SolarEdge Technologies Inc. (NASDAQ: SEDG), Jernigan Capital Inc. (NYSE: JCAP), Cellectis S.A. (NASDAQ: CLLS), and Franklin Financial Network Inc. (NYSE: FSB) raised $126 million, $100 million, $55 million and $228 million, respectively. Tantech Holdings Ltd (NASDAQ: TANH) priced at the bottom of its $4 to $6 expected range and more than doubled to post an opening day high of $9.50 before closing the week at $6.79.
IPO ETF manager Renaissance Capital reported that 33 IPOs have priced in the United States so far this year, down about 48% from a year ago. Total proceeds raised come to $5 billion, down nearly 53% compared with the same period in 2014. Of the 33 IPOs that have gone off this year, 16 have come from the health care sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past 10 years. Renaissance Capital does not include OTC listings or blank check companies in its IPO data.
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There are four IPOs on this week’s calendar, including two holdovers, an Israeli firm, and the widely anticipated launch of a U.S. Internet registrar.
GoDaddy Inc. is a Web hosting and services provider to small businesses, Web design professionals and individuals. The company claims that it operates the world’s largest domain marketplace, providing website building, hosting and security tools. GoDaddy serves approximately 13 million customers. The company believes that its addressable market extends beyond small businesses and includes individuals and organizations, such as universities, charities and hobbyists.
The company plans to offer 22 million shares in an IPO price range of $17 to $19 to raise $396 million at a market cap of around $2.7 billion. Underwriters for the offering are Morgan Stanley, J.P. Morgan, Citigroup, RBC Capital Markets, Barclays, Deutsche Bank Securities, KKR, Stifel, Piper Jaffray, Oppenheimer and JMP Securities. The underwriters have an overallotment option of 3.3 million additional shares. Pricing is currently expected on Tuesday and shares are expected to begin trading Wednesday on the New York Stock Exchange under the ticker symbol GDDY.
Kornit Digital Ltd. is an Israel-based maker of digital printing solutions for the global printed textile industry. The company plans to offer 7.1 million shares in an expected price range of $13 to $15 to raise $99.4 million at a market cap of $401.8 million. Joint bookrunners for the offering are Barclays and Citigroup. Co-managers include William Blair, Stifel, Canaccord Genuity and Needham. The stock is expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol KRNT.
The week’s first holdover is ViewRay Inc., a medical device company that makes an MRI-guided radiation therapy system that images and treats cancer patients simultaneously. The company plans to offer 4 million shares in an IPO price range of $12 to $14 to raise $52 million at a market cap of $188.7 million. Joint bookrunners for the offering are Cowen and Stifel. Co-managers are BTIG and Brean Capital. Shares are currently scheduled only for the week of March 30. The stock will trade on the Nasdaq under the ticker symbol VRAY.
“Best efforts” IPO Wowo Ltd. is a China-based lifestyle e-commerce platform that has been held-over for another week.. The company plans to offer 6 million shares in an expected price range of $9 to $11, raising $60 million at a market cap of around $384 million. The offering is being made on a “best efforts” basis and is not tracked by Renaissance Capital. The sole bookrunner on the offering is Axiom Capital Management. Shares are scheduled to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol WOWO.
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