IPO News This Week: 6 IPOs Get December Off to a Good Start

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There were three under-the-radar initial public offerings (IPOs) last week, two blank-check companies and a small-cap Chinese supplier of eco-friendly building materials. The total amount raised reached a combined $514 million, and the average first-day pop was around 36%, all due to one of the IPOs. A total of six IPOs seeking $731 million in financing are on the calendar for the coming week.

Here’s a recap of last week’s IPOs.

Chinese building materials firm ReTo Eco-Solutions Inc. (NASDAQ: RETO) raised $14 million on the sale of 2.8 million shares at $5.00 per share, the midpoint of the expected range. Shares popped 111% on the first trading day and closed the week up 71%.

Regalwood Global Energy Ltd. (NYSE: RWGE.U) is a blank-check company that raised $300 million by selling 30 million units at $10 per unit. The company closed the week flat.

Leisure Acquisition Corp. (NASDAQ: LACQU), another blank-check firm, raised $200 million by selling 20 million units at $10 per unit. Units closed the week down 0.4%.

Through the week ending December 1, IPO ETF manager Renaissance Capital reported that 151 IPOs have priced in the United States so far this year, up about 54% year over year. Total proceeds raised through last week equaled $34.3 billion, up 103% year over year.

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 the six firms looking at issuing IPOs this week.

Curo Group Holdings is an online consumer finance company serving underbanked customers in the United States, Canada, and the United Kingdom. The company plans to offer 6.7 million shares to raise $100 million in an expected price range of $14 to $16 at a market cap of $668 million. Underwriters include Credit Suisse, Jefferies, Stephens Inc., William Blair and Janney Montgomery Scott. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol CURO.

Odonate Therapeutics is developing an oral chemotherapy drug to treat breast cancer. The company plans to offer 5.9 million shares in an expected price range of $24 to $27 to raise $150 million at a market cap of $676 million. Insiders have indicated they will purchase $25 million worth of shares at the IPO. Underwriters are Goldman Sachs, Jefferies and Cowen. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ODT.

Quanterix is a life sciences company developing protein detection tests for clinical research. The firm plans to offer 3.3 million shares in an expected price range of $14 to $16 to raise $50 million at a market cap of $304 million. Insider buying is indicated at $30 million. Underwriters include JPMorgan, Leerink Partners, Cowen, BTIG and Evercore ISI. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol QTRX.

Denali Therapeutics is developing therapeutics to treat neurodegenerative diseases. The company plans to offer 8.3 million shares in an expected price range of $17 to $19 to raise $150 million at a market cap of $1.5 billion. Insiders have committed to purchasing $50 million worth of stock at the IPO. Underwriters are Goldman Sachs, Morgan Stanley, JPMorgan and Evercore ISI. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol DNLI.

Luther Burbank is a bank holding company headquartered in Santa Rosa, California. The company plans to offer 11.4 million shares in an expected price range of $10.50 to $12.50 to raise $131 million at a market cap of $614 million. Underwriters for the offering are Keefe Bruyette Woods, Sandler O’Neill, Piper Jaffray and D.A. Davidson. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol LBC.

GigCapital is a blank-check company aiming to acquire a business in the technology, media and telecom (TMT) industries. The company plans to offer 15 million units at $10 each to raise $150 million at a market cap of $193 million. Underwriters are Cowen and Chardan Capital Markets. Units are expected to begin trading Friday on the New York Stock Exchange under the ticker symbol GIG.U.