24/7 Wall St.

Four companies completed initial public offerings (IPOs) last week and a total of 10 are on the calendar for this week. If all 10 companies successfully price their IPOs at the midpoint of their expected ranges, the combined capital raise would total $3.1 billion.

Last week’s IPOs raised a combined $2.4 billion, short of an expected total of over $2.8 billion. Here’s the scorecard:

Nine Energy Service Inc. (NYSE: NINE) raised $161 million by selling 7 million shares at $23, the high end of the expected range. Shares got a first-day pop of 13% on the Friday IPO.

Americold Realty Trust (NYSE: COLD) raised $725 million on an upsized offering of 45.3 million shares at $16, the high end of the expected range. Shares got a first-day pop of 11% on the Friday IPO.

One Madison Corp. (NYSE: UMADU) raised $300 million selling 30 million units at $10 per unit. The blank-check company’s units closed the week flat.

ADT Inc. (NYSE: ADT) raised $1.47 billion after pricing a downsized offering of 105 million shares at $14, well below the expected range of $17 to $19. Shares dropped 12% on the Friday IPO.

Through the week ending January 19, IPO ETF manager Renaissance Capital reported that 5 IPOs have priced in the U.S. so far this year, up from one year over year. Total proceeds raised through last week equaled $3.1 billion, up 500% year over year.

For 2017, Renaissance Capital reported a total of 160 IPOs, up 52% year over year from 105 in 2016. Total 2017 proceeds amounted to $35.5 billion compared with a 2016 total of $18.8 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.

These are the 10 IPOs expected to price in the coming week:

Eyenovia Inc. is a clinical stage biopharmaceutical company developing micro-formulations of common eye therapies. The company plans to offer 2.7 million shares in an expected price range of $10 to $12 to raise $30.3 million at a market cap of $109.3 million. Underwriters are Ladenburg Thalmann and Roth Capital. Shares are only listed to price during the week of January 22 and will trade on the Nasdaq under the ticker symbol EYEN.

Entera Bio Ltd. is an Israel-based clinical stage biopharmaceutical firm developing oral formulations of treatments for a thyroid condition and osteoporosis. The firm plans to offer 5 million shares in an expected price range of $10 to $12 to raise $55 million at a market cap of about $131 million. Sole underwriter is Oppenheimer & Co. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ENTX.

PagSegura Digital Ltd. is a Brazil-based provider of online and in-store payment services for small businesses in Brazil. The company plans to offer 92.1 million shares in an expected price range of $17.50 to $20.50 to raise $1.75 billion at a market cap of $4.98 billion. Underwriters include Goldman Sachs, Morgan Stanley, BofA/Merrill Lynch, Bradesco BBI, Credit Suisse, Deutsche Bank, Itau BBA, and J.P. Morgan. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol PAGS.

Gates Industrial Corp. plc is a global manufacturer of power transmission belts and fluid power products. The company plans to offer 38.5 million shares in an expected price range of $18 to $21 to raise $751 million at a market cap of $5.54 billion. Underwriters include Citi, Morgan Stanley, UBS Investment Bank, Barclays, Credit Suisse, Goldman Sachs, RBC Capital Markets, Deutsche Bank, Wells Fargo Securities, KeyBanc Capital Markets, Siebert Brandford Shank, SunTrust Robinson Humphrey, Academy Securities, BTIG, and Guggenheim Securities. Shares are scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol GTES.

Menlo Therapeutics Inc. is a late-stage biopharmaceutical company developing treatments for moderate to severe skin itch and chronic cough. The firm plans to offer 5.7 million shares in an expected price range of $14 to $16 to raise $85 million at a market cap of about $309 million. Underwriters include Jefferies, Piper Jaffray, Guggenheim Securities, and JMP Securities. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol MNLO.

Solid Biosciences LLC is an early-stage biotechnology firm developing a gene therapy to treat Duchenne muscular dystrophy. The company plans to offer 5.9 million shares in an expected price range of $16 to $18 to raise $100 million at a market cap of $548 million. Underwriters include J.P. Morgan, Goldman Sachs, Leerink Partners, Nomura Securities, and Chardan Capital Markets. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SLDB.

Adial Pharmaceuticals Inc. is a clinical-stage biopharmaceutical firm developing a targeted therapy for alcohol use disorder based on an approved drug. The company plans to offer 1.4 million shares in an expected price range of $9 to $11 to raise $14 million at a market cap of $54.7 million. Sole underwriter is Joseph Gunnar. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ADIL.

ARMO BioSciences Inc. is a late-stage immuno-oncology firm developing immunotherapies targeting various cancers and solid tumors. The company plans to offer 6.7 million shares in an expected price range of $14 to $16 to raise $100 million at a market cap of $426 million. Underwriters include Jefferies, Leerink Partners, BMO Capital Markets, and Baird. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ARMO.

PlayAGS Inc. designs and supplies electronic slot machines to Native American-run casinos. The company plans to offer 10.3 million shares in an expected price range of $16 to $18 to raise $174 million at a market cap of $586 million. Underwriters include Credit Suisse, Deutsche Bank, Jefferies, Macquarie Capital, BofA/Merrill Lynch, Citi, Nomura Securities, Stifel, SunTrust Robinson Humphrey, Roth Capital, Union Gaming, Williams Capital Group, and Apollo Global Securities. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol AGS.

resTORbio Inc. is a clinical-stage biopharmaceutical firm developing a kinase inhibitor to treat respiratory infections in elderly patients. The company plans to offer 5.7 million shares in an expected price range of $14 to $16 to raise $85 million at a market cap of $410 million. Underwriters are BofA/Merrill Lynch, Leerink Partners, Evercore ISI, and Wedbush PacGrow. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol TORC.

24/7 Wall St.
IPO News This Week: Looking Ahead to 2018