LATEST
  • Today - Wednesday, July 27, 2016

  • 7:25 AM
    • Kadmon Holdings' (Pending:KDMN) IPO of 6.25M shares of common stock at $12 is set for today.
    • The New York, NY-based biopharmaceutical firm develops small molecules and biologics to address disease areas of significant unmet medical needs, specifically autoimmune and fibrotic diseases, oncology and genetic disorders. Its most advanced product candidate is Phase 2-stage KD025, an inhibitor of an enzyme called rho-associated coiled-coil kinase 2 (ROCK2), in development for the treatment of psoriasis, ideopathic pulmonary fibrosis, chronic graft-versus-host disease, psoriatic arthritis, scleroderma and systemic lupus erythematosus. Its lead oncology candidate is Phase 2-stage tesevatinib, an oral tyrosine kinase inhibitor (TKI) that the company believes may be able to penetrate the blood-brain barrier. It is under development for the treatment of glioblastoma as well as non-small cell lung cancer.
    • 2015 Financials ($M): Revenues: 35.7 (-62.4%); Operating Expenses: 138.3 (+13.1%); Net Loss: (147.1) (-128.4%); CF Ops: (61.4) (-623.2%).
    | 7:25 AM
  • Monday, July 25, 2016

  • 7:40 AM
    • At Home Group (Pending:HOME) sets terms for its IPO. The chain of home decor superstores plans to offer 8.7M shares in a range of $14 to $16.
    • The company will raise $130.50M at the midpoint of the range.
    • At Home Group brought in sales of $653M for the 12 months ended on April 30, 2016 and recorded a store-level EBITDA margin of 27%.
    • Updated SEC Form S-1 filing
    | 7:40 AM
  • Thursday, July 21, 2016

  • 4:00 PM
    • Less than two years after buying the IT service firm (from another P-E player for an undisclosed price), Apollo Global (APO +1.3%) is considering taking Presidio public, reports the WSJ. The listing, say the Journal's sources, could value Presidio at more than $2B.
    • Always the contrarians, Apollo is thinking about a public listing during the slowest IPO market since the financial crisis. Just 50 companies have come public YTD vs. 113 for the same period last year. The offerings have raised $11.1B, 50% lower than a year ago.
    | 4:00 PM
  • 6:40 AM
    • Patheon N.V. (Pending:PTHN) prices its IPO of 29,761,905 ordinary shares at $21 per share. 25M will be sold by the company and 4,761,905 by a shareholder. Underwriters over-allotment is an additional 4,464,286 ordinary shares. Closing date is July 26.
    • Net proceeds will fund the repayment of all of its outstanding $550M of Senior PIK Toggle Notes, including related fees, expenses and accrued interest. Trading commences today.
    • Previously: Patheon on deck for IPO (July 13)
    | 6:40 AM
  • Wednesday, July 20, 2016

  • 9:06 AM
    • Durham, NC-based Bioventus (Pending:BIOV) is set for its IPO of 8,823,529 shares of Class A common stock at $16 - 18.
    • The medical technology firm develops orthobiologic products for patients with a broad range of musculoskeletal conditions. According to the company, its clinically effective and cost efficient products provide minimally invasive solutions that enhance the body's natural healing processes.
    • The company has four business segments: Active Healing Therapies - U.S. and International, led by the Exogen system for long bone stimulation for fracture healing and hyaluronic acid, a viscosupplementation therapy for osteoarthritis pain relief; Surgical, a portfolio of bone graft substitutes, including the OsteoAMP allogeneic growth factor; BMP, its proprietary bone morphogenetic protein bone graft.
    • 2015 Financials ($M): Revenues: 253.7 (+4.4%); Operating Expenses: 163.2 (+4.3%); Net Loss: (38.1) (-129.3%); CF Ops: 18.9 (+25.2%).
    | 9:06 AM
  • 6:51 AM
    | 6:51 AM
  • Thursday, July 14, 2016

  • 6:58 PM
    • Sandwich distributor AdvancePierre Foods (Pending:APFH) has priced its initial public offering, toward the lower end of its expected range.
    • The company set a price of $21/share vs. an expected range of $20-$23/share. It will start trading on NYSE tomorrow.
    • The offering incorporates 18.6M shares (11.M sold by the company, with 7.5M sold by shareholders), and underwriters have a greenshoe option for an additional 2.8M shares.
    | 6:58 PM
  • 11:05 AM
    | 11:05 AM | 3 Comments
  • 10:41 AM
    • Yeti Holdings (Pending:YETI) plans to go public in an IPO market that is quickly heating up.
    • The company filed earlier this month for a deal estimated by Renaissance Capital to end up at $500M. The $100M listed initially by Yeti is most likely just a placeholder.
    • Yeti brought in $469M in revenue last year and reported adjusted EBITDA of $137.1M. Key partners include Cabela's, Dick's Sporting Goods, and Bass Pro Shops.
    • "We believe YETI has become one of the most important brands for our retailer partners due to our rapid product sell-through, high profitability for our retailers, and track record of driving increased store traffic," reads the filing.
    • SEC Form S-1
    | 10:41 AM
  • Wednesday, July 13, 2016

  • 10:37 AM
    • San Francisco-based Audentes Therapeutics (Pending:BOLD) is set for its IPO of 5M shares of common stock at $14 - 16.
    • The biotech firm develops gene therapies for patients suffering from serious life-threatening rare diseases caused by single gene defects. It preclinical-stage pipeline includes AT132 for X-Linked Myotubular Myopathy, AT342 for Crigler-Najjar Syndrome, AT982 for Pompe disease and AT307 for the CASQ2 subtype of Catecholaminergic Polymorphic Ventricular Tachycardia.
    • Investigational New Drug (IND) filings are on tap for AT982 this quarter, AT342 in Q4 and AT132 in Q1 2017. Preliminary data from all three programs should be available in H2 2017.
    • 2015 Financials ($M): Operating Expenses: 26.7 (+144.1%); Net Loss: (26.5) (-144.6%); Cash Burn: (27.5) (-241.0%).
    | 10:37 AM
  • 10:35 AM
     
