Key Metrics for Technology and Life Sciences Initial ...

2016

Key Metrics for Technology and Life SciencesInitial Public Offerings2016

Key Metrics for Technology and Life SciencesInitial Public Offerings2016

Survey Introduction and Background

This report has been developed as a resource for our clients and friends interested in understanding

recent IPO activity of technology and life sciences companies. This information comprises a number of

graphs and charts reflecting selected statistics that we believe provide useful information about activity

in these markets. This is followed by the listing of technology and life sciences IPOs priced in 2016. We

hope that you find this useful. Please contact Daniel J. Winnike at [email protected] or Jeffrey R.

Vetter at [email protected] if you care to discuss this information or, as always, contact members of

your client service team for more information.

Survey Contents

Survey Results ..................................................................................................................................................... 2

Offerings Completed ............................................................................................................................................. 3

Size of Offerings, Red Herring Midpoint ................................................................................................................. 4

Size of Offerings, Final IPO Price ............................................................................................................................ 5

Aggregate Amount Raised, Red Herring Midpoint ................................................................................................... 6

Aggregate Amount Raised, Final IPO Price .............................................................................................................. 7

Price Changes Between the Red Herring and Initial Offering Price ........................................................................... 8

Confidential Submissions ....................................................................................................................................14

Price Changes Around the Expiration of the Lock-Up ..............................................................................................15

Insider Participation ............................................................................................................................................16

List of Technology Offerings .................................................................................................................................17

List of Life Sciences Offerings ..............................................................................................................................19

Methodology ...................................................................................................................................................... 22

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2key metrics for technology and life sciences initial public offerings 2016

Survey Results IPO Market begins to Show signs of life

After a slow start in the first half of 2016, the market for technology and life sciences IPOs improved somewhat in

the second half of 2016. While 2016 was not at the same level as the past three years, it did top 2012, with 51 IPOs

in 2016 compared to 49 in 2012.

The gap between technology and life sciences IPOs closed during the second half of 2016, with 17 life sciences

IPOs and 14 in the technology sector, representing a year-over-year decrease in life sciences activity in the second

half and a slight uptick in activity in the technology sector. For comparison, in the second half of 2015, there were

26 life sciences IPOs and 13 technology IPOs.

Transaction sizes for technology IPOs were lower than in other recent periods, with over half of the deals being

under $100 million. The life sciences saw a similar dynamic, with 30% of the IPOs under $25 million and 75%

under $100 million.

Deals in both sectors faced more positive pricing environments in the second half of 2016, at least in relation to

the pricing objectives expressed in their road show prospectuses. Of the technology deals, 50% priced above their

red herring range and of the life sciences deals, which in recent periods have faced greater pricing pressures, 60%

priced in or above the range. On the flip side, half of the life sciences IPOs closed flat to down on the first day of

trading. In contrast, technology IPOs generally performed well, with over 90% of Technology IPOs trading up on

the first day of trading.

Other noteworthy observations included that in both the technology and life sciences sectors, the time between

the initial confidential submission and the first day of trading was significantly longer than what we have

historically observed, suggesting that many second half 2016 deals were “backlog” from prior periods. The

percentage of deals with insiders buying in the IPO remained relatively consistent in the second half, with the level

of insider purchasing declining somewhat.


Offerings Completed

The graph below shows the number of technology and life sciences IPOs completed during each quarter of 2012,

2013, 2014, 2015 and 2016.

