IPOs This Week: Cloudera, Carvana Among 8 Offerings on Tap

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Just one initial public offering (IPO) made it out the door in the past week, but there are a whopping eight on the calendar for the coming week. If all are successful, April will equal the busiest month for IPOs since last October when 19 hit the public markets. That’s the highest total in the past seven quarters.

Last week’s single IPO was Select Energy Services Inc. (NYSE: WTTR), a provider of water solutions to the U.S. unconventional (shale) oil & gas industry. The company priced at $14, below the expected range of $15 to $18, and raised $122 million on the sale of 8.7 million shares, well below the planned offering of 10.6 million shares. The Friday IPO closed up 0.1%.

Through the week ending April 21, IPO ETF manager Renaissance Capital reported that 36 IPOs have priced in the U.S. so far this year, up about 177% year over year. Total proceeds raised through last week equaled $12.4 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.

Here are some details on the eight IPOs scheduled for the coming week.

China Rapid Finance Ltd. is a Shanghai-based online peer-to-peer lender. The company plans to offer 10 million shares in an expected price range of $9.50 to $11.50 to raise $105 million at an implied market cap of around $586 million. Underwriters for the offering are Morgan Stanley, Credit Suisse, and Jefferies. Shares are scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol XRF.

Floor & Decor Holdings Inc. is a multi-channel specialty retailer of hard surface flooring. The company plans to offer 8.8 million shares in a projected price range of $16 to $18 to raise $150 million at an implied market cap of $1.57 billion. Underwriters for the offering are BofA/Merrill Lynch, Barclays, Credit Suisse, UBS Investment Bank, Goldman Sachs, Jefferies, Piper Jaffray, Wells Fargo Securities, and Houlihan Lokey. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol FND.

Verona Pharma plc is a London-based clinical-stage biopharmaceutical company developing treatments for respiratory diseases. The company is listed on the London AIM exchange and plans to issue 4.5 American Depositary Shares (ADS) priced at $13.49 to raise $59 million at an implied market cap of $130 million. Each ADS represents 8 ordinary shares. Underwriters for the offering are Jefferies, Stifel, Wedbush PacGrow, and SunTrust Robinson Humphrey. ADSes are expected to begin trading Thursday on the Nasdaq under the ticker symbol VRNA.

Carvana Co. is an e-commerce platform for buying used cars. The company plans to sell 15 million shares in an expected price range of $14 to $15 to raise $225 million at an implied market cap of $1.98 billion. Underwriters include Wells Fargo Securities, BofA/Merrill Lynch, Citi, Deutsche Bank, Baird, William Blair, BMO Capital Markets, and JMP Securities. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol CVNA.

Cloudera Inc. is a big-data company that offers a Hadoop-based data management platform to large enterprises. The company plans to offer 15 million shares in an expected price range of $12 to $14 to raise $195 million at an implied market cap of $1.66 billion. Underwriters for the offering are Morgan Stanley, J.P. Morgan, Allen & Company, BofA/Merrill Lynch, Citi, Deutsche Bank, Stifel, JMP Securities, and Raymond James. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol CLDR. We previewed the offering last week.

Emerald Expositions Events Inc. operates U.S. business-to-business trade shows. The company plans to offer 15.5 million shares in an expected price range of $18 to $20 to raise $294.5 million at an implied market cap of $1.37 billion. Underwriters include BofA/Merrill Lynch, Barclays, Goldman Sachs, Citi, Credit Suisse, Deutsche Bank, RBC Capital Markets, and Baird. The shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol EEX.

NCS Multistage Holdings Inc. provides engineered products and support services for well completions to the oil & gas industry. The company plans to offer 9.5 million shares in an expected price range of $15 to $18 to raise $157 million at an implied market cap of $748 million. Underwriters include Credit Suisse, Citi, Wells Fargo Securities, Simmons & Co., Raymond James, RBC Capital Markets, and Tudor, Pickering, Holt & Co. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol NCSM.

Zymeworks Inc. is a Vancouver, British Columbia-based clinical-stage biopharmaceutical company developing treatments for cancer. The company plans to offer 4.5 million shares in an expected price range of $13 to $16 to raise $165 million at an implied market cap of $351 million. Underwriters for the offering are Citi, Barclays, Wells Fargo Securities, Canaccord Genuity, and Cormark Securities. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ZYME.