    • Toys "R" Us is considering a return to New York City of sorts after closing its flagship store less than six months ago.
    • CEO David Brandon tipped the idea at the Fortune Brainstorm Tech Conference where he spent most of his time talking digital, although he also mentioned adding a Toys "R" Us presence to existing Babies "R" Us locations.
    • Fortune interview with Brandon
    • Toys "R" Us has been on the IPO watch list for over a year with private equity owners Bain, KKR, and Vornado seen as anxious for their windfalls.
    | 10:35 AM | 1 Comment
  • 10:17 AM
    • Amsterdam, The Netherlands-based Patheon N.V. (Pending:PTHN) is set for its IPO of ~30.5M ordinary shares at $19 - 22. The offering includes ~4.9M shares from a selling stockholder so the company's capital raise will be based on ~25.6M shares.
    • The company provides outsourced pharmaceutical development and manufacturing services, including comprehensive customizable active pharmaceutical ingredient and finished drug product services from formulation to commercial-scale manufacturing, packaging and life cycle management. It is an integrated provider of these services, capable of handling both small and large molecules. Its end-to-end service offering is called "Patheon OneSource." According to the company, its capabilities address 75% of all pharmaceutical dosage forms.
    • Financials (six-month period ending April 30) ($M): Revenues: 874.5 (+1.2%); Gross Profit: 237.2 (-8.5%); Operating Expenses: 148.5 (-1.6%); Net Loss: (21.2) (-268.3%); CF Ops: (43.0) (-155.9%).
    | 10:17 AM
  • 2:49 AM
    • Line Corp. (Private:LIN) shares are popular in the gray market ahead of this week's trading debut, which will mark the largest initial public offering for a tech company in 2016.
    • According to Cantor Fitzgerald, investors are willing to buy shares for ¥3,800 ($36), 15% higher than the IPO price.
    • Line will debut in a dual listing in the U.S. tomorrow and Tokyo Friday.
    | 2:49 AM
  • Monday, July 11, 2016

  • 3:28 AM
    • Japanese messaging service Line Corp. (Private:LIN), set for a dual New York and Tokyo listing this week, has priced its initial public offering at the top of its marketed range at ¥3,300 per share.
    • That would put it on track to raise as much as $1.3B and value the company at ¥693B ($6.9B).
    • Not only will Line's offering end a tech IPO drought, it will mark the first Japanese company to list new shares in the U.S. since 2000.
    | 3:28 AM
  • Friday, July 8, 2016

  • 4:25 PM
    • CBS Radio (CBS +1.7%) has filed an S-1 for its spin-off initial public offering.
    • The filing is light, noting a nominal funding of $100M but with no symbol or exchange yet named.
    • For 2015, it notes revenues of $1.23B (down 5.5% from the prior year) and a loss from continuing operations of $136.5M. In the first three months of this year, it logged $264.1M in revenues and net income from continuing operations of $33.4M.
    • The company plans to separate the radio operation in a manner similar to how it spun off outdoor advertising (a unit now known as Outfront Media).
    • After hours: CBS -0.4%.
    | 4:25 PM | 1 Comment
  • 10:43 AM
    • Cameras and electronics seller Monster Digital (Pending:MSDI) begins trading at $4.00 after the company priced the IPO at $4.50.
    • The company raised $11.25M through the issuance of $2.5M shares.
    • SEC Form S-1
    | 10:43 AM
  • Tuesday, July 5, 2016

  • 1:15 PM
    • Sandwich distributor AdvancePierre Foods (Pending:APFH) says it will offer 18.6M shares in a range of $20 to $23 for its IPO on the New York Stock Exchange.
    • The company will raise $399.9M at the midpoint of the range.
    • AdvancePierre plans to use part of the funds to repay a first lien term loan.
    • SEC Form S-1
    | 1:15 PM
  • 8:22 AM
     
    • Hostess Brands will re-emerge as a publicly-traded company after acquisition firm Gores Holdings takes control of the food manufacturer from Apollo Global Management and Dean Metropoulus in a deal that values Hostess at $2.3B.
    • Apollo and Metropoulus will hold 42% of Gores Holdings.
    • Hostess sold off some its properties through the bankruptcy process, but still owns iconic brands such as Twinkies, Ding Dongs, and Ho Hos.
    • The timing of the public launch was undisclosed.
    | 8:22 AM | 1 Comment
  • Monday, July 4, 2016

  • 5:10 AM
    • Citing strong demand and market conditions, Line Corp. (Pending:LN) is hiking the price of its initial public offering to raise as much as ¥116B ($1.1B).
    • The operator of Japan's most popular messaging service increased the price range for shares to ¥2,900-¥3,300 from an earlier target of ¥2,700-¥3,200.
    • Line is offering 35M shares in its debut. Including a so-called greenshoe option that allows it to increase the number of shares sold, the company may wind up raising as much as ¥132.8B.
    • Previously: Line sets strong IPO range, pursues $6.57B valuation (Jun. 28 2016)
    | 5:10 AM | 1 Comment
  • Friday, July 1, 2016

  • 6:52 PM
    • Insurer Kinsale Capital Group today has filed an S-1 for its initial public offering.
    • It's named a nominal fund-raising target of $100M.
    • Kinsale's total revenues in 2015 came to $80.6M, up from the prior year's $63.7M. For the first three months of this year, the firm logged $32.7M in revenues. Its net income came to $22.3M last year, and $5.3M in the first quarter.
    • Underwriters include J.P. Morgan, William Blair, and RBC Capital Markets among others.
    • The company will seek to list on Nasdaq under the symbol OTC:KNSL.
    | 6:52 PM
  • 5:28 PM
     
    • Yeti Holdings, maker of "bear-proof" outdoor coolers, has filed an S-1 for its initial public offering.
    • The company, parent of outdoor gear company Yeti Coolers, has a nominal funding target of $100M. Bank of America Merrill Lynch, Morgan Stanley, Baird, Piper Jaffray, Jefferies and William Blair are among underwriters.
    • It listed net sales for Q1 2016 at $191.3M, and a net loss of $38.2M ($0.19/share). It's posted profits for each of the past three full years.
    • In 2012, the company sold majority control to private-equity firm Cortec Group.
    • It has applied to list on the NYSE under the symbol YETI.
    | 5:28 PM | 7 Comments
  • Thursday, June 30, 2016

