IPOs

  • Friday, January 20, 2017
    • A "blank-check" company, FinTech Acquisition Corp. (Pending:FNTEU) prices its 15.3M unit IPO at $10 each. Each unit includes one share of common stock and one-half of one warrant.
    • The CEO Daniel Cohen is a founder, former CEO, and current chairman of The Bancorp (NASDAQ:TBBK), and also a past CEO of RAIT Financial (NYSE:RAS).
    • Prospectus
  • Wednesday, January 18, 2017
    • Laureate Education (Pending:LAUR) says it will offer 29M shares in a range of $17 to $20 in its IPO.
    • The for-profit education company reported revenue of $3.068B for the nine months ending September 30, 2016 and operating income of $211.9M.
    • KKR was a lead investor in the group that took Laureate private in 2007.
    • The offering is expected to launch on February 1.
    • Updated SEC Form S-1
  • Tuesday, January 17, 2017
    • Apollo Global Management (APO -1.8%) and its CEC Entertainment has begun to prepare for an initial public offering for (formerly) child-focused restaurant chain Chuck E. Cheese that could value the company at more than $1B including debt, Reuters reports.
    • The offering could come in the second half, but Apollo hasn't yet hired underwriters, Reuters says.
    • Apollo had taken the company private in January 2014 after agreeing to pay $1.3B, about a 25% premium over the pre-deal-talk price.
    • Chuck E. Cheese spent the past couple of private years watching other fast-growing restaurants fail to grow after going public, as sit-down casual chains struggled. But competitor Dave & Buster's (NASDAQ:PLAY) saw comparable-store sales grow almost 6% in Q3 2016, and Chuck E. Cheese has expanded alcohol offerings and worked to broaden its appeal beyond children, as D&B has.
    • The company operates 603 locations as well as 144 Peter Piper Pizza stores across the U.S. and 11 other countries.
    • Cambridge, MA-based Visterra (NASDAQ:VIST) is set for its IPO of 3.85M common shares at $12 - 14.
    • The clinical-stage biopharmaceutical firm leverages its proprietary Hierotope platform to identify unique disease targets and designs and engineers antibody-based biologics to treat infectious and non-infectious diseases. The company says its platform enables it to develop therapies to prevent and treat infectious diseases caused by organisms that have a high degree of diversity among strains, frequent mutations and a high degree of treatment resistance.
    • Its lead candidate is Phase 2-stage VIS410, a monoclonal antibody to treat hospitalized patients with any strain of influenza A. The U.S. Government's Biomedical Advanced Research and Development Authority (BARDA) provides some of the funding for development. Product candidate #2 is VIS513, a monoclonal antibody designed to treat Dengue. A Phase 1 study should commence in H1 2018.
    • 2016 Financials: (9 mo.)($M): Collaboration/Contract Revenues: 13.2 (+999%); Operating Expenses: 24.6 (+33.4%); Net Loss: (12.0) (+38.1%); Cash Flow Ops: (17.4) (-52.4%).
    • San Diego, CA-based AnaptysBio (Pending:ANAB) is set for its IPO of 4M common shares at $14 - 16.
    • The clinical-stage biotech develops antibody-based therapies to treat inflammation. Its pipeline includes Phase 2-stage ANB020, an antibody to IL-33, for the treatment of atopic dermatitis, severe peanut allergy and eosinophilic asthma and ANB019, an antibody against IL-36R, for the treatment of pustular psoriasis. It has collaboration agreements with TESARO (NASDAQ:TSRO) and Celgene (NASDAQ:CELG).
    • 2016 Financials (9 mo.)($M): Collaboration revenue: 13.9 (+3.1%); Operating Expenses: 13.8 (+4.0%); Net Loss: (0) (+100.0%); Cash Flow Ops: 14.6 (+251.0%).
    • Geneva, Switzerland-based OpsEva SA (Pending:OBSV) is set for its IPO of 6.45M common shares at $14 - 16.
    • The clinical-stage biopharmaceutical firm develops therapeutics to treat conditions that compromise a woman's reproductive health and pregnancy. Its pipeline includes Phase 3-stage OBE2109, an oral gonadotropin-releasing hormone receptor agonist, for the treatment of pain related to endometriosis; Phase 3-stage OBE001 (nolasiban), an oral oxytocin receptor antagonist, to improve uterine blood flow and enhance the receptivity of the endometrium to embryo implantation and Phase 1-stage OBE022, an oral PGF2alpha receptor antagonist, for the control of preterm labor.
