The 2015 initial public offering (IPO) season ended with China’s online lending marketplace Yirendai Ltd. (NYSE: YRD) came public on December 18th with a whimper, not a bang. The last IPO of the year reflected the overall malaise in 2015’s market for newly public companies.
While 2014 was a record year for IPO , the current year was the worst since 2009 measured by dollars raised. In 2015 a total of 170 companies launched into the public markets according to IPO ETF manager Renaissance Capital, and those companies raised a total of $30 billion. In 2014, 275 companies came public and raised $85.3 billion. We posted our wrap-up last week.
So, while there are no IPOs on the calendar for at least two weeks, that does not mean there’s no action. In the short week leading up to the Christmas holiday, six companies filed with the U.S. Securities and Exchange Commission to enter the public markets. Here’s a quick look at each.
Acacia Communications Inc. is a maker of high-speed optical network products. We reported on the company’s filing last week.
Pulse Biosciences Inc. is a development stage medical device company. In its prospectus Pulse said it plans to offer 5 million shares on a firm commitment basis at $4 per share. Underwriter for the offering is MDB Capital Group. The company said it plans to trade on the Nasdaq, but no ticker symbol was disclosed.
TiGenix is Belgium-based advanced biopharmaceutical company that is developing injectable stem cell therapies for treatment of perianal fistulas in patients with Crohn’s disease. The company plans to issue an unspecified number of American Depositary Shares (ADS) and expects to trade on the Nasdaq under the ticker symbol TIG. Joint bookrunners for the offering are Canaccord Genuity and Nomura Securities. Co-managers are KBC Securities and Chardan Capital Markets.
Proteostasis Therapeutics is a biopharmaceutical company engaged in developing novel therapeutics to treat diseases caused by an imbalance in the pathways that control protein biosynthesis, folding, trafficking, and clearance. The company did provide details on number of shares or pricing. It plans to trade on the Nasdaq under the ticker symbol PTI. Joint bookrunners are Leerink Partners, RBC Capital Markets, Baird, and H.C. Wainwright.
Nutanix is a software-defined storage appliance provider. The company proposed an IPO valued at a maximum of $200 million but gave no details on number of shares on offer. Nutanix has a dual-class stock structure and has filed to trade on the Nasdaq under the ticker symbol NTNX. Joint bookrunners for the offering are Goldman Sachs, Morgan Stanley, J.P. Morgan, and Credit Suisse. Co-managers include Baird, Needham & Co., Oppenheimer & Co., Pacific Crest, Piper Jaffray, Raymond James, Stifel, and William Blair. Nutanix has been mentioned as a possible acquisition target for Cisco Systems.
Cancer Prevention Pharmaceuticals Inc. is a clinical stage biopharmaceutical company currently enrolling patients in a Phase 3 clinical trial of a treatment for colorectal cancer risk factors. The IPO filing indicates a reverse stock split is also being planned, and the company did not indicate how many shares would be offered although it plans to raise about $28.8 million in the IPO. Shares are expected to trade on the NYSEMKT but no ticker symbol was given. Sole bookrunner for the offering is Aegis Capital Corp.
Happy New Year—and here’s hoping 2016 breathes some life into the IPO market.
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