IPO News This Week: The September Pipeline Is Filling Up

Paul Ausick

Last week’s initial public offering (IPO) action amounted to a single offering that raised $40 million for a blank-check company. The market for IPOs finishes up its late-summer vacation in the coming week with no offerings on the calendar, but 45 firms with active filings waiting for the right moment to enter the public market.

Nine firms filed for IPOs last week, and all will be eligible to enter the public market in the next few weeks. The most interesting are Survey Monkey, a popular online survey service, and Livent, a lithium compound producer being spun out of FMC.

Last week’s single IPO was Shanghai-based blank-check company Longevity Acquisition (NASDAQ: LOACU) which raised $40 million selling 4 million units at $10 per unit. Units closed the week up 2%.

Through the week ending August 31, 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.

Renaissance Capital identified some upcoming IPOs of particular interest. Chinese electric carmaker NIO, luxury fashion marketplace platform Farfetch, and live event ticketing platform Eventbrite could be among the first pull the trigger on September IPOs.