Of the new issues, Regenxbio Inc. (NASDAQ: RGNX) and Penumbra Inc. (NYSE: PEN) got the biggest first day pops — 38%. Both upsized the number of shares on offer and priced above their expected ranges. Nabriva Therapeutics A.G. (NASDAQ: NBRV) priced 9 million American depositary shares (ADSs) at $10.25, compared with a planned IPO of 6 million ADSs in a price range of $15 to $17 per ADS.
Through the week ending September 18, IPO ETF manager Renaissance Capital reported that 134 IPOs have priced in the United States so far this year, down about 32% from a year ago. Total proceeds raised through last week equaled $22.6 billion, down about 64% compared with the same period in 2014. Of the 134 IPOs that have gone off this year, 61 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.
The offering postponed from last week is Sweden-based Oasmia Pharmaceutical. The pharmaceutical company plans to list ADSs on the Nasdaq under the ticker symbol OASM. The company’s shares already trade on the Nasdaq Stockholm exchange and on the Frankfurt exchange. The sole bookrunner is Ladenburg Thalmann, and the co-manager is Aegis Capital. The company plans to price an unspecified number of ADSs in a range of $5.25 and $7.755 apiece and raise $23 million. One ADS is equal to three ordinary shares. Renaissance Capital does not count this as an IPO in its statistical summaries.
Boulevard Acquisition II is a blank-check company that plans to offer 35 million units at an IPO price of $10 million to raise $350 million at implied market cap of about $438 million. Each unit comprises one share of Class A common stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to certain conditions. The bookrunner for the offering is Citigroup and co-managers are Sterne Agee CRT and I-Bankers Securities. The units are scheduled to be trading Tuesday on the Nasdaq under the ticker symbol BLVDU.
Boxlight is a technology company primarily focused on the education and learning industry. The company plans to offer 1.1 million shares in an expected price range of $8 to $10 to raise $10 million at an implied market cap of $58 million. Sole bookrunner for the offering is Aegis Capital. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol BOXL. This is Boxlight’s second try after postponing a planned offering in late August.