Three initial public offerings (IPOs) went off as scheduled last week and four are on the calendar for the coming week. All four of the prospective IPOs are healthcare companies.
Last week’s new offerings were led by Red Rocks Resorts Inc. (NASDAQ: RRR) which raised $531 million, all of which went to insiders. The shares priced at the midpoint of the expected range, $19.50, and closed Friday down 4% from the offering price.
Yintech Investment Holdings Ltd. (NASDAQ: YIN) priced at $13.50, the midpoint of its expected range, and closed the week up 3%. The company operates a commodities exchange based in Shanghai. The company raised $101 million in the IPO.
Global Water Resources Inc. (NASDAQ: GWRS) raised $7 million after pricing 5.8 million shares at the high end of its expected range.
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Through the week ending April 22nd, IPO ETF manager Renaissance Capital reported that 16 IPOs have priced in the U.S. so far this year, down about 67% from a year ago. Total proceeds raised through last week equaled $2.9 billion, down 64% compared with the same period in 2015. Of the 16 IPOs that have gone off this year, 10 have come from the healthcare sector. Last year’s IPO total came in at $30 billion on 170 offerings. Renaissance Capital does not include “best efforts” or blank-check companies in its totals.
Cancer Prevention Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company developing and commercializing therapeutic agents to treat and prevent certain pre-cancerous conditions, orphan diseases, and gastrointestinal conditions. The company is offering 1.9 million shares in an expected price range of $12 to $14 to raise $25 million at an implied market cap of $96.5 million. Sole bookrunner for the offering is Aegis Capital Corp. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol CPP.
Intellia Therapeutics Inc. is a gene-editing company developing proprietary, potentially curative therapeutics. The company plans to offer 5 million shares in an IPO price range of $16 to $18 to raise $85 million at an implied market cap of $582.7 million. Joint bookrunners for the offering are Credit Suisse, Jefferies, and Leerink Partners. Co-manager is Wedbush PacGrow. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol NTLA.
Oncobiologics Inc. is a clinical-stage biopharmaceutical firm identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. The company plans to offer 5 million shares in an expected price range of $11 to $13 to raise $60 million at an implied market cap of $241.8 million. Joint bookrunners for the offering are Jefferies and Barclays. Co-manager is Cantor Fitzgerald. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ONS.
Spring Bank Pharmaceuticals Inc. is a clinical-stage biopharmaceutical firm engaged in the discovery and development of a novel class of therapeutics on its proprietary platform. The company plans to issue 1.1 million shares in an expected price range of $12 to $14, raising $14.8 million at an implied market cap of $95.2 million. The IPO was postponed in mid-March and has been downsized and the price range has been lowered. Sole bookrunner is Dawson James. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol SBPH.
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