IPO News This Week: Real Estate Giant, Home Speaker Maker Top Week’s 5 IPOs

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Last week’s initial public offering (IPO) action saw 11 scheduled listings make their entry into the public markets. The 11 IPOs raised a total of $3.4 billion in new capital. The action slows down a bit in the coming week with four IPOs and one blank-check company slated to price seeking a total of about $3.4 billion in new capital.

First a brief review: of last week’s offerings only one broke issue; the rest closed the week in a range of flat to up more than 50% from the IPO price.

Bloom Energy Corp. (NYSE: BE) raised $270 million selling 18 million shares at $15, the high-end of the extended range. Shares got a first day pop of 67% and closed the week up 51%.

Tenable Holdings Inc. (NASDAQ: TENB) raised $251 million sold 10.9 million shares in an upsized offering that priced at $23, above the expected range. Shares got a first-day pop of 32% and closed the week up 33%.

Pinduoduo Inc. (NASDAQ: PDD) raised $1.63 billion selling 85.6 million ADSes at $19, the high end of the expected range. The ADSes got a first-day pot of 42% and closed the week up 29%.

Endava PLC (NYSE: DAVA) raised $127 million sold 6.3 million ADRs in an upsized offering priced at $20, above the expected range. The shares got a first-day pop of 26% on the Friday IPO.

Focus Financial Partners Inc. (NASDAQ: FOCS) raised $535 million by selling 16.2 million shares at $33, well below the expected range. Shares got a first-day pop of 14% and closed the week up 11%.

Cango Inc. (NYSE: CANG) raised $44 million selling 4 million ADSes at $11, the midpoint of the expected range, in a sharply downsized offering. The ADSes got a first day pop of 14% and closed the week up 10%.

Opera Ltd. (NASDAQ: OPRA) raised $115 million sold 9.6 million ADSes at $12, the high end of the expected range. Shares got a pop of 9% on the Friday IPO.

Greenland Acquisition (NASDAQ: GLACU), a blank-check company, raised $40 million selling 4 million shares at $10.

Aquestive Therapeutics Inc. (NASDAQ: AQST) raised $40 million in an upsized offering of 4.5 million shares priced at $15, the midpoint of the expected range. Shares got a first-day pop of 7% and closed the week up 1%.

Aurora Mobile Ltd. (NASDAQ: JG) raised $77 million selling 9.1 million ADSes in a downsized offering at $8.50, the low end of the expected range. Shares got a first-day pop of 4% and closed the week flat.

Liquidia Technologies Inc. (NASDAQ: LQDA) raised $50 million by selling 4.5 million shares at $11, the midpoint of the expected range. Shares got a first-day pop of 1% and closed the week flat.

Berry Petroleum Corp. (NASDAQ: BRY) raised $183 million in a downsized offered priced at $14, below the expected range. Shares closed down 5% on the Friday IPO.

Through the week ending July 27, IPO ETF manager Renaissance Capital reported that 125 IPOs have priced in the U.S. so far this year, up 44% year over year. Total proceeds raised through last week equaled $32.9 billion, up about 54% 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 5 IPOs on this week’s agenda.

Bionano Genomics Inc. is a life sciences instrumentation maker selling a proprietary system for next-generation genome analysis. The company plans to offer 3.35 million shares in an expected price range of $8 to $10 to raise $30 million at a market cap of $108 million. Underwriters are Roth Capital and Maxim Group LLC. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol BNGO.

Cushman & Wakefield plc is a global commercial real estate services firm. The company plans to offer 45 million shares in an expected price range of $16 to $18 to raise $765 million at a market cap of $3.72 billion. Underwriters include Morgan Stanley, J.P. Morgan, Goldman Sachs, UBS Investment Bank, Barclays’ BofA Merrill Lynch, Citi, Credit Suisse, William Blair, TPG Capital BD, HSBC Corporation, Credit Agricole CIB, JMP Securities, China Renaissance, Fifth Third Securities, Academy Securities, Loop Capital Markets, Ramirez & Co., Inc, Siebert Cisneros Shank & Co., and The Williams Capital Group. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol CWK.

Sonos Inc. designs and sells connected speakers and audio components. The firm plans to offer 13.9 million shares in an expected price range of $17 to $19 to raise $250 million at a market cap of $2.2 billion. Underwriters include Morgan Stanley, Goldman Sachs, Allen & Company, RBC Capital Markets, Jefferies, KKR, Raymond James, and Stifel. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SONO.

Forum Merger II Corp. is a blank-check company. The company plans to raise $200 million by selling 20 million units at $10. Underwriters are Jefferies and EarlyBirdCapital. Units are expected to begin trading Thursday on the Nasdaq under the ticker symbol FMCIU.

Arlo Technologies Inc. is a smart security camera maker being spun out of network equipment maker Netgear. The company plans to offer 10.2 million shares in an expected price range of $18 to $20 to raise $194 million at a market cap of $1.39 billion. Underwriters include BofA/Merrill Lynch, Deutsche Bank, Guggenheim Securities, Raymond James, Cowen, and Imperial Capital. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ARLO.