Last week’s initial public offering (IPO) calendar included seven firms looking to enter the public markets. Six were successful and raised a total of around $1.3 billion in new capital, about $100 million less than planned. The coming week includes 11 scheduled IPO’s looking to raise $1.4 billion in new capital.
The one scheduled IPO that did not reach the market last week was Adaptive Insights. The company was acquired by Workday Inc. (NASDAQ: WDAY) for $1.6 billion just two days before the scheduled IPO. That value was 151% above its proposed IPO market value.
Avalara Inc. (NYSE: AVLR) raised $180 million by selling 7.5 million shares at $24, above the expected range of $21 to $23. Shares got a first-day pop of 87% on the Friday offering.
Puxin Ltd. (NYSE: NEW) raised $122 million selling 7.2 million shares at $17 per share, the low end of the expected range. Shares popped 24% on the Friday IPO.
Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) raised $75 million at $15, the midpoint of the expected range. Shares popped 17% on the Friday offering.
U.S. Xpress Enterprise Inc. (NYSE: USX) raised $289 million by selling 18.1 million shares at $16, below the expected range of $18 to $20. Shares closed the week up 4% following the Thursday IPO.
Far Point Acquisition Corp. (NYSE: FPAC.U) raised $550 million selling 10 million units at $10. Units closed the week up 2% following the Tuesday offering.
Charah Solutions Inc. (NYSE: CHRA) raised $88 million by selling 7.4 million shares at $12, well below the expected range of $16 to $18. Shares closed the week down 3% following the Thursday IPO.
Through the week ending June 15, IPO ETF manager Renaissance Capital reported that 83 IPOs have priced in the U.S. so far this year, up 26% year over year. Total proceeds raised through last week equaled $25 billion, up about 43% 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 11 companies planning to tap the capital markets this week.
Eidos Therapeutics Inc. is a clinical-stage biopharmaceutical firm developing an oral therapy for rare neurodegenerative diseases. The company plans to offer 6.25 million shares in an expected price range of $15 to $17 to raise $100 million at a market cap of $583 million. Underwriters are J.P. Morgan, BofA/Merrill Lynch, and Barclays. Shares are scheduled to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol EIDX.
Aptinyx Inc. is a clinical-stage biopharmaceuticals company developing novel small molecule therapeutics for neurological disorders. The firm plans to sell 5.33 million shares in an expected price range of $14 to $16 to raise $80 million at a market cap of $509 million. Underwriters are J.P. Morgan, Cowen & Co., Leerink Partners, and BMO Capital Markets. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol APTX.