Initial public offerings (IPO) were a bit slow getting off the mark in 2015, but the week of January 26 looks ready to make up for the tepid start. A total of 11 IPOs are on the week’s calendar, including the first health care offerings of the new year.
Last week’s single IPO was a huge success for Box Inc. (NYSE: BOX), which priced 12.5 million shares at $14, above the expected range of $11 to $13, and saw the stock open at $20.20 and close its first day of trading at $23.23, up about 66% on the day.
IPO ETF manager Renaissance Capital reported that four IPOs have priced in the United States so far this year, down about 50% from a year ago. Total proceeds raised come to $500 million, down about 88% compared with the same period in 2013. The 2014 IPO total came in at $85.2 billion, the highest total in the past 10 years.
Here is a look at the IPOs on the schedule for the coming week.
Presbia PLC is an Ireland-based ophthalmic device maker currently marketing a lens implant to treat presbyopia, the age-related inability to focus on near objects. The company plans to offer 4.2 million shares in an IPO price range of $11 to $13 to raise about $50 million at a market cap of around $160 million. The sole bookrunner is Jefferies. Shares are scheduled to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol LENS.
Zosano Pharma Corp. is a clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its existing drugs through the skin. The company plans to offer 3 million shares in a price range of $10 to $12, and it expects to raise gross proceeds of around $33 million at a market cap of $113.5 million. The company first filed for an IPO in July of last year, and it has delayed the offering several times. Joint bookrunners for the offering are Ladenburg Thalmann & Co. and Roth Capital. Shares are scheduled to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ZSAN.
Ascendis Pharma A/S is a Denmark-based clinical-stage biopharmaceutical maker developing a pipeline of long-acting prodrug therapies that it expects to address large markets with significant unmet medical needs. The company plans to offer 5 million shares in an expected price range of $16 to $18, raising $85 million at a market cap of around $373 million. Joint bookrunners for the offering are Bank of America Merrill Lynch, Leerink Partners and Wells Fargo Securities. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ASND.