  • 1:05 PM
    • Syros Pharmaceuticals (Pending:SYRS) is up 28% from its debut price of $12.50 on relatively modest turnover of 690K shares. This is an informative example of how the underwriters adjust the IPO price to ensure encouraging action on day one. The current price is only up 6% from the midpoint of the original range of $14 - 16.
    | 1:05 PM
  • Wednesday, June 29, 2016

  • 10:19 PM
    • Syros Pharmaceuticals (Pending:SYRS) prices its IPO of 4M shares of common stock at $12.50 per share, below the expected range of $14 - 16. Underwriters over-allotment is an additional 600K shares. Closing date is July 6.
    • Trading kicks off tomorrow.
    • Previously: Syros Pharmaceuticals on deck for IPO (June 22)
    | 10:19 PM
  • 7:54 AM
    • Cemex Philippines (NYSE:CX) is poised to raise about $465M in the country's biggest initial public offering in more than two years, Bloomberg reports.
    • The building-material producer plans to price its sale of 2.03B shares at 10.75 pesos apiece, the midpoint of a revised range.
    | 7:54 AM
  • Tuesday, June 28, 2016

  • 2:39 PM
    • Airbnb (Private:AIRB) is in talks for a new investment round that would value the short-term rental listing service around $30B, The New York Times reports.
    • That would give Airbnb the second-highest valuation among U.S. start-ups, behind only Uber (about $62.5B) -- and triple Airbnb's valuation from two years ago.
    • Funds would go to further pushing international expansion, a source told the paper. That would be in addition to a $1B debt facility the company has reportedly secured.
    | 2:39 PM
  • 10:15 AM
    • After a few previous false starts, the IPO for Japanese messaging-app firm Line (Pending:LN) now looks strong and is set to be the biggest in global tech this year.
    • The company set a range of ¥2,700-¥3,200 per share, meaning at the top it could raise ¥129B (about $1.26B).
    • That would value the company at $6.57B, a strong indicator of interest after Line delayed announcing pricing yesterday to watch Brexit reactions.
    • Line will list in New York July 14 and Tokyo the day after that.
    | 10:15 AM
  • 6:41 AM
     
    • Line Corp., the Japanese rival to WhatsApp, is largely sticking to its earlier IPO target despite market turmoil following the Brexit vote.
    • The messaging service has set a price range for its offerings in Tokyo and New York next month at ¥2,700-¥3,200 ($26.50-$31.50) a share.
    • This sets the stage for an IPO that could raise up to ¥112B ($1.09B) and puts it on track to become the biggest tech listing of 2016.
    | 6:41 AM
  • Friday, June 24, 2016

  • 5:19 PM
     
    • Medpace Holdings, a clinical contract research organization, has filed an S-1 for an IPO in which it's looking to raise up to $150M.
    • Medpace posted $322M in sales for the 12 months ended in March. The company has about 2,300 employees in 35 countries.
    • It's seeking to trade on Nasdaq under the symbol MEDP.
    • Jefferies and Credit Suisse are serving as joint lead book runners.
    | 5:19 PM
  • Thursday, June 23, 2016

  • 10:36 AM
    • Shares in Twilio (Pending:TWLO) have opened at $23.99, up 60% after pricing last night at $15, a bullish sign for startup IPOs.
    • The company had priced last night at a dollar over the high end of its $12-$14 range, valuing the cloud comms company at $1.23B.
    • Twilio offers VoIP, video and messaging services for third-party apps.
    • WhatsApp, owned by Facebook, accounted for 17% of the company's 2015 revenue.
    | 10:36 AM | 20 Comments
  • 4:00 AM
    • After raising $150M in its initial public offering, Twilio has priced 10M Class A shares (above its targeted $12-14 range) at $15 each, valuing the cloud software developer at $1.23B.
    • The stock will begin trading today on the NYSE under ticker symbol TWLO.
    • The impact of Twilio's IPO extends far beyond the Silicon Valley unicorn: It is likely to be a current litmus test for the public market's appetite for private tech companies.
    | 4:00 AM
  • Wednesday, June 22, 2016

  • 1:07 PM
    • Cambridge, MA-based Syros Pharmaceuticals (Pending:SYRS) is set for its IPO of 4M shares of common stock at $14 - 16.
    • According to the biopharmaceutical firm, its goal is to advance a new wave of medicines to control the expression of disease-driving genes. Its gene control platform has a dual focus: identifying novel gene control targets linked to genomically defined patient populations and drugging gene control targets.
    • The company's current focus is cancer and immune-mediated disorders. Its lead product candidate is Phase 2-stage SY-1425 (tamibarotene) for the treatment of subsets of patients with relapsed/refractory acute myeloid leukemia (AML) or relapsed high-risk myelodysplastic syndrome (MDS). The mid-stage study should commence shortly. The primary endpoint is overall response rate. According to ClinicalTrials.gov, the estimated final data collection date for the primary outcome measure is March 2018. The estimated study completion date is March 2019. Initial data readout is expected in mid-2017.
    • Another pipeline program is SY-1365. A Phase 1/2 study in acute leukemia is on tap for H1 2017. Initial data are expected in H1 2018.
    • 2015 Financials ($M): Operating Expenses: 30.1 (+124.3%); Net Loss: (29.8) (-122.0%); Cash Burn: (23.0) (-92.4%).
    | 1:07 PM | 1 Comment
  • Tuesday, June 21, 2016

  • 2:59 PM
    • Cycling companies Peloton and SoulCycle (Pending:SOULC) are still both holding off on going public due to uncertain market conditions.
    • Growth is still a top priority at both firms, despite the IPO delay. Peloton is focused on growing bike sales and expanding the indoor streaming class business, while SoulCycle is adding more of its trendy studios.
    | 2:59 PM
  • Monday, June 20, 2016

