The holiday-shortened week had just one initial public offering (IPO) on the calendar and that one was postponed until the coming week. The last two weeks of the month are expected to be busier with a handful of companies preparing to launch roadshows over the next two weeks.
Through the week ending July 7 IPO ETF manager Renaissance Capital reported that 77 IPOs have priced in the U.S. so far this year, up about 83% year over year. Total proceeds raised through last week equaled $20.5 billion, up 230% year over year. 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.
The coming week has just two IPOs on the calendar, one a third try and the other a new entrant.
The coming week’s rescheduled IPO is Akcea Therapeutics Inc., a late-stage biopharmaceutical company commercializing treatments for patients with serious cardiometabolic diseases caused by lipid disorders. The company plans to offer 9.6 million shares in an expected price range of $12 to $14 to raise $125 million at an implied market cap of $658 million. Underwriters are Cowen & Co., Stifel, Wells Fargo Securities, and BMO Capital Markets. Shares are listed as “week of” and will be listed on the Nasdaq under the ticker symbol AKCA.
New this week is Co-Diagnostics Inc., a molecular diagnostics firm that plans to commercialize diagnostic equipment for DNA testing. The company plans to offer 1.3 million shares in an expected price range of $6.35 to $6.75, raising $8.5 million at an implied market cap of $65 million. Underwriters are WallachBeth Capital and Network 1 Financial Services. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol CODX.