A blank-check company and a media company together raised $380 million on the capital markets last week. There are no IPOs currently scheduled for the next three weeks.
Blank-check firm Capitol Investment Group IV (NYSE: CIC.U) raised $350 million by selling 35 million units at $10 per share.
In the largest ever offering under Reg A+ rules, Chicken Soup for the Soul Entertainment (NASDAQ: CSSE) raised $30 million at a market value of $144 million selling 2.5 million shares at $12 each. The stock closed the week down 23%. Reg A+ rules allow companies to raise capital from non-accredited investors where typical IPOs under Regulation D are only allowed to raise money from accredited investors.
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Through the week ending August 18, IPO ETF manager Renaissance Capital reported that 91 IPOs have priced in the U.S. so far this year, up more than 54% year over year. Total proceeds raised through last week equaled $22.2 billion, up 136% year over year. Neither of last week’s IPOs is counted in Renaissance Capital’s statistics.
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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