IPO News This Week: 3 Energy Firms Lead 10 Offerings

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Nine companies completed initial public offerings (IPOs) last week and 10 more are on the calendar for this week. If all 10 successfully price their IPOs at the midpoint of their expected ranges, the combined capital raise would total $1.8 billion, a little more than half the total raised in each of the past two weeks.

Last week’s IPOs raised a combined $3.3 billion, below an expected total of around $3.5 billion. Here’s the scorecard:

FTS International Inc. (NYSE: FTS) raised $351 million in an upsized offering of 19.5 million shares priced $18, the top of the expected range. Shares popped 15% on the Friday IPO.

Central Puerto SA (NYSE: CEPU) raised $330 million in a downsized offering of 20 million shares that priced at $16.50, below the expected range of $17.50 to $21.50. Shares got a first-day pop of 7% Friday.

VICI Properties Inc. (NYSE: VICI) raised $1.21 billion in an upsized offering of 60.5 million shares priced at $20, the midpoint of the expected range. Shares got a first-day pop of 4% and closed the week up 5%.

Sol-Gel Technologies Ltd. (NASDAQ: SLGL) raised $75 million in an upsized offering of 6.3 million shares priced at $12, the midpoint of the expected range. Shares got a first-day pop of 14% and closed the week up 3%.

MTech Acquisition Corp. (NASDAQ: MTECU) raised $50 million in an offering of 5 million units priced at $10 per unit. Units got a first-day pop of 1% and closed the week up 1%.

Corporación América Airports SA (NYSE: CAAP) raised $486 million selling 28.6 million shares at $17, well below the expected range of $19 to $23. Shares fell 4% on the first day of trading and closed the week down 2%.

Hudson Ltd. (NYSE: HUD) raised $749 million selling 39.4 million shares at $19, the low end of the expected range. Shares dropped 7% on the first day of trading and closed the week down 5%.

One Stop Systems Inc. (NASDAQ: OSS) raised $19 million in an upsized offering of 3.8 million shares priced at $5, below the expected range of $6 to $8. Shares dropped 2% on the first day of trading and closed the week down 6%.

iPic Entertainment Inc. (NASDAQ: IPIC) raised $15 million selling 800,000 shares at $18.50 per share. Shares closed the week down 20%.

Through the week ending February 2, IPO ETF manager Renaissance Capital reported that 20 IPOs have priced in the U.S. so far this year, up about 82% year over year. Total proceeds raised through last week equaled $9.9 billion, up 130% 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:

Bioceres SA is an Argentina-based provider of agricultural chemicals and seeds. The company plans to offer 11.8 million shares in an expected price range of $10 to $12 to raise $130 million at a market cap of $485 million. Underwriters include Jefferies, Piper Jaffray, Santander, SunTrust Robinson Humphrey, and Mirabaud Securities. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol BIOX.

TFI TAB Gida Yatirimlari AŞ is a Turkey-based franchisee of Burger King stores in Turkey and China. The company plans to offer 22 million shares in an expected price range of $9 to $11 to raise $220 million at a market cap of $1.15 billion. Underwriters include Morgan Stanley, Credit Suisse, Goldman Sachs, Citi, J.P. Morgan, and Rabo Securities. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol TFIG.

Victory Capital Holdings Inc. is an independent investment management firm. The company plans to offer 11.7 million shares in an expected price range of $17 to $19 to raise $211 million at a market cap of $1.2 billion. Underwriters include J.P. Morgan, BofA/Merrill Lynch, Morgan Stanley, Barclays, Goldman Sachs, RBC Capital Markets, Keefe Bruyette Woods, and William Blair. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol VCTR.

Cactus Inc. manufactures and sells wellheads and pressure control equipment. The company plans to sell 21.4 million shares in an expected price range of $16 to $19 to raise $375 million at a market cap of $1.31 billion. Underwriters include Citi, Credit Suisse, Simmons & Co., J.P. Morgan, BofA/Merrill Lynch, Tudor Pickering Holt & Co., Barclays, RBC Capital Markets, Raymond James, and Scotia Howard Weil. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol WHD.

Evolus Inc. is a medical aesthetics company about to launch a biosimilar version of Botox. The company plans to offer 5 million shares in an expected price range of $12 to $14 to raise $65 million at a market cap of around $307 million. Underwriters are Cantor Fitzgerald, Mizuho Securities, SunTrust Robinson Humphrey, and JMP Securities. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol EOLS.

Huami Corp. is a China-based manufacturer that has partnered with Xiaomi to make wearable devices. The company plans to offer 10 million shares in an expected price range of $10 to $12 to raise $110 million at a market cap of $654 million. Underwriters are Credit Suisse, Citi, and China Renaissance. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol HMI.

Quintana Energy Services Inc. provides well services to onshore oil and gas exploration & production companies. The company plans to offer 9.3 million shares in an expected price range of $12 to $15 to raise $125 million at a market cap of $435 million. Underwriters include BofA/Merrill Lynch, Simmons & Co., Citi, Barclays, Tudor Pickering Holt & Co., Evercore ISI, Stephens Inc., and Capital One Securities. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol QES.

Cardlytics Inc. is a banking-based advertising channel for consumer products marketers. The company plans to offer 5.4 million shares in an expected price range of $13 to $15 to raise $76 million at a market cap of $273 million. Underwriters include BofA/Merrill Lynch, J.P. Morgan, Wells Fargo Securities, SunTrust Robinson Humphrey, Raymond James, and KeyBanc Capital Markets. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol CDLX.

Ipsco Tubulars Inc. is a U.S. steel pipe supplier to oil & gas exploration & production companies being spun out of Russia’s TMK. The company plans to offer 23.3 million shares in an expected price range of $20 to $23 to raise $500 million at a market cap of $1.31 billion. Underwriters include BofA/Merrill Lynch, Morgan Stanley, J.P. Morgan, UBS Investment Bank, Citi, Credit Suisse, Barclays, and Evercore ISI. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol IPSC.

Motus GI Holdings Inc. is an Israel-based medical device maker developing a product to assist with intraprocedural colonoscopy cleansing. The company plans to offer 4.3 million shares in an expected price range of $6 to $8 to raise $30 million at a market cap of $98 million. Underwriters are Piper Jaffray and Oppenheimer & Co. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol MOTS.