IPOs 4-for-4 Last Week with 2 On-Deck for the Week of March 20
Following a week where four IPOs raised $1.1 billion, the pace for the coming week slows a bit with 2 offerings on the calendar looking to raise about $177 million.
[cnxvideo id=”625483″ placement=”ros”]All four initial public offerings (IPOs) on last week’s calendar successfully reached the public market and combined to raise a total of $1.1 billion in new capital. Another high-tech firm and one medical device maker plan to test the market in the coming week.
First a recap. Enterprise software maker MuleSoft Inc. (NYSE: MULE) raised $221 million pricing above its expected range at $17. The stock got a first-day pop of 46% on Friday. Parka maker Canada Goose Holdings Inc. (NYSE: GOOS) also price above its expected range and raised $253 million. Shares got a first-day pop of 27% and closed the week up 36%.
Packaged goods container maker Ardagh Group SA (NYSE: ARD) raised $308 million with a first-day pop of 21% before closing the week up 16%. Hydraulic fracking service provider ProPetro Holding Corp. (NYSE: PUMP) priced below its expected range and managed just a 4% first-day pop.
Through the week ending March 17, IPO ETF manager Renaissance Capital reported that 23 IPOs have priced in the U.S. so far this year, up 229% year over year. Total proceeds raised through last week equaled $9.7 billion. For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 billion. 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.
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Here are the two companies looking to raise capital in the capital markets this week:
Alteryx Inc. is a data-analytics software company that plans to offer 9 million shares in an expected price range of $12 to $14 to raise $117 million at an implied market cap of $332 million. Underwriters for the offering are Goldman Sachs, J.P. Morgan, Pacific Crest, William Blair, JMP Securities, Raymond James, and Cowen & Co. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol AYX.
Valeritas Holdings Inc. is a commercial-stage medical technology company that has developed a wearable insulin delivery device for patients with Type 2 diabetes. The company plans to offer 6 million shares in an expected price range of $9 to $11 to raise $60 million at an implied market cap of $104 million. Underwriters include Cowen & Co., Wedbush PacGrow, Roth Capital, and B. Riley & Co. Shares are listed to price on an unspecified day during the week and to trade on the Nasdaq under the ticker symbol VLRX.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
