The other IPO last week was Kornit Digital Ltd. (NASDAQ: KRNT), which priced at $10 per share on Wednesday and began trading Thursday. The prospective range for the offering was $13 to $15, and shares closed at $14 on the first day of trading. Kornit is an Israel-based maker of digital printing solutions for the global printed textile industry.
IPO ETF manager Renaissance Capital reported that 35 IPOs have priced in the United States so far this year, down nearly 51% from a year ago. Total proceeds raised in the first quarter come to $5.5 billion, down 56% compared with the same period in 2014. The first quarter total a year ago was $10.6 billion. Of the 35 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.
ALSO READ: 4 Fresh Biotech Stock Picks With Targets 50% to 100% Higher
For the coming week, there are just two IPOs on the calendar. More excitement is due the following week, with e-commerce marketplace Etsy on tap for a $250 million offering.
Of the two IPOs on tap for this week Yulong Eco-Materials Ltd. is making its first attempt at entering the public market. The China-based company makes fly-ash bricks and concrete for China’s construction industry. The firm plans to sell 2.3 million shares in an expected price range of $6.25 to $7.25, raising $15.2 million at a market cap of around $79 million. Joint bookrunners for the offering are Axiom Capital Management, Northland Securities and ViewTrade. The shares are expected to price and begin trading in the week of April 6 on the Nasdaq under the ticker symbol YECO.
Held over from last week 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. The IPO is currently listed as “day-to-day.” The stock will trade on the Nasdaq under the ticker symbol VRAY.
Renaissance Capital also noted that an IPO previously listed as a “best efforts” offering revised its terms on March 30th. Wowo Ltd. is a China-based lifestyle e-commerce platform. The company now plans to offer 4.5 million American depositary shares (ADS) in an expected price range of $9 to $11. Each ADS represents 18 ordinary shares. See the amended filing for additional details. The sole bookrunner on the offering is Axiom Capital Management. Shares are listed as “day-to-day” and will trade on the Nasdaq under the ticker symbol WOWO.
ALSO READ: The Healthiest (and Least Healthy) Countries in the World
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.