Last week’s initial public offering (IPO) action saw a twice-delayed listings make its entry into the public markets along with two blank-check companies. The single IPO raised a total of $21 million in new capital. The coming week includes just one blank-check offering.
Eight firms filed for IPOs last week and all will be eligible to enter the public market following the Labor Day holiday. The most interesting are Eventbrite, an online live-event ticketing platform, and Farfetch, an online marketplace for luxury fashion brands.
Last week’s single IPO was Bionano Genomics Inc. (NASDAQ: BNGOU) which raised $21 million selling 3.4 million units at $6.13 per unit, near the low end of the expected range. Units closed the week up 4%.
Through the week ending August 24, IPO ETF manager Renaissance Capital reported that 134 IPOs have priced in the U.S. so far this year, up about 46% year over year. Total proceeds raised through last week equaled $34.4 billion, up about 55% 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.
In the week ahead only one IPO is on the calendar. Blank-check company Longevity Acquisition plans to raise $40 million by selling 4 million units at $10 per unit. The Shanghai-based company is seeking to acquire a business in China. The units are expected to begin trading Wednesday on the Nasdaq under the ticker symbol LOACU