IPO News This Week: 8 Firms Seeking $500 Million in New Capital

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Last week’s initial public offering (IPO) action saw four companies launch successful offerings that raised $1.5 billion in new capital–not bad for a down week in the equities markets. One additional IPO for a blank-check company was also completed. A total of eight IPOs, including two listed as day-to-day, are scheduled to launch in the coming week seeking a total of $500 million in new capital.

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

StoneCo Ltd. (NASDAQ: STNE) raised $1.15 billion by selling 47.7 million shares at $24, above the expected range. Shares got a first-day pop of 31% and closed the week up 30%.

Gamida Cell Ltd. (NASDAQ: GMDA) raised $50 million in an upsized offering of 6.3 million shares priced at $8, well below the expected range of $13 to $15. Shares closed the week up 6%.

Alberton Acquisition Corp. (NASDAQ: ALACU) raised $100 million by selling 10 million units at $10. Units closed the week flat.

Pintec Technology Holdings (NASDAQ: PT) raised $44 million by selling 3.7 million shares at $11.88, just below the top of the expected range. Shares got a first-day pop of 5% and closed the week flat.

YETI Holdings Inc. (NYSE: YETI) raised $288 million in a downsized offering of 16 million shares priced at $18, below the expected range. Shares dropped 6% on the first day of trading and closed the week down 9%.

Through the week ending October 26, IPO ETF manager Renaissance Capital reported that 176 IPOs have priced in the U.S. so far this year, up 43% year over year. Total proceeds raised through last week equaled $44.2 billion, up about 48% 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 eight IPOs that will test the public markets in the coming week.

Returning for a second try, Alzheon Inc. is a phase 3 biotechnology firm developing small molecule therapies to treat Alzheimer’s disease. The company plans to offer 2.5 million shares in an expected price range of $13 to $15 to raise $35 million at a market cap of $192 million. Underwriters are ThinkEquity, H.C. Wainwright, and The Benchmark Company. Shares are listed as day-to-day and will trade on the Nasdaq under the ticker symbol ALZH.

Another returnee, YayYo Inc. operates a fleet management and auto rental platform for ridesharing drivers. The company plans to offer 625,000 shares in an expected price range of $7 to $9 to raise $5 million at a market cap of $216 million. The sole underwriter is The Benchmark Company. Shares are listed day-to-day and will trade on the Nasdaq under the ticker symbol YAYO.

BankFlorida is a community bank in southern Florida with one branch. The company plans to offer 6.2 million shares in an expected price range of $10 to $11 to raise $65 million at a market cap of $75 million. Underwriters are B. Riley FBR and Hovde Group. Shares are shown as “week of” and will trade on the Nasdaq under the ticker symbol BFL.

Tiziana Life Sciences plc is a London-based biotechnology company developing antibody therapies to combat NASH, Crohn’s Disease, MS, and cancer. The firm plans to offer 1 million American Depositary Shares (ADS) at $9.90 to raise $10 million at a market cap of $138 million. One ADS represents 10 ordinary shares. Sole underwriter is Laidlaw & Company (UK). Shares are shown as “week of” and will trade on the Nasdaq under the ticker symbol TLSA.

Eton Pharmaceuticals Inc. is developing liquid formulations of various approved drugs. The company plans to raise $18 million at a market cap of $110 million by selling 3 million shares at $6. Sole underwriter for the offering is National Securities. Shares are expected to price Monday and begin trading Tuesday on the Nasdaq under the ticker symbol ETON.

Orchard Rx Ltd. is a London-based commercial stage biopharmaceutical company developing stem cell gene therapies for rare diseases. The company plans to raise $200 million at a market cap of $1.37 billion by selling 13.3 million ADSes in an expected price range of $14 to $16. Each ADS represents one ordinary share. Underwriters are J.P. Morgan, Goldman Sachs, Cowen, and Wedbush PacGrow. ADSes are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ORTX.

Twist Bioscience Corp. is a synthetic biology company that manufactures synthetic genes and other DNA-based products. The company plans to raise $75 million at a market cap of $418 million by selling 5 million shares in an expected price range of $14 to $16. Underwriters are J.P. Morgan, Cowen, Allen & Company, and Baird. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol TWST.

Axonics Modulation Technologies Inc. is a medical technology developing a neural implant for overactive bladder and incontinence. The company plans to raise $100 million at a market cap of $400 million by selling 6.7 million shares in an expected price range of $14 to $16. Underwriters are BofA/Merrill Lynch, Morgan Stanley, Wells Fargo Securities, and SunTrust Robinson Humphrey. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol AXNX.