Just one initial public offering (IPO) hit the tape last week, but it was a good one. Enterprise software maker Atlassian Corp. PLC (NASDAQ: TEAM) priced its Thursday trading debut at $21, above a revised range of $19 to $20, and raised $462 million at a market valuation of around $4.4 billion. The IPO was the third-largest high-tech offering of the year.
Through the week ending December 11, IPO ETF manager Renaissance Capital reported that 169 IPOs have priced in the United States so far this year, down more than 37% from a year ago. Total proceeds raised through last week equaled $30 billion, down more than 64% compared with the same period in 2014. Of the 169 IPOs that have gone off this year, 78 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.
There are two new offerings scheduled for the coming week. The first is a blank-check company, Pulte Acquisition. The company plans to offer 7 million units at an IPO price of $10 per unit. Each unit comprises one share of common stock and one-half of one warrant. One warrant entitles the holder to purchase one share of common stock at an exercise price of $11.50 per share. Sole underwriter for the offering is Chardan Capital Markets. Units are expected to begin trading Friday on the Nasdaq under the ticker symbol PLTEU.
Beijing-based Yirendai is an online consumer finance marketplace in China connecting investors and individual borrowers. The company plans to offer 7.5 million American depositary shares (ADS) in an expected price range of $9 to $11 to raise $75 million at an implied market cap of $1.15 billion. Each ADS represents two ordinary shares. Joint bookrunners for the offering are Morgan Stanley, Credit Suisse and China Renaissance. Co-manager is Needham. Shares are scheduled to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol YRD.
Yirendai’s IPO is expected to be the last of 2015.
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