IPOs Fail to Generate Much Enthusiasm

The IPO schedule should pick up again after the Labor Day holiday — at least we hope so. Here’s a repeat of last week’s U.S. total to date: According to Renaissance Capital, 189 IPOs have priced in the United States so far this year, up 45.4% from a year ago. Total proceeds raised come to $40.6 billion, up nearly 43% from 2013. In the month of July, IPO proceeds totaled $8.4 billion, the highest monthly total so far in 2014. So far in 2014 there have been a total of 242 IPOs filed, a rise of nearly 66% year to date. Proceeds raised from 2013 IPOs totaled $54.9 billion, the highest total in the past 10 years.

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GWG Holdings Inc. operates as a secondary market for life insurance policies. The company has raised the number of shares on offer from 1.0 million to 1.25 million in an expected price range of $11.50 to $13.50. Last week the company had lowered the number from 1.6 million to 1.0 million. At the midpoint, the company’s market cap would be about $104 million and it would raise proceeds totaling $15.6 million. Pricing and trading dates have not been set. The stock will trade on the Nasdaq under the ticker symbol GWGH.

Zosano Pharma Corp., a holdover from last week, is a clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its existing drugs through the skin. The company plans to offer 6.4 million shares in a price range of $10 to $12, and it expects to raise gross proceeds of around $70 million. The pricing and trading dates are not set. The stock will trade on the Nasdaq under the ticker symbol ZSAN.

Sino Mercury Acquisition Corp., the other holdover from last week, is a blank-check company that plans to focus on businesses located in China that operate in the non-traditional financial industry, including but not limited to micro-credit companies, financial leasing companies and guarantors. The firm plans to sell 4 million units at $10 a share, raising $40 million against a market cap of $52.1 million. No dates are set. The company’s units will trade on the Nasdaq under the ticker symbol SMACU.

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