Through the week ending July 31st, IPO ETF manager Renaissance Capital reported that 121 IPOs have priced in the U.S. so far this year, down about 33% from a year ago. Total proceeds raised through last week equaled $20.9 billion, down about 47% compared with the same period in 2014. Of the 121 IPOs that have gone off this year, 53 have come from the healthcare sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past ten years. Renaissance Capital does not include “best efforts” or blank check companies in its totals.
Last week’s largest one-day pop was posted by NanKwest (NASDAQ: NK) which gained 39%. The only other positive pop for the week was posted by Aqua Metals Inc. (NASDAQ: AQMS) with a jump of 7%. Intec Pharma Ltd, which currently trades on the Tel Aviv exchange, did not complete its IPO last week and may try again in the coming week.
Two IPOs on last week’s calendar, Poseidon Containers Holdings and NEP Group, have been postponed.
Of the nine firms lined up to price and begin trading in the coming week, we have four healthcare companies, a snack food maker, a solar energy company, a REIT, an energy company, and a fitness center operator.
RiverBanc Multifamily Investors Inc. is a REIT that plans to acquire and manage a diverse portfolio of structured investments in multifamily apartment communities. The company plans to offer 3.8 million shares in an IPO price range of $19 to $20 to raise $74.1 million at an implied market cap of $128.7 million. Joint bookrunners for the offering are Baird, Keefe Bruyette Woods, Suntrust Robinson Humphrey, Nomura Securities, and Oppenheimer & Co. The sole co-manager is J.J.B. Hilliard, W.L. Lyons Inc. Shares are scheduled only for the week of August 3rd, and have been approved to trade on the Nasdaq under the ticker symbol RMI. The company is a successor to RB Multifamily Investors LLC.
Amplify Snack Brands Inc. develops and marketing brands and products that appeal to consumers’ growing preference for BFY (“Better-For-You”) snacks. The company plans to offer 15 million shares in an expected price range of $14 to $16, raising $225 million at an implied market cap of $1.125 billion. Joint bookrunners for the offering include Goldman Sachs, Jefferies, Credit Suisse, and Suntrust Robinson Humphrey. Co-managers are William Blair and Piper Jaffray. Shares are scheduled to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol BETR.
Benitec Biopharma Ltd. is an Australia-based clinical-stage biotechnology company developing a novel, proprietary therapeutic technology platform that combines gene silencing and gene therapy with a goal of providing sustained, long-lasting silencing of disease-causing genes from a single administration. The company’s ordinary shares currently trade on the Australian Securities Exchange and the company plans to offer 5 million American Depositary Shares, each representing 20 ordinary shares, at an IPO price of $13.06 per ADS. Benitec plans to raise $65.3 million at an implied market cap of $141 million. Sole bookrunner for the offering is BMO Capital Markets. Co-managers are Maxim Group LLC and Roth Capital. The ADSes are expected to begin trading Wednesday on the Nasdaq under the ticker symbol BNTC.
Sunrun Inc. is a solar energy provider for homeowners. The company plans to offer 17.9 million shares in an expected price range of $13 to $15, raising $250.6 million at an implied market cap of $1.36 billion. Joint bookrunners for the IPO are Credit Suisse, Goldman Sachs, Morgan Stanley, BofA/Merrill Lynch, and RBC Capital Markets. Co-managers are KeyBanc Capital Markets and Suntrust Robinson Humphrey. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol RUN.
Zynerba Pharmaceuticals Inc. is a specialty pharmaceutical company focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. The company plans to offer 3 million shares in an expected price range of $13 to $15 to raise $42 million at an implied market cap of $122.2 million. Joint bookrunners for the offering are Jefferies and Piper Jaffray. Co-managers are Canaccord Genuity and Oppenheimer & Co. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ZYNE.
Aimmune Therapeutics Inc. is a clinical-stage biopharmaceutical company advancing a new therapeutic approach, including the development of proprietary product candidates, for the treatment of peanut and other food allergies. The company plans to offer 8.3 million shares in an expected range of $14 to $16 to raise $125 million at an implied market cap of $585 million. Joint bookrunners for the offering are BofA/Merrill Lynch, Credit Suisse, and Piper Jaffray. The stock is set to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol AIMT.
GC Aesthetics plc is an Ireland-based pure-play female aesthetics company. The company plans to offer 5.4 million shares in an IPO price range of $13 to $15 to raised about $75 million at an implied market cap of $242.2 million. Joint bookrunners for the offering are BofA/Merrill Lynch, Deutsche Bank, and Cowen & Co. Co-manager is William Blair. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GCAA.
Philadelphia Energy Solutions Inc. is a holding company with two operating subsidiaries in oil refining and logistics. The company plans to offer 15.2 million shares in an expected price range of $15 to $18, raising $250 million at an implied market cap of about $488 million. Joint bookrunners for the offering are BofA/Merrill Lynch, Credit Suisse, Goldman Sachs, Barclays, Jefferies, and J.P. Morgan. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol PESC.
Planet Fitness Inc. is franchisor and operator of 1,000 fitness centers in the United States, Canada, and Puerto Rico as of June 2015. The company plans to offer 13.5 million shares in an expected price range of $14 to $16 to raise about $203 million at an implied market cap of $528.5 million. Joint bookrunners for the offering are J.P. Morgan, BofA/Merrill Lynch, Jefferies, and Credit Suisse. Co-managers include Guggenheim Securities, Baird, William Blair, Piper Jaffray, and Cowen & Co. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol PLNT.
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