Last week’s initial public offering (IPO) calendar included three firms looking to enter the public markets. All three were successful and raised a total of around $191 million in new capital, slightly better than planned. Two of the three firms had delayed their offerings from the prior week.
Trident Acquisitions Corp. (NASDAQ: TDACU) raised $175 million by selling 17.5 million units at $10 per unit. The units closed the week up 1% for the blank-check company.
Hancock Jaffe Laboratories Inc. (NASDAQ: HJLI) raised $8 million selling 1.5 million shares at $5 a share, below the expected range of $6 to $8. Shares got a first day pop of 5% and closed the week flat.
Ambow Education Holding Ltd. (NYSEAMERICAN: AMBO) raised $8 million in an upsized offering of 1.8 million shares priced at $4.25, the midpoint of the expected range. Shares closed the week down 5% on the Friday IPO.
Through the week ending June 1, IPO ETF manager Renaissance Capital reported that 77 IPOs have priced in the U.S. so far this year, up 24% year over year. Total proceeds raised through last week equaled $24.2 billion, up about 40% 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 two companies that are set to try their luck on the capital markets this week.
M17 Entertainment Ltd. provides a Taiwan-based live music streaming and dating app. The company plans to offer 7.5 million shares in an expected price range of $10 to $12 to raise $86 million at a market cap of $380 million. Underwriters are Citi, Deutsche Bank, Daiwa Securities, and Mizuho Securities. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol YQ.
MeiraGTx Holdings plc is a clinical-stage gene therapy company developing treatments for disorders of the eye and salivary gland. The company plans to offer 5 million shares in an expected price range of $14 to $16 to raise $75 million at a market cap of $423 million. Underwriters are BofA/Merrill Lynch, Barclays, Evercore ISI, and Chardan Capital Markets. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol MGTX.