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IPO Calendar Shows 3 Offerings on Tap for the Coming Week

Of three new initial public offerings (IPOs) on the calendar last week, all three made it out the door and began trading publicly. The week’s proposed fourth new issue was a U.S. listing for a Swedish company that already trades in Europe, and it was postponed until the coming week.

Of the new issues Regenxbio Inc. (NASDAQ: RGNX) and Penumbra Inc. (NYSE: PEN) got the biggest first day pops—38%. Both upsized the number of shares on offer and priced above their expected ranges. Nabriva Therapeutics AG (NASDAQ: NBRV) priced 9 million ADSs at $10.25, compared with a planned IPO of 6 million ADSes in a price range of $15 to $17 per ADS.

Through the week ending September 18th, IPO ETF manager Renaissance Capital reported that 134 IPOs have priced in the U.S. so far this year, down about 32% from a year ago. Total proceeds raised through last week equaled $22.6 billion, down about 64% compared with the same period in 2014. Of the 134 IPOs that have gone off this year, 61 have come from the healthcare sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past ten years. Renaissance Capital does not include “best efforts” or blank check companies in its totals.

The offering postponed from last week is Sweden-based Oasmia Pharmaceutical AB. The pharmaceutical company plans to list American Depositary Shares (ADS) on the Nasdaq under the ticker symbol OASM. The company’s shares already trade on the Nasdaq Stockholm exchange and on the Frankfurt exchange. The sole bookrunner is Ladenburg Thalmann & Co. and the co-manager is Aegis Capital Corp. The company plans to price an unspecfied number of ADSes in a range of $5.25 and $7.755 per ADS and raise $23 million. One ADS is equal to three ordinary shares. Renaissance Capital does not count this as an IPO in its statistical summaries.

Boulevard Acquisition Corp. II is a blank-check company that plans to offer 35 million units at an IPO price of $10 million to raise $350 million at implied market cap of about $438 million. Each unit comprises one share of Class A common stock and one-half of one warrant. Each whole warrant entitles the holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to certain conditions. Bookrunner for the offering is Citigroup and co-managers are Sterne Agee CRT and I-Bankers Securities. The units are scheduled to be trading Tuesday on the NASDAQ under the ticker symbol BLVDU.

Boxlight Corp. is a technology company primarily focused on the education and learning industry. The company plans to offer 1.1 million shares in an expected price range of $8 to $10 to raise $10 million at an implied market cap of $58 million. Sole bookrunner for the offering is Aegis Capital Corp. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol BOXL. This is Boxlight’s second try after postponing a planned offering in late August.

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By Paul Ausick


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