There were six initial public offerings (IPOs) last week, including the largest biotech IPO of the year to date. The total amount raised reached a combined $827 million, well above the anticipated level of $731 million, and the average first-day pop was around 6.7%. A total of six IPOs seeking $763 million in financing are on the calendar for the coming week.
Here’s a recap of last week’s IPOs:
Quanterix Corp. (NASDAQ: QTRX) raised $64 million by selling 4.3 million shares at $15, the midpoint of the expected range. Shares popped 17% of the first day of trading and closed the week up 21%.
Denali Therapeutics Inc. (NASDAQ: DNLI) raised $250 million in an upsized offering of 13.9 million shares priced at $18, the midpoint of the expected range.
Luther Burbank Corp. (NASDAQ: LBC) raised $131 million in an upsized offering of 12.2 million shares at $10.75 a share, just above the low end of the expected range. Shares got a 19% pop on the Friday IPO. Shares popped 9% before Friday’s closing bell.
Curo Group Holdings Corp. (NYSE: CURO) raised $93 million by selling 6.7 million shares at $14, the low end of the expected range. Shares closed the IPO and the week up 1%.
GigCapital Inc. (NYSE: GIG.U) raised $125 million on a downsized offering of 12.5 million units. Units closed flat for the week.
Odonate Therapeutics LLC (NASDAQ: ODT) raised $150 million in an upsized offering of 6.4 million shares priced at $24, the low end of the expected range. Shares lost 4% on the launch date and closed the week down 6%.
Through the week ending December 8, IPO ETF manager Renaissance Capital reported that 156 IPOs have priced in the U.S. so far this year, up about 53% year over year. Total proceeds raised through last week equaled $35 billion, up nearly 94% 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 three firms looking at issuing IPOs this week.
Adial Pharmaceuticals Inc. is developing a targeted therapy for alcohol use disorder based on an approved drug. The company plans to offer 1.4 million shares in an expected price range of $9 to $11 to raise $14 million at a market cap of around $55 million. Sole underwriter for the offering is Joseph Gunnar. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ADIL.
Casa Systems Inc. is a provider of a converged cable access platform (CCAP) to broadband network providers. The company plans to offer 8.4 million shares in an expected price range of $15 to $17 to raise $134 million at a market cap of $1.32 billion. Underwriters include Morgan Stanley, Barclays, Raymond James, Stifel, Macquarie Capital, Northland Securities, and William Blair. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CASA.
Newmark Group Inc. is a commercial real estate brokerage and advisory firm spun out of BCG Partners. The firm plans to offer 30 million shares in an expected price range of $19 to $22 to raise $615 million at a market cap of $3.3 billion. Underwriters include Goldman Sachs, BofA/Merrill Lynch, Citi, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities, Keefe Bruyette Woods, Sandler O’Neill, Raymond James, Regions Securities, CastleOak Securities, and Wedbush Securities. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol NMRK.