0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

7

7

ipos per quarter 2012–2016


red herring deal comparison (midpoint price): 2016, second half

Size of Offerings, Red Herring Midpoint

The following scatter graphs plot technology and life sciences IPOs completed during the first half and second half

of 2016 in terms of the initial offering price per share and number of shares offered based on the red herring stage of

the offering.

red herring deal comparison (midpoint price): 2016, first half

LINECorporation

Patheon

Medpace Holdings

Nutanix

Myovant Sciences

GDS Holdings

$0

$10

$20

$30

$35

$40

$25

$15

$5

SharePrice

Number of Shares in Millions

10 5 0 15 25 35 4020 30 Bubble Size = deal size

$1.015B

$525M

$45M

Life Sciences International (5 deals)

Technology International (4 deals)

Life Sciences U.S. (12 deals)

Technology U.S. (10 deals)

BeiGene

SecureWorks

Cotiviti

Twilio

SharePrice

Bubble Size = deal size

$250M

$50M





10 5 0 15 20 $0

$10

$20

$30

$35

$25

$15

$5



$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

Number of Shares in Millions (logarithmic scale)

Number of Shares in Millions (logarithmic scale)

SharePrice

SharePrice

$10.6B

$1B

$12M

$16B

$1B



Life Sciences (27 deals)

Technology (63 deals)



Red Herring Deal Comparison (Midpoint Price): 2011-2012

IPO Deal Comparison: 2011-2012

Groupon

GrouponVantiv

Vantiv

Workday

Workday

Facebook

FreescaleSemiconductor

Zynga

Freescale Semiconductor

Zynga

Facebook

Size of Offerings, Final IPO Price

The following scatter graphs plot technology and life sciences IPOs completed during the first half and second half

of 2016 in terms of the initial offering price per share and number of shares offered based on actual pricing of the

offering.

ipo deal comparison: 2016, first half

ipo deal comparison: 2016, second half

LINECorporation

Patheon

Medpace Holdings

Nutanix

Myovant Sciences

GDS Holdings

$0

$10

$20

$30

$35

$40

$25

$15

$5

SharePrice


10 5 0 15 25 35 4020 30 Bubble Size = deal size

$1.15B

$525M

$30M





BeiGene

SecureWorks

Cotiviti

Twilio

SharePrice


$238M

$35M





10 5 0 15 20


$0

$10

$20

$30

$35

$25

$15

$5


Aggregate Amount Raised, Red Herring Midpoint

The following graphs provide information about aggregate deal size at the red herring stage in the first half and

second half of 2016.

distribution of deal size (red herring midpoint): 2016, second half

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M

50.0%50.0%

Life Sciences Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M deal size

% of deals

6.3% 6.3%

25.0%

56.3%

6.3%

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M $275M $1.0B



% of deals

23.5%

11.8%

41.2%

5.9%5.9% 5.9%

7.1% 7.1%7.1%7.1%

14.3%

28.6%

21.4%

7.1%

5.9%

distribution of deal size (red herring midpoint): 2016, first half


Aggregate Amount Raised, Final IPO Price

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the

first half and second half of 2016.

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M

50.0%

25.0%25.0%



% of deals

6.3% 6.3%

12.5%12.5%

56.3%

6.3%

distribution of deal size (final ipo price): 2016, first half

distribution of deal size (final ipo price): 2016, second half

5.9%

29.4%

35.3%

11.8%

5.9% 5.9% 5.9%

deal size

% of deals


$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M

7.1%

14.3%

35.7%

14.3%

7.1% 7.1% 7.1% 7.1%

$1.1B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $225M $625M $650M


Price Changes Between the Red Herring and Initial Offering Price

Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of

marketing efforts are processes that are part science and art. The graphs below show the median and average prices

for technology and life sciences IPOs from the red herring stage to the actual public offering price to the close price

on the first day of trading, for the first half and second half of 2016.