    • 2016 Financials (9 mo.)($M): Operating Expenses: 18.9 (+39.4%); Net Loss: (19.1) (-43.1%); Cash Burn: (16.6) (-41.2%).
  • Friday, January 13, 2017
    • Braeburn Pharmaceuticals (Pending:BBRX) has filed an S-1 in preparation for a $150M IPO. Price and volume have yet to be announced.
    • The Princeton, NJ-based pharmaceutical outfit develops long-acting drugs to treat serious central nervous system disorders. It currently markets one product, a buprenorphine subdermal implant for the long-term (six months) treatment of opioid addiction branded as Probuphine, that was OK'd by the FDA in May 2016. The company licensed it from Titan Pharmaceuticals (NASDAQ:TTNP).
    • Braeburn's pipeline includes two Phase 3 programs, CAM-2038, a once-weekly buprenorphine injection and CAM-2038, a once-monthly buprenorphine injection, for the treatment of opioid dependence. The company is also developing both candidates for the long-term treatment of pain. Another late-stage asset is BB-0817, a subdermal implant of risperidone for the long-term (six months) treatment of schizophrenia.
    • 2016 Financials (9 mo.)($M): Revenues: 0.04; Operating Expenses: 78.0 (+282.9%); Net Loss: (76.8) (-239.5%); Cash Burn: (70.2) (-127.2%).
    • Previously: FDA OKs Titan Pharma's buprenorphine implant for opioid dependence (May 26, 2016)
    • Gores Holdings II (GSHTU) raises $375M by offering 37.5M shares at $10 per pop.
    • The blank check company was formed by The Gores Group which took Hostess Brands (NASDAQ:TWNK) back to the public markets last year. At this point, there's not to much to analyze with the eventual business being acquired not even known.
    • SEC Form S-1 dive: "We have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target."
  • Thursday, January 12, 2017
    • Floor & Decor is considering an IPO at a valuation level as high as $1B, according to Reuters.
    • The hard surface flooring company ended its IPO plans last year due to market conditions.
    • Reuters reports that Floor & Decor has interviewed investment banks as part of the process.
  • Saturday, January 7, 2017
    • Renaissance Capital updates on the list of companies very close to an IPO launch along with their estimated deal size.
    • AppDynamics (Pending:APPD) ~$150M - Provides application performance management software for business-critical apps.
    • Ramaco Resources (Pending:METC) ~$100M - Metallurgical coal provider with reserves in Appalachia.
    • Jeld-Wen Holding (Pending:JELD) ~$500M - Manufacturer of windows, doors and treated composite trim and panels.
    • CBS Radio (Pending:CBSR) ~$500M - U.S. radio station operator spinning out of CBS.
    • Jagged Peak Energy (NYSE:JAG) ~$300M - Oil and gas E&P operating in the Delaware Basin in West Texas.
    • Keane Group (FRAC) ~$288M - Provides hydraulic fracturing services
    • AnaptysBio (Pending:ANAB) ~$86M - Early-stage biotech developing antibodies for peanut allergy and asthma.
    • Later in the month, Blackstone (NYSE:BX)-REIT Invitation Homes (INVH) is due to step out into the public spotlight.
    • The biggest IPO of Q1 could be JBS Foods International (Pending:JBS), which Renaissance sees going off as high as $2.5B. A February or March launch is possible.
  • Friday, January 6, 2017
    • Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired Deutsche Bank, JPMorgan Chase and Evercore to manage the debut.
    • The Denver-based airline is aiming to raise about $500M, valuing the company at about $2B, sources told NYT.
  • Thursday, January 5, 2017
    • A prior Snap (Private:CHAT) employee, for a term of three weeks, has filed a lawsuit against the company claiming, among other items, certain overinflation of growth figures in effort to drive up company valuation.
    • Snap: "We've reviewed the complaint. It has no merit. It is totally made up by a disgruntled former employee."
    • While much of the filing has been redacted, it's available to view here courtesy of Recode.
  • Tuesday, January 3, 2017
    • Sogou, the third largest search engine in China, is considering floating 10%-12% of its shares in an offering to possibly come at some point this year.
    • Tencent Holdings (OTCPK:TCEHYowns a major stake in Sogou's operation.
    • Sogou explicitly targets Baidu (NASDAQ:BIDU) in remarking on the prospect, claiming eventual replacement of the latter over coming years as it sees users becoming more comfortable with its service.
  • Friday, December 30, 2016
    • Clinical-stage cancer immunotherapy company Jounce Therapeutics has filed for an initial public offering in which it plans to raise up to $75M.