  • 8:09 AM
    • Golf ball maker Acushnet Holdings (NASDAQ:GOLF) files for an IPO. Brands owned by Acushnet include Titleist, Footjoy, and Pinnacle.
    • The company didn't designate the amount of shares to be sold or the exchange to be used. Proceeds from the IPO will go to selling shareholders.
    • Acushnet reported revenue of $1.503B in 2015 and adjusted EBITDA of $215M.
    • SEC Form S-1
    | 8:09 AM | 1 Comment
  • 7:27 AM
    • Neiman Marcus (Pending:NMG) is looking to be bought out, according to New York Post.
    • Sources say CEO Karen Katz recently returned from China where she met with potential bidders, including execs with Anbang Insurance.
    • Neiman Marcus has an IPO in the U.S. hanging in limbo.
    • Previously: Underwhelming quarter from Neiman Marcus (June 14)
    | 7:27 AM | 1 Comment
  • Friday, June 17, 2016

  • 3:07 PM
    • Susquehanna issued a detailed report on IRI scanner data trends in the food and beverage industry.
    • The investment firm noted that soda drink volume fell 2.8% Y/Y for the 12-week period ending on June 5. PepsiCo (NYSE:PEP) volume was down 5%, compared to 1.3% decline for Coca-Cola KO and 1.9% fall-off for Dr. Pepper Snapple (NYSE:DPS).
    • K-cup revenue was up 8% for the 12 weeks as J.M. Smucker (NYSE:SJM). Starbucks (NASDAQ:SBUX), and Dunkin' Brands (NASDAQ:DNKN) all showed strong volume amid ongoing pricing pressure. K-cup sales decelerated for Kraft Heinz (NASDAQ:KHC) and could turn negative if pricing pressure sustains.
    • In the yogurt category, scanner data over four weeks confirmed that General Mills (NYSE:GIS) is losing market share to Chobani and Danone (OTCQX:DANOY). Susquehanna tips that Chobani may be prepping for a sale.
    • General Mills beat out Kellogg (NYSE:K) in the cereal category as its 12-week sales growth of +2.3% easily topped Kellogg's 2.2% decline.
    • Pricing with beer is helping to make up for continued volume pressure. Across the sector, pricing was recorded as 2.5% higher for the 12 weeks of data.
    • Beer volume: Anheuser-Busch InBev (NYSE:BUD) -1.8%, MillerCoors (OTCPK:SBMRY, TAP) -2.7%, Boston Beer (NYSE:SAM) -2.1%.
    • Susquehann'a Pablo Zuniac put together the deep dive into the scanned data.
    • Within the F&B sector, he has BUD, THS, WWAV, TAP, and KHC rated at Positive.
    | 3:07 PM | 10 Comments
  • 11:22 AM
    • Warsaw, IN-based OrthoPediatrics (Pending:KIDS) files an S-1 in preparation for a $75M IPO.
    • The medical device maker develops orthopedic implants and instruments to meet the specialized demands of pediatric surgeons and their patients. Its product offerings are categorized into three segments: Trauma & Deformity Correction, which includes its Locking Proximal Femur and Locking Cannulated Blade Systems; Spine, led by the RESPONSE Spine System, and Sports Medicine, with its ACL Reconstruction System.
    • 2015 Financials ($M): Revenues: 31.0 (+30.9%); Operating Expenses: 28.2 (+18.9%); Net Loss: (12.7) (+1.0%); CF Ops: (0.9) (+91.0%).
    | 11:22 AM
  • Tuesday, June 14, 2016

  • 12:27 PM
    • Northville, MI-based Gemphire Therapeutics (Pending:GEMP) is set for its IPO of 3.74M shares of common stock at $11 - 13.
    • The clinical-stage biopharmaceutical firm develops therapies to treat dyslipidemia, elevated low-density lipoprotein cholesterol (LDL-C), often referred to as "bad cholesterol," or elevated triglycerides or both. Its sole product candidate is gemcabene, a once-daily orally available drug targeted to patients who are unable to achieve normal levels of LDL-C or triglycerides with currently approved therapies, mostly statins.
    • Phase 2-stage gemcabene has a dual mechanism of action that blocks the production of hepatic triglyceride and cholesterol synthesis and enhances the clearance of VLDL (very low density lipoprotein). Specifically, it inhibits a liver protein called apolipoprotein C-III and may inhibit a liver enzyme called acetyl-CoA carboxylase.
    • Gemphire licensed gemcabene from Pfizer in April 2011.
    • 2015 Financials ($M): Operating Expenses: 8.1 (+999%); Net Loss: (13.0) (-999%); Cash Burn: (5.4) (-999%).
    | 12:27 PM
  • 11:43 AM
    • Minneapolis, MN-based Tactile Systems Technology (Pending:TCMD), doing business as Tactile Medical, is set for its IPO of 4M shares of common stock at $14 - 16.
    • The medical technology firm develops devices for the treatment of chronic diseases at home. Its initial focus is vascular disease, led by its Flexitouch System, an intermittent pneumatic compression device for the in-home treatment of lymphedema (swelling in the arms or legs). Its product line also includes the Entre System, a pneumatic compression device for the in-home treatment of venous disorders and the ACTitouch Adaptive Compression Therapy System, an intermittent pneumatic compression device for the in-home treatment of venous leg ulcers. According to the company, the addressable market for these conditions in the U.S. is $4.7B.
    • 2015 Financials ($M): Revenues: 62.9 (+31.7%); Operating Expenses: 42.5 (+36.2%); Net Income: 0.1 (+120.6%); CF Ops: 1.4 (+237.0%).
    | 11:43 AM | 1 Comment
  • 11:05 AM
     
