IPO News This Week: 8 Offerings Ahead of Memorial Day Weekend

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Last week’s initial public offering (IPO) calendar included just three firms looking to enter the public markets. All three were successful and raised a total of around $811 million in new capital. Ahead of the Memorial Day holiday weekend, the coming week’s calendar includes eight firms seeking about $3.1 billion in new capital from the public markets.

Two blank-check companies, Trinity Merger Corp. (NASDAQ: TMCXU) and VectoIQ Acquisition (NASDAQ: VTIQU) raised $300 million and $200 million, respectively. Both traded flat to close the week.

Pluralsight Inc. (NASDAQ: PS) raised $311 million selling 20.7 million shares at $15, above the expected range of $12 to $14. Shares got a 33% first-day pop and closed the week up 39%.

Through the week ending May 18, IPO ETF manager Renaissance Capital reported that 69 IPOs have priced in the U.S. so far this year, up about 17% year over year. Total proceeds raised through last week equaled $22.7billion, up about 35% 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.

Here are the eight companies looking to raise new capital in the coming week.

Ambow Education Holding is a Beijing-based provider of education, test preparation and IT career training services in China. The company plans to offer 1.5 million American Depositary Shares (ADS) in an expected price range of $3.50 to $4.50 to raise $6 million at a market cap of $168 million. Each ADS is equal to two ordinary shares which trade over-the-counter in the U.S. market. Sole underwriter for the offering is The Benchmark Company. ADSes are set to begin trading Wednesday on the Nasdaq under the ticker symbol AMBO.

EVO Payments is a global merchant acquirer and payment processor. The company plans to offer 14 million shares in an expected price range of $14 to $16 to raise $210 million at a market cap of $1.15 billion. Underwriters include JPMorgan, Merrill Lynch, SunTrust Robinson Humphrey, Citi, Deutsche Bank, Barclays, Cowen, Goldman Sachs, PKO Bank Polski, Regions Securities and William Blair. Shares are scheduled to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol EVOP.

CLPS is a Shanghai-based provider of IT services to financial firms in China. The company plans to offer 2 million shares in an expected price range of $5 to $5.50 to raise $10.5 million at a market cap of about $70 million. Underwriters are Benchmark and Cuttone. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CLPS.

GreenSky operates a digital lending platform that facilitates merchant financing. The company plans to offer 34.1 million shares in an expected price range of $21 to $23 to raise $750 million at a market cap of $4.1 billion. Underwriters include Goldman Sachs, JPMorgan, Morgan Stanley, Merrill Lynch, Citi, Credit Suisse, SunTrust Robinson Humphrey, Raymond James, Sandler O’Neill, Fifth Third Securities and Guggenheim Securities. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GSKY.

Kiniksa Pharmaceuticals is a Bermuda-based clinical-stage biopharmaceutical firm developing therapies for inflammatory and autoimmune conditions. The company plans to offer 7 million shares in an expected price range of $17 to $19 to raise $126 million at a market cap of $845 million. Underwriters are Goldman Sachs, JPMorgan, JMP Securities and Wedbush PacGrow. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol KNSA.

Scholar Rock Holding is a biopharmaceutical company targeting growth factor inhibition for spinal muscular atrophy. The company plans to offer 5.4 million shares in an expected price range of $13 to $15 to raise $75 million at a market cap of $342 million. Underwriters are Jefferies, Cowen, BMO Capital Markets and Wedbush PacGrow. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SRRK.

Hancock Jaffe Laboratories is a medical device company developing bioprosthetic devices for cardiovascular surgeries. The firm plans to offer 1.1 million shares in an expected price range of $6 to $8 to raise $8 million at a market cap of $71 million. Sole underwriter is Network 1 Financial Securities. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol HJLI.

Iterum Therapeutics is an Ireland-based pharmaceutical firm developing oral and intravenous antibiotics for drug-resistant bacterial infections. The company plans to offer 5.3 million shares in an expected price range of $14 to $16 to raise $80 million at a market cap of $197 million. Underwriters are Leerink Partners, RBC Capital Markets, Guggenheim Securities and Needham. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ITRM.