IPO News This Week: Market Takes a Holiday After Record Week
Last week set a record for IPOs on the two major U.S. exchanges. The second-quarter of 2018 also ended last week with the highest total of new IPOs in four years.
Last week’s initial public offering (IPO) calendar included 13 firms looking to enter the public markets. All but one were successful and raised a total of around $2.3 billion in new capital, about $500 million less than planned. The coming week with its July 4 holiday falling on Wednesday has no IPOs scheduled.
IPO ETF manager Renaissance Capital on Friday issued its report on second-quarter 2018 IPOs. The firm reported 60 IPOs in the quarter, the highest number in the past four years although the $13.1 billion raised was lower than the first-quarter total of $15.6 billion.
Through the week ending June 29, IPO ETF manager Renaissance Capital reported that 105 IPOs have priced in the U.S. so far this year, up 36% year over year. Total proceeds raised through last week equaled $28.6 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.
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Here’s a look at how last week’s IPOs fared.
Tricida Inc. (NASDAQ: TCDA) raised $222 million in an upsized offering of 11.7 million shares priced at $19, above the expected range of $16 to $18. The stock got a first-day pop of 37% and closed the week up 57%.
Neuronetics Inc. (NASDAQ: STIM) raised $94 million in an upsized offering of 5.5 million shares priced at $17, above the expected range of $14 to $16. Shares got a first-day pop of 63% and closed the week up 57%.
BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) raised $638 million selling 37.5 million shares at $17, the high-end of the expected range. Shares got a first-day pop of 29% and closed the week up 39%.
Domo Inc. (NASDAQ: DOMO) raised $193 million selling 9.2 million shares at $21, slightly above the midpoint of the expected range. Shares got a first-day pop of 30% on the Friday IPO.
The Lovesac Co. (NASDAQ: LOVE) raised $56 million in an upsized offering of 3.5 million shares at $16, above the expected range of $13 to $15. Shares got a first-day pop of 50% and closed the week up 30%.
HyreCar Inc. (NASDAQ: HYRE) raised $13 million in an upsized offering of 2.5 million shares priced at $5, the low-end of the expected range. Shares got a first-day pop of 2% and closed the week up 1%.
Everquote Inc. (NASDAQ: EVER) raised $84 million selling 4.7 million shares at $18, above the expected range of $15 to $17. Shares closed flat on the first day of trading and closed the week up 1%.
Uxin Ltd. (NASDAQ: UXIN) raised $225 million in a downsized offering of 25 million American Depositary Shares priced at $9, below the expected range of $10.50 to $12.50. Shares got a first-day pop of 7% and closed the week flat with the IPO price.
Forty Seven Inc. (NASDAQ: FTSV) raised $113 million in an upsized offering of 7 million shares priced at $16, the high-end of the expected range. Shares dropped 6% on the first day of trading but recovered to close the week flat.
BrightView Holdings Inc. (NYSE: BV) raised $469 million selling 21.3 million shares at $22, the low end of the expected range. Shares dropped 3% on the first day of trading and closed the week flat.
Translate Bio Inc. (NASDAQ: TBIO) raised $122 million in an upsized offering of 9.4 million shares priced at $13, the midpoint of the expected range. Shares dropped 13% on the first day of trading and closed the week down 3%.
Neon Therapeutics Inc. (NASDAQ: NTGN) raised $100 million selling 6.3 million shares at $16, the midpoint of the expected range. Shares dropped 6% on the first day of trading and closed the week down 21%.
Drybulk shipper GoodBulk Ltd. postponed its scheduled IPO.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
