Last week’s initial public offering (IPO) action saw three companies launch successful offerings that raised $390 million in new capital. Five other companies expected to enter the public markets last week have put their plans on hold. Just two IPOs are scheduled to launch in the coming week seeking a total of $82 million in new capital.
Here’s a brief rundown of last week’s IPOs.
Axonics Modulation Technologies Inc. (NASDAQ: AXNX) raised $120 million in an upsized offering of 8 million shares priced at $15, the midpoint of the expected range. Shares closed flat on the Friday IPO.
Orchard Rx Ltd. (NASDAQ: ORTX) raised $200 million in an upsized offering of 14.3 million American Depositary Shares (ADS) priced at $14, the low end of the expected range. Shares closed flat on Friday.
Twist Bioscience Corp. (NASDAQ: TWST) raised $70 million sold 5 million shares at $14, the low end of the expected range. Shares closed the week flat on the Friday IPO.
Through the week ending November 2, IPO ETF manager Renaissance Capital reported that 179 IPOs have priced in the U.S. so far this year, up 37% year over year. Total proceeds raised through last week equaled $44.7 billion, up about 41% 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 two IPOs that will test the public markets in the coming week.
CNFinance Holdings Ltd. is a China-based provider of home equity loans to Chinese customers. The company plans to raise $52 million at a market cap of $604 million by offering 6.5 million ADSes in an expected price range of $7.50 to $8.50. Each ADS represents 20 ordinary shares. Underwriters are Roth Capital and Shenwan Hongyuan Securities. ADSes are scheduled to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol CNF.
Alzheon Inc. is a phase 3 biotechnology firm developing small molecule therapies to treat Alzheimer’s disease. The company plans to offer 6 million shares in an expected price range of $4 to $6 to raise $30 million at a market cap of $82 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.