Investing

7 Health Care IPOs on Next Week's Calendar

IPO
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Last week was not a standout for initial public offerings (IPOs). There were three on the calendar, and only a blank-check company was able successfully to launch in the public markets.

Two holdovers from last week, Oasmia Pharmaceutical and Boxlight, are scheduled to have another go, and so are seven health care companies, a food service distributor and a China-based shoe-sole maker.

Through the week ending September 25, IPO ETF manager Renaissance Capital reported that 134 IPOs have priced in the United States so far this year, down about 35% from a year ago. Total proceeds raised through last week equaled $22.6 billion, down about 67% 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.

One offering postponed from last week is Sweden-based Oasmia Pharmaceutical. The pharmaceutical company plans to list American depositary shares (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 unspecfied number of ADSs in a range of $5.25 and $7.75 per ADS and raise $23 million. One ADS is equal to three ordinary shares. The offering is indicated only for the week of September 28. Renaissance Capital does not count this as an IPO in its statistical summaries.

The other holdover from last week, 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 indicated only to begin trading during the week of September 28 on the Nasdaq under the ticker symbol BOXL. This is Boxlight’s third try after postponing a planned offering in late August.

Mirna Therapeutics is a clinical-stage biopharmaceutical company developing a broad pipeline of microRNA-based oncology therapeutics. The company plans to offer 4.65 million shares in an expected price range of $13 to $15 to raise about $65 million at an implied market cap of $233.5 million. Joint bookrunners for the offering are Citigroup and Leerink Partners. Co-managers are Oppenheimer and Cantor Fitzgerald. The offering is expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol MIRN.

Edge Therapeutics isa clinical-stage biotechnology company that discovers, develops and seeks to commercialize novel, hospital-based therapies capable of transforming treatment paradigms in the management of acute, life-threatening conditions. The company plans to offer 5.67 million shares in an expected price range of $14 to $16, raising $85 million at an implied market cap of $387.8 million. Joint bookrunners for the offering are Leerink Partners and Credit Suisse. Co-managers are Guggenheim Securities and JMP Securities. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol EDGE.