    • In the summer Jounce had set a deal (which could run to $2.5B) with Celgene (CELG -1.1%) to pursue a number of cancer treatments
    • In the nine months ended Sept. 30, the company reports collaboration revenue of $16.9M vs. operating expenses of $36.36M.
    • The company has applied to list on Nasdaq under the symbol (Pending:JNCE).
    • S-1 filing
  • Thursday, December 29, 2016
    • New York narrowly edged out Hong Kong in the global rankings for IPOs this year, with $24.6B on the NYSE (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ) combined, while Hong Kong had $24.5B. Shanghai came next with about $16B, according to Dealogic.
    • The numbers were significantly lower than last year. Globally, new listings total $141B in 2016, down a third from last year and the weakest level recorded since 2012.
    • ETFs: EWH, EWHS, FCHI, FHK
  • Wednesday, December 28, 2016
    • Following postponement of an IPO initially expected for this month, AppDynamics (Private:APDYN) files S-1 registration with a $100M proposed maximum aggregate offering price.
    • Application for trade on the NASDAQ Global Select Market with symbol "APPD" has also been submitted.
  • Monday, December 26, 2016
    • Major Saudi Arabian newspaper al-Eqtisadiah has retracted a report that said Saudi Aramco planned to sell 49% of its shares over the next 10 years.
    • It was "completely wrong and far from reality" and not based on a verified source, the newspaper said, apologizing for the mistake.
    • The company aims to sell some of its shares in 2018 in what could be the world's biggest IPO. Aramco CEO Amin Nasser said in October a flotation of up to 5% was being considered.
    • ETFs: KSA
  • Thursday, December 22, 2016
    • The company instead will focus on improving financial metrics, in particular reducing the cost of acquiring customers.
    • Schneider National (SNDR) files for an IPO estimated to be at $1B.
    • The company reported revenue of $3.959B in 2015 and adjusted EBITDA of $529.4M
    • Schneider sees itself as positioned to benefit from the e-commerce boom.
    • S-1 dive: "As a leading 'first, final and every mile' carrier for difficult-to-handle consumer items, such as furniture and mattresses, one of the fastest-growing e-commerce markets, we are well-positioned to capitalize on continued e-commerce growth."
    • SEC Form S-1
    • Baidu (NASDAQ:BIDU) is considering listing video-streaming site iQiyi.com in either Hong Kong or the U.S. next year and could raise about $1B through the IPO, sources told WSJ.
    • The company is planning to issue a convertible bond or similar instrument to raise funds from investors before the offering, although the size and timing are not yet clear.
  • Tuesday, December 20, 2016
    • Fast-casual chain Freshii files for an IPO in Canada.
    • The public launch will include a treasury offering and a secondary offering of class A voting shares.
    • Freshii has been opening stores at a rate of 3.5 per week this year and is now operating in 20 nations.
    • The company's filings are available on the Canadian Securities Administrators' website.
  • Friday, December 16, 2016
    • Avalara, founded in 2004, based in Washington and funded by roughly $320M, specializes in cloud-based automated tax software.
    • Reuters reports the company has recently interviewed investment banks and hired underwriters for an offering, cited to be potentially valued at around $1B and possibly forthcoming in 2017.
    • Hotel search platform trivago (NASDAQ:TRVG) prices its IPO of 26,110,118 American Depositary Shares (ADSs) at $11 per ADS. The offering includes 8,000,027 ADSs from existing shareholders.
    • Underwriters over-allotment is an additional 3,915,517 ADSs. Trading kicks off today.
    • Closing date is December 21.
    • Read now Trivago - Let This IPO Travel Alone 
  • Thursday, December 15, 2016
    • Belgian outfit TiGenix (Pending:TIG) has priced its U.S. IPO of 2.3M American Depositary Shares (ADSs) at $15.50. Each ADS represents 20 ordinary shares.
    • The biotech's lead product candidate is Cx601, an adipose-derived allogeneic stem cell suspension for the treatment of complex perianal fistulas in patients with Crohn's disease. Takeda has commercialization rights ex-U.S.
    • Read now IPO Preview: TiGenix 
  • Wednesday, December 14, 2016
    • An initial public offering for the U.S. operations of acquisitive Dutch telecom firm Altice (OTCPK:ATCEY) is set to be led by JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS), Reuters reports.
    • Altice began an incursion into U.S. cable by acquiring Suddenlink and Cablevision, and stopped short of a planned aggressive bid for Time Warner Cable (which was eventually acquired by Charter).
