Investing
IPOs This Week: Antero Midstream Among 6 Offers on the Calendar
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Nine initial public offerings (IPOs) made it out the door in the past week and there are eight more on the calendar for the coming week. The month of April saw 20 IPOs launched, the highest total in 18 months.
Floor & Decor Holdings Inc. (NYSE: FND) raised $185 million at a market cap of $2.13 billion. The stock got a first-day pop of 53% and closed the week up 51% from the IPO price.
Cloudera Inc. (NYSE: CLDR) raised $225 million at a market cap of $2.51 billion with a first-day pop of 21% on its Friday IPO.
Carvana Co. (NYSE: CVNA) raised $225 million at a market cap of $2.07 billion. Shares dipped 20% on the first day of trading.
Emerald Expositions Events Inc. (NYSE: EEX) raised $264 million at a market cap of $1.27 billion. Shares got a first-day pop of 14% on the Friday offering.
NCS Multistage Holdings Inc. (NASDAQ: NCSM) raised $162 million at a market cap of $809 million. Shares popped 16% on Friday, the first day the stock traded.
Other successful IPOs last week included China Rapid Finance Ltd. (NYSE: XRF), Verona Pharma plc (NASDAQ: VRNA), Zymeworks Inc. (NYSE: ZYME), and Catasys Inc. (NASDAQ: CATS).
Through the week ending April 28, IPO ETF manager Renaissance Capital reported that 45 IPOs have priced in the U.S. so far this year, up about 181% year over year. Total proceeds raised through last week equaled $13.7 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.
Here are some details on the six IPOs scheduled for the coming week.
Antero Midstream Resources LP is a master limited partnership that provides energy infrastructure services to the Marcellus and Utica shale plays. The company is 59% owned by Antero Resources Corp. (NYSE: AR) and plans to offer 37.3 million shares in an expected price range of $22 to $25 to raise $875.4 million at an implied market cap of $4.38 billion. Underwriters include Morgan Stanley, Barclays, J.P. Morgan, Baird, Citi, Goldman Sachs, Wells Fargo Securities, Credit Suisse, Scotia Howard Weil, Tudor, Pickering, Holt & Co., Evercore ISI, Raymond James, D.A. Davidson, Janney Montgomery Scott, Ladenburg Thalmann & Co., and MUFG. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol AMGP.
Biohaven Pharmaceutical Holding Co. Ltd. is a clinical-stage biopharmaceutical firm targeting neurological diseases. The company plans to offer 8.3 million shares in an expected price range of $14 to $16 to raise $125 million at an implied market cap of $490 million. Underwriters are Morgan Stanley, Piper Jaffray, Barclays, William Blair, and Needham & Co. Shares are set to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol BHVN.
Liberty Oilfield Services Inc. provides fracking services in North America. The company plans to offer 22.9 million shares in an expected price range of $16 to $19 to raise $400 million at an implied market cap of $2.24 billion. Underwriters for the offering include Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Citi, J.P. Morgan, Evercore ISI, Simmons & Co., Tudor, Pickering, Holt & Co., Houlihan Lokey, Intrepid Partners, Petrie Partners Securities, and SunTrust Robinson Humphrey. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol BDFC.
UroGen Pharma Ltd. is an Israel-based clinical-stage biopharmaceutical company developing novel therapies for urological pathologies. The company plans to offer 3.5 million shares in an expected price range of $12 to $14 to raise $45 million at an implied market cap of $142 million. Underwriters are Jefferies, Cowen & Co., Raymond James, and Oppenheimer & Co. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol URGN.
KKR Real Estate Finance Trust is a REIT focused on originating and acquiring senior mortgage loans secured by commercial real estate (CRE) assets. The firm plans to offer 10 million shares in an expected price range of $20.50 to $21.50 to raise $21 million at an implied market cap of $1.1 billion. Underwriters for the offering are Wells Fargo Securities, Morgan Stanley, KKR, Barclays, Goldman Sachs, J.P. Morgan, and Keefe Bruyette Woods. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol KREF.
Ovid Therapeutics Inc. is a biopharmaceutical company developing medicines for rare neurological disorders. The company plans to offer 5 million shares in an expected price range of $15 to $17 to raise $80 million at an implied market cap of $394 million. Underwriters are Citi, Cowen & Co., William Blair, and JMP Securities. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol OVID.
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