Technology

Life Sciences

$10

$12

$16

$18

$20

$22

$24

$14.50

$14.00$14.09$13.70

$23.69

$15.50$15.25

$13.00$13.50$14.00

$16.00

$20.26

2016 H22016 H1

Red Herring Final Price 1st Day Close

median prices for technology & life sciences ipo deals

average prices for technology & life sciences ipo deals

Red Herring Final Price 1st Day Close

Technology

$10

$12

$14

$16

$18

$20

$22

$24

$13.50

$14.15$14.16

$15.32

$21.88

$16.15

$15.04

$16.38

$14.75

$16.50

$15.56

$23.082016 H22016 H1

Life Sciences


relation of final ipo price to original red herring range (% of deals) 2016, second half

relation of final ipo price to original red herring range (% of deals) 2016, first half

relation of price at 1st day close to final ipo price (% of deals) 2016, second half

relation of price at 1st day close to final ipo price (% of deals) 2016, first half

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

11.8%

47.1%

41.2%

50.0%

28.6%

21.4%

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

43.8%

56.3%

25.0%

50.0%

25.0%

ClosedUp

ClosedFlat

ClosedDown

Technology

92.9%

7.1%

Life Sciences

52.9%

11.8%

35.3%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

50.0%

6.3%

43.8%

75.0%

25.0%

Price Changes (continued)

The first two graphs show the percentage of technology and life sciences IPOs with a final price that falls above,

within and below the red herring range in the first half of 2016 compared with the second half of 2016. The lower

graphs show the percentage of technology and life sciences deals that closed up, down or flat on their first day of

trading in the first half of 2016 compared with the second half of 2016.



The graphs below show the five technology company IPOs with the largest percentage gain (four in H1 2016), and those

with a loss, or the smallest gain, on the first day of trading for IPOs completed in the first and second half of 2016.

19.0%

53.2%

64.6%

4.1% 8.6%

40.9%41.7%

67.2%

84.9%

131.3%

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20.8%

Med

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24.0%

Tabu

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are

biggest movers – ipo price to price at

1st day close 2016, first half


1st day close 2016, second half

13.8%

22.8%

45.2%

32.8%34.6%

91.9%

Sec

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-10.0% -9.8%-5.0%

-28.8%

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-17.0%

18.0%

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Reat

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ls

Tech

nolo

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Inte

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l

Tech

nolo

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U.S

.



The graphs below show the five life sciences company IPOs with the largest percentage gain and loss on the first day

of trading for IPOs completed in the first half and second half of 2016.

19.0%

53.2%

64.6%

4.1% 8.6%

40.9%41.7%

67.2%

84.9%

131.3%

Appt

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21.2%

Gri

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0.3%-11.6%-8.0%

-24.5%

TiG

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Prot

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-19.2%

20.8%

Med

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Hol

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24.0%

Tabu

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Hea

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are


1st day close 2016, first half


1st day close 2016, second half

13.8%

22.8%

45.2%

32.8%34.6%

91.9%

Sec

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0.0%

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-10.0% -9.8%-5.0%

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-17.0%

18.0%

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Life

Sci

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s—In

tern

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Life

Sci

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s—U

.S.



The graphs below show the technology company IPOs with the largest percentage increase, and largest percentage

decrease/smallest percentage increase, from the red herring midpoint to the actual initial public offering price for

IPOs completed in the first half and second half of 2016.

7.0%

33.3%

11.1%

21.4% 20.0%14.3%

33.3%

The

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Appt

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21.4%

Bla

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13.2%

LIN

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Ever

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-30.8%

-19.3% -16.7%

Tact

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Fulg

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Kadm

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biggest movers – red herring price to

final ipo price 2016, first half


final ipo price 2016, second half

4.4%5.6%5.9%

-50.0%-53.3%

-15.2%

4.6%

15.4%

Acac

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Tech

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The graphs below show the five life sciences company IPOs with the largest percentage increase, and largest

percentage decrease, from the red herring midpoint to the actual initial public offering price for IPOs completed in the

first half 0f 2016 (with only four pricing at or above the midpoint) and second half of 2016.

