Last week’s initial public offering (IPO) calendar looked full when the week began, but by Friday only three of a dozen deals had priced and begun trading. Four of last week’s potential IPOs have been postponed, three others are expected to price in the coming week, and one other will wait an additional week before trying again.
The companies that did make their debuts last week were Nexvet Biopharma PLC (NASDAQ: NVET), Barington/Hilco Acquisition Corp. (NASDAQ: BHACU), Columbia Pipeline Partners L.P. (NYSE: CPPL) and Easterly Government Properties (NYSE: DEA).
IPO ETF manager Renaissance Capital reported that 17 IPOs have priced in the United States so far this year, down about 37% from a year ago. Total proceeds raised come to $3 billion, down about 52% compared with the same period in 2014. Of the IPOs that have gone off this year, nine have come from the health care sector. Last year’s 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.
The first holdover from last week is Infraredx Inc., a cardiovascular imaging company working on the diagnosis and treatment of coronary artery disease. The company plans to offer 4 million shares in an expected price range of $13 to $15 to raise $56 million at a market cap of nearly $200 million. Joint bookrunners for the offering are RBC Capital Markets, Canaccord Genuity and BMO Capital Markets. Co-managers are Oppenheimer and BTIG. Shares are listed as day-to-day and are to begin trading on the Nasdaq under the ticker symbol REDX.
The second holdover is Eyegate Pharmaceuticals Inc., a clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutics and drug delivery systems for treating eye diseases. The company has lowered both its number of shares on offer and its price. Eyegate now plans to sell 800,000 shares at an expected price of $6 to raise $5 million at a market cap of $48.3 million. Joint bookrunners for the offering are Aegis Capital and Chardan Capital Markets. No date other than next week has been set for pricing. Shares will trade on the Nasdaq under the ticker symbol EYEG.
Inotek Pharmaceuticals Corp. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma and is the third of last week’s companies to try again in the coming week. The company plans to offer 4.6 million shares in an expected price range of $13 to $15 to raise $65 million at a market cap of $191.3 million. Joint bookrunners for the offering are Cowen, Piper Jaffray, Canaccord Genuity and Nomura Securities. Shares are listed as day-to-day, to begin trading on the Nasdaq under the ticker symbol ITEK.
The first of the newly scheduled IPOs for the week beginning February 9 is AutoGenomics Inc., a commercial stage molecular diagnostics company. It plans to offer 3.8 million shares in an expected price range of $11 to $13 to raise $45 million at a market cap of around $123 million. Joint bookrunners for the offering are Stifel, Canaccord Genuity and Cantor Fitzgerald. Shares are scheduled to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol AGMX.