Just when you might think that the rising tide of initial public offerings (IPOs) might wane a bit, a big week for IPOs is followed by a bigger one. There are currently 17 IPOs on the calendar to price and begin trading in the week beginning June 23.
According to Renaissance Capital, 134 IPOs have priced in the United States so far this year, up 63.4% from a year ago. Total proceeds raised come to $28.9 billion, up almost 55% from 2013. Last week alone, $3.1 billion poured into IPOs.
The most closely watched of the coming week’s IPOs will be GoPro Inc., maker of a hands-free, high-definition video camera that can be attached to a variety of objects, animals or people in motion. The company is looking to raise about $400 million at a valuation north of $2.78 billion.
The company will have both Class A and Class B shares, with Class B shares entitled to 10 votes per share and Class A shares one vote per share. Holders of Class B shares will hold more than 98% of the voting power, and nearly 73% of the Class B shares will be held by executive officers and directors. The CEO will hold 47.7% of the voting power in the company.
GoPro plans to offer 17.8 million shares of stock in an IPO range of $21 to $24. Half the shares are being sold by the company and half by selling shareholders. Underwriters, including J.P. Morgan, Citigroup and Barclays, have a 30-day option on an additional 2.67 million shares. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GPRO.
ServiceMaster Global Holdings Inc. owns or franchises more than 7,000 residential and commercial services locations that provide disaster restoration, home inspections and termite and pest control services, among other things. The company has filed sell 35.9 million shares in an expected price range of $18 to $21. All shares are being sold by the company. At the midpoint of that range, the company expects to raise $700 million at a valuation of $2.5 billion. Shares are expected to price on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol SERV.