All six of last week’s initial public offering (IPO) candidates succeeded in reaching the public markets. And while none had quite the introduction that welcomed Nutanix the week before, another tech company did pretty well. Even though three of the six priced below their expected mid-points, all six finished the week at no worse than flat to their IPO prices.
Coupa Software Inc. (NASDAQ: COUP) was the week’s big winner, pricing at $18 (20% above the expected mid-point) and getting a first day pop of 85%. The cloud-based software firm raised $133 million and closed the week up 65%.
The other successful IPOs were AquaVenture Holdings Ltd. (NYSE: WAAS) which ended its first week trading up 22%; Advanced Disposal Services Inc. (NASDAQ: ADSW), up 11% after its first week; Camping World Holdings Inc. (NYSE: CWH), up 2%; and Everspin Technologies Inc. (NASDAQ: MRAM) and Obalon Therapeutics Inc. (NASDAQ: OBLN) both closing their first week flat.
Through the week ending October 7 IPO ETF manager Renaissance Capital reported that 81 IPOs have priced in the U.S. so far this year, down nearly 44% from a year ago. Total proceeds raised through last week equaled $13.3 billion, down nearly 46% compared with the same period in 2015. Of the 81 IPOs that have gone off this year, 35 have come from the healthcare sector. Last year’s IPO total came in at $30 billion on 170 offerings. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.
Here are the four IPOs on the coming week’s calendar.
Avista Healthcare Public Acquisition Corp is a blank-check company planning to offer 30 million units at $10 per unit to raise $300 million. Each unit comprises one class A ordinary share and one warrant entitling the holder to purchase one-half of a class A share at a full-share price of $11.50. The units are expected to begin trading Tuesday on the Nasdaq under the ticker symbol AHPA.
New Delhi-based Azure Power Global Ltd. is provider of solar power-generated electricity in India. The company plans to offer 3.4 million shares in an expected price range of $21 to $23 to raise $75 million at an implied market cap of $520 million. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol AZRE.
Extraction Oil & Gas Inc. is an independent oil & gas company focused on hydrocarbon production in the Wattenberg field of the Denver-Julesburg basin. The company plans to offer 33.3 million shares in an expected price range of $15 to $18 to raise $550 million at an implied market cap of $2.34 billion. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol XOG.
Mammoth Energy Services Inc. is an oilfield services company that provides completion and production services for North American onshore producers. The company plans to sell 7.8 million shares in an expected price range of $15 to $18 to raise about $128 million at an implied market cap of around $619 million. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol TUSK.