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IPOs This Week: A Single Offering on Tap After 8 IPOs Last Week

Paul Ausick

The last week of the second quarter was a busy one with eight companies entering the public markets following successful initial public offerings (IPOs). The shortened holiday week ahead has just one IPO on the calendar -- a do-over after the company did not complete its IPO last week.

Here's a rundown of last week's offerings:

Avenue Therapeutics Inc. (ATXI) raised $33 million by raising its offering to 5.5 million and pricing the shares at $6. The company got a 31% first-day pop and closed the week up nearly 38%.

Dova Pharmaceuticals Inc. (DOVA) raised $75 million in an upsized offering of 4.4 million shares priced at $17, the high end of the expected range. Shares posted a gain of 16.5% at Friday's close.

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Esquire Financial Holdings Inc. (ESQ) raised $33 million, selling 2.4 million shares at $14, the low end of the expected range. The first-day pop of nearly 9% didn't last, however, and the stock ended the week up 6.1%.

Blue Apron Holdings Inc. (APRN) sold 30 million shares at $15, the low end of the expected range, and raised $300 million. Shares traded flat on the first day of trading and ended the week down 6.6%.

Byline Bancorp Inc. (BY) sold 5.7 million shares at $19, the low end of its expected range, raising $108 million. A first-day, Friday pop of .5.5% is where the stock ended the week.

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Tintri Inc. (TNTR) sold 8.6 million shares in a downsized offering at $7 a share, the low end of the expected range. The company raised $60 and got a first-day pop of 3.9% after is Friday IPO.

Mersana Therapeutics Inc. (MRSN) sold 5 million shares at $15, the midpoint of the expected range, raising $75 million. Shares broke issue to close down 6.7% and closed the week down 6.9%.

Aileron Therapeutics Inc. (ALRN) sold 3.8 million shares at $15, the low end of the expected range, to raise $56 million. Shares broke issue on the first day of trading, down 28% and closed the week down nearly 26%.

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Through the week ending June 30 IPO ETF manager Renaissance Capital reported that 77 IPOs have priced in the U.S. so far this year, up about 83% year over year. Total proceeds raised through last week equaled $20.5 billion, up 230% 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.

The week's lone scheduled IPO Akcea Therapeutics Inc., a late-stage biopharmaceutical company commercializing treatments for patients with serious cardiometabolic diseases caused by lipid disorders. The company plans to offer 9.6 million shares in an expected price range of $12 to $14 to raise $125 million at an implied market cap of $658 million. Underwriters are Cowen & Co., Stifel, Wells Fargo Securities, and BMO Capital Markets. Shares are listed as day-to-day and will be listed on the Nasdaq under the ticker symbol AKCA.

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