Investing

SolarEdge Leads the Week's IPO List

IPO
Source: Thinkstock
Two of three initial public offerings (IPOs) scheduled for last week made it out the door, and the third will try again this week. In this coming week, eight firms are scheduled to make their debuts, and the total includes a couple of “best efforts” IPOs. The big news from last week, though, was the filing from Internet domain-name registrar GoDaddy Inc., which has scheduled its IPO for the first week of April in hopes of raising around $400 million.

IPO ETF manager Renaissance Capital reported that 29 IPOs have priced in the United States so far this year, down about 45% from a year ago. Total proceeds raised come to $4.5 billion, down about 47% compared with the same period in 2014. Of the 29 IPOs that have gone off this year, 15 have come from the health care sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past decade. Renaissance Capital does not include OTC listings or blank check companies in its IPO data.

ALSO READ: Should GoDaddy Be Worth $3 Billion at Its IPO Launch?

SolarEdge Technologies Inc. is an Israel-based maker of intelligent inverters for solar photovoltaic systems. The company plans to offer 7 million shares in an expected price range of $16 to $18 to raise $119 million at a market cap of around $648 million. Joint bookrunners for the offering are Goldman Sachs and Deutsche Bank. Co-managers include Needham, Canaccord Genuity and Roth Capital. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SEDG.

Cellectis S.A. is a Paris-based gene-editing company in the field of immunology. The issue is not strictly speaking an IPO because the company’s stock already trades on the Alternext market of Euronext. The company plans to sell 3.5 million American depositary shares (ADSs) at a price of $36.83 to raise approximately $129 million at a market cap of $1.2 billion. Each ADS is equal to one ordinary share. Joint bookrunners for the offering are Bank of America Merrill Lynch, Jefferies and Piper Jaffray. Co-managers are Oppenheimer and Trout Capital.

Jernigan Capital Inc. is a real estate investment trust (REIT) that plans to provide capital for development, acquisition and refinance loans secured by self-storage facilities located primarily in the top 50 metropolitan areas of the United States. The company plans to offer 5 million shares in an expected price range of $19 to $21, raising $100 million at a market cap of $105.2 million. Sole bookrunner for the offering is Raymond James. Co-managers are Baird and Wunderlich Securities. Shares are expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol JCAP.

Franklin Financial Network Inc. is a bank holding company headquartered in Franklin, Tenn. Shares already trade on the OTCBB under the ticker symbol FRFN. The company plans to offer 2.4 million shares in an expected price range of $24 to $27 to raise $61.2 million at a market cap of $260.5 million. Sole bookrunner for the offering is Merrill Lynch. Co-managers are Raymond James and Sterne Agee. Pricing and trading dates are given only as the week of March 23. Shares will trade on the New York Stock Exchange under the ticker symbol FSB.

ALSO READ: Commercial Credit Files for IPO

ViewRay Inc. is a medical device company that makes an MRI-guided radiation therapy system that images and treats cancer patients simultaneously. The company plans to offer 4 million shares in an IPO price range of $12 to $14 to raise $52 million at a market cap of $188.7 million. Joint bookrunners for the offering are Cowen and Stifel. Co-managers are BTIG and Brean Capital. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol VRAY.

The holdover from last week is Valeritas Inc., a commercial-stage medical technology company working on products to improve treatment of Type 2 diabetes. The company plans to offer 5 million shares in an IPO price range of $14 to $16 to raise $75 million at a market cap of about $237 million. Joint bookrunners for the offer are Piper Jaffray and Leerink Partners. Co-manager is Oppenheimer. The shares are scheduled to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol VLRX.

A “best-efforts” IPO will try again to make it out the door next week. Tantech Holdings Ltd. is a China-based maker of bamboo-based charcoal products for industrial energy applications and household cooking, heating, purification, agricultural and cleaning uses. The company plans to offer 3.2 million shares in an expected range of $4 to $6, raising $16 million against a market cap of $108 million. The offering is being made on a best-efforts, all-or-none basis and is not underwritten. The trading date is listed only as the week of March 23. Shares will trade on the Nasdaq under the ticker symbol TANH.

Another “best efforts” IPO has been held over for another week. Wowo Ltd. is a China-based lifestyle, e-commerce platform. The company plans to offer 6 million shares in an expected price range of $9 to $11, raising $60 million at a market cap of around $384 million. The offering is being made on a “best efforts” basis and is not tracked by Renaissance Capital. The sole bookrunner on the offering is Axiom Capital Management. Shares are listed only as the week of March 23 and will trade on the Nasdaq under the ticker symbol WOWO.

ALSO READ: Apigee Files for IPO

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