Investing
TerraForm Global Tops List of 8 IPOs Due to Launch This Week
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Through the week ending July 24th, IPO ETF manager Renaissance Capital reported that 115 IPOs have priced in the U.S. so far this year, down about 31% from a year ago. Total proceeds raised through June equaled $19.9 billion, down about 41% compared with the same period in 2014. Of the 115 IPOs that have gone off this year, 50 have come from the healthcare sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past ten years. Renaissance Capital does not include “best efforts” or blank check companies in its totals.
Last week’s largest one-day pop was posted by Blue Buffalo Pet Products Inc. (NASDAQ: BUFF) with a gain of 36% after pricing 18% above its expected range. Neos Therapeutics Inc. (NASDAQ: NEOS) posted a first-day pop of 30% and Live Oak Bancshares Inc. (NASDAQ: LOB) popped 12%.
The other two IPOs on the calendar last week, ETRE REIT LLC and BioCardia Inc. have been postponed.
Of the eight firms are lined up to price and begin trading in the coming we have three healthcare companies, a containership operator, a broadcast production company, a REIT, a blank check company, and a clean energy yieldco.
Intec Pharma Ltd. is an Israel-based biopharmaceutical firm that develops drugs based on a proprietary pill platform technology. The company’s ordinary shares currently trade on the Tel Aviv exchange. The company plans to offer 4.5 million ordinary shares at an IPO price of $8.36 to raise $37.6 million at an implied market cap of $84.4 million. Joint bookrunners for the offering are Maxim Group LLC and Roth Capital. The IPO is scheduled only for the week of July 27th and will trade on the Nasdaq under the ticker symbol NTEC.
NantKwest is a clinical-stage immunotherapy company focused on harnessing the power of the innate immune system by using the natural killer cell to treat cancer, infectious diseases and inflammatory diseases. The company plans to offer 7 million shares in an expected price range of $20 to $23 to raise $150.5 million at an implied market cap of $1.65 billion. Joint bookrunners for the offering include BofA/Merrill Lynch, Citi, Jefferies, and Piper Jaffray. The sole co-manager is MLV & Co. Shares are scheduled to price Monday and begin trading Tuesday on the Nasdaq under the ticker symbol NK. The company was formerly known as Conkwest.
Easterly Acquisition Corp. is a blank-check company. The firm plans to offer 15 million units at an IPO price of $10 to raise $150 million at an implied market cap of $187.5 million. Underwriters for the offering are Citi and I-Bankers Securities Inc. Units are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol EACQU. Each unit comprises one share of common stock and one-half of one redeemable warrant.
Poseidon Containers Holdings Corp. is a Greece-based owner and operator of container ships. The company plans to offer 15.4 million shares in an expected price range of $14 to $16 to raise $230.7 million at an implied market cap of $517.1 million. Joint bookrunners for the offering are Morgan Stanley, Deutsche Bank, UBS Investment Bank, Citi, Jefferies, and ABN AMRO. Co-managers are DVB Capital Markets, Credit Agricole CIB, and UniCredit Capital Markets. Shares are scheduled to price on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol PCON.
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company that develops orally administered small molecule drug candidates to fill significant unmet medical needs. The company plans to offer 7.8 million shares in an expected price range of $15 to $17, raising $125 million at an implied market cap of $520 million. Joint bookrunners for the offering are Piper Jaffray and Stifel. Co-managers are Canaccord Genuity and Janney Montgomery Scott. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol VTVT.
NEP Group Inc. is the largest global outsourced provider of comprehensive live and broadcast production solutions, with leading market positions in the United States, Europe and Australia. The company plans to offer 13 million shares in an expected price range of $15 to $17 to raise $208 million at an implied market cap of $603.4 million. Joint bookrunners for the offering are Barclays, Morgan Stanley, Jefferies, Macquarie Capital, and RBC Capital Markets. Co-managers are Nomura Securities and Stifel. Shares are scheduled to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol NEPG.
RiverBanc Multifamily Investors Inc. is a REIT that plans to acquire and manage a diverse portfolio of structured investments in multifamily apartment communities. The company plans to offer 3.8 million shares in an IPO price range of $19 to $20 to raise $74.1 million at an implied market cap of $128.7 million. Joint bookrunners for the offering are Baird, Keefe Bruyette Woods, Suntrust Robinson Humphrey, Nomura Securities, and Oppenheimer & Co. The sole co-manager is J.J.B. Hilliard, W.L. Lyons Inc. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol RMI. The company is a successor RB Multifamily Investors LLC.
TerraForm Global Inc. is a globally diversified, dividend growth-oriented company formed to own and operate contracted clean power generation assets in attractive, high-growth emerging markets. This is the second yieldco formed by SunEdison Inc. (NYSE: SUNE). TerraForm Power Inc. (NASDAQ: TERP) came public in July of last year and holds North American clean power generation assets. TerraForm Global plans to offer 56.6 million shares in an expected price range of $19 to $21 to raise $1.13 billion at an implied market cap of $2.19 billion. Joint bookrunners are J.P. Morgan, Barclays, Citi, Morgan Stanley, Goldman Sachs, BofA/Merrill Lynch, and Deutsche Bank. Co-managers include BTG Pactual, Itau BBA, Kotak Mahindra Capital, SMBC Nikko, and Societe Generale. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol GLBL.
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