Blank-check company KLR Energy Acquisition Corp. (NASDAQ: KLREU) completed its initial public offering (IPO) last Friday, the first successful IPO in the month of March. An Israel-based firm that trades in Tel Aviv failed to achieve its IPO on the Nasdaq last week, but is back for another try, and there are three new biotech IPOs on next week’s calendar as well.
Through the week ending March 11th, IPO ETF manager Renaissance Capital reported that 5 IPOs have priced in the U.S. so far this year, down about 82% from a year ago. Total proceeds raised through last week equaled $500 million, down nearly 90% compared with the same period in 2015. Of the 5 IPOs that have gone off this year, all have come from the healthcare 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.
KLR Energy Acquisition raised $80 million on the sale of 8 million units at a per unit price of $10. The company had originally planned to offer 13 million units at $10 each. Each unit comprises one share of class A common stock and one warrant to purchase one share of class A common stock at a price of $11.50 under certain conditions.
This week’s returning company is BioLight Life Sciences Ltd., an Israel-based ophthalmic company developing treatments for eye conditions including glaucoma, DES, and AMD. The company increased the number of shares it plans to offer in its IPO from 1.85 million to 2.14 million and the company has dropped its fixed IPO price of $5.86 per share to a new range of $4.60 to $6.60. The company is also offering 2.14 million warrants separately with an exercise price of $7.00. The previous price for the warrants was $9.74. Joint bookrunners for the offering are Feltl and Co. and Rodman & Renshaw, a unit of H.C. Wainwright & Co. Shares are listed to price the week of March 14th and will trade on the Nasdaq under the ticker symbol BOLT. Warrants will trade under the ticker symbol BOLTW. Renaissance Capital will not count this IPO in its annual statistics due to its small size.
Senseonics Holdings Inc. is a medical technology company developing and commercializing glucose monitoring systems. The company plans to offer 18.2 million shares to raise $60 million at an IPO price range of $3.10 to $3.50 per share. Shares already trade on the over-the-counter market under the ticker symbol SENH. Lead managers for the offering are Leerink Partners and Canaccord Genuity. Co-managers are Raymond James and BTIG. Shares are expected to price Tuesday and begin trading Wednesday on the NYSEMKT under the ticker symbol SENS.
Hutchison China Meditech Ltd. is a China-based biopharmaceutical company targeting therapies for oncology and immunological diseases. The company plans to offer 6.1 million American Depositary Shares (ADS). Each ADS represents one-half of an ordinary share. The company’s ordinary shares already trade on London’s AIM market at a price equivalent $16.33 (as of March 3rd). At that price the company expects to raise $100 million. Lead managers for the offering are BofA/Merrill Lynch and Deutsche Bank. Co-managers include Stifel, Canaccord Genuity, Panmure Gordon, and CITIC Securities. Shares are expected to begin trading Thursday on the Nasdaq under the ticker symbol HCM.
Spring Bank Pharmaceuticals Inc. is a clinical-stage biopharmaceutical firm engaged in the discovery and development of a novel class of therapeutics on its proprietary platform. The company plans to issue 2.6 million shares in an expected price range of $13 to $15, raising $36.1 million at an implied market cap of $125 million. Lead managers are William Blair and Wedbush PacGrow. Co-manager is BTIG. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol SBPH.
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