    • An IPO for Altice USA might value it between $25B and $30B, and provide Altice with some room to finance even more expansion, likely through midsize acquisitions in the U.S.
    • Previously: Altice weighing IPO for piece of U.S. cable operations (Dec. 08 2016)
    • Brazilian homebuilder Construtora Tenda has scrapped an IPO due to be priced later today because of challenging market conditions.
    • Tenda and sole owner Gafisa (GFA +3.4%) said in a securities filing they were "working on the analysis of strategic alternatives for Tenda, with the main goal of maximizing shareholder value."
    • Gafisa had aimed to sell 40M shares of the unit, or up to a 40% stake, in the offering.
    • Resort operator Playa Hotels & Resorts (Pending:PLYA) announce that it has entered into a merger agreement with special purpose acquisition vehicle Pace Holdings.
    • Pace is backed by private equity firm TPG.
    • The combined company will retain the Playa name and will be listed publicly with an estimated enterprise value of ~$1.75B.
    • Playa filed for an IPO in September.
  • Thursday, December 8, 2016
    • Altice (OTCPK:ATCEY) is exploring the prospect of an initial public offering of a minority interest in its U.S. cable operations (Altice USA), though the plans are in early stages.
    • No assurance can be given that an IPO will be pursued, and there's no thoughts yet about structure or timing.
    • The French telecom/media giant paid $9.1B to enter the U.S. market with an acquisition of Suddenlink last year, and it set a $17.7B deal to acquire Cablevision from the Dolan family along with (aborted) consideration of making a run at Time Warner Cable. Altice USA is worth more than $25B.
  • Wednesday, December 7, 2016
    • JBS Foods International (OTCQX:JBSAY, OTC:JBSAF, JBS) files for a $500M IPO.
    • The company will trade on the NYSE under the JBS symbol.
    • JBS says it intends to use the proceeds from the offering to repay certain debt.
    • SEC Form F-1
  • Tuesday, December 6, 2016
    • JBS Foods International (OTC:JBSAF, OTCQX:JBSAY) plans to list shares in the U.S.
    • Brazilian investment firm BTG Pactual thinks an IPO could be a catalyst for the company.
    • Shares of JBS are up 14% in Sao Paulo trading.
  • Monday, December 5, 2016
    • Analyst James Cakmak broadly considers an investment shift to come as Facebook (FB +1.6%), Amazon (AMZN +2.6%), Alphabet (GOOG, GOOGL) and Netflix (NFLX -1.5%) have each enjoyed strong two-year runs, and combining with the prospect of the extent of upside subsiding and disproportionate ownership across the names in relation to benchmarks, asserts the "winners of this year and last may become the primary source of funds next year."
    • Particularly indicates interest in Snap's (Private:CHATpotential 2017 IPO is high, with reports noting scarcity of secondary shares circulating, and believes such an event is where much of a technology repositioning would be directed.
  • Thursday, December 1, 2016
    • Invitation Homes is the largest single-family landlord in the country with Blackstone (NYSE:BX) investing about $10B since founding it in 2012. The portfolio stands at about 45K homes.
    • Multiple reports say an IPO has been confidentially filed for in the hope of raising up to $1.5B as soon as January.
    • Other SFR players: SBY, AMH, SFR, RESI, OTCQB:RVEN
    • Innovative Industrial Properties (NYSE:IIPR) sold 3.35M shares for $20 each. That's down from the 5M hoped for last week, and original plans to sell 8.75M shares.
    • The underwriter greenshoe is for another 502.5K shares at that offering price.
    • Previously: Pot REIT cuts offering size (Nov. 25)
  • Tuesday, November 29, 2016
    • Shanghai-based Innovent Biologics secures $260M in Series D financing, a record for a clinical-stage Chinese biotech. The capital infusion will fund the continued development of its pipeline of 10 antibodies to treat 12 conditions in cancer, autoimmune disorders, ophthalmology and cardiovascular diseases. Three are in Phase 3 development.
  • Monday, November 28, 2016
    • Authentic Brands Group has filed for an IPO, according to New York Post.
    • Sources indicate that the licensing firm could be valued for as much as $1.5B.
    • The company is believed to have filed confidentially so financial details and terms aren't available yet.
    • Authentic Brands stable of licensed brands include Aeropostale, Juicy Couture, Shaq, Muhammed Ali, Frederick's of Hollywood and Jones New York.
    • Athene Holding plans (Pending:ATH) to offer 23.75M shares in a price range of $38 to $42 in its public debut.
    • The retirement services company won't receive any proceeds from the deal as all of the shares are being sold by certain shareholders.
