IPO ETF manager Renaissance Capital reported that 78 IPOs have priced in the United States so far this year, down about 37% from a year ago. Total proceeds raised through June 12 equaled $13.5 billion, down about 48% compared with the same period in 2014. Of the 78 IPOs that have gone off this year, 35 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 “best efforts” or blank check companies in its totals.
This week nine firms are lined up to price and begin trading, including two solar-energy related companies, a consumer electronics fitness device maker, and another restaurant chain, in addition to three health care companies and a cloud-based platform for wellness businesses.
Nivalis Therapeutics Inc. is clinical stage pharmaceutical company that develops and commercializes product candidates for patients with cystic fibrosis. The company plans to offer 4.3 million shares in an expected price range of $13 to $15 to raise $60 million at a market cap of about $188 million. Joint bookrunners are Cowen and Stifel. Co-managers are Baird and H.C. Wainwright. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol NVLS.
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Principal Solar Inc. acquires, builds, owns and operates profitable, large-scale solar generation facilities. The offering is not an IPO because the company already trades on the OTC Pink market under the symbol PSWW. The company plans to sell 2.5 million shares in a range of $9 to $11. Following a one-for-four reverse stock split on May 6, the shares traded at $15 as of June 5. Sole bookrunner for the offering is Northland Securities. Shares are expected to begin trading on Wednesday on the Nasdaq under the existing PSWW ticker symbol.
Cynapsus Therapeutics Inc. is a Canada-based specialty CNS pharmaceutical company developing and preparing to commercialize a treatment for Parkinson’s disease. The company, which currently trades on the Toronto Stock Exchange, plans to offer 4.5 million shares at $14.18 to raise $63.8 million at a market cap of $162.1 million. Sole bookrunner for the offering is Bank of America Merrill Lynch. Co-managers are Nomura Securities and Noble Life Sciences Partners. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CYNA.
Fitbit Inc. combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. The company plans to offer 29.9 million shares in an expected price range of $14 to $16, raising about $448 million at a market cap of $3.07 billion. Joint bookrunners for the offering are Morgan Stanley, Deutsche Bank and Merrill Lynch. Co-managers include Barclays, SunTrust Robinson Humphrey, Piper Jaffray, Raymond James, Stifel and William Blair. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol FIT.
Ritter Pharmaceuticals Inc. develops novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases. The company plans to offer 1.8 million shares in an expected price range of $10 to $12 to raise $20.2 million at a market cap of $61.7 million. Joint bookrunners for the offering are Aegis Capital and Chardan Capital Markets. Barrington Research is co-manager. The shares are expected to price on Wednesday and to begin trading Thursday on the Nasdaq under the ticker symbol RTTR.
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Univar Inc. is a global chemical distributor and provider of innovative value-added services. The company plans to offer 20 million shares in an expected price range of $20 to $22, raising $420 million at a market cap of $2.9 billion. Joint bookrunners for the offering are Deutsche Bank, Goldman Sachs, Merrill Lynch, Barclays, Credit Suisse, JPMorgan, Jefferies and Morgan Stanley. Co-managers include Citigroup, HSBC, Moelis, Wells Fargo Securities, Lazard Capital Markets, SunTrust Robinson Humphrey and William Blair. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol UNVR.
8point3 Energy Partners L.P. is a limited partnership formed by First Solar Inc. (NASDAQ: FSLR) and SunPower Corp. (NASDAQ: SPWR) to own, operate and acquire solar energy generation projects. The company plans to offer 20 million shares in an IPO price range of $19 to $21 million to raise $400 million at a market cap of $842.3 million. Joint bookrunners for the offering are Goldman Sachs, Citigroup, Deutsche Bank, JPMorgan and Credit Agricole CIB. Co-managers include HSBC, Mitsubishi UFJ Securities, Mizuho Securities and Baird. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol CAFD.
Fogo de Chão Inc. is a leading Brazilian steakhouse (churrascaria) with 26 U.S. and nine Brazilian locations. The company plans to offer 4.4 million shares at at IPO price range of $16 to $18, raising $75 million at a market cap of about $463 million. Joint bookrunners for the offering are Jefferies and JPMorgan. Co-managers include Credit Suisse, Deutsche Bank, Piper Jaffray, Wells Fargo Securities and Macquarie Capital. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol FOGO.
MINDBODY Inc. is a global online wellness marketplace with over 42,000 local business subscribers in 124 countries and territories employing over 250,000 practitioners who provide a variety of wellness services to over 24 million active consumers. The company plans to offer 7.2 million shares in an expected price range of $13 to $15, raising $100 million at a market cap of $448 million. Joint bookrunners are Morgan Stanley, Credit Suisse and UBS Investment Bank. Co-managers are Pacific Crest and JMP Securities.
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