Three of last week’s four initial public offering (IPO) candidates succeeded in reaching the public markets, but only one had what we could call a positive experience. This week’s lineup includes the largest potential IPO of the year to date and could push October past September as the year’s more active month for IPOs.
iRhythm Technologies Inc. (NASDAQ: IRTC) priced its offering at $17, above the expected range of $13 to $15, and upsized the number of shares from 5.4 million to 6.3 million. Even with the boost, shares popped 53% on the first trading day and closed last week up almost 52%.
Forterra Inc. (NASDAQ: FRTA) also priced at $17, but that was below the expected range of $19 to $21. Shares posted a negative return of 8.3% on the first day of trading and closed the week down 5.6% from the IPO price.
CRISPR Therapeutics A.G. (NASDAQ: CRSP) also priced below its expected range of $15 to $17 at $14 a share. Shares added 0.6% on the first day of trading, but closed the week down 1.3%.
Through the week ending October 14, IPO ETF manager Renaissance Capital reported that 88 IPOs have priced in the United States so far this year, down about 42% from a year ago. Total proceeds raised through last week equaled $14.6 billion, down more than 48% compared with the same period in 2015. Of the 88 IPOs that have gone off this year, 38 have come from the health care 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.
Here are the seven IPOs on this week’s calendar along with one that is listed as day-to-day:
Ra Pharmaceuticals is a clinical stage biopharma company developing novel therapeutics for rare immune disorders. The company plans to offer 5.8 million shares in an expected price range of $12 to $14 to raise about $75 million at an implied market cap of $263 million. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol RARX.
GTY Technology Holdings is a blank check company. The company plans to offer 40 million units at $10 per unit. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GTYHU.
Myovant Sciences is a Bermuda-based clinical stage biopharma company developing an acquired therapy for endocrine disorders. The company plans to offer 13 million shares in an expected price range of $12 to $15 to raise $120 million at an implied market cap of $790 million. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol MYOV.
ZTO Express is a Shanghai-based express delivery company serving China. The company plans to offer 72.1 million American depositary shares (ADS, each equal to one common share) in a price range of $16.50 to $18.50, raising $1.26 billion at an implied market cap of $12.8 billion. The ADSs are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol ZTO.
Acushnet Holdings makes golf gear under the brand names Titleist and FootJoy. The company plans to offer 19.3 million shares in a price range of $21 to $24, raising about $435 million at an implied market cap of $1.67 billion. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol GOLF.
BlackLine provides a cloud-based platform for automating financial reporting. The company plans to offer 8.6 million shares in a price range of $13 to $15, raising about $120 million at an implied market cap of $690 million. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol BL.
Quantenna Communications is a fabless chipmaker designing high-speed Wi-Fi chipsets. The company plans to offer 6.7 million shares in a price range of $14 to $16, raising about $100 million at an implied market cap of $492 million. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol QTNA.
Continuing to be listed as day-to-day this week is Full Spectrum. The firm designs and sells a software-defined radio technology for wireless networks, and plans to offer 1.9 million shares in an expected price range of $7 to $9 to raise $15 million at an implied market cap of $48.7 million. Shares are expected to trade on the Nasdaq under the ticker symbol FMAX.
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