The IPO market continued at its snail's pace with only two pricing dates set and one initial filing for an up-listing this past week.
The slowdown is to be expected around this time of year as companies update their year-end financials.
Silver Run Acquisition (NASDAQ:SRAQU), a blank check company formed by Mark Papa and Riverstone to acquire an energy business, set a pricing date next week for its $400 million IPO. Silver Run joins KLR Energy Acquisition (NASDAQ:KLREU) as the second energy-focused SPAC looking to take advantage of depressed asset prices in the energy sector.
Over the past week, there have been seven companies to update their financials.
|Companies Updating Financials Since February 12th|
|Developing extended-release formulations of existing drugs and generics.|
|Spring Bank Pharmaceuticals||SBPH||Biotech||$58|
|Developing a protein-modulating small molecule platform to treat viral diseases.|
|Preclinical biotech developing antibodies for severe adult asthma and peanut allergies.|
|Sells diagnostic blood tests that detect lupus and rheumatoid arthritis.|
|Developing a long-lasting implantable glucose monitor for diabetics.|
|Red Rock Resorts||RRR||Consumer||$300|
|Operates 21 casino and entertainment properties in Las Vegas.|
|Aircraft lessor with a total portfolio of 35 modern widebody aircraft.|
IPO Pipeline update
Yangtze River Development (OTCQX:YERR), an OTC traded stock with a relatively unknown underwriter, filed to raise $50 million to construct a port logistics facility along the Yangtze River. The state of Mapi Pharmaceuticals (NASDAQ:MAPI), which launched over a month ago, continues to be day-to-day.
This year has seen eight other companies update financials, which could mean that they are the most likely to go public in the near-term.
|Other Companies Updating Financials in 2016|
|Developing a therapy that enhances checkpoint immuno-oncology drugs.|
|Markets, licenses and develops products based on its lipid drug delivery technology.|
|Preclinical biotech developing checkpoint immunotherapies for solid tumors.|
|Developing protein-based antioxidant inflammation modulators for life-threatening diseases.|
|Developing bispecific antibody treatments for solid tumors.|
|Gypsum Management and Supply||GMS||Cap. Goods||$200|
|Leading North American distributor of wallboard and ceiling systems.|
|Third-largest US grocer operating under Albertsons, Safeway and other banners.|
|Provides outsourced contract drug manufacturing and development services.|
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -6% for the S&P 500. Renaissance Capital's IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Synchrony Financial (NYSE:SYF), Alibaba (NYSE:BABA) and Citizens Financial Group (NYSE:CFG). The Renaissance International IPO Index is down 11% year-to-date, compared to -8% for ACWX. Renaissance Capital's International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
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