4 IPOs on Tap This Week After a So-So Performance Last Week

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Four initial public offerings (IPOs) are on the calendar for the coming week, aiming for a combined total of $1 billion in funding. Last week there were two IPOs, neither of which produced a positive pop after pricing below the midpoint of their expected ranges.

J. Jill Inc. (NYSE: JILL), a women’s apparel brand, priced at $13, below the expected range of $14 to $16, and raised $152 million (100% from insider sales). IT products reseller Presidio Inc. (NASDAQ: PSDO) priced at the low end of its expected range of $14 to $16 and raised $233 million.

Through the week ending March 10, IPO ETF manager Renaissance Capital reported that 19 IPOs have priced in the United States so far this year, up 280% year over year. Total proceeds raised through last week equaled $8.6 billion. For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion, compared with a 2015 total of $30 billion. 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.

On this week’s calendar are a hydraulic fracturing company, an enterprise software company, a maker of high-end parkas and a metal and glass container manufacturer.

Luxembourg-based Ardagh Group is a supplier of rigid packaging solutions, including metal and glass containers for the food and beverage markets. The company plans to offer 16.2 million shares in an expected price range of $17 to $20 to raise about $300 million at an implied market cap of $4.32 billion. Underwriters include Citi, Deutsche Bank, Goldman Sachs, Barclays, Credit Suisse, JPMorgan, Davy Corporate Finance and Wells Fargo Securities. Shares are scheduled to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol ARD.

Canada-based Canada Goose Holdings is a maker of high-end winter parkas and outerwear. The company plans to offer 20 million shares in an expected price range of $10.50 to $12 to raise $225 million at an implied market cap of $980 million. Underwriters include CIBC, Credit Suisse, Goldman Sachs, RBC Capital Markets, Merrill Lynch, Morgan Stanley, Barclays, BMO Capital Markets, TD Securities, Canaccord Genuity and Nomura Securities. Shares are scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol GOOS.

MuleSoft is an API-based application integration platform for enterprise customers. The company plans to offer 13 million shares in an expected price range of $12 to $14, raising $169 million at an implied market cap of $1.64 billion. Underwriters for the offering are Goldman Sachs, JPMorgan, Merrill Lynch, Allen, Barclays, Jefferies, Canaccord Genuity, Piper Jaffray and William Blair. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol MULE.

ProPetro Holding Corp. provides hydraulic fracturing (fracking) services to North American oil and gas exploration and production companies. The company plans to offer 20 million shares in an expected price range of $16 to $19 to raise $350 million at an implied market cap of $1.4 billion. Underwriters include Goldman Sachs, Barclays, Credit Suisse, JPMorgan, Evercore ISI, RBC Capital Markets, Simmons, Raymond James, Tudor, Pickering, Holt, Deutsche Bank and Johnson Rice. Shares are expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol PUMP.