7.0%

33.3%

11.1%

21.4% 20.0%14.3%

33.3%

The

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Bla

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final ipo price 2016, first half


final ipo price 2016, second half

4.4%5.6%5.9%

-50.0%-53.3%

-15.2%

4.6%

15.4%

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Life

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.S.


number of days

% of deals

60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 300 315 330

number of days

% of deals

60 75 90 105 120 135 150 165 180 195 210 225 240 255 270 285 330 345 705 720

number of days

% of deals

60 75 90 105 120 135 150 165 180 225 240 255 270 285 300

12.5% 12.5%

6.3% 6.3% 6.3% 6.3%

7.1%7.1%7.1%

14.3%14.3%

7.1%7.1%7.1%7.1%7.1%7.1%7.1%

number of days

% of deals

60 75 90 105 120 135 150 165 180 225 240 255 270 330 390285 300 315 405 795 810





825 840

6.3%

18.8%

12.5%

6.3% 6.3% 6.3% 6.3% 6.3%6.3%

12.5% 12.5%

25.0% 25.0% 25.0%25.0%

360 375 405 420 735 750435 450 465

6.3% 6.3% 6.3% 6.3% 6.3% 6.3%

12.5%

Confidential Submissions

For deals that began with a confidential filing, the graphs below show the number of days between the initial

confidential submission and pricing. The graphs display the percentage of deals that priced within each 15-day period

from the initial confidential submission date.

distribution of days between initial confidential submission and final pricing

2016, second half

distribution of days between initial confidential submission and final pricing

2016, first half


Price Changes Around the Expiration of the Lock-Up

In order to assist the development of an orderly market for the shares being offered, IPO underwriters require the

stockholders of the offering company to agree not to sell shares of the company’s common stock for a specified

period without the underwriters’ consent. Customarily, this period is 180 days and applies equally to all holders

delivering the “lock-up” agreement, although in a few instances the lock-up may roll off in stages, and different

holders may be subject to different restrictive periods. Upon expiration of the lock-up period, there generally is an

influx of “supply,” as pre-IPO stockholders have their first ability to sell shares into the public market. The graphs

below show the average and median changes in the closing trading price of the subject company shares for the

period beginning two weeks prior, and ending two weeks following, the scheduled expiration of the lock-up period

for lock-ups expiring in the first half and second half of 2016. Those companies completing IPOs in the second half of

2015 and a follow-on offering within 180 days are excluded from the first graph below. Those companies completing

IPOs in the first half of 2016 and a follow-on offering within 180 days are excluded from the second graph below.

percent change of share prices surrounding end of lock-up period 2016, second half

Life Sciences Median

Life Sciences Avg

-15%

-10%

-5%

10%

0%

2 wks prior Lock-up 2 wks post

Technology Median-11.0%

-2.6%

Technology Avg-11.6%

-6.1%

End of Lock-Up

percent change of share prices surrounding end of lock-up period 2016, first half

Life Sciences MedianLife Sciences Avg

-10%

-5%

0%

10%

5%

2 wks prior Lock-up 2 wks post

Technology Median0.9%

-7.5%

Technology Avg-3.4%

-7.5%

End of Lock-Up


Insider Participation

The charts below show the percentage of life sciences and technology IPOs where the final prospectus indicated that

specified “insiders” had expressed an interest in purchasing shares in the offering. Insiders are directors and officers

of a company as well as existing stockholders. In this case, insiders are typically existing investors who buy additional

shares in the IPO. Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside

for insiders.

percentage of deals with insider participation and percentage of offering made available to insiders 2016, first half

percentage of deals with insider participation and percentage of offering made available to insiders 2016, second half

50.0%

75.0%

percent of deals with insider participation

Life Sciences Technology

percent of offering

1-25% of offering

25-50% of offering

50%+ ofoffering

21.4%

70.6%

percent of deals with insider participation

Life Sciences Technology

percent of offering

1-25% of offering25-50% of

offering

50%+ ofoffering


Technology Offerings: H1 20161, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.

company name / ticker symbol red herring midpoint priced final shares3 final pricing final deal size

SecureWorks Corp. NasdaqGS:SCWX

$16.50 4/2016 8,000,000 $14.00 $112,000,000

Acacia Communications, Inc. NasdaqGS:ACIA

$22.00 5/2016 4,500,000 $23.00 $103,500,000

Nant Health, LLC NasdaqGS:NH

$14.00 6/2016 6,500,000 $14.00 $91,000,000

Twilio Inc. NYSE:TWLO

$13.00 6/2016 10,000,000 $15.00 $150,000,000


Technology Offerings: H2 20161, 2

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in orange represent International Technology IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.


