After markets failed to accept a single initial public offering (IPO) in January, the first week of February was a bit more propitious, with two offerings making the grade. That’s the good news; the less-good news is that there were a total of seven companies looking to break out last week.

The two companies that did make the grade were Editas Medicine Inc. (NASDAQ: EDIT), a genome editing company working to correct genetically defined diseases by correcting their disease-causing genes, and BeiGene Ltd. (NASDAQ: BGNE), a Chinese biopharmaceutical company developing immuno-oncology drugs for the treatment of cancer. Both offerings had a positive first day pop and both finished the week trading above their IPO pricing.

Through the week ending February 5, IPO ETF manager Renaissance Capital reported that two IPOs have priced in the United States so far this year, down more than 88% from a year ago. Total proceeds raised through last week equaled $300 million, down nearly 92% compared with the same period in 2015. Of the two IPOs that have gone off this year, both have come from the health care sector. Last year’s IPO total came in at $30 billion on 170 offerings. Renaissance Capital does not include “best efforts” or blank-check companies in its totals.

In the coming week four companies will be returning for another try, and another four appear set for a first go at the market.

The first of the returning firms is Shimmick Construction Company Inc., a heavy civil construction company offering services to federal, state, and local public agencies and private customers in California and the Western United States. The company plans to offer 6.25 million shares in an expected price range of $11 to $13. Approximately half the shares are being sold by existing stakeholders, so the company’s proceeds at the midpoint of the range would be about $44.8 million at an implied market cap of $181.5 million. Sole bookrunner for the offering is FBR Capital Markets and co-managers are BB&T Capital Markets and D.A. Davidson. Pricing and the start of trading are listed as day-to-day. The stock will trade on the Nasdaq under the ticker symbol SCCI.

Another do-over from last week, Nordic Realty Trust is a REIT that plans to focus on the acquisition, ownership, leasing, management, and redevelopment of office and industrial properties located in the Nordic countries. The company plans to offer 5 million shares at a price of $15, raising $75 million at an implied market cap of $80.6 million. Concurrently the firm will sell $3 million in shares at the same price in a private placement. Sole bookrunner for the offering is Wunderlich Securities. Co-managers include Compass Point, Janney Montgomery Scott, JMP Securities, Nomura Securities, Ladenburg Thalmann, National Securities and Boenning & Scattergood. Pricing and trading are listed as day-to-day. Shares will trade on the Nasdaq under the ticker symbol NORT.
The third company coming back for another try is Advanced Inhalation Therapies (AIT) Ltd., an Israel-based company that is developing a single proprietary 160 parts-per-million nitric oxide formulation and delivery system to treat various respiratory infections. The company plans to offer 675,000 units at $15 per unit. Each unit consists of two ordinary shares and three warrants to purchase one ordinary share. The company plans to raise $10.1 million at an implied market cap of $66.3 million. Sole bookrunner is Joseph Gunnar. The offering is listed only as “week of.” Units, shares, and warrants are set to trade on the Nasdaq under the ticker symbols AITPU, AITP and AITPW, respectively.

The fourth company returning for another go is Mapi – Pharma Ltd., an Israel-based development stage pharmaceutical company which is developing generic drugs that have both high added value and high barriers to entry from competitors. The company plans to offer 3.125 million shares in an expected price range of $15 to $17 a share raising $50 million at an implied market cap of $118.2 million. Sole bookrunner for the offering is JMP Securities and co-managers are Maxim Group and FBR Capital Markets. Pricing is listed only as the week of February 8, and shares are set to trade on the Nasdaq under the ticker symbol MAPI.

OTG EXP Inc. operates food and beverage services in 23 North American air terminals at 10 airports. The company plans to offer 32.5 million class A shares in an expected range of $16 to $18 per share, raising $552.5 million at an implied market cap of $901.4 million. The company maintains a dual-class share structure. Joint bookrunners for the offering are Morgan Stanley, Credit Suisse, Barclays, BMO Capital Markets and KeyBanc Capital Markets. Co-managers are Fifth Third Securities, Regions Securities and Maxim Group. Shares are scheduled to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol OTG.

Advanced Disposal Services Inc. is an integrated provider of non-hazardous solid waste collection, transfer, recycling, and disposal services. The company plans to offer 21.43 million shares in an expected price range of $20 to $22 to raise $450 million at an implied market cap of $1.45 billion. A current stockholder is selling about 12.4 million shares in the IPO for which the company will receive no proceeds. Joint bookrunners for the offering are Deutsche Bank, Credit Suisse, Barclays, Merrill Lynch, Macquarie Capital, Morgan Stanley and UBS Investment Bank. Co-managers are SMBC Nikko and First Analysis Securities. Shares are scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol ADSW.

AveXis Inc. is a clinical-stage gene therapy company developing and commercializing novel treatments for rare and life-threatening neurological genetic diseases. The company plans to offer 4.25 million in a proposed price range of $19 to $21 to raise $85 million at an implied market cap of $438 million. Joint bookrunners for the offering are Goldman Sachs and Jefferies. Co-managers are BMO Capital Markets and Chardan Capital Markets. Shares are scheduled to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol AVXS.

Proteostasis Therapeutics Inc. is a biopharmaceutical company developing novel therapeutics to treat diseases caused by an imbalance in the proteostasis network. The company plans to sell 3.85 million shares in an expected price range of $12 to $14 raising about $50 million at an implied market cap of $217.2 million. Joint bookrunners for the offering are Leerink Partners and RBC Capital Markets. Co-managers are Baird and H.C. Wainwright.

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