IPO exchange traded fund manager Renaissance Capital reports that 243 IPOs have priced in the U.S. so far this year, up about 25% from a year ago. Total proceeds raised come to $76.5 billion, up 63% from 2013. In the month of October, IPO proceeds totaled $5.8 billion. Proceeds for the first week of November totaled $1.7 billion. The 2013 IPO total came in at $54.9 billion, the highest total in the past 10 years.
Here are the 10 new IPOs on tap for the week:
Axalta Coating Systems Ltd. makes and markets high-performance coating systems. The company plans to offer 45 million shares in a price range of $18 to $21, raising about $877.5 million at a market cap of about $4.38 billion. Joint bookrunners on the offering include Citigroup, Goldman Sachs, Deutsche Bank, J.P. Morgan, Bank of America Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley. Co-managers are Jefferies, UBS Investment Bank and Baird. The IPO is set to price on Tuesday and begin trading Wednesday on the New York Stock Exchange (NYSE) under the ticker symbol AXTA.
Navios Maritime Midstream Partners L.P. is a spin-off from Navios Maritime Partners L.P. (NYSE: NMM) and will own and operate crude oil tankers under long-term employment contracts. The company plans to offer 8.1 million partnership common units in an IPO price range of $19 to $21 to raise $162 million at a market cap of about $187 million. Joint bookrunners are Merrill Lynch, Citigroup, J.P. Morgan, Credit Suisse and Wells Fargo Securities. Co-managers are Deutsche Bank and S. Goldman Advisors. The IPO is scheduled to price on Wednesday and common units begin trading Thursday on the NYSE under the ticker symbol NAP.
NeuroDerm Ltd. is a clinical-stage pharmaceutical company developing next-generation treatments for central nervous system disorders. The company plans to offer 4.5 million shares in a price range of $13 to $16, raising about $65.3 million against a market value of about $238 million. Joint bookrunners are Jefferies and Cowen. Co-managers are Oppenheimer and Roth Capital. The stock is scheduled to price Wednesday and to begin trading Thursday on the Nasdaq under the ticker symbol NDRM.
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