    • S-1 dive: "We plan to grow organically by expanding our retail, reinsurance and institutional product distribution channels."
    • SEC Form S-1
  • Friday, November 25, 2016
    • Innovative Industrial Properties is now selling 5M shares at a proposed $20 each vs. the previous hope to sell 8.75M shares, reports Bloomberg. Pricing is expected on Monday.
    • The company will focus on buying the properties of industrial medical cannabis facilities - thus freeing up plenty of capital for the growers/sellers of the product.
    • Innovative's chairman is Alan Gold, who co-founded BioMed Realty Trust and Alexandria Real Estate Equities (NYSE:ARE).
  • Tuesday, November 22, 2016
    • Originally planned for December, AppDynamics is claimed to be moving its IPO into 2017 on election-related uncertainty.
    • AppDynamics (Private:APDYN) operates in the area of application performance monitoring and management, has privately raised $314.5M and was last valued at around $1.9B on its most recent round of disclosed funding (November 2015). The prospective public offering is considered to be targeting a $2B-$3B range.
  • Friday, November 18, 2016
    • Packaging solutions firm Ardagh Group (ARD) files for an IPO on the NYSE.
    • Renaissance Capital estimates the $100M placeholder amount could eventually increase to a deal size of $1B.
    • Ardagh on it competitive strength: "We believe that we are the #2 supplier of metal cans by value (meaning total revenue derived from supplying to specific end-markets and end-use categories) in the European beverage can and food can end-use categories, the #1 supplier of metal cans by value in the European seafood, aerosols, paints & coatings and nutrition end-use categories and the #1 supplier of metal cans by value in the North American seafood end-use category. In addition, we believe that we are the #3 supplier of beverage cans by value in the United States and Brazil."
    • SEC Form F-1
  • Tuesday, November 15, 2016
    • Pest control company SenesTech (Pending:SNES) will raise $20M in its IPO at the midpoint of the pricing range of $9 to $11 (lowered from $12 to $14).
    • What is SenesTech exactly? From the filing: "We have developed and are seeking to commercialize globally a proprietary technology for managing animal pest populations through fertility control. We believe our innovative non-lethal approach, targeting reproduction, is more humane, less harmful to the environment, and more effective in providing a sustainable solution to pest infestations than traditional lethal pest management methods."
    • SEC Form S-1
  • Monday, November 14, 2016
    • Trivago (TRVG) files for an IPO on the Nasdaq.
    • The company will sell Class A shares to the public, while Expedia (NASDAQ:EXPE) will control the Class B shares.
    • Trivago on its scale: "We have achieved significant scale, with approximately 1.3 million hotels available on our platform as of September 30, 2016, supported by 55 localized versions of our website served in 33 languages. Additionally, we believe we work with almost all significant international, regional and local OTAs."
    • Total Trivago revenue in 2015 was $536M and an operating loss of $52M was reported.
    • SEC Form F-1
  • Thursday, November 10, 2016
    • Westport, CT-based Accelerated Pharma (Pending:ACCP) is set for its IPO of 1,888,889 shares of common stock at $8 - 10.
    • The clinical stage biopharmaceutical firm employs its genomic technology to enhance the development of pre-existing pharmaceutical products for the treatment of a range of cancers and to prospectively identify patients who may be the best responders to therapy.
    • Its lead product candidate is Picoplatin, a next-generation platinum-based chemotherapeutic. Its value proposition is less unwanted side effects and improved ability to overcome platinum resistance. Phase 2 studies in colorectal cancer and squamous head and neck cancer should commence this month.
    • Picoplatin was originally developed by a subsidiary of AstraZeneca (NYSE:AZN). It was then sold to Genzyme (NYSE:SNY) who licensed it to Poniard Pharmaceuticals. In early November 2009, Poniard announced that a Phase 3 study in small cell lung cancer failed to achieve its primary efficacy endpoint and stopped development. In 2013, Encarta (predecessor to Tallikut Pharmaceuticals) acquired certain assets from Poniard including the Genzyme license. Accelerated Pharma obtained the rights via an exclusive license with Tallikut in June 2014.
    • 2016 Financials (9 mo.)($M): Operating Expenses: 2.7 (+114.0%); Net Loss: (2.7) (-114.0%); Cash Burn: (1.7) (-43.1%).
  • Tuesday, November 8, 2016
    • Canada Goose is planning for an IPO as early as 2017 at a level that will valuate the company at around $2B.
    • The Canadian coat maker picked Credit Suisse, Canadian Imperial Bank of Commerce and Goldman Sachs to lead the offering.
