Investing
IPO News This Week: 8 Offerings on Tap in Another Busy Week
Published:
Last Updated:
Last week’s initial public offering (IPO) calendar included six firms looking to enter the public markets. Only five succeeded. The coming week includes eight firms seeking about $743 million in new capital from the public markets.
Goosehead Insurance Inc. (NASDAQ: GSHD) raised $85 million by selling 8.5 million shares at $10, well below the expected range of $14 to $16. Shares got a first day pop of 58% on the Friday IPO.
nLight Inc. (NASDAQ: LASR) raised $96 million in an upsized offering of 6 million shares priced at $16, above the expected range of $13 to $15. Shares got a first-day pop of 68% and closed the week up 56%.
Ceridian HCM Holding Inc. (NYSE: CDAY) raised $462 million selling 21 million shares at $22, above the expected range of $19 to $21. Shares got a first-day pop of 42% and closed the week up 39%.
DocuSign Inc. (NASDAQ: DOCU) raised $629 million selling 21.7 million shares at $29, above a raised expected range of $26 to $28. Shares got a first-day pop of 37% on the Friday IPO.
Smartsheet Inc. (NYSE: SMAR) raised $175 million selling 11.6 million shares at $15, above the expected range of $12 to $14. Shares got a first-day pop of 30% on the Friday IPO.
Through the week ending April 27, IPO ETF manager Renaissance Capital reported that 56 IPOs have priced in the U.S. so far this year, up about 24% year over year. Total proceeds raised through last week equaled $25.9 billion, up about 90% year over year.
For 2017, Renaissance Capital reported a total of 160 IPOs, up 52% year over year from 105 in 2016. Total 2017 proceeds amounted to $35.5 billion compared with a 2016 total of $18.8 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 eight companies looking to raise new capital in the coming week.
PermRock Royalty Trust that plans to acquire royalty interests on oil and gas production in the Permian Basin. The company plans to offer 6.3 million units in an expected price range of $19 to $21 to raise $125 million at a market cap of $243 million. Underwriters include Wells Fargo Securities, Goldman Sachs, UBS Investment Bank, Deutsche Bank, Jefferies, Stifel, Oppenheimer & Company, BB&T Capital Markets, and Janney Montgomery Scott. Units are scheduled to price Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol PRT.
ASLAN Pharmaceuticals Ltd. is a Singapore-based clinical-stage biotechnology firm developing novel cancer therapies. The company already trades on the Taipei exchange and plans to offer 7.5 million American Depositary Shares (ADS) at $8.05 per ADS to raise $60.4 million at a market cap of $270 million. Each ADS is equal to five ordinary shares. Underwriters include Leerink Partners, Piper Jaffray, BTIG, H.C. Wainwright, and CITIC CLSA. Shares are scheduled to begin trading Thursday on the Nasdaq under the ticker symbol ASLN.
Inspire Medical Systems Inc. is a medical device company that sells an implant device for patients with obstructive sleep apnea. The company plans to offer 5 million shares in an expected price range of $14 to $16 to raise $75 million at a market cap of $278 million. Underwriters include BofA/Merrill Lynch, Goldman Sachs, Guggenheim Securities, Stifel, and Wells Fargo Securities. Shares are expected to price Wednesday and begin trading Thursay on the New York Stock Exchange under the ticker symbol INSP.
Unity Biotechnology Inc. is a preclinical biotechnology firm developing therapies to reduce the effects of aging. The company plans to offer 5 million shares in an expected price range of $16 to $18 to raise $85 million at a market cap of $712 million. Underwriters are Goldman Sachs, Morgan Stanley, Citi, and Mizuho Securities. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol UBX.
BayCom Corp. is a California bank holding company. The firm plans to offer 2.3 million shares in an expected price range of $21 to $23 to raise $50 million at a market cap of $215 million. Underwriters are FIG Partners and D.A. Davidson. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol BCML.
Carbon Black Inc. is a supplier of endpoint security software to large enterprises. The company plans to offer 8 million shares in an expected price range of $15 to $17 to raise $128 million at a market cap of $1.05 billion. Underwriters include Morgan Stanley, J.P. Morgan, KeyBanc Capital Markets, William Blair, Raymond James, and Cowen & Co. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol CBLK.
Construction Partners Inc. is a road construction and paving company in the southeastern United States. The company plans to offer 11.3 million shares in an expected price range of $15 to $17 to raise $180 million at a market cap of $777 million. Underwriters are Baird, Raymond James, Stephens Inc., Imperial Capital, and D.A. Davidson. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ROAD.
Spirit of Texas Bancshares is a Texas community bank holding company. The firm plans to offer 1.9 million shares in an expected price range of $20 to $22 to raise $40 million at a market cap of $197 million. Underwriters are Stephens Inc., Keefe Bruyette Woods, Piper Jaffray, and Sandler O’Neill. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol STXB.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.