LINE Corporation NYSE:LN

$29.00 7/2016 35,000,000 $32.84 $1,149,400,000

Impinj, Inc. NasdaqGS:PI

$13.00 7/2016 4,800,000 $14.00 $67,200,000

Talend S.A. NasdaqGM:TLND

$16.00 7/2016 5,250,000 $18.00 $94,500,000

Everbridge, Inc.NasdaqGM:EVBG

$12.00 9/2016 7,500,000 $12.00 $90,000,000

The Trade Desk, Inc.NasdaqGM:TTD

$15.00 9/2016 4,666,667 $18.00 $84,000,006

Apptio, Inc. NasdaqGM:APTI

$14.00 9/2016 6,000,000 $16.00 $96,000,000

Gridsum Holding Inc.NasdaqGS:GSUM

$11.50 9/2016 6,700,000 $13.00 $87,100,000

Nutanix, Inc. NasdaqGS:NTNX

$12.00 9/2016 14,870,000 $16.00 $237,920,000

Coupa Software Incorporated NasdaqGS:COUP

$17.00 10/2016 7,400,000 $18.00 $133,200,000

Everspin Technologies, Inc.NasdaqGM:MRAM

$12.00 10/2016 5,000,000 $8.00 $40,000,000

BlackLine, Inc.NasdaqGS:BL $14.00 10/2016 8,600,000 $17.00 $146,200,000

Quantenna Communications, Inc. NasdaqGS:QTNA

$15.00 10/2016 6,700,000 $16.00 $107,200,000

GDS Holdings Limited NasdaqGM:GDS

$13.00 11/2016 19,250,000 $10.00 $192,500,000

Ichor Systems, Inc.NasdaqGS:ICHR

$13.00 12/2016 5,877,778 $9.00 $52,900,002


Life Sciences Offerings: H1 20161, 2


Editas Medicine, Inc. NasdaqGS:EDIT

$17.00 2/2016 5,900,000 $16.00 $94,400,000

BeiGene, Ltd. NasdaqGS:BGNE

$23.00 2/2016 6,600,000 $24.00 $158,400,000

AveXis, Inc. NasdaqGS:AVXS

$20.00 2/2016 4,750,000 $20.00 $95,000,000

Proteostasis Therapeutics, Inc. NasdaqGM:PTI

$13.00 2/2016 6,250,000 $8.00 $50,000,000

Syndax Pharmaceuticals, Inc. NasdaqGS:SNDX

$14.00 3/2016 4,400,000 $12.00 $52,800,000

Hutchison China MediTech Limited NasdaqGS:HCM

$16.33 3/2016 7,500,000 $13.50 $101,250,000

Corvus Pharmaceuticals, Inc. NasdaqGM:CRVS

$16.00 3/2016 4,700,000 $15.00 $70,500,000

Aeglea BioTherapeutics, Inc. NasdaqGM:AGLE

$17.00 4/2016 5,000,000 $10.00 $50,000,000

Intellia Therapeutics, Inc. NasdaqGM:NTLA

$17.00 5/2016 6,000,000 $18.00 $108,000,000

Oncobiologics, Inc. NasdaqGM:ONS

$12.00 5/2016 5,833,334 $6.00 $35,000,004

Merus B.V. NasdaqGM:MRUS

$15.00 5/2016 5,500,000 $10.00 $55,000,000

Cotiviti Holdings, Inc. NYSE:COTV

$18.00 5/2016 12,500,000 $19.00 $237,500,000

Reata Pharmaceuticals, Inc. NasdaqGM:RETA

$15.00 5/2016 5,500,000 $11.00 $60,500,000

Clearside Biomedical, Inc. NasdaqGM:CLSD

$15.00 6/2016 7,200,000 $7.00 $50,400,000

Selecta Biosciences, Inc. NasdaqGM:SELB

$15.00 6/2016 5,000,000 $14.00 $70,000,000

Syros Pharmaceuticals, Inc. NasdaqGS:SYRS

$15.00 6/2016 4,000,000 $12.50 $50,000,000

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in blue represent International Life Sciences IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.


Life Sciences Offerings: H2 20161, 2


Audentes Therapeutics, Inc. NasdaqGM:BOLD

$15.00 7/2016 5,000,000 $15.00 $75,000,000

