Nine companies completed initial public offerings (IPOs) last week and another nine are on the calendar for this week. If all nine companies successfully price their IPOs at the midpoint of their expected ranges, the combined capital raise would total $3.5 billion.
Last week’s IPOs raised a combined $3.6 billion, above an expected total of around $3.1 billion. Here’s the scorecard:
ARMO BioSciences Inc. (NASDAQ: ARMO) raised $128 million by selling 7.5 million in an upsized offering that priced at $17, above the expected range of $14 to $16. The Friday IPO closed up 75% for the day.
Menlo Therapeutics Inc. (NASDAQ: MNLO) raised $119 million in an upsized offering of 7 million shares priced at $17 each, the high end of the expected range. Shares got a first-day pop of 69% and closed the week up 68%.
Solid Biosciences LLC (NASDAQ: SLDB) raised $125 million in an upsized offering of 7.8 million shares priced at $16, below the expected range of $18 to $19. Shares got a first-day pop of 41% on the Friday IPO.
PagSeguro Digital Ltd. (NYSE: PAGS) raised $2.27 billion on an upsized offering of 105.4 million shares priced at $21.50, above the expected range of $17.50 to $20.50. The first-day pop was 36% on the Friday IPO.
PlayAGS Inc. (NYSE: AGS) raised $164 million by selling 10.3 million shares at $16 each, the low end of the range. Shares got a first-day pop of 16% on the Friday IPO.
resTORbio Inc. (NASDAQ: TORC) raised $85 million by selling 5.7 million shares at $15, the midpoint of the expected range. Shares got a first-day pop of 13% on the Friday IPO.
Gordon Pointe Acquisition Corp. (NASDAQ: GPAQU), a blank-check company, raised $125 million by selling 12.5 million units at $10 per unit.
Eyenovia Inc. (NASDAQ: EYEN) raised $27 million by selling 2.7 million shares at $10, the low end of the expected range. Shares dipped 1% on the Friday IPO.
Gates Industrial Corp. PLC (NYSE: GTES) raised $732 million by selling 38.5 million shares at $19, just below the midpoint of the expected range. Shares dropped 3% on the first day of trading and closed the week down 1%.
Through the week ending January 26, IPO ETF manager Renaissance Capital reported that 13 IPOs have priced in the U.S. so far this year, up 87.5% year over year. Total proceeds raised through last week equaled $6.7 billion, up 218% 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 nine IPOs expected to price in the coming week:
MTech Acquisition is a blank-check company formed to acquire a cannabis services business. The firm plans to offer 5 million units at $10 per unit to raise $50 million at a market cap of $648 million. Each unit comprises one share of class A common stock and one warrant. Sole underwriter for the offering is EarlyBirdCapital. Units are expected to begin trading Tuesday on the Nasdaq under the ticker symbol MTECU.