    • Canada Goose entered the U.S. earlier this year with a branded store in New York City.
  • Friday, November 4, 2016
    • London-based Motif Bio (Pending:MTFB) is set for its global IPO of 42.5M ordinary shares. The U.S. offering will be American Depositary Shares (ADSs) at ~$12.40. Each ADS represents 20 ordinary shares. Buyers will receive one half of a warrant to purchase one ADS with each ADS purchased. Ordinary shares will be offered in Europe. Buyers will receive one half of a warrant to purchase one ordinary share with each share bought.
    • The clinical stage biopharmaceutical firm develops novel antibiotics to treat serious life-threatening infections in hospitalized patients caused by multidrug-resistant bacteria.
    • It lead product candidate is Phase 3-stage iclaprim, a dihydrofolate reductase (DHFR) inhibitor originally discovered by Roche who licensed it to Arpida AG. Development ceased after the FDA rejected its marketing application in 2008. The company believes that iclaprim is approvable in the U.S. due to a more favorable regulatory environment. It cites the subsequent approvals of two antibiotics that failed to win approval about the same time as iclaprim was rejected: dalbavancin (Allergan's (AGN +1.9%) DALVANCE) and oritavancin (The Medicines Company's (MDCO +3.8%) ORBACTIV). Two Phase 3 studies, REVIVE-1 and REVIVE-2, are recruiting patients. Each is comparing iclaprim to vancomycin in patients with acute bacterial skin and skin structure infections (ABSSSI). Both should be completed in August 2017.
    • 2016 Financials (6 mo.)($M): Operating Expenses: 13.9 (+707.9%); Net Loss: (14.2) (-661.6%); Cash Burn: (8.9) (-671.6%).
  • Thursday, November 3, 2016
    • Ocean Rig Partners LP (Pending:ORLP) withdraws its $305M IPO.
    • The MLP formed by Ocean Rig UDW (NASDAQ:ORIG) first filed for the deal in 2014.
  • Wednesday, November 2, 2016
    • GDS Holdings (Pending:GDS) prices its IPO at $10 to miss the range of $12 to $14 set by the Chinese data center operator. The company raised $193M by selling 19.3M ADSs.
    • GDS reported revenue of $105.88M in 2015 and showed a net loss of $1.8M.
    • SEC Form F-1
  • Monday, October 31, 2016
    • Morgan Stanley and JMP Securities initiate positively with respective Market outperform and Outperform ratings and $30 targets (current price $25.02). Terry Tillman at Raymond James cites high valuation, though is encouraged by potential revenue upside and market positioning.
    • Barclays, J.P. Morgan and Morgan Stanley issue respective Equal weight, Neutral and Equal weight ratings with $28, $27 and $26 targets. Barclays, similarly citing valuation, remains sidelined for the time being, while J.P. Morgan notes a high rate of revenue growth it expects to slow.
    • Coupa Software (COUP -1%), trading 38.6% above its $18 offering price, is nonetheless 30% below the open ($35) on its first day of trading earlier this month.
  • Sunday, October 30, 2016
    • LeEco plans to list shares in the U.S. in 2019 as it stays on an aggressive track to grow globally, according to South China Morning Post.
    • The consumer electronics giant, which acquired Vizio earlier this year for $2B, sells smartphones, TVs and tablets, all tied to its video-streaming platform, under a developing ecosystem.
    • It's a bold move by the Chinese company to attempt to capture significant market share in the competitive U.S. market against Apple and Amazon (NASDAQ:AMZN), although there are reports that it's in talks with Netflix (NASDAQ:NFLX) for a content partnership.
    • LeEco is also working with Faraday Futures on electric vehicle R&D. The company showed off its EV concept LeSee model earlier this year and has thrown out some very ambitious long-term production targets. Despite the buzz, there's still quite a bit of work to be done before it can be considered a legitimate challenger to Tesla (NASDAQ:TSLA), Nissan (OTCPK:NSANY), General Motors (NYSE:GM) and other EV players.
  • Friday, October 28, 2016
    • Although trading 45% above a $17 offering, BlackLine (Pending:BL) shares are largely unmoved from the open of $24.52 (current price $24.73).
    • Initially targeting a $13-$15 range, pricing of the 9.98M share registration was increased to $15-$16, totaling a $168.13M aggregate offering.
    • IPO prospectus
    • Acushnet Holdings (NASDAQ:GOLF) is up 3.71% off where the IPO was priced earlier today.
    • The 19.333M shares being sold by the company are all from existing shareholders.
