IPO News This Week: 8 Firms Looking to Capital Markets for $3.26 Billion

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Last week’s initial public offering (IPO) action saw five companies launch successful offerings that raised $1.33 billion in new capital. A total of eight IPOs are scheduled to launch in the coming week seeking a total of more than $3.26 billion in new capital. In addition to the five IPOs, five more firms set terms last week.

Here’s a brief rundown of last week’s IPOs.

Qutoutiao Inc. (NASDAQ: QTT) raised $84 million by selling 12 million shares in a downsized offering at $7 per share, the low end of the expected range. Shares got a staggering 128% pop on the Friday IPO.

Principia Biopharma Inc. (NASDAQ: PRNB) raised $106 million in an upsized offering of 6.3 million shares at $17, the high end of the expected range. The stock got a first-day pop of 92% on Friday.

Nio Inc. (NYSE: NIO) raised $1 billion by selling 160 million shares at $6.26, a penny more than the low-end of the expected range. Shares dropped 14% on the first day but closed the week up 58%.

FVCBankcorp (NASDAQ: FVCB) raised $35 million selling 1.8 million shares at $20, the midpoint of the expected range. Shares closed flat on the Friday IPO.

111 Inc. (NYSE: YI) raised $99 million by selling 7.1 million shares in a downsized offering at $14, the low end of the expected range. Shares dropped 7% on the first trading day but closed the week flat.

Through the week ending September 14, IPO ETF manager Renaissance Capital reported that 135 IPOs have priced in the U.S. so far this year, up about 50% year over year. Total proceeds raised through last week equaled $35.7 billion, up about 61% year over year. The total proceeds through the end of last week exceed the total proceeds raised in all of 2017.

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 eight IPOs that will test the public markets in the coming week.

X Financial is a Shenzhen, China-based peer-to-peer lending platform. The company plans to offer 11 million shares in an expected price range of $9 to $11 to raise $110 million at a market cap of $1.59 billion. Underwriters are Deutsche Bank, Morgan Stanley, EBS International, China Merchants Securities, and AMTD Asset Management. Shares are scheduled to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol XYF.

Bank7 Corp. is an Oklahoma City-based bank holding company. The company plans to offer 3.33 million shares in an expected price range of $18 to $21 to raise $65 million at a market cap of $200 million. Underwriters are Keefe Bruyette Woods, Stephens Inc., and Sandler O’Neill. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol BSVN.

Elanco Animal Health Inc. is a spin-off of Eli Lilly’s global animal health businesses. The company plans to offer 62.9 million shares in an expected price range of $20 to $23 to raise $1.35 billion at a market cap of $7.66 billion. Underwriters include Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Evercore ISI, Cowen, Academy Securities, Drexel Hamilton, Mischler Financial Group, Ramirez & Co., and The Williams Capital Group. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ELAN.

Eventbrite Inc. is an online live-event ticketing platform. The company plans to offer 10 million shares in an expected price range of $19 to $21 to raise $200 million at a market cap of $1.84 billion. Underwriters are Goldman Sachs, J.P. Morgan, Allen & Company, RBC Capital Markets, SunTrust Robinson Humphrey, and Stife. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol EB.

Farfetch Ltd. is a London-based online marketplace for luxury fashion brands and retailers. The company plans to offer 37.5 million shares in an expected price range of $15 to $17 to raise $600 million at a market cap of $4.93 billion. Underwriters include Goldman Sachs, J.P. Morgan, Allen & Company, UBS Investment Bank, Credit Suisse, Deutsche Bank, Wells Fargo Securities, Cowen, and BNP Paribas. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol FTCH.

Remora Royalties Inc. owns oil and gas royalty interests in 600,000 acres spread across 12 U.S. states and 13 major onshore basins. The company plans to offer 5.25 million shares in an expected price range of $19 to $21 to raise $105 million at a market cap of $210 million. Underwriters include RBC Capital Markets, Wells Fargo Securities, UBS Investment Bank, Stifel, Stephens Inc., and The Seaport Group. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol RRI.

Y-mAbs Therapeutics Inc. is a phase 2 biotechnology firm developing monoclonal antibody treatments for pediatric cancers. The company plans to offer 5.33 million shares in an expected price range of $14 to $16 to raise $80 million at a market cap of $518 million. Underwriters are BofA/Merrill Lynch, Cowen, Canaccord Genuity, and BTIG. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol YMAB.

Zekelman Industries Inc. is an independent U.S. steel pipe and tube maker. The company plans to offer 41.75 million shares in an expected price range of $17 to $19 to raise $752 million at a market cap of $3.49 billion. Underwriters include Goldman Sachs, BofA/Merrill Lynch, BMO Capital Markets, Credit Suisse, GMP Securities, KeyBanc Capital Markets, William Blair, Stifel, BTIG, and PNC Capital Markets. Shares are scheduled to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ZEK.