Investing

IPO News This Week: Survey Monkey Among 13 Offerings on Coming Week's Calendar

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Last week’s initial public offering (IPO) action saw six companies launch successful offerings that raised $2.9 billion in new capital. A total of 13 IPOs are scheduled to launch in the coming week seeking a total of nearly $1.1 billion in new capital. If even two firms are successful, this month will be the busiest September since 2000.

Here’s a brief rundown of last week’s IPOs.

Y-mAbs Therapeutics Inc. (NASDAQ: YMAB) raised $96 million in an upsized offering of 6 million shares at $16 a share, the high end of the expected range. The stock got a pop of 50% on the Friday IPO.

Eventbrite Inc. (NYSE: EB) raised $230 million sold 10 million shares at $23 a share, the high end of the expected range. Shares got a first-day pop of 59% and closed the week up 49%.

Farfetch Ltd. (NYSE: FTCH) raised $885 million in an upsized offering of 44.2 million shares at $20, above the expected range of $15 to $17. Shares closed the week up 42% following the Friday launch.

Elanco Animal Health Inc. (NYSE: ELAN) raised $1.51 billion by selling 62.9 million shares at $24, also above the expected range. Shares got a first-day pop of 50% and closed the week up 42%.

Bank7 Corp. (NASDAQ: BSVN) raised $65 million by selling 3.4 million shares at $19, just below the midpoint of the expected range of $18 to $21. Shares closed the week up 1%.

X Financial (NYSE: XYF) raised $105 million by selling 11 million shares at $9.50, just above the low end of the expected range of $9 to $11. Shares got a first-day pop of 26% and closed the week flat.

Remora Royalties and Zekelman Industries both postponed their planned IPOs.

Through the week ending September 21, IPO ETF manager Renaissance Capital reported that 145 IPOs have priced in the U.S. so far this year, up 45% year over year. Total proceeds raised through last week equaled $38.6 billion, up about 65% 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 13 IPOs that will test the public markets in the coming week.

Viomi Technology Co. Ltd. is a China-based maker of internet-connected appliances that is backed by smartphone maker Xiaomi. The firm plans to offer 11.4 million shares in an expected price range of $9 to $11 to raise $114 million at a market cap of $732 million. Underwriters are Morgan Stanley, CICC, and Needham & Co. Shares are set to price Monday and begin trading Tuesday on the Nasdaq under the ticker symbol VIOT.

Arco Platform Ltd. is a Brazil-based curriculum provider for private schools in Brazil. The company plans to offer 11.11 million shares in an expected price range of $15.50 to $17.50 to raise $183 million at a market cap of $802 million. Underwriters include Goldman Sachs, Morgan Stanley, Itau BBA, BofA/Merrill Lynch, Allen & Company, BTG Pactual, and UBS Investment Bank. Shares are set to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ARCE.

Capital Bancorp Inc. is a bank holding company serving the Washington, D.C. and Maryland area. The bank plans to offer 2.23 million shares in an expected price range of $12.50 to $14.50 to raise $30 million at a market cap of $185 million. Underwriters are Keefe Bruyette Woods, Stephens Inc., Sandler O’Neill, and Hovde Group. Shares are set to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol CBNK.

Entasis Therapeutics Holdings Inc. is a phase 2 biotechnology firm developing technologies for multi-drug resistant bacteria. The firm plans to offer 4.41 million shares in an expected price range of $16 to $18 to raise $75 million at a market cap of $213 million. Underwriters are Credit Suisse, BMO Capital Markets, SunTrust Robinson Humphrey, and Wedbush PacGrow. Shares are set to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ETTX.

SVMK Inc. (aka, Survey Monkey) is an online survey service. The company plans to offer 13.5 million shares in an expected price range of $9 to $11 to raise $135 million at a market cap of $1.29 billion. Underwriters include J.P. Morgan, Allen & Company, BofA/Merrill Lynch, Credit Suisse, UBS Investment Bank, Wells Fargo Securities, SunTrust Robinson Humphrey, CODE Advisors, Foros, JMP Securities, and LionTree. Shares are set to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol SVMK.

Arvinas Holding Company Inc. is a preclinical biotechnology firm developing protein degradation therapies for advanced cancers. The company plans to offer 13.5 million shares in an expected price range of $9 to $11 to raise $100 million at a market cap of $468 million. Underwriters are Goldman Sachs, Citi, and Piper Jaffray. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol ARVN.

LAIX Inc. is a Shanghai-based English-language learning platform in China. The company plans to offer 5.75 million shares in an expected range of $11.50 to $13.50 to raise $72 million at a market cap of $661 million. Underwriters are Morgan Stanley and Goldman Sachs (Asia). Shares are set to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol LAIX.

Ra Medical Systems Inc. is a medical device firm commercializing excimer lasers to treat dermatological and vascular diseases. The company plans to offer 3.33 million shares in an expected price range of $14 to $16 to raise $50 million at a market cap of $193 million. Underwriters include Piper Jaffray, Cantor Fitzgerald, SunTrust Robinson Humphrey, Nomura Securities, and Maxim Group LLC. Shares are set to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol RMED.

Sutro Biopharma Inc. is a phase 1 biotechnology firm developing new immuno-oncology therapies. The firm plans to offer 5 million shares in an expected price range of $14 to $16 to raise $75 million at a market cap of $337 million. Underwriters are Cowen, Piper Jaffray, JMP Securities, and Wedbush PacGrow. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol STRO.

Urovant Sciences Ltd. is a London-based phase 3 biotechnology firm developing an oral therapy for overactive bladder. The firm plans to sell 10 million shares in an expected price range of $14 to $16 to raise $150 million at a market cap of $475 million. Underwriters are J.P. Morgan, Jefferies, and Cowen. Shares are set to price Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol UROV.

CooTek (Cayman) Inc. is a Shanghai-based provider of mobile keyboard software. The company plans to offer 4.35 million shares in an expected price range of $12 to $14 to raise $57 million at a market cap of $864 million. Underwriters are Credit Suisse, BofA/Merrill Lynch, Citi, and KeyBanc Capital Markets. Shares are set to price Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol CTK.

Gritstone Oncology Inc. is a preclinical biotechnology company developing a therapy to enhance checkpoint immuno-oncology drugs. The firm plans to offer 6.07 million shares in an expected price range of $13 to $15 to raise $85 million at a market cap of $419 million. Underwriters are Goldman Sachs, Cowen, Barclays, and BTIG. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol GRTS.

YayYo Inc. operates a fleet management and auto rental platform for ridesharing drivers. The company plans to offer 625,000 shares in an expected price range of $7 to $9 to raise $5 million at a market cap of $228 million. Sole underwriter is The Benchmark Company. Shares are set to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol YAYO.

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