According to Renaissance Capital, 215 IPOs have priced in the United States so far this year, up 36% from a year ago. Total proceeds raised come to $70.6 billion, up about 109% from 2013. In the month of August, IPO proceeds totaled just $0.9 billion, the lowest monthly total so far in 2014. September’s total came to $28.5 billion, of which about $22 billion is attributed to the IPO of Alibaba Group Holding Ltd (NYSE: BABA). Last week’s IPOs put $2 billion on the October total, so the new month is off to a good start. The 2013 IPO total came in at $54.9 billion, the highest total in the past 10 years, and that has already been surpassed with more than three months left in 2014.
Eyegate Pharmaceuticals Inc., a clinical-state specialty biopharmaceutical firm developing treatments for eye diseases, has postponed its IPO. The company planned to offer 1.9 million shares in a price range of $12 to $14 to raise $25 million at a market cap of around $92 million.
Viking Therapeutics Inc., which has been held over for another week, is a clinical-stage biopharmaceutical company based in California and focused on developing therapies for metabolic and endocrine disorders. The company plans to offer 5 million shares in a price range of $10 to $12, raising $55 million at a market cap of about $167 million. The IPO is listed as day-to-day. Shares will trade on the Nasdaq under the ticker symbol VKTX.
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The following are this week’s new IPOs:
HubSpot Inc., maker of a cloud-based software platform for inbound sales and marketing calls, plans to offer 5 million shares in an expected price range of $19 to $20 to raise $100 million at a market cap of about $607 million. Morgan Stanley, J.P. Morgan and UBS Investment Bank are joint managers of the offering, which is set to price on Wednesday and begin trading Thursday on the New York Stock Exchange (NYSE) under the ticker symbol HUBS.
MOL Global Inc. is a Malaysia-based e-payment platform for Southeast Asia. The company plans to offer 19.5 million shares in an expected price range of $12.50 to $14.50, raising about $263 million at a market cap of $911 million. Lead managers of the offering are Citibank, Deutsche Bank and UBS Investment Bank. The IPO is expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol MOLG.
NeuroSigma Inc. is developing bioelectronic products for patients suffering from major neurological and neuropsychiatric disorders such as epilepsy and depression. The company plans to offer 3.6 million shares in a price range of $13 to $15 to raise $50 million at a market cap of about $177 million. Jefferies is the lead manager of the offering and BTIG is the co-manager. The IPO is expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol NSIG.
OM Asset Management Ltd. is a London-based boutique asset management company with approximately $203.1 billion in assets under management. The firm plans to offer 22 million shares in a price range of $15 to $17 to raise $352 million at a market cap of $1.92 billion. The lead managers of the offering are Bank of America Merrill Lynch, Morgan Stanley and Citibank. The IPO is set to price on Wednesday and begin trading Thursday on the NYSE under the ticker symbol OMAM.
USD Partners L.P. is a master limited partnership (MLP) with rail transportation assets for the transport of oil and ethanol in Canada, California and Texas. The company plans to offer 8.9 million common units at a price of $19 to $21 to raise $177 million at a market cap of about $204 million. The lead managers of the offering are Citibank, Barclays and Credit Suisse. The IPO is currently expected to price on Wednesday and to begin trading Thursday on the NYSE under the ticker symbol USDP.
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Veritex Holdings Inc. is a bank holding company based in Dallas. The company plans to offer 2.7 million shares in a price range of $12 to $14 to raise about $35 million at a market value of around $118 million. The lead manager is Sandler O’Neill + Partners/Stephens and Sterne Agee is co-manager. The IPO is expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol VBTX.
Dave & Buster’s Entertainment Inc. owns and operates North American stores that feature dining and entertainment for both adults and families. The company plans to offer 5.9 million shares in a price range of $16 to $18, raising $100 million at a market cap of about $665 million. Lead managers for the offering are Jefferies, Piper Jaffray and William Blair. The IPO is scheduled to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol PLAY.
Diplomat Pharmacy Inc. is the fourth-largest specialty pharmacy company in the United States. It plans to offer 13.3 million shares in an expected price range of $14 to $16 to raise $200 million at a market value of about $757 million. Lead managers of the offering are Credit Suisse, Morgan Stanley and J.P. Morgan. The stock is expected to price on Thursday and to begin trading Friday on the NYSE under the ticker symbol DPLO.
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