Four companies successfully launched initial public offerings (IPOs) last week and reaped a total of $650 million in new capital. Only two got modest first-day pops however. There are four more IPOs on the calendar for the coming week, three first-timers and one returnee.
The big winner last week was First Hawaiian Inc. (NASDAQ: FHB) which priced its offering at the high end of its expected range ($23) and raised $485 million. The first-day pop was 5% and shares closed Friday up 8%.
At Home Group Inc. (NYSE: HOME) sold 10 million shares at the midpoint of its expected range to raise $150 million. The company closed its first day of trading flat, but got a 2% bounce by the end of the week.
Gemphire Therapeutics Inc. (NASDAQ: GEMP) raised $30 million, selling 3 million shares at $10, a million shares less than planned and priced below the expected range of $11 to $13. Shares dipped 17% on the first trading day and closed Friday down 8%.
Atomera Inc. (NASDAQ: ATMR) priced 3.2 million shares at $7.50. Shares closed flat on their first day of trading and closed Friday up 8%.
Through the week ending July 22, IPO ETF manager Renaissance Capital reported that 56 IPOs have priced in the U.S. so far this year, down 56% from a year ago. Total proceeds raised through last week equaled $9.6 billion, down almost 57% compared with the same period in 2015. Of the 56 IPOs that have gone off this year, 28 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, nor does it include IPOs that raise less than $10 million.
Returning for another try this week is U.K.-based Motif Bio plc, a clinical stage biopharmaceutical company developing novel antibiotics to treat hospitalized patients infected with multi-drug resistant bacteria. The company already trades on the London AIM and is offering 2.8 million ADSes at $12.42 per ADS, raising $34.8 million at a market cap of $102.2 million. One ADS represents 20 ordinary shares. Joint bookrunners for the offering are SunTrust Robinson Humphrey and Ladenburg Thalmann & Co. Shares are expected to begin trading Thursday on the Nasdaq under the ticker symbol MTFB.
Medpace Holdings Inc. is the world’s leading clinical contract research organization (CRO) by revenues. The company plans to offer 7 million shares in an expected price range of $20 to $23 to raise $150.5 million at an implied market cap of $852.3 million. Joint bookrunners for the offering are Jefferies, Credit Suisse, UBS Investment Bank, and Wells Fargo Securities. Co-managers are Baird and William Blair. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol MEDP.
Airgain Inc. provides embedded antenna technologies for use in a variety of wireless network applications. The company plans to offer 1.5 million shares in an expected price range of $9 to $10 to raise $14.3 million at an implied market cap of $68.8 million. Joint bookrunners for the offer are Northland Securities and Wunderlich Securities. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol AIRG.
Protagonist Therapeutics Inc. is a clinical-stage biopharmaceutical company developing peptide-based oral treatments for gastrointestinal diseases. The company plans to offer 5.8 million shares in an expected price range of $11 to $13, raising $70 million at an implied market cap of $176 million. Joint bookrunners for the offering are Leerink Partners, Barclays, and BMO Capital Markets. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol PTGX.
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