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IPO Calendar Heats Up Again With 4 Health Care Offerings

IPO
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After a two-week period in which the country’s investment bankers apparently took their summer vacations, the market for initial public offerings (IPOs) gets rolling again this week with four IPOs scheduled for launch. All are health care companies.

Last week, only one new entrant to the public markets was scheduled to launch, but that offering has been postponed until later this month. Sole Elite Group, a China-based maker of shoe soles used in the manufacture of sports shoes, did not complete its IPO as planned. The company plans to offer 3 million shares in an expected price range of $10 to $12 to raise $33 million at a fully diluted market cap of $198 million. The sole bookrunner for the offering is Dawson James. Shares are set to begin trading the week of September 28 on the Nasdaq under the ticker symbol SOLE.

Through the week ending August 21 (the last in which there was an IPO on U.S. markets), IPO ETF manager Renaissance Capital reported that 131 IPOs have priced in the United States so far this year, down about 31% from a year ago. Total proceeds raised through last week equaled $22.3 billion, down about 45% compared with the same period in 2014. Of the 131 IPOs that have gone off this year, 58 have come from the health care sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past 10 years. Renaissance Capital does not include “best efforts” or blank check companies in its totals.

Regenxbio is a biotechnology company focused on the development, commercialization and licensing of recombinant adeno-associated virus (AAV) gene therapy. The company plans to offer 5.6 million shares in an expected price range of $17 to $19 to raise $100 million at an implied market cap of about $443 million. Joint bookrunners for the offering are Morgan Stanley, Bank of America Merrill Lynch and Piper Jaffray. Co-manager is Chardan Capital Markets. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol RGNX.

Nabriva Therapeutics is an Austria-based clinical stage biopharmaceutical company engaged in the research and development of novel anti-infective agents to treat serious infections, with a focus on the pleuromutilin class of antibiotics. The company plans to offer 6 million shares in an expected price range of $15 to $17, raising $96 million at an implied market cap of $268 million. Joint bookrunners for the offering are Leerink Partners and RBC Capital Markets. Co-managers are Needham and Wedbush PacGrow. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol NBRV.

Penumbra is a global interventional therapies company that designs, develops, manufactures and markets innovative medical devices. The company plans to offer 3.8 million shares in an expected price range of $25 to $28, raising about $100 million at an implied market cap of about $791 million. Joint bookrunners for the offering are JPMorgan and Merrill Lynch. Co-managers are Wells Fargo Securities and Canaccord Genuity. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol PEN.

Finally, Sweden-based Oasmia Pharmaceutical plans to list American depositary shares (ADS) on the Nasdaq under the ticker symbol OASM. The company’s shares already trade on the Nasdaq Stockholm exchange and on the Frankfurt exchange. Oasmia is a pharmaceutical company focused on innovative treatments within human and animal oncology. Ladenburg Thalmann is managing the offering, which is expected to price between $5.25 and $8.25 per ADS and raise $23 million. One ADS is equal to three ordinary shares. Renaissance Capital does not count this as an IPO in its statistical summaries.

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