There were two initial public offerings (IPOs) last week that raised a combined $358 million, well below the anticipated level of $749 million, and the average first-day pop was around 5.6%. A total of four IPOs seeking $247 million in financing are on the calendar for the coming week.
Here’s a recap of last week’s IPOs:
Casa Systems Inc. (NASDAQ: CASA) raised $78 million in a down-sized offering of 6 million shares priced at $13, below the expected range of $15 to $17. Shares got a first-day pop of 10.8% on Friday.
Newmark Group Inc. (NASDAQ: NMRK) raised $280 million in a down-sized offering of 20 million shares priced at $14, the low end of a downwardly adjusted expected range of $14 to $15. The shares closed Friday with a first-day dip of 0.4%.
Through the week ending December 15, IPO ETF manager Renaissance Capital reported that 158 IPOs have priced in the U.S. so far this year, up nearly 51% year over year. Total proceeds raised through last week equaled $35.4 billion, up 88% year over year.
For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 billion. 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 three firms looking at issuing IPOs this week.
Hancock Jaffe Laboratories Inc. is a development stage medical device company working on bioprosthetics for cardiovascular surgeries. The company plans to sell 1.9 million shares in an expected price range of $6 to $8 to raise $13 million at a market cap of $62 million. Underwriters include WallachBeth Capital, WestPark Capital, Network 1 Financial Securities, and ViewTrade. Shares are expected to price Tuesday and being trading Wednesday on the Nasdaq under the ticker symbol HJLI.
Adial Pharmaceuticals Inc. is developing a targeted therapy for alcohol use disorder based on an approved drug. The company plans to offer 1.4 million shares in an expected price range of $9 to $11 to raise $14 million at a market cap of around $55 million. Sole underwriter for the offering is Joseph Gunnar. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ADIL.
Advantage Insurance Inc. sells life insurance to high net worth individuals and property and casualty insurance to small and medium-size businesses. The company plans to offer 10 million shares in an expected price range of $9 to $11 to raise $100 million at a market cap of $208 million. Underwriters are Raymond James, JMP Securities, and B. Riley & Co. Shares are expected to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol AVI.
LexinFintech Holdings Ltd. is a China-based online provider of installment loans to young Chinese consumers. The company plans to offer 12 million shares in an expected price range of $9 to $11 to raise $120 million at a market cap of $1.82 billion. Underwriters include Goldman Sachs (Asia), BofA/Merrill Lynch, Deutsche Bank, China Renaissance, and ICBC International. Shares are expected to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol LX.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
