Five of six potential initial public offerings (IPOs) on last week's calendar succeeded in entering the public markets, with up to five more on the calendar for the coming week. Last week's capital raise totaled $466 million, not including proceeds from the IPO of a blank-check company.
Yoga studio operator YogaWorks postponed a planned offering of 5 million shares that was slated to raise $65 million at the mid-point of the expected range of $12 to $14 per share.
Calyxt Inc. (CLXT) raised $56 million with an upsized offering of 7 million shares priced at $8, the low end of the expected range. Shares popped nearly 41% on the first day of trading and closed the week up 35.1%.
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Blank-check firm Federal Street Acquisition Corp. (FSACU) raised $400 million, selling 40 million units at $10 per unit.
Kala Pharmaceuticals Inc. (KALA) sold 6 million shares at $15 apiece to raise $90 million. Shares got a first-day pop of 23.3% and closed the week up 27.3%.
TPG RE Finance Trust Inc. (TRTX) raised $220 million on the sale of 11 million shares at $20, the low end of the expected range. Shares fell 2.1% on their first day of trading and closed the week down 1.7%.
PetIQ Inc. (PETQ) raised $100 million on an upsized offering of 6.3 million shares priced at $16, the upper end of the expected range. Shares popped 45.8% following Friday's IPO.
Through the week ending July 21 IPO ETF manager Renaissance Capital reported that 83 IPOs have priced in the United States so far this year, up nearly 73% year over year. Total proceeds raised through last week equaled $21.1 billion, up 159% year over year. For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 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.
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The first of the coming week's IPOs is RBB Bancorp, a Los Angeles–based commercial bank focused on offering services to first generation immigrants from China, Korea and other Asian countries. The bank plans to offer 3 million shares in an expected price range of $22 to $24 to raise $69 million at the midpoint of the range with an implied market cap of $344 million. Underwriters include Sandler O'Neill, Keefe Bruyette Woods, Stephens and FIG Partners. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol RBB.
Industrea Acquisition is a blank-check company seeking a business combination with an industrial manufacturing or services firm. The company plans to off 20 million units comprised of one share of Class A common stock and one redeemable warrant at a price of $10 per unit, raising $200 million. Underwriters are FBR Capital and B. Riley. Units are set to begin trading Thursday on the Nasdaq under the ticker symbol INDUU.
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Sienna Biopharmaceuticals is a clinical-stage biopharmaceutical firm developing topical dermatological therapies. The company plans to offer 4.3 million shares in an expected price range of $14 to $16 to raise $65 million at the midpoint of the range with an implied market cap of $298 million. Underwriters are JPMorgan, Cowen and BMO Capital Markets. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SNNA.
Redfin is an online residential real estate brokerage. The company plans to offer 9.2 million shares in an expected price range of $12 to $14 to raise $120 million at the midpoint of the range with an implied market cap is $1 billion. Underwriters include Goldman Sachs, Allen, Merrill Lynch, RBC Capital Markets, Oppenheimer and Stifel. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol RDFN.
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Another blank-check company, Pensare Acquisition, is listed only as week of July 24. The company is seeking to acquire a company in the U.S. wireless telecommunications industry. The company plans to offer 25 million units at $10 apiece to raise $250 million. Underwriters include EarlyBirdCapital and IFS Securities. Units will trade on the Nasdaq under the ticker symbol WRLSU.