    • Watertown, MA-based Selecta Biosciences (SELB) is set for its IPO of 4.25M shares of common stock at $14 - 16.
    • The clinical-stage biopharmaceutical firm develops therapies designed to modulate the immune system to treat rare and serious diseases. Its platform technology is called Synthetic Vaccine Particles (SVP), which encapsulates an immunomodulator in biodegradable nanoparticles to induce antigen-specific immune tolerance in order to mitigate the formation of antibodies directed to biologic drugs. These anti-drug antibodies (ADAs) are a growing concern to the healthcare community because they can compromise the biologic drug's efficacy and safety.
    • Its lead product candidate is Phase 1/2-stage SEL-212, a combination of a therapeutic enzyme (a pegylated uricase called pegsiticase) and the SVP technology, for the treatment of gout, an arthritic condition caused by excess uric acid in the blood.
    • The company is also applying its SVP technology to antigen-specific tolerance for gene therapy.
    • 2015 Financials ($M): Grant/Collaboration Revenue: 6.0 (+97.7%); Operating Expenses: 31.3 (+69.8%); Net Loss: (32.5) (-98.6%); Cash Burn: (22.5) (-77.1%).
    | 11:05 AM
  • Monday, June 13, 2016

  • 9:17 AM
    • Camping World Holdings (CWII) files for an IPO. The RV retailer operates 120 locations in 36 states.
    • The company recorded sales of $3.33B in 2015 and net income of $178.53M.
    • The IPO funds will be used in part to fund new retail locations, according to the filing. That expansion could be a positive development for Winnebago (NYSE:WGO).
    • SEC Form S-1
    | 9:17 AM
  • Friday, June 10, 2016

  • 1:08 PM
    • Following multiple delays over the last two years, Line (Pending:LN), owner of Japan's most popular mobile messaging app, has filed to go public in both New York and Tokyo; its NYSE symbol will be LN. The underwriters for the New York IPO are Morgan Stanley, Nomura, Goldman, and JPMorgan. (prospectus)
    • Line claimed 218M monthly active users in Q1, up a modest 13M Y/Y. 61M of those MAUs were in the lucrative Japanese market, and 91M in Taiwan, Thailand, and Indonesia. Line also has a sizable presence in South Korea, the home of parent Naver (OTC:NHNCF). Tencent's WeChat dominates in China, and Facebook's WhatsApp and Messenger in many other markets.
    • Line had 2015 revenue of $1.07B (+39% Y/Y on a yen basis), and a net loss of $71M. Q1 revenue totaled $298M (+19% on a yen basis). The company generates revenue from games, ads, stickers, and e-commerce services. Naver is expected to own 83.3% of Line after the IPO.
    • The WSJ states Line could raise over $900M and be valued at over $5B (less than the ~$10B it was once reportedly aiming for). The company is looking to officially looking to go public in mid-July.
    | 1:08 PM
  • 11:10 AM
    • Paragon Commercial (OTCQX:PBNC) sets terms for its IPO.
    • The North Carolina bank plans to sell 736K shares in a range of $33 to $35. Paragon will raise $25.024M at the midpoint of the range.
    • The commercial bank listed deposits of $1.047B as of March 31 and total assets of $1.341B.
    • Key Q1 metrics: Net income of $2.8M, EPS of $0.62, a tax equivalent net interest margin of 3.51%, efficiency ratio of 58.69%.
    • SEC S-1 filing
    | 11:10 AM
  • Wednesday, June 8, 2016

  • 10:38 AM
    • Sensus Healthcare (NASDAQ:SRTS) completes its IPO of 2.3M units at $5.50. Each unit consists of one share of common stock and a three-year warrant to purchase one share of common at $6.75. Total proceeds were almost $11M.
    • The stock is currently trading under the symbol "SRTSU." On or about July 25, the units will separate into the components. The warrants will trade under the symbol "SRTSW" and the stock under "SRTS."
    • The original IPO was ~1.8M shares of common stock at $10 - 12.
    • Previously: Sensus Healthcare on deck for IPO (March 18)
    | 10:38 AM
  • Monday, June 6, 2016

  • 4:07 PM
     
    • The fast-rising meal-delivery kit company has held talks with bankers about raising capital, including a possible IPO within the next 12 months, reports Bloomberg.
    • Currently profitable, Blue Apron was valued at more than $2B in a 2015 private funding round, and might reach a $3B valuation in an IPO, according to Bloomberg's sources.
    • An IPO would also snap the tech world out what's been a very quiet time for companies coming public, especially for unicorns.
    | 4:07 PM
  • 9:50 AM
     
    • China Online Education (COE) is expected to price its IPO this week.
    • The company is selling 2.4M shares in an expected range of $18 to $20 through lead underwriters Credit Suisse and Morgan Stanley.
    • China Online Education calls itself the largest online education platform in China with over 102K active students and 6.4K foreign teachers.
    • SEC Form F-1
    • Previously: China Online Education Group files for IPO (May 13)
    | 9:50 AM
  • Friday, June 3, 2016

  • 10:20 AM
     
    • In the latest sign the tech IPO market is thawing - see also Twilio's IPO filing - security hardware/software provider Blue Coat has filed to go public four years after being taken private for $1.3B by P-E firm Thoma Bravo, and 15 months after being sold to Bain for $2.4B. (prospectus)
    • Blue Coat will trade on the NYSE under the symbol BLCT. IPO underwriters include Morgan Stanley, JPMorgan, Credit Suisse, Goldman, UBS, RBC, and Wells Fargo. The company's products include web and cloud security gateways, web application firewalls, e-mail security and malware-analysis products, and threat intelligence services. Rivals include Cisco, Intel, Palo Alto Networks, FireEye, IBM, and many others.
    • For the fiscal year ending April 30, Blue Coat had revenue of $598.3M, and (officially at least) a net loss of $289.1M. Net loss is inflated by large one-time amortization and G&A expenses. Revenue was officially down 5% to $598.3M, but that's due to deferred revenue write-downs related to Bain's acquisition of the company. Product revenue totaled $313.8M, and subscription/service revenue $284.5M.
    • Six months ago: Blue Coat reportedly planning IPO
    | 10:20 AM
  • Thursday, June 2, 2016

  • 9:19 AM
     
    • Door and window maker Jeld-Wen files for an IPO.
    • The company used $100M as a placeholder amount for what is expected to be a much larger offering.
    • Jeld-Wen generated revenue of $3.38B in 2015.
    • No stock symbol or trading exchange was listed in the initial public filing from Jeld-Wen.
    • SEC Form S-1
    | 9:19 AM | 4 Comments
  • Tuesday, May 31, 2016