Patheon N.V. NYSE:PTHN

$20.50 7/2016 29,761,905 $21.00 $625,000,005

Kadmon Holdings, LLC NYSE:KDMN

$18.00 7/2016 6,250,000 $12.00 $75,000,000

Tactile Systems Technology, Inc. NasdaqGM:TCMD

$15.00 7/2016 4,000,000 $10.00 $40,000,000

Gemphire Therapeutics Inc. NasdaqGM:GEMP

$12.00 8/2016 3,000,000 $10.00 $30,000,000

Medpace Holdings, Inc. NasdaqGM:MEDP

$21.50 8/2016 7,000,000 $23.00 $161,000,000

Protagonist Therapeutics, Inc. NasdaqGM:PTGX

$12.00 8/2016 7,500,000 $12.00 $90,000,000

Novan, Inc. NasdaqGM:NOVN

$12.00 9/2016 4,100,000 $11.00 $45,100,000

AC Immune SA NasdaqGM:ACIU

$12.00 9/2016 6,000,000 $16.00 $96,000,000

Fulgent Genetics, Inc. NasdaqGM:FLGT

$13.00 9/2016 4,200,000 $9.00 $37,800,000

Tabula Rasa HealthCare, Inc. NasdaqGM:TRHC

$14.00 9/2016 4,300,000 $12.00 $51,600,000

Obalon Therapeutics, Inc. NasdaqGM:OBLN

$15.00 10/2016 5,000,000 $15.00 $75,000,000

CRISPR Therapeutics AG NasdaqGM:CRSP

$16.00 10/2016 4,000,000 $14.00 $56,000,000

iRhythm Technologies, Inc. NasdaqGM:IRTC

$14.00 10/2016 6,294,118 $17.00 $107,000,006

Ra Pharmaceuticals, Inc. NasdaqGM:RARX

$13.00 10/2016 7,049,230 $13.00 $91,639,990

Myovant Sciences Ltd. NYSE:MYOV

$13.50 10/2016 14,500,000 $15.00 $217,500,000

TiGenix NasdaqGS:TIG

$19.20 12/2016 2,300,000 $15.50 $35,650,000

1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2Rows shaded in blue represent International Life Sciences IPOs.3Final share numbers do not reflect any exercise of the over-allotment option.


1The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market, or those with proceeds of less than $10 million.2Final share numbers do not reflect any exercise of the over-allotment option.

MethodologyData points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration dates from EDGAR Online IPO Deal Data and daily stock-trading price data. The exact dates upon which lock-ups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.

The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on the midpoint of the range and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to the public and the aggregate number of shares offered, as reflected on the cover page of the final prospectus. The closing price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.

DisclaimerThe preparation of the information contained herein involves assumptions, compilations and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.

Sign-Up InformationTo be placed on an email list for future editions of this survey, please visit fenwick.com/iposurvey and go to the sign-up link at the bottom of the page.

© 2017 Fenwick & West LLP

http://www.fenwick.com/iposurvey

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