IPO News This Week: Chinese Electric Car Maker Nio Leads Off September

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Last week’s initial public offering (IPO) action amounted to two offerings that raised $975 million for two blank-check companies. After the IPO market’s usual late summer holiday, five offerings are on the calendar this week seeking a total of $1.6 billion in new, public market capital.

In last week’s action, Churchill Captial Corp. (NYSE: CCC.U) raised $600 million by selling 60 million units at $10 per unit. Gores Holdings III (NASDAQ: GRSHU) raised $375 million selling 37.5 million units at $10 per unit.

In addition to the two IPOs, nine more firms set terms last week, bringing the total number of IPOs for the next two weeks to 11.

Through the week ending September 7, IPO ETF manager Renaissance Capital reported that 134 IPOs have priced in the United States 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, which compares 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 five IPOs that will test the public markets in the coming week.

111 is a Shanghai-based firm that operates an online drugstore and health care platform in China. The company plans to offer 9.3 million shares in an expected price range of $14 to $16 to raise $140 million at a market cap of $1.3 billion. Underwriters for the offering are JPMorgan, Citigroup and CICC. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange (NYSE) under the ticker symbol YI.

Nio is a Shanghai-based maker of high-performance electric cars. The company plans to offer 160 million shares in an expected price range of $6.25 to $8.25 to raise $1.16 billion at a market cap of $8 billion. Underwriters include Morgan Stanley, Goldman Sachs (Asia), JPMorgan, Merrill Lynch, Deutsche Bank, Citi, Credit Suisse, UBS Investment Bank and Wolfe Research Securities. Shares are expected to price Tuesday and begin trading Wednesday on the NYSE under the ticker symbol NIO.

Navios Maritime Containers is a Monaco-based master limited partnership (MLP) that owns and operates containerships. The company plans to offer 5.3 million common units in an expected price range of $18 to $20 to raise $100 million at a market cap of $335 million. Underwriters include JPMorgan, Merrill Lynch, Citi, Clarksons Platou Securities, BNP Paribas and S. Goldman Advisors. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol NMCI.

Principia Biopharma is a clinical-stage biopharmaceutical company developing oral small molecule therapies for pemphigus, idiopathic thrombocytopenic purpura and multiple sclerosis. The firm plans to offer 4.69 million shares in an expected price range of $15 to $17 to raise $75 million at a market cap of $369 million. Underwriters are Merrill Lynch, Leerink Partners, Wells Fargo Securities and Baird. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol PRNB.

Qutoutiao is a Shanghai-based company that offers a news and video aggregation app in the Chinese market. The company plans to offer 16 million shares in an expected price range of $7 to $9 to raise $128 million at a market cap of $2.45 billion. Underwriters are Citi, Deutsche Bank, China Merchants Securities, UBS Investment Bank and KeyBanc Capital Markets. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol QTT.