Last week’s most interesting initial public offering (IPO) was the launch of Kinder Morgan Canada Ltd. on the Toronto Stock Exchange. The company was carved out of U.S. pipeline giant Kinder Morgan Inc. (NYSE: KMI). Next week’s action is headlined by a company that makes a sensing device that detects gunshots.
The only IPO in the U.S. last week was a blank-check company, KBL Merger Corp. IV which raised $100 million. It was the 11th IPO so far this year of a special-purpose acquisition company (SPAC).
Kinder Morgan Canada raised gross proceeds of C$1.75 billion. For more details see our earlier coverage.
Through the week ending June 2, IPO ETF manager Renaissance Capital reported that 62 IPOs have priced in the U.S. so far this year, up about 100% year over year. Total proceeds raised through last week equaled $17.2 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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Avenue Therapeutics Inc. is a specialty pharmaceutical company developing an intravenous treatment for postoperative pain. The company plans to sell 5 million shares in a price range of $9 to $11 to raise $50 million at an implied market cap of $100.1 million. Underwriters are Raymond James and National Securities Corp. Shares are listed only as “week of June 5” and are slated to trade on the Nasdaq under the ticker symbol ATXI.
ShotSpotter Inc. offers a gunshot detection system that it offers to law enforcement on a subscription basis. The company plans to offer 2.8 million shares in an expected price range of $10 to $12, raising about $31 million at an implied market cap of $100.2 million. Underwriters include Roth Capital, Northland Securities, and Imperial Capital. Shares listed only as “week of June 5” and will trade on the Nasdaq under the ticker symbol SSTI.
Plymouth Industrial REIT Inc. acquires, owns, and manages single- and multi-tenant Class B industrial properties. The company plans to offer 3.8 million shares in an expected price range of $19 to $21 to raise $75 million at an implied market cap of $89.1 million. Underwriters include D.A. Davidson, BB&T Capital Markets, Oppenheimer & Co., Janney Montgomery Scott, National Securities, and Wedbush Securities. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol PLYM.
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