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IPO News This Week: Market Takes a Holiday After Record Week
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Last week’s initial public offering (IPO) calendar included 13 firms looking to enter the public markets. All but one were successful and raised a total of around $2.3 billion in new capital, about $500 million less than planned. The coming week with its July 4 holiday falling on Wednesday has no IPOs scheduled.
IPO ETF manager Renaissance Capital on Friday issued its report on second-quarter 2018 IPOs. The firm reported 60 IPOs in the quarter, the highest number in the past four years although the $13.1 billion raised was lower than the first-quarter total of $15.6 billion.
Through the week ending June 29, IPO ETF manager Renaissance Capital reported that 105 IPOs have priced in the U.S. so far this year, up 36% year over year. Total proceeds raised through last week equaled $28.6 billion, up about 40% 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’s a look at how last week’s IPOs fared.
Tricida Inc. (NASDAQ: TCDA) raised $222 million in an upsized offering of 11.7 million shares priced at $19, above the expected range of $16 to $18. The stock got a first-day pop of 37% and closed the week up 57%.
Neuronetics Inc. (NASDAQ: STIM) raised $94 million in an upsized offering of 5.5 million shares priced at $17, above the expected range of $14 to $16. Shares got a first-day pop of 63% and closed the week up 57%.
BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) raised $638 million selling 37.5 million shares at $17, the high-end of the expected range. Shares got a first-day pop of 29% and closed the week up 39%.
Domo Inc. (NASDAQ: DOMO) raised $193 million selling 9.2 million shares at $21, slightly above the midpoint of the expected range. Shares got a first-day pop of 30% on the Friday IPO.
The Lovesac Co. (NASDAQ: LOVE) raised $56 million in an upsized offering of 3.5 million shares at $16, above the expected range of $13 to $15. Shares got a first-day pop of 50% and closed the week up 30%.
HyreCar Inc. (NASDAQ: HYRE) raised $13 million in an upsized offering of 2.5 million shares priced at $5, the low-end of the expected range. Shares got a first-day pop of 2% and closed the week up 1%.
Everquote Inc. (NASDAQ: EVER) raised $84 million selling 4.7 million shares at $18, above the expected range of $15 to $17. Shares closed flat on the first day of trading and closed the week up 1%.
Uxin Ltd. (NASDAQ: UXIN) raised $225 million in a downsized offering of 25 million American Depositary Shares priced at $9, below the expected range of $10.50 to $12.50. Shares got a first-day pop of 7% and closed the week flat with the IPO price.
Forty Seven Inc. (NASDAQ: FTSV) raised $113 million in an upsized offering of 7 million shares priced at $16, the high-end of the expected range. Shares dropped 6% on the first day of trading but recovered to close the week flat.
BrightView Holdings Inc. (NYSE: BV) raised $469 million selling 21.3 million shares at $22, the low end of the expected range. Shares dropped 3% on the first day of trading and closed the week flat.
Translate Bio Inc. (NASDAQ: TBIO) raised $122 million in an upsized offering of 9.4 million shares priced at $13, the midpoint of the expected range. Shares dropped 13% on the first day of trading and closed the week down 3%.
Neon Therapeutics Inc. (NASDAQ: NTGN) raised $100 million selling 6.3 million shares at $16, the midpoint of the expected range. Shares dropped 6% on the first day of trading and closed the week down 21%.
Drybulk shipper GoodBulk Ltd. postponed its scheduled IPO.
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