Only one initial public offering (IPO) made it out the door last week and another was withdrawn. The coming week has even less action on tap, with no offerings on the calendar. We don’t expect the IPO market to heat up again until after the Labor Day holiday.

Since the beginning of August another 25 companies have submitted initial filings for an IPO. Among the filings were high-end retailer Neiman Marcus Group Inc., data storage maker Pure Storage Inc., and Petco Holdings Inc.

Last week’s sole IPO came from Benitec Biopharma Ltd. (NASDAQ: BNTC), an Australia-based clinical-stage biotechnology company developing a novel, proprietary therapeutic technology platform that combines gene silencing and gene therapy with a goal of providing sustained, long-lasting silencing of disease-causing genes from a single administration. The company’s ordinary shares already traded on the Australian Securities Exchange and the company reduced its planned offer of 5 million American Depositary Shares (ADS), each representing 20 ordinary shares, to 1.5 million and lowered the IPO price from a planned $13.06 per ADS to $9.21. The company also added one-third of a warrant to purchase an additional ADS at an exercise price of $5.50. Benitec plans raised $13.8 million at an implied market cap of around $73 million. Sole bookrunner for the offering was Maxim Group LLC.

GC Aesthetics plc, an Ireland-based pure-play female aesthetics company, withdrew its IPO citing poor market conditions.

Through the week ending August 21st, IPO ETF manager Renaissance Capital reported that 131 IPOs have priced in the U.S. so far this year, down about 31% from a year ago. Total proceeds raised through last week equaled $22.3 billion, down about 45% compared with the same period in 2014. Of the 131 IPOs that have gone off this year, 58 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.

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