10 IPOs on Calendar for Week Ahead

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While the action in the initial public offering (IPO) market improved last week, the improvement came with a downside. All five IPOs last week priced below their expected ranges, and of seven health care IPOs on the calendar, only four made it out the door.

The lone non-health-care IPO that successfully launched last week was Performance Food Group Co. (NYSE: PFGC), which priced its offer at $19, well-below the expected range of $22 to $25. Shares closed Friday at $21.18.

Edge Therapeutics Inc. (NASDAQ: EDGE) priced at $11 a share, some 27% below the mid-point of the expected range of $14 to $16. Shares did get an 18% first-day pop and closed Friday at $17.48, up nearly 60% from the IPO price.

Mirna Therapeutics Inc. (NASDAQ: MIRN) priced at $7, 50% below the mid-point of its $13 to $15 range, and shares closed Friday up less than 1% from the IPO price. Surgery Partners Inc. (NASDAQ: SGRY) priced at $19, about 22% below the middle of the $23 to $26 expected range, and closed Friday down 3% at $18.43. NovoCure Ltd. (NASDAQ: NVCR) priced 20% below the mid-point of its expected range of $26 to $29 at $22 and closed Friday at $18.28, down 17% after one day of trading.

Through the week ending October 2, IPO ETF manager Renaissance Capital reported that 139 IPOs have priced in the United States so far this year, down about 36% from a year ago. Total proceeds raised through last week equaled $23.5 billion, down 67% compared with the same period in 2014. Of the 139 IPOs that have gone off this year, 65 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.

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