Last week’s lone successful initial public offering (IPO), Summit Materials Inc. (NYSE: SUM), priced on Wednesday at $18, the midpoint of its expected range, opened at $20.16 and closed its first day of trading near $21. In the coming week, there are four first-time IPOs scheduled to begin trading, with most of the attention on a spin-off from Goldman Sachs.

IPO ETF manager Renaissance Capital reported that 27 IPOs have priced in the United States so far this year, down about 40% from a year ago. Total proceeds raised come to $4.4 billion, down about 42% compared with the same period in 2014. Of the 27 IPOs that have gone off this year, 14 have come from the health care sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past decade. Renaissance Capital does not include OTC listings or blank check companies in its IPO data.

Goldman Sachs BDC is a closed-end management investment company that is regulated as a business development company that was formed by Goldman Sachs Group Inc. (NYSE: GS) to invest in middle-market companies. The company plans to offer 6 million shares in an expected price range of $20 to $21 to raise $123 million at a market cap of about $726 million. Joint bookrunners for the offering are Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse and Wells Fargo Securities. Co-managers include Raymond James and SunTrust Robinson Humphrey. Shares are expected to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol GSBD.

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National Commerce Corp. is an Alabama-based bank holding company. The firm plans to offer 1.6 million shares in an expected price range of $18.50 to $20.50, raising $31.2 million at a market cap of $177.5 million. The sole bookrunner for the offering is Keefe Bruyette Woods, and co-managers are Raymond James, Sterne Agee and FIG Partners. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol NCOM.

SteadyMed Ltd. is an Israel-based specialty pharmaceutical firm developing and commercializing therapeutic products for certain orphan drugs and other well-defined, high-margin specialty markets. The company plans to offer 4.3 million shares in an expected price range of $12 to $14 to raise $55.3 million at a market cap of about $159 million. Joint bookrunners for the offering are Wells Fargo Securities and RBC Capital Markets. The co-manager is JMP Securities. The shares are scheduled to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol STDY.

Valeritas Inc. is a commercial-stage medical technology company working on products to improve treatment of type 2 diabetes. The company plans to offer 5 million shares in an IPO price range of $14 to $16 to raise $75 million at a market cap of about $237 million. Joint bookrunners for the offer are Piper Jaffray and Leerink Partners. The co-manager is Oppenheimer. The shares are scheduled to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol VLRX.

A “best-efforts” IPO will try again to make it out the door next week. Tantech Holdings Ltd. is a China-based maker of bamboo-based charcoal products for industrial energy applications and household cooking, heating, purification, agricultural and cleaning uses. The company plans to offer 3.2 million shares in an expected range of $4 to $6 raising $16 million against a market cap of $108 million. The offering is being made on a best-efforts, all-or-none basis and is not underwritten. The trading date is listed only as the week of March 9. Shares will trade on the Nasdaq under the ticker symbol TANH.

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