  • 2:02 PM
     
    • Jose Cuervo plans an IPO for as much as $1B in Q3 of this year, according to Bloomberg.
    • Sources indicate the alcohol company is already talking to bankers about the details.
    • The company reported sales of 14.4B pesos ($782M) last year.
    | 2:02 PM | 3 Comments
  • 9:25 AM
    • Atkore International Group (Pending:ATKR) says it will sell 12M shares in a price range of $20 to $22.
    • The electrical raceways solutions company will raise $252M at the mid-point of the range.
    • Atkore reported revenue of $1.581B and operating income of $63.7M for the 12 months ending on March 25.
    • SEC Form S-1
    | 9:25 AM
  • Thursday, May 26, 2016

  • 2:09 PM
    • Twilio (Pending:TWLO), a major provider of VoIP, video, and messaging services for third-party apps, has filed to go public under the symbol TWLO. The underwriters: Goldman, JPMorgan, Allen & Co., Pac Crest, JMP, William Blair, and Canaccord. (prospectus)
    • Twilio's clients include Uber, Hulu, Airbnb, EMC, Trulia, Zendesk, and Intuit. The company claimed 28.6K active customer accounts (+48% Y/Y) and over 900K registered developer accounts as of March 31. "Our customers' software applications use our platform to notify a diner when a table is ready, a traveler when a flight is delayed or a shopper when a package has shipped. The range of applications that developers build with the Twilio platform has proven to be nearly limitless," the company declares in its S-1.
    • The company was valued at over $1B in a 2015 funding round. 2015 revenue totaled $166.9M (+88% Y/Y), and net loss $35.5M. Q1 revenue totaled $59.3M (+78% Y/Y), and net loss $6.5M. Facebook-owned WhatsApp accounted for 17% of Twilio's 2015 revenue, and 15% of Q1 revenue.
    | 2:09 PM | 2 Comments
  • Wednesday, May 25, 2016

  • 6:31 PM
    • US Foods (Pending:USFD) has priced its IPO at $23/share, on the upper half of its predicted range of $21-$24.
    • That means the company sold 44.4M shares and raised $1.02B, the second-biggest IPO this year. The company had planned to put funds toward debt reduction.
    • That values the food distributor at $5.07B including underwriters' allotment. Owners Clayton Dubilier & Rice and KKR paid $7.1B for US Foods nine years ago, but have taken dividends along the way.
    | 6:31 PM | 2 Comments
  • 2:19 PM
    • US Foods (Pending:USFD) is expected to price its IPO tonight in front of the public debut of shares tomorrow on the NYSE.
    • The company is selling 44.4M shares in a range of $21 to $24 with funds earmarked toward improving the credit profile of the food distributor.
    • The Wall Street underwriters on the deal are in a quiet period, but SA contributor Don Dion has a breakdown for investors.
    • The eventual market cap valuation of US Foods will be of interest to Sysco (NYSE:SYY) shareholders with Sysco growing sales at a more rapid rate than its rival over the last few years.
    | 2:19 PM
  • 10:22 AM
    • Sunnyvale, CA-based Viveve Medical (Pending:VIVE) is set for its IPO of 1,562,500 shares of common stock at $8.
    • The medical device company develops products targeted to women's sexual health. Its sole product is the Viveve System, a device used for the non-invasive treatment of vaginal introital laxity that commonly occurs after childbirth. The system employs radio frequency (RF) technology to tighten the tissues around the vaginal opening in a 30-minute procedure performed in a doctor's office setting that does not require anesthesia.
    • The company, formerly PLC Systems, was formed in September 2014 in a reverse merger of PLC Systems and Viveve, Inc.
    • 2015 Financials ($M): Revenue: 1.4 (+999%); Operating Expenses: 12.5 (+118.4%); Net Loss: (12.4) (+101.1%); CF Ops: (12.2) (-103.6%).
    | 10:22 AM | 1 Comment
  • 9:47 AM
    • Culver City, CA-based Nant Health (Pending:NH) is set for its IPO of 6.5M shares of common stock at $12.50 - 15.50.
    • The firm describes itself as a leading next-generation, evidence-based, personalized healthcare company that enables improved patient outcomes and more effective treatment decisions for critical illnesses. It uses a systems-based approach to personalized medicine via novel diagnostics tailored to the specific molecular profiles of patient tissues and integrates this information in a clinical setting with large-scale, real-time biometric signal and phenotypic data to track patient outcomes and deliver precision medicine. Its approach is centered on its adaptive learning system called CLINICS (Comprehensive Learning Integrated NantHealth Intelligent Clinical System), which includes unique software, middleware and hardware systems that collect, index, analyze and interpret the vast amounts of molecular, clinical, operational and financial data from various sources.
    • Nant Health is a subsidiary of NantWorks, a company founded by billionaire Dr. Patrick Soon-Shiong.
    • 2015 Financials ($M): Revenues: 58.3 (+71.9%); Gross Profit: 23.5 (+142.4%); Operating Expenses: 94.4 (0.0%); Net Loss: (72.0) (+14.7%); CF Ops: (75.8) (-79.8%).
    | 9:47 AM
  • Monday, May 23, 2016

  • 12:04 PM
    • Telefonica (TEF -1%) is reportedly adding banks in order to float its initial public offering of infrastructure unit Telxius.
    • That division could bring €4B-5B in an IPO and contribute to debt-reduction plans at the parent.
    • CaixaBank and Banco Bilbao Vizcaya Argentaria are joining Goldman Sachs and JPMorgan Chase as global coordinators (joining several joint bookrunners and co-lead managers) in a sale that could come as soon as July.
    • Now read Telefonica Dividend Reliant On EU Politics Following Mixed Q4 2015 Results »
    | 12:04 PM
  • Saturday, May 21, 2016

