Five of a scheduled nine initial public offerings (IPOs) made it out the door in the past week and six new deals are on the calendar for the coming week. Last week’s return to IPO investors was slightly negative at -0.5%.
KKR Real Estate Finance Trust (NYSE: KREF) raised $210 million at a market cap of $2.5 billion. The stock got a first-day pop of 8% on its Friday IPO.
UroGen Pharma Ltd. (NASDAQ: URGN) raised $58 million at a market cap of $179 million with a first-day pop of 8% on its Thursday IPO.
Biohaven Pharmaceutical Holding Co. Ltd. (NYSE: BHVN) raised $168 million at a market cap of $645 million. Shares popped 3% on the first day of trading and closed the week up 5%.
Antero Midstream GP LP (NYSE: AMGP) raised $875 million at a market cap of $4.38 billion. Shares dipped 6% on the Thursday offering and closed the week down 5%.
Ovid Therapeutics Inc. (NASDAQ: OVID) raised $75 million at a market cap of $399 million. Shares priced below the midpoint of the expected range and dropped 18% after Friday’s IPO.
Liberty Oilfield Services Inc. postponed a planned $400 million IPO.
Through the week ending May 5, IPO ETF manager Renaissance Capital reported that 50 IPOs have priced in the U.S. so far this year, up about 179% year over year. Total proceeds raised through last week equaled $15.1 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.
A.S.V. LLC is a maker of industrial equipment that it sells under its own brands and as a private-label OEM for several manufacturers. The company plans to offer 3.8 million shares in an expected price range of $8 to $10 to raise $34 million at an implied market cap of $88 million. Underwriters are Roth Capital and The Seaport Group. Shares are listed only as “week of May 8” and will trade on the Nasdaq under the ticker symbol ASV.
Veritone Inc. provides a cloud-based artificial intelligence platform that analyzes unstructured audio and video data. The company plans to offer 1.3 million shares in an expected price range of $14 to $16 to raise $19 million at an implied market cap of $190 million. Underwriters are Wunderlich Securities, Craig-Hallum Capital Group, and Northland Securities. Shares are listed on as “week of May 8” and will trade on the Nasdaq under the ticker symbol VERI.
Guaranty Bancshares is a Texas-based bank holding company that owns Guaranty Bank & Trust, a nationwide banking association. The company plans to offer 2 million shares in an expected price range of $26 to $28 to raise $54 million at an implied market cap of $290 million. Underwriters are Sandler O’Neill and Stephens Inc. Shares are expected to price Monday and begin trading Tuesday on the Nasdaq under the ticker symbol GNTY.
Five Point Holdings LLC owns and develops mixed-use, master-planned communities in coastal California. The company plans to offer 21 million shares in an expected price range of $18 to $20 to raise $399 million at an implied market cap of $4.1 billion. Underwriters include Citi, J.P. Morgan, RBC Capital Markets, Wells Fargo Securities, Deutsche Bank, Evercore ISI, Zelman Partners LLC, and JMP Securities. Shares are scheduled to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol FPH.
Gardner Denver Holdings Inc. manufactures flow control and compression equipment for the industrial, energy, and medical industries. The company plans to sell 41.3 million shares in an expected price range of $23 to $26 to raise $1.01 billion at an implied market cap of $4.65 billion. Underwriters for the offering include Goldman Sachs, Citi, UBS Investment Bank, KKR, Simmons & Co., Deutsche Bank, Baird, Credit Suisse, Morgan Stanley, William Blair, Stifel, HSBC Corp., Macquarie Capital, Credit Agricole CIB, and Mizuho Securities. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol GDI.
Solaris Oilfield Infrastructure Inc. provides mobile proppant management services to oil & gas exploration and production companies. The company plans to offer 10.6 million shares in an expected price range of $15 to $18 to raise $174 million at an implied market cap of $697 million. Underwriters include Credit Suisse, Goldman Sachs, Morgan Stanley, Evercore ISI, Simmons & Co., Tudor, Pickering, Holt & Co., Wells Fargo Securities, Raymond James, Oppenheimer & Co., The Seaport Group, and Wunderlich Securities. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol SOI.