IPO News This Week: 10 US Offerings Crowd the Calendar

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Last week’s initial public offering (IPO) calendar no offerings scheduled and none made a last-minute debut. The action picks up in the coming week with 10 IPOs slated to price seeking a total of about $1.1 billion in new capital.

Four firms filed for IPOs last week, including Mesa Air (seeking $150 million), Urovant Sciences ($150 million), CNFinance Holdings ($200 million), and Vaccinex ($46 million).

Through the week ending July 13, IPO ETF manager Renaissance Capital reported that 105 IPOs have priced in the U.S. so far this year, up 33% year over year. Total proceeds raised through last week equaled $28.6 billion, up about 39% 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. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol CCB.

Here are the 10 IPOs on this week’s agenda.

Coastal Financial Corp. is a community bank in Washington state. The company plans to offer 2.72 million shares in an expected price range of $13 to $15 to raise $38 million at a market cap of $166 million. Underwriters are Keefe Bruyette Woods and Hovde Group.

Crinetics Pharmaceuticals Inc. is a clinical-stage biotechnology company developing oral therapies for rare endocrine diseases. The company plans to offer 5 million shares in an expected price range of $15 to $17 to raise $80 million at a market cap of $380 million. Underwriters are J.P. Morgan, Leerink Partners, and Piper Jaffray. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol CRNX.

AFG Holdings Inc. is an oil and gas services company that specializes in pressure pumping and managed pressure drilling. The company plans to offer 6 million shares in an expected price range of $15 to $18 to raise $300 million at a market cap of $1.35 billion. Underwriters include Goldman Sachs, Credit Suisse, Simmons & Co., Barclays, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, Jefferies, Raymond James, and Tudor, Pickering, Holt & Co. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol AFGL.

Allakos Inc. is a clinical-stage biotechnology company developing antibodies for allergic, inflammatory, and proliferative diseases. The company plans to offer 6 million shares in an expected price range of $15 to $17 to raise $96 million at a market cap of $738 million. Underwriters are Goldman Sachs, Jefferies, and William Blair. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ALLK.

Constellation Pharmaceuticals Inc. is a clinical-stage biopharmaceuticals firm developing epigenetic cancer therapies. The company plans to offer 5.34 million shares in an expected price range of $14 to $16 to raise $80 million at a market cap of $430 million. Underwriters are J.P. Morgan, Jefferies, BMO Capital Markets, and Oppenheimer & Co. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CNST.

Establishment Labs Holdings Inc. is a Costa Rica-based medical technology company providing silicone breast implants outside the United States. The company plans to offer 3.13 million shares in an expected price range of $13 to $15 to raise $50 million at a market cap of $321 million. Underwriters are Jefferies, Cowen, and BTIG. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ESTA.

First Western Financial Inc. is a Denver-based bank and wealth manager for high net-worth individuals. The company plans to offer 1.85 million shares in an expected price range of $19 to $21 to raise $37 million at a market cap of $153 million. Underwriters are Keefe Bruyette Woods, Stephens Inc., and Sandler O’Neill. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol MYFW.

Rubius Therapeutics Inc. is preclinical-state biotechnology firm developing novel therapies based on red blood cells. The company plans to offer 9.53 million shares in an expected price range of $20 to $22 to raise $200 million at a market cap of $1.8 billion. Underwriters are J.P. Morgan, Morgan Stanley, Jefferies, and Leerink Partners. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol RUBY.

Tilray Inc. is a Canada-based vertically integrated supplier of medical cannabis. The company plans to offer 9 million shares in an expected price range of $14 to $16 to raise $135 million at a market cap of $1.44 billion. The shares being offered are Class 2 shares which carry lower voting rights than Class 1 shares. Underwriters are Cowen, Roth Capital, and Northland Securities. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol TLRY.

Replimune Group Inc. is a clinical-stage biotechnology company developing oncolytic immunotherapies to fight solid tumors. The company plans to offer 6.7 million shares in an expected price range of $14 to $16 to raise $101 million at a market cap of $500 million. Underwriters are J.P. Morgan, Leerink Partners, and BMO Capital Markets. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol REPL.

 

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