At the end of last week, all four of the companies on the initial public offering (IPO) calendar were trading publicly. Judged on the basis of their first-day pop, DAVIDsTEA Inc. (NASDAQ: DTEA) was the week’s big winner, closing up 42% at $27.00. The Ottawa, Canada, company priced its shares at $19, above the expected range, and the day just got better for it after that.
EndoChoice Holdings Inc. (NYSE: GI) price at $15, the low end of its expected range, but popped 13% to close at $17. PennTex Midstream Partners L.P. (NASDAQ: PTXP) priced at $20, the midpoint of the expected range, but closed down 2% at $19.55. Evolvent Health Inc. (NYSE: EVH) priced at $17 a share, a buck higher than the expected range, and the shares closed up 11% at $18.86 after Friday’s IPO.
IPO ETF manager Renaissance Capital reported that 73 IPOs have priced in the United States so far this year, down nearly 38% from a year ago. Total proceeds raised through June 5 equaled $12.9 billion, down about 46% compared with the same period in 2014. Of the 73 IPOs that have gone off this year, 32 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. Renaissance Capital does not include “best efforts” or blank check companies in its totals.
There are seven IPOs on next week’s calendar, including three health care companies, a bank holding company, a solar investment firm, a Chinese brick-maker and a restaurant chain specializing in chicken wings.
People’s Utah Bancorp is a bank holding company with 18 retail banking branches. The company plans to offer 2.5 million shares in an expected price range of $13 to $15 to raise $35 million at a market cap of around $239 million. Sole bookrunner for the deal is D.A. Davidson. Co-managers are Sandler O’Neill and FIG Partners. The IPO is currently scheduled to price and to begin trading in the week of June 8 on the Nasdaq under the ticker symbol PUB.