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Only two companies set terms for upcoming initial public offerings in the past week, a reflection of both fallen tech and biotech valuations and the typically lower volume around a holiday week. Arista Networks (NYSE:ANET) went forward with its IPO anyway, and set terms to raise $200 million next week.

Signaling that the IPO market could begin to pick up soon, eight companies submitted initial filings, including three that filed previously but withdrew. The Renaissance IPO ETF (symbol: IPO), a cap-weighted basket of newly public companies and indicator of post-IPO performance, gained 5% in the past week and is trading around its 30-day high, though still far below the peaks seen in early March.

Arista Networks provides cloud data centers with Ethernet switches and embedded software. The company is going up against market incumbent Cisco (NASDAQ:CSCO) but hopes its modular operating system with easy updates will continue to take market share as first quarter revenue increased 87% compared to last year.

Arista's co-founder and largest stockholder, David Cheriton, resigned from the board of directors in March and another company he co-founded, Optumsoft, filed a lawsuit against Arista in April. A small biotech also set terms for its upcoming IPO. Angion Biomedica (Pending:ANGN), which makes therapies that use the body's natural regenerative process to restore injured organs, plans to raise $30 million in three weeks.

IPO terms filings (May 21, 2014 to May 28, 2014)
Company (Ticker)BusinessDeal Size ($mm)LTM Sales ($mm)YOY Sales Growth
Arista NetworksCloud data center optimization$200$41787%
Angion BiomedicaBiotech: regeneration of injured organs$30$6-10%

Eight more initial filers bring May up to 33
With 33 initial filings, this month could beat May 2007's 37 and become the busiest May for new filers in over 10 years, continuing the trend seen in the first four months of 2014. Of May's filings, health care continues to be the dominant industry (39%), with tech in second (18%). Eight companies submitted new filings, including three that refiled after withdrawals, two that will uplist to the NASDAQ and NYSE MKT from over-the-counter trading and two private equity-backed health care networks.

Civitas Solutions (CVTS.RC), the leading national provider of health and human services to the developmentally disabled through The Mentor Network ($1+ billion in sales), filed to raise $250 million. Vestar Capital bought the company from Madison Dearborn in 2008 for an estimated $800 million. The filing arrived less than a week after another Vestar-backed health care network with high debt, 21st Century Oncology Holdings (Pending:ICC), had to postpone its IPO despite cutting the its price range by 40%. Adeptus Health (NYSE:ADPT), majority-owned by PE firm Sterling Partners, operates First Choice, the largest network of independent freestanding ERs with 32 locations in Texas and Colorado. Adeptus is growing fast, with 85% year-over-year revenue growth during the 1Q14 and almost double the facilities as last year.

TCP International (NYSE:TCPI), a China-based manufacturer of energy efficient LEDs and CFLs, refiled to raise $100 million after it previously filed and withdrew in 2012. Chinese tech company Xunlei (NET), which offers a freemium internet speed acceleration product and video streaming site, refiled to raise $100 million after originally setting terms and withdrawing its IPO in 2011. The company's revenue growth stalled during the 1Q14 after it removed all advertisements from its free accelerator in order to purify the product's brand. It is one of the only major Chinese internet companies to generate most of its revenue from subscriptions.

The last refiler was Clarus Therapeutics (CLRS), which set terms to raise $60 million in 2011 and is now seeking $86 million. Since then, the biotech has completed Phase 3 trials for its oral testosterone replacement therapy and is awaiting FDA approval.

The three small new deals include two uplistings from OTC trading. CVSL (CVSL.RC), which is run by the former CEO of Mary Kay, acquires small companies and strengthens their businesses with improvements to e-commerce, direct sales, IT and financial infrastructure. While the year's three REITs are trading an average of 9% below their IPO price, Reven Housing REIT (OTCQB:RVEN), which has about 170 single-family rentals in Texas, plans to raise $29 million in its offering. Roka Bioscience, a foodborne pathogen diagnostics company backed by TPG and NEA, filed to raise $75 million.

IPO initial filings (May 21, 2014 to May 28, 2014)
Company (Ticker)BusinessDeal Size ($mm)LTM Sales ($mm)
Civitas Solutions (CVTS.RC)Vestar-backed disabilities care provider$250$1,227
TCP International (TCPI)*Chinese manufacturer of energy efficient lights$100$440
Xunlei (NASDAQ:XNET)*Chinese internet acceleration and video streaming$100$175
Adeptus Health (ADPT)Operates First Choice; largest freestanding ER$100$121
Clarus Therapeutics (CLRS)*Biotech: oral testosterone replacement$86$0
Roka Bioscience (NASDAQ:ROKA)Food safety testing equipment$75$3
CVSL (CVSL.RC)**Acquires and improves micro-enterprises$69$83
Reven Housing REIT (OTCQB:RVEN)**Houston, TX-focused REIT with 177 rentals$29$1

* Previously launched an IPO but then withdrew

**Uplisting from OTC trading

Disclosure: No positions

Source: U.S. IPO Pipeline Update: Arista Networks Sets Terms And 3 Companies Refile