  • 1:42 PM
    • Tech IPOs are missing in action this year as Silicon Valley startups continue to raise capital through private investors.
    • In a recent survey, only 17% of Silicon Valley companies indicated that an IPO was a goal, while at SWSX the percentage of tech executives that answered "no way" to an IPO plan was all the way up to 42%.
    • Extra costs and the pressure to meet quarterly estimates are two major factors in the aversion to the public route from the sector.
    • Uber (Private:UBER) CEO Travis Kalanick summed up the stance when he told CNBC that he aimed for his company to have an IPO as late as possible.
    • Related ETFs: IPO, IPOS, FPX, FPXI.
    | 1:42 PM | 6 Comments
  • Friday, May 20, 2016

  • 1:58 PM
    • US Foods (Pending:USFD) workers in Denver, Seattle, and other parts of the U.S. are conducting a sympathy strike in support of a larger Teamsters union strike at a plant in Maryland due to be closed.
    • A statement from the Teamsters alleges a pattern of "abusive behavior" by US Foods for years.
    • A planned IPO by US Foods is expected to be one of the largest of the year.
    • Previously: US Foods sets terms for billion dollar IPO (May 13)
    | 1:58 PM | 4 Comments
  • Thursday, May 19, 2016

  • 3:38 PM
    • IPO Merus B.V. (Pending:MRUS) is holding its ground on its debut day. Shares are up 5% from the issue price of $10 on modest turnover of 868K shares.
    • The Netherlands-based company develops immuno-oncology-focused bispecific antibody therapeutics based on its technology platform called Biclonics. A bispecific antibody has the ability to bind to two or more targets simultaneously. Its lead product candidate is MCLA-128, in Phase 1/2 development in Europe for the treatment of various solid tumors, including breast, colorectal and ovarian cancers. Other pipeline candidates are MCLA-117 for blood cancers, MCLA-158 for colorectal cancer, MCLA-134 for solid tumors and MCLA-145 for solid tumors.
    • 2015 Financials (€M): Revenue: 2.0 (+51.7%); Operating Expenses: 25.0 (+33.7%); Net Loss: (23.2) (-33.2%); CF Ops: (23.0) (-57.9%).
    • Related tickers: (AMGN -1.5%)(MGNX +1.2%)(JNJ -0.7%)(AFMD +0.3%)(PIRS -7%)(OTC:GNMSF)
    | 3:38 PM
  • 11:56 AM
    • US Foods (Pending:USFD) announces it struck an agreement to acquire Freshway Foods for an undisclosed amount.
    • Freshway is an Ohio company that specializes in the preparation of fresh produce for distribution.
    • The transaction is expected to close on June 10.
    • Previously: US Foods sets terms for billion dollar IPO (May 13)
    | 11:56 AM
  • Wednesday, May 18, 2016

  • 12:46 PM
    • To review: Blank-check companies raise money in public markets for future acquisitions. They're not as popular as they used to be, but choppy markets and a dry spell for IPOs mean private-equity firms are stuck with older investments they need to monetize.
    • Enter former Blackstone partner Chinh Chu and Fidelity National Financial Chairman William Foley. Their CF Corporation is looking to raise as much as $1.1B in an IPO tomorrow. "There’s an opportunity now for operators [of blank-check companies] to jump in and grab assets that would otherwise be going to the IPO market,” says a securities lawyer.
    • Blank-check companies last year raised $3.9B in 20 deals - their busiest year since the financial crisis. There have been three deals raising more than $600M thus far in 2016, and more than half a dozen are waiting in the wings.
    • Source: WSJ
    • CF Corp will trade on the Nasdaq under the symbol OTC:CFCO. It's warrants will trade under CFCOW.
    • Prospectus
    | 12:46 PM | 1 Comment
  • 6:33 AM
    • PhaseRx (Pending:PZRX) prices its IPO of 3.7M shares of common stock at $5. Underwriters over-allotment is an additional 555K shares. Closing date is May 23. Trading begins today.
    • Previously: PhaseRx on deck for IPO (May 6)
    | 6:33 AM
  • Tuesday, May 17, 2016

  • 2:51 PM
    • Analyst launches for SecureWorks (SCWX -4.6%) are largely positive despite a lackluster IPO.
    • Positive sentiment that came in initiations today was enough to lift the stock above its IPO price of $14 -- for a few minutes at the open, before the stock went underwater again, now 5.9% below its debut pricing.
    • Eight analysts launched coverage at Buy or Overweight with price targets ranging from $16-$18. Melissa Gorham at Morgan Stanley (Overweight, $18 target) says a new approach to enterprise security makes the company a "prime beneficiary with its portfolio of managed security, intelligence and consulting services. At ~2X EV/CY17 sales, we think investors are largely valuing SCWX as an IT services company."
    • Meanwhile, Credit Suisse's Philip Winslow (Neutral, $14.50 target) is more cautious. Despite revenue growth similar to class at 21.6%, it's "currently unprofitable and free cash flow negative and has a structurally lower target gross margin."
    • And Goldman Sachs (Buy, $17.50) sees "steady 20+ percent revenue growth while executing on operating leverage" for 2017, and despite negative EPS in 2017 and 2018, "we believe 20+ percent EBITDA margins are reasonable" in three to five years.
    • Other Buys: JPMorgan Chase ($18 price target); RBC Capital ($16 target); Barclays ($16 target); Stifel Nicolaus ($18 target); SunTrust ($17 target); Pacific Crest ($18 target); BofA ($17 target); and William Blair.
    • Now read SecureWorks' Success Depends On Management's Ability To Cut Costs »
    | 2:51 PM
  • 12:01 PM
    • Performance Food Group (PFGC -3.9%) files for a secondary offering of 12M shares.
    • The block is being sold on the behalf of current shareholders with the company receiving none of the proceeds.
    • PFGC trades at $25.98 vs. a post-IPO range of $18.72 to $28.13.
    • Updated SEC Form S-1
    | 12:01 PM
  • Monday, May 16, 2016

