While the action in the initial public offering (IPO) market improved last week, the improvement came with a downside. All five IPOs last week priced below their expected ranges, and of seven health care IPOs on the calendar, only four made it out the door.

The lone non-health-care IPO that successfully launched last week was Performance Food Group Co. (NYSE: PFGC), which priced its offer at $19, well-below the expected range of $22 to $25. Shares closed Friday at $21.18.

Edge Therapeutics Inc. (NASDAQ: EDGE) priced at $11 a share, some 27% below the mid-point of the expected range of $14 to $16. Shares did get an 18% first-day pop and closed Friday at $17.48, up nearly 60% from the IPO price.

Mirna Therapeutics Inc. (NASDAQ: MIRN) priced at $7, 50% below the mid-point of its $13 to $15 range, and shares closed Friday up less than 1% from the IPO price. Surgery Partners Inc. (NASDAQ: SGRY) priced at $19, about 22% below the middle of the $23 to $26 expected range, and closed Friday down 3% at $18.43. NovoCure Ltd. (NASDAQ: NVCR) priced 20% below the mid-point of its expected range of $26 to $29 at $22 and closed Friday at $18.28, down 17% after one day of trading.

Through the week ending October 2, IPO ETF manager Renaissance Capital reported that 139 IPOs have priced in the United States so far this year, down about 36% from a year ago. Total proceeds raised through last week equaled $23.5 billion, down 67% compared with the same period in 2014. Of the 139 IPOs that have gone off this year, 65 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.

ALSO READ: 7 Fresh Analyst Stock Picks With Massive Upside

One postponed offering from last week, Fuling Global, is a Cayman Islands-based specialized production and distribution company for environmentally friendly plastic serviceware with manufacturing plants in China and the United States. The company plans to offer 5 million shares at an IPO price range of $5 to raise $25 million at an implied market cap of about $83 million. Sole bookrunner for the offering is Burnham Securities. Shares are expected to price in the coming week and begin trading on the Nasdaq under the ticker symbol FORK. The IPO is now listed as a “best efforts” deal.

Another IPO delayed from last week, Strongbridge Biopharma, is a biopharmaceutical company focused on the development, in-licensing, acquisition and eventual commercialization of multiple complementary products and product candidates within franchises that target rare diseases. The offering is a “transplant” from the Norwegian over-the-counter system. The company plans to offer 4.3 million shares at a price of $17.93, raising about $76.2 million at an implied market cap of $411.6 million. Joint bookrunners for the offering are Bank of America Merrill Lynch and Stifel. Co-managers are JMP Securities, Roth Capital and Arctic Securities. Shares are expected to begin trading in the coming week on the Nasdaq under the ticker symbol SBBP.

The first of the new offerings for the week of October 5 is Cerecor, a clinical-stage biopharmaceutical company with the goal of becoming a leader in the development of innovative drugs that make a difference in the lives of patients with neurological and psychiatric disorders. The company plans to offer 4.2 million units in an expected price range of $6 to $7 to raise $27.5 million at an implied market cap of $57.6 million. Each unit comprises one share of common stock, one class A warrant to purchase one additional share of common stock, and one class B warrant to purchase another one-half share of common stock. The sole bookrunner for the offering is Maxim Group, and the co-manager is Laidlaw & Co. (UK) Ltd. Units are expected to price in the coming week and begin trading on the Nasdaq under the ticker symbol CERCU. The common stock will trade under the symbol CERC.

SynCardia Systems is a medical technology company focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart. The company plans to offer 2.5 million shares in an expected price range of $10 to $12 to raise $27.5 million at an implied market cap of $86 million. Sole bookrunner for the offering is Roth Capital. Shares are expected to begin trading in the coming week on the Nasdaq under the ticker symbol TAHT.

ALSO READ: 4 Blue Chip High-Dividend Energy Stocks on Sale After Market Sell-Off

Aclaris Therapeutics is a clinical-stage specialty pharmaceutical company focused on identifying, developing and commercializing innovative and differentiated topical drugs to address significant unmet needs in dermatology. The company plans to offer 5 million shares in an IPO price range of $14 to $16, raising $75 million at an implied market cap of $291 million. Joint bookrunners are Jefferies and Cit. Co-manager is William Blair. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ACRS.

Pure Storage is a maker of flash-memory data storage systems. The company plans to offer 25 million shares in an expected price range of $16 to $18, raising $425 million at an implied market cap of $2.72 billion. Joint bookrunners for the offering are Morgan Stanley, Goldman Sachs, Barclays, Allen & Company and Merrill Lynch. Co-managers include Pacific Crest, Stifel, Raymond James and Evercore Partners. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol PSTG.

Allegiance Bancshares is a registered bank holding company headquartered in Houston, Texas. The bank plans to offer 2.6 million shares in an expected price range of $22 to $24 to raise about $60 million at an implied market cap of around $286 million. Joint bookrunners for the offering are Baird and Stephens. Co-managers are Keefe Bruyette Woods and Sandler O’Neill. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ABTX.

CPI Card Group is a provider of comprehensive financial payment card solutions in the United States and Canada. Financial payment cards include credit, debit and prepaid debit cards issued on the networks of payment card brands (Visa, MasterCard, American Express and Discover) and Interac (in Canada). The company plans to offer 17.7 million shares in an expected price range of $16 to $18, raising $300 million at an implied market cap of $338.1 million. Shares will be offered concurrently on the Toronto Stock Exchange. Joint bookrunners for the U.S. offering are BMO Capital Markets, Goldman Sachs and CIBC. Co-managers include Baird, William Blair, Raymond James, Scotiabank/Howard Weil and GMP Securities. Shares are set to price on Wednesday and begin trading on Thursday in the United States on the Nasdaq under the ticker symbol PMTS.

CytomX Therapeutics is an oncology-focused biopharmaceutical company pioneering a novel class of antibody therapeutics based on the company’s proprietary technology platform. The company plans to offer 6.7 million shares in an expected price range of $14 to $16, raising $100 million at an implied market cap of $523.5 million. Joint bookrunners for the offering are Merrill Lynch, Jefferies and Cowen. The co-manager is Oppenheimer. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CTMX.

Digicel Group is a provider of mobile communications services, business solutions, cable TV and broadband, and related services in the Caribbean and South Pacific regions. The Bermuda-based company plans to offer 124.1 million shares in an expected price range of $13 to $16 to raise $1.8 billion at an implied market cap of $4.6 billion. Joint bookrunners for the offering are JPMorgan, UBS Investment Bank, Citi, Barclays, Credit Suisse and Deutsche Bank. Sole co-manager is Davy Corporate Finance. Shares are expected to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol DCEL.

ALSO READ: 10 States Draining the Country’s Energy

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.