    • The company's IPO filing indicates that it sees huge global opportunities for golf. Brands owned by Acushnet include Titleist, FootJoy, Scotty Cameron and Knight.
    • The other pure-play golf bet in the U.S. is Callaway Golf (NYSE:ELY), which has actually outperformed the S&P 500 Index this year by a wide margin.
    • Previously: Titleist owner drives for IPO (Oct. 17)
    • Previously: Acushnet Holdings prices IPO (Oct. 28)
    • SEC Form S-1
    • ZTO Express (NYSE:ZTO) is up 2.56% to $16.99 as it looks to battle back from an opening day disappointment.
    • ZTO was the only one of the top five IPOs this year by size to show a first-day loss from the offer price (LINE +27%, MGM Growth +5%, US Foods +8%, Valvoline +5%), according to FactSet.
    • SA contributor Doug Young warns shares of ZTO could stay under pressure.
  • Thursday, October 27, 2016
  • Wednesday, October 26, 2016
    • ZTO Express (Pending:ZTO) prices its IPO at $19.50, higher than the range set by the company of $16.50 to $18.50.
    • The $1.4B raised by the Chinese express delivery company makes its IPO the largest of the year in the U.S.
    • Previously: Here comes the biggest IPO of the year (Oct. 26)
    • ZTO Express (Pending:ZTO) is expected to launch its IPO this week.
    • The company set a pricing range of $16.50 to $18.50 for the public offering of 72.1M shares.
    • The ZTO Express IPO is expected to the largest of the year, with the express shipper set to bring in $1.261B at the midpoint of the range.
    • SEC Form F-1
    • Seeking Alpha contributors are already deep into the numbers with their analysis.
    • REV Group (REVG) files for an IPO.
    • The placeholder amount listed on the filing is $100M.
    • The specialty vehicle maker reported revenue of $1.735B and net income of $22.88M in 2015.
    • REV on its market: "We believe that a growing aged population, longer life expectancy, urbanization and the increasing use of emergency vehicles for non-critical care transport are all positive trends for the ambulance market."
    • SEC Form S-1
  • Friday, October 21, 2016
    • Netherlands-based cable-TV operator Altice (OTCPK:ALLVF) is exploring the idea of an IPO for its U.S. unit, Reuters reports.
    • Altice USA, which bought Cablevision and Suddenlink Communications over the last year or so, is worth $25-30B and could look to raise almost $2B.
    • The move would provide Altice USA with currency - money and stock - to finance further expansion, such as by acquiring midsize players in deals that would be expected to receive antitrust clearance.
  • Thursday, October 20, 2016
    • San Francisco, CA-based iRhythm Technologies (Pending:IRTC) shows that its timing is spot on in its first day of trading. Shares are up 56% from the $17 offer price on turnover of 5.5M. The IPO closing date is October 25.
    • The original offering was 5.35M common shares at $13 - 15 but was increased to 6,294,118 shares at $17.
    • Read now IPO Preview: iRhythm Technologies 
    • Water product specialist Forterra (Pending:FRTA) prices its IPO at $18 per share, below the planned range of $19 to $21.
    • The company raises $331.2M through the issuance of 18.4M shares to the public.
    • Previously: Forterra files for IPO (Oct. 7)
    • SEC Form S-1
  • Wednesday, October 19, 2016
    • In a surprising development, CRISPR Therapeutics (Pending:CRSP) downsizes its IPO to 4M common shares from 4.7M and drops the price to $14, below the original range of $15 - 17. Underwriters over-allotment is an additional 600K shares. Closing date is October 24. Trading begins today.
    • The company was co-founded by one of the CRISPR/Cas9 discoverers, Emmanuelle Charpentier. The technology is the "next big thing" in biotech. Investors will want to keep an eye on this one, along with Editas Medicine (NASDAQ:EDIT) and Intellia Therapeutics (NASDAQ:NTLA).
    • Alibaba (NYSE:BABA) affiliate Ant Financial, which operates the Alipay payments service and is valued at $60B, is "closer to an initial public offering," CNBC reports.
    • There has been much media speculation that Ant has pushed back the hotly anticipated flotation to 2017 from 2016, although CNBC's source says that the company hasn't set a timetable as it's in a long line of firms waiting for approval from Chinese authorities to list.
    • Alipay has 450M active users and processes 170M transactions a day.
  • Monday, October 17, 2016
    • Ra Pharmaceuticals (Pending:RARX) is set for its IPO of 5.8M shares of common stock at $12 - 14.