  • 3:22 PM
    • Irving, TX-based Reata Pharmaceuticals (Pending:RETA) is set for its IPO of 4M shares of Class A common stock at $14 - 16.
    • The clinical stage biopharmaceutical firm develops therapies that modulate the activity of key regulatory proteins involved in the biology of mitochondrial function, oxidative stress and inflammation as the basis for treating a range of serious or life-threatening diseases. Its lead product candidates are bardoxolone methyl and omaveloxolone, both antioxidant inflammation modulators or AIMs.
    • The former is in stage 3 development for pulmonary arterial hypertension associated with connective tissue disease and Phase 2 development for ideopathic pulmonary arterial hypertension and pulmonary hypertension due to interstitial lung disease. The latter is in Phase 2 development for multiple diseases, including Friedreich's ataxia, mitochondrial myopathies and metastatic melanoma.
    • 2015 Financials ($M): License/milestone revenue: 50.3 (-2.1%); Operating Expenses: 48.8 (+6.6%); Net Loss: (1.5) (-310.4%); CF Ops: (44.6) (+50.0%).
    | 3:22 PM
  • 7:40 AM
    • Gypsum Management and Supply (NASDAQ:GSM) says it plans to sell 7M shares in a range of $21 to $23 as part of the terms of ita IPO.
    • The wallboard and suspended ceiling seller will raise $154M at the midpoint of the range.
    • SEC Form S-1
    | 7:40 AM | 1 Comment
  • 4:36 AM
    • Whether it's next year or 2018, several news sources are suggesting that Didi Chuxing (Private:DIDI) is working towards an IPO in the U.S. that would be the highest profile listing by a Chinese company since Alibaba two years ago.
    • Such a move may put the Chinese app ahead of Uber (Private:UBER) in going public, with its American rival having said it wants to hold off as long as possible.
    • Didi is currently in the process of raising about $3B in its latest round of funding, swelling the company's valuation to about $26B.
    | 4:36 AM | 5 Comments
  • 3:17 AM
    • Philips (NYSE:PHG) is seeking to raise as much as €970M ($1.1B) from the initial public offering of its lighting unit as it pushes ahead with a plan to list on Amsterdam's stock exchange after a private sale didn't result in a buyer.
    • In a statement, Philips said it would sell 37.5M shares valued at €18.50-22.50 a piece, implying a market capitalization for the division of €2.78B-3.38B.
    • Final pricing is set for May 26, with the listing commencing the following day.
    | 3:17 AM | 4 Comments
  • Friday, May 13, 2016

  • 11:58 AM
     
    • China Online Education Group files for an $100M IPO.
    • The China-based company offers an online platform to help customers improve English proficiency.
    • China Online reported revenue of $23.88M for 2015. Operating expenses were $64.35M for the period.
    • Some of the IPO proceeds may go to acquiring complementary businesses, according to the filing.
    • SEC Form F-1
    | 11:58 AM | 2 Comments
  • 11:09 AM
    • US Foods (Pending:USFD) plans to sell 44.4M shares in a price range of $21 to $24 in its public launch.
    • The company will raise $999M at the mid-point of the range.
    • US Foods is one of the two dominant players in the food distribution industry along with Sysco (NYSE:SYY) and offers more than 400K fresh, frozen, and dry food SKUs and non-food items. Revenue for FY15 was a cool $23.13B.
    • SEC Form S-1
    | 11:09 AM | 2 Comments
  • Thursday, May 12, 2016

  • 6:50 PM
    • Alpharetta, GA-based Clearside Biomedical (Pending:CLSD) is set for its IPO of 4M shares of common stock at $14 - 16.
    • The late-clinical-stage biopharmaceutical firm develops therapies to treat blinding diseases of the eye that are administered directly into the suprachoroidal space (SCS) [space between the sclera (white outer layer of the eyeball) and the choroid (pigmented vascular layer between the retina and sclera)] via its proprietary microinjector. According to the company, SCS injection is better than other ocular drug delivery methods, like intravitreal injection, because the drug is delivered directly to the retina and choroid which quickens the therapeutic effect while potentially lowering injection frequency.
    • Its lead product candidate is CLS-1001, currently in Phase 3 development for macular edema associated with non-infectious uveitis. Other programs include CLS-1003, in Phase 2 for macular edema associated with retinal vein occlusion, and CLS-1002, pre-IND for neovascular (wet) age-related macular degeneration.
    • 2015 Financials ($M): Operating Expenses: 17.3 (+76.3%); Net Loss: (17.6) (-73.1%); Cash Burn: (13.9) (-52.4%).
    | 6:50 PM | 1 Comment
  • 6:29 PM
    • Optical networking firm Acacia Communications (Pending:ACIA) has priced its initial public offering at the top end of its range.
    • It's a full-size deal at $23/share, vs. the expected range of $21-$23 per share. The company's selling 4.5M shares, and underwriters have a 30-day greenshoe option for up to 675,000 more shares (of which just 70,184 would be sold by Acacia and up to 604,816 from certain stockholders). Proceeds are $103.5M.
    • The company makes and sells high-speed optical products for communications networks. It said revenue rose 39% Y/Y to $239.1M in 2015.
    | 6:29 PM
  • 11:43 AM
    | 11:43 AM
  • 9:09 AM
    • SiteOne Landscape Supply (Pending:SITE) prices its IPO at $21, a mark that falls right smack in the middle of the $20 to $22 range for the offering.
    • The company raises $210M through the issuance of the 10M shares.
    • SA contributor Don Dion broke down the SiteOne IPO earlier this week.
    • Previously: SiteOne Landscape Supply files for IPO (May 2)
    | 9:09 AM
  • Wednesday, May 11, 2016

  • 1:18 PM
    • Downsizing Spring Bank Pharmaceuticals' (NASDAQ:SBPH) IPO didn't appear to help much. Shares are currently trading hands at ~$10.60, down $1.40 from the debut price of $12. According to Nasdaq, turnover is an anemic 10,520.
    • The original offering was 2.858M shares at $13 - 15, but was reduced to 920K shares at $12.
    • Previously: Spring Bank Pharmaceuticals on deck for IPO (March 18)
    | 1:18 PM
  • 7:33 AM
    • Turning Point Brands (Pending:TPB) prices its IPO at $10.
    • The tobacco products specialist raised $54M through the offering.
    • Shares will begin trading later today.
    • Previously: Turning Point Brands sets IPO terms (April 28)
    | 7:33 AM
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