Investing

IPO News This Week: 11 US Offerings on the Calendar

Last week’s initial public offering (IPO) action saw 9 of 10 scheduled listings make their entry into the public markets. The nine IPOs raised a total of $931 million in new capital. The action continues in the coming week with 11 IPOs slated to price seeking a total of about $3.4 billion in new capital.

Allakos Inc. (NASDAQ: ALLK) raised $128 million in an upsized offering of 7.1 million shares priced at $18, above the expected range of $15 to $17. Shares got a first-day pop of 74% and closed the week up 95%.

Tilray Inc. (NASDAQ: TLRY) raised $153 million selling 9 million shares at $17, above the expected range of $14 to $16. Shares got a first-day pop of 32% and closed the week up 75%.

Establishment Labs Holding Inc. (NASDAQ: ESTA) raised $67 million in an upsized offering of 3.7 million shares at $18, above the expected range of $15 to $17. Shares got a first-day pop of 38% and closed the week up 47%.

Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) raised $102 million in an upsized offering of 6 million shares at $17, the high end of the expected range. Shares got a first-day pop of 44% and closed the week up 35%.

Rubius Therapeutics Inc. (NASDAQ: RUBY) raised $241 million in an upsized offering of 10.5 million shares at $23, above the expected range of $20 to $22. Shares got a first-day pop of 5% and closed the week up 15%.

Coastal Financial Corp. (NASDAQ: CCB) raised $41 million in an upsized offering of 2.9 million shares at $14.50, just below the high end of the expected range. Shares got a first day pop of 13% and closed the week up 9%.

Replimune Group Inc. (NASDAQ: REPL) raised $101 million selling 6.7 million shares at $15, the midpoint of the expected range. Shares got a 1% bump on the Friday IPO.

First Western Financial Inc. (NASDAQ: MYFW) raised $38 million in an upsized offering of 2 million shares priced at $19, the low end of the expected range. Shares got a first-day pop of 4% and closed the week up 1%.

Constellation Pharmaceuticals Inc. (NASDAQ: CNST) raised $60 million in a downsized offering of $4 million shares priced at $15, the midpoint of the expected range. Shares dropped 23% on the first day of trading and closed the week down 21%.

Through the week ending July 20, IPO ETF manager Renaissance Capital reported that 114 IPOs have priced in the U.S. so far this year, up 37% year over year. Total proceeds raised through last week equaled $29.6 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. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol CCB.

Here are the 11 IPOs on this week’s agenda.

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