Four initial public offerings (IPOs) were completed last week, including the third-largest of the year. The coming week’s week calendar includes three new companies having their first go at an IPO in what is going to be the last week of 2016 for new issues.
Last week’s big winner was fixed annuity provider Athene Holding Ltd. (NYSE: ATH). The company raised $1.08 billion in an upsized offering of 27 million shares at $40, the midpoint of the expected range. Shares got a first day pop of 10% and closed the week up 10%.
Polar Power Inc. (NASDAQ: IGLEU) raised $17 million with a first day pop of 29%; Ichor Holdings Ltd. (NASDAQ: ICHR) raised $52 million and got a first day pop of 9% ; and SenesTech Inc. (NASDAQ: SNES) raised $15 million with a first day pop of 2%.
Through the week ending November 25 IPO ETF manager Renaissance Capital reported that 102 IPOs have priced in the U.S. so far this year, down about 40% from a year ago. Total proceeds raised through last week equaled $18.5 billion, down about 39% compared with the same period in 2015. Of the 102 IPOs that have gone off this year, 41 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 three IPOs planning to launch for the first time this coming week:
WildHorse Resource Development Corp. is an independent oil & natural gas exploration and development company with assets in the Eagle Ford shale of south Texas and the Cotton Valley region of northern Louisiana. The company plans to offer 27.5 million shares in an expected price range of $19 to $21 to raise $550 million at an implied market cap of $1.82 billion. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol WRD.
TiGenix is a Belgium-based biopharmaceutical company developing a stem cell therapy to treat a perianal fistula associated with Crohn’s disease. The company is currently traded on the Euronext Brussels and plans to offer 2.75 American Depositary Shares (ADS) at a price of $19.20 per ADS (one ADS is equal to 20 ordinary shares). ADSes are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol TIG.
Travel BV is a Netherlands-based hotel search platform better known as trivago that is being spun out of Expedia Inc. (NASDAQ: EXPE). The company plans to offer 28.5 million ADSes (of which some 10.4 are selling shareholders) in an expected price range of $13 to $15. Each ADS represents one class A share. The company has a dual-share structure and class B shares are entitled to 10 votes per class B shares (98.7% of the voting power of the stock). ADSes are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol TRVG.
Two companies that continue to be listed as day-to-day are:
Eagleline Acquisition Corp. is a blank-check company that intends to concentrate its efforts on businesses supplying services to the healthcare industry. The firm plans sell 15 million units at $10 per unit to raise $150 million. Each unit includes one share of class A common stock and one-half of one warrant to purchase an additional share. Units are listed as day-to-day and will trade on the Nasdaq under the symbol IGLEU.
Accelerated Pharma Inc. is a biopharmaceutical firm developing a platinum-based chemotherapy using genomic technology. The company plans to offer 1.89 million shares in an expected price range of $8 to $10 to raise $17 million at an implied market cap of $93 million. Shares are listed only as beginning to trade the week of December 5 and will trade on the Nasdaq under the ticker symbol ACCP.
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