4 IPOs on Calendar for Week of July 25

Print Email

Last week saw four initial public offerings (IPOs) launch into the public market on their first try, and three of the four posted sharp first-day pops while the even the fourth posted a small pop. All four closed the week with gains. Four new IPOs are on the calendar for the coming week and there are four others that are listed as day-to-day.

Biotech firm Audentes Therapeutics Inc. (NASDAQ: BOLD) raised $75 million, pricing 5 million shares at $15 each and getting a first-day return of 1%. The shares closed the week flat.

Wireless products maker Impinj Inc. (NASDAQ: PI) raised $67 million, pricing 4.6 million shares at $16, the high-end of the expected range. Shares got a 28% first-day pop and closed the week up 40%.

Pantheon NV (NYSE: PTHN), a contract pharmaceutical developer and manufacturer, raised $625 million on an offering of 25.6 million shares at $21 per share. Shares popped 19% on the first day of trading and closed the week up 21%.

Wind blade maker TPI Composites Inc. (NASDAQ: TPIC) raised $69 million after pricing 6.3 million shares at $11, below original plan to offer 7.3 million shares and well below the expected range of $15 to $17. Shares popped 23% on the first day of trading and closed the week up 23%.

Through the week ending July 22, IPO ETF manager Renaissance Capital reported that 48 IPOs have priced in the U.S. so far this year, down 58% from a year ago. Total proceeds raised through last week equaled $8.6 billion, down 57% compared with the same period in 2015. Of the 48 IPOs that have gone off this year, 25 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, nor does it include IPOs that raise less than $10 million.

New to the IPO calendar this week Kadmon Holdings LLC, an integrated biopharmaceutical company working on developing and commercializing treatments for autoimmune and other diseases. The company plans to offer 5.6 million shares in an expected price range of $16 to $20 to raise $100 million at an implied market cap of $613.3 million. Joint bookrunners for the offering are Citi and Jefferies. Co-managers are JMP Securities and H.C. Wainwright. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol KDMN.

Kinsale Capital Group Inc. is specialty insurance company focussed exclusively on the excess and surplus (E&S) lines market in the United States. The firm plans to offer 6 million shares in an expected price range of $14 to $16 to raise $90 million at an implied market cap of $314.5 million. Joint bookrunners for the offering include J.P. Morgan, William Blair, and RBC Capital Markets. Co-managers include SunTrust Robinson Humphrey, Dowling & Partners, and Moelis & Co. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol KNSL.

Talend SA provides a platform to address the integration needs of IT departments in a variety of industries. The company is based in France and plans to offer 5.25 American Depositary Shares (ADSes) in an expected price range of $15 to $17, raising $84 million at an implied market cap of $447.5 million. One ADS is equal to one ordinary share of stock. Joint bookrunners for the offering are Goldman Sachs, J.P. Morgan, Barclays, and Citi. Co-manager is William Blair. ADSes are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol TLND.

Bioventus Inc. is a medical device maker that provides non-invasive and surgical products for musculoskeletal conditions. The company plans to offer 8.8 million shares in an expected price range of $16 to $18, raising $150 million at an implied market cap of $566 million. Joint bookrunners for the offering are J.P. Morgan and Piper Jaffray. Co-managers are Stifel and Leerink Partners.

The first of four companies that may be returning for another try at an IPO is AgEagle Aerial Systems Inc. which designs and manufactures small unmanned aerial vehicles (UAVs or, more commonly, drones) for the agricultural industry. The firm plans to offer 2.7 million shares in an expected price range of $5 to $6 to raise $15 million at an implied market cap of $23.1 million. Joint bookrunners for the offering are Northland Securities and Roth Capital. Shares are listed as day to day and will on the Nasdaq under the ticker symbol UAVS.

Another returnee this week is Tactile Systems Technology Inc., a medical technology company that develops and provides medical devices to treat chronic diseases at home. The company plans to offer 4 million shares in an expected price range of $14 to $16 to raise $60 million at an implied market cap of $236.3 million. Joint bookrunners for the offering are Piper Jaffray, William Blair, and Canaccord Genuity. Co-manager is BTIG. Shares are listed as day-to-day and will trade on the Nasdaq under the ticker symbol TCMD.

Also returning for another go is Gemphire Therapeutics Inc., a clinical-stage biopharmaceutical firm developing therapies to treat dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease. The company plans to offer 3.8 million shares in an expected price range of $11 to $13 to raise $45 million at an implied market cap of $110.2 million. Joint bookrunners are Jefferies and RBC Capital Markets. Co-managers are Canaccord Genuity and Roth Capital. Shares are listed as day-to-day and will trade on the Nasdaq under the ticker symbol GEMP.

Continuing to be listed as day-to day is Cancer Prevention Pharmaceuticals Inc., 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 downsized it offering from 1.9 million shares to 1.25 million in an expected price range of $12 to $14 to raise $16.3 million at an implied market cap of $87.9 million. Sole bookrunner for the offering is Aegis Capital Corp. Shares are expected to trade on the New York Stock Exchange under the ticker symbol CPP.

I'm interested in the Newsletter