Investing

IPO Calendar Swells to 11 for Week of October 12

A second IPO delayed from last week, Strongbridge Biopharma, is a biopharmaceutical company focused on the development, in-licensing, acquisition and eventual commercialization of multiple complementary products and product candidates within franchises that target rare diseases. The offering is a “transplant” from the Norwegian over-the-counter system. The company plans to offer 4.3 million shares at a price of $17.93, raising about $76.2 million at an implied market cap of $411.6 million. Joint bookrunners for the offering are Bank of America Merrill Lynch and Stifel. Co-managers are JMP Securities, Roth Capital and Arctic Securities. Shares are now expected to begin trading in the week of October 12th on the Nasdaq under the ticker symbol SBBP.

A third retry for the coming week is Cerecor, a clinical-stage biopharmaceutical company with the goal of becoming a leader in the development of innovative drugs that make a difference in the lives of patients with neurological and psychiatric disorders. The company plans to offer 4.2 million units in an expected price range of $6 to $7 to raise $27.5 million at an implied market cap of $57.6 million. Each unit comprises one share of common stock, one class A warrant to purchase one additional share of common stock, and one class B warrant to purchase another one-half share of common stock. Sole bookrunner for the offering is Maxim Group and the co-manager is Laidlaw & Co. (UK). Units are expected to price in the coming week and begin trading on the Nasdaq under the ticker symbol CERCU. The common stock will trade under the symbol CERC.

The fourth do-over from last week is SynCardia Systems, a medical technology company focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart. The company plans to offer 2.5 million shares in an expected price range of $10 to $12 to raise $27.5 million at an implied market cap of $86 million. Sole bookrunner for the offering is Roth Capital. Shares are expected to begin trading in the coming week on the Nasdaq under the ticker symbol TAHT.

Sole Elite Group, a China-based maker of shoe soles used in the manufacture of sports shoes, did not complete its IPO as planned three weeks ago. The company plans to offer 3 million shares in an expected price range of $10 to $12 to raise $33 million at a fully diluted market cap of $198 million. Joint bookrunners for the offering are Dawson James and ViewTrade. Trading on the Nasdaq under the ticker symbol SOLE is listed as “day-to-day.”

Two blank-check companies are set to launch next week. Shanghai-based Pacific Special Acquisition Corp. is offering 5 million units at $10 per unit to raise $50 million. Each unit consists of one ordinary share, one Right entitling the holder to receive one-tenth of one ordinary share, and one Warrant entitling the holder to purchase one half of one ordinary share. Sole bookrunner is EarlyBirdCapital. Units are expected to begin trading the week of October 12 on the Nasdaq under the ticker symbol PAACU.

The other blank-check offering next week is Capital Acquisition Corp. III. The firm plans to offer 35 million units at $10 per unit to raise $350 million. Each unit consists of one share of common stock and one half of one warrant. A full warrant entitles the holder to purchase one share of common stock at a price of $11.50. Joint bookrunners for the offering are Citi, Deutsche Bank, and Credit Suisse. Co-managers are i-Bankers Securities and B. Riley. Units are expected to begin trading the week of October 12 on the Nasdaq under the ticker symbol CLACU.