-Care	16	5	BMO	COWN	MS	38%	1.6%
Apr 19	Surface Oncolog	Health-Care	15	7	COWN		GS	57.2%	-11.1%
Mar 28	Homology Medici	Health-Care	16	9	BAML	COWN		32.9%	16.6%

* Lead manager or one of top three managers in an underwriting team.