There were 10 initial public offerings (IPOs) on the calendar last week and 9 firms succeeded in gaining access to the public markets although a couple of those scheduled were delayed and a couple of others stepped up. The total amount raised reached a combined $1.1 billion and the average first-day pop was around 7%, below the 13% average for the year. Only one of last week’s IPOs broke issue and closed lower than the offering price and one IPO was postponed.
There is just one IPO on the coming week’s holiday-shortened calendar.
Here’s a recap of last week’s IPOs:
Arsanis Inc. (NASDAQ: ASNS) raised $40 million selling 4 million shares at $10 a share, well below the expected range. Shares popped 40% on the first day of trading, however, and closed the week up 39%.
SendGrid Inc. (NYSE: SEND) raised $131 million on the sale of 8.2 million shares priced at $16, slightly above the expected range of $13.50 to $15.50. Shares popped 13% on the first day of trading and closed the week up 16%.
Sailpoint Technologies Holdings Inc. (NYSE: SAIL) raised $240 million on the sale of $20 million shares at $12, above the expected range of $9 to $11. Shares popped 8% on the Friday IPO.
Sterling Bancorp (NASDAQ: SBT) raised $180 million selling 15 million shares at $12, the low end of the expected range. Shares closed the week up 1%.
Stitch Fix Inc. (NASDAQ: SFIX) raised $120 million on a downsized offering of 8 million shares priced at $15, well below the expected range of $18 to $20. Shares added 1% on the Friday IPO.
scPharmaceuticals Inc. (NASDAQ: SCPH) raised $90 million on the sale of 6.4 million shares at $14, the low end of the expected range. Shares closed the week up 1%.
Legacy Acquisition Corp. (NYSE: LGCU) raised $300 million on the sale of 30 million units at an IPO price of $10. Shares closed flat.
Bluegreen Vacations Corp. (NYSE: BXG) raised $91 million on the sale of 6.5 million shares at $14, below the expected range of $16 to $18. Shares closed the week down 7%.
Jianpu Technology Inc. (NYSE: JT) sold 22.5 million shares at $8, below the expected range of $8.50 to $10.50. Shares popped 5% on the IPO, but closed the week down 10%.
MPM Holdings Inc. and Molino Cañuelos postponed planned offerings.
Through the week ending November 17, IPO ETF manager Renaissance Capital reported that 150 IPOs have priced in the U.S. so far this year, up nearly 55% year over year. Total proceeds raised through last week equaled $34.3 billion, up nearly 104% 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 sole IPO on the coming week’s calendar is blank-check company Big Rock Partners Acquisition Corp. which plans to sell 5 million units at $10 each to raise $50 million at a market cap of $65.8 million. Underwriters are EarlyBirdCapital and I-Bankers Securities. Units are expected price Monday and begin trading Tuesday on the Nasdaq under the ticker symbol BRPAU.