Last week ended with a bang on the biggest technology initial public offering (IPO) of the year to date. A total of four companies successfully launched into the public markets last week and six first-time entrants are on the calendar for next week.
Nutanix Inc. (NASDAQ: NTNX) was the big winner last week, raising $238 million in an upsized offering at a higher-than-expected price. Shares popped 131%, and one publicly traded venture capital fund did very well on Friday’s IPO.
The other three IPOs that made it out the door last week price below the midpoints of their expected ranges. Tabula Rasa Healthcare Inc. (NASDAQ: TRHC) posted a 24% pop on its IPO and closed the week up 19%. Fulgent Genetics Inc. (NASDAQ: FLGT) popped 2% and closed the week up the same amount. MedEquities Realty Trust Inc. (NYSE: MRT) dipped 3% on its first day of trading, and finished the week down 2%.
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Through the week ending September 23, IPO ETF manager Renaissance Capital reported that 75 IPOs have priced in the U.S. so far this year, down 46% from a year ago. Total proceeds raised through last week equaled $12.3 billion, down nearly 48% compared with the same period in 2015. Of the 75 IPOs that have gone off this year, 34 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.
Here are the six new IPOs on the coming week’s calendar.
Advanced Disposal Services Inc. is a non-hazardous waste collection, transfer, recycling, and disposal service with operations in 18 states. The company plans to offer 19.3 million shares in an expected price range of $18 to $21 to raise about $375 million at an implied market cap of $1.63 billion. Shares are set to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol ADSW.
AquaVenture Holdings Ltd. is a water-as-a-service provider. The company plans to offer 6.5 million shares in an IPO price range of $18 to $20 to raise about $124 million at an implied market cap of $483 million. The stock is scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol WAAS.
Coupa Software Inc. provides a unified, cloud-based spend management platform. The company plans to offer 6.7 million shares in an expected price range of $14 to $16 to raise about $100 million at an implied market cap of $711 million. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol COUP.
Obalon Therapeutics Inc. is a commercial-stage medical device firm that makes and markets devices to treat obese and overweight people. The company plans to offer 5 million shares in an expected price range of $14 to $16 to raise $75 million at an implied market cap of about $239 million. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol OBLN.
Camping World Holdings Inc. provides services, protection plans, products and resources for recreational vehicle (RV) enthusiasts. The company plans to offer 11.4 million shares in an IPO price range of $21 to $23 to raise about $250 million at an implied market cap of $1.77 billion. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol CWH.
Everspin Technologies Inc. provides commercial supplies of magnetoresistive random-access memory (MRAM) products. The company plans to offer 3.8 million shares in an expected price range of $11 to $13 to raise $45 million. The stock is expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol MRAM.
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