    • The biopharmaceutical firm utilizes its peptide chemistry platform to develop therapies to treat disorders caused by excessive or uncontrolled activation of the complement system, an essential component of the immune system. Complement system overactivation plays a key role in immune and inflammatory diseases.
    • Its lead product candidate is RA101495, a subcutaneous injection formulation for the treatment of paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder in which the complement system attacks and destroys red blood cells. A Phase 2 study is set to begin in Q1 with top-line data expected in H2 2017. A Phase 2 study in refractory generalized myasthenia gravis and a Phase 1b in lupus nephritis should commence in H2 2017.
    • RA101495 is a synthetic macrocyclic peptide (ring-shaped chain of amino acids) that inhibits complement component 5 (C5), which plays a key role in the rupture and destruction of red blood cells.
    • 2016 Financials (6 mo.)($M): Revenue: 4.9 (+126.4%); Operating Expenses: 13.8 (+82.7%); Net Loss: (9.9) (+81.0%); Cash Flow Ops: (5.3) (-1.3%).
    • Myovant Sciences (Pending:MYOV) is set for its IPO of 13M shares of common stock at $12 - 15.
    • The Bermuda-domiciled biopharmaceutical firm develops therapies for endocrine disorders, principally in women's health. Its lead product candidate is relugolix, an orally available, once-daily small molecule that acts as a gonadotropin-releasing hormone (GnRH) receptor antagonist. Inhibiting GnRH receptors in the pituitary gland reduces circulating luteinizing hormone (LH) and follicle-stimulating hormone (FSH) which lowers estrogen in women and testosterone in men. Lowering these hormones improves the symptoms of uterine fibroids and endometriosis in women and decreases prostate-specific antigen (PSA) in men with advanced prostate cancer.
    • Relugolix is set to enter Phase 3 development in Q1 for the treatment of heavy menstrual bleeding associated with uterine fibroids and advanced prostate cancer and in H1 for the treatment of women with endometriosis-associated pain. Top-line data from all three are expected in 2019.
    • Its second product candidate is RVT-602, an oligopeptide kisspeptin analog, for the treatment of female infertility as part of assisted reproduction. Kisspeptin is a naturally occurring peptide that stimulates GnRH release which, in turn, stimulates the release of LH and FSH which play key roles in egg maturation. The company says it may be a safer alternative to human chorionic gonadotropin when used to treat female infertility.
    • Financials (2/2/16 inception - 6/30/16)($M): Operating Expenses: 18.8; Net Loss: (20.7), Cash Burn: no cash used, expenses were non-cash.
  • Friday, October 14, 2016
    • San Francisco, CA-based iRhythm Technologies (Pending:IRTC) is set for its IPO of 5.35M shares of common stock at $13 - 15.
    • The commercial-stage firm claims that it has developed a more effective way to diagnose and monitor cardiac arrhythmias. Its platform is called the ZIO Service, which combines wearable biosensing technology with cloud-based data analytics and machine-learning capabilities. The patient wears an unobtrusive biosensor for up to 14 days from which proprietary algorithms distill the data into clinically actionable information.
    • The company says its goal is to be the leading provider of first-line ambulatory electrocardiogram (ECG) monitoring for patients at risk for arrhythmias, a condition affecting 11M Americans and 34M people worldwide. Since FDA clearance in 2009, ZIO Service has been provided to more than 500K patients generating over 125M hours of curated heartbeat data, which it claims to be the world's largest.
    • 2016 Financials (6 mo.)($M): Revenues: 28.6 (+79.3%); Operating Expenses: 27.3 (+48.7%); Net Loss: (10.6) (-13.0%); Cash Flow Ops: (13.4) (-84.4%).
  • Wednesday, October 12, 2016
    • IPO AzurRx BioPharma (Pending:AZRX) had an anemic day on its debut yesterday. Shares ended up down 9.45% at $4.98 on turnover of only 115.8K.
    • The IPO of 960K shares at $5.50 was downsized quite a bit from the original plan of 2,142,857 shares at $6 - 8.
    • Previously: AzurRX Biopharma on deck for IPO (Aug. 10)
  • Friday, October 7, 2016
    • CRISPR Therapeutics (CRSP) is set for its IPO of 4.7M shares of common stock at $15 - 17.
    • The Basel, Switzerland-based biotech develops therapeutics based on the CRISPR/Cas9 gene editing technology. The company was co-founded in 2013 by Emmanuelle Charpentier who is one of the inventors of CRISPR/Cas9 along with UC-Berkeley's Jennifer Doudna.
    • Its most advanced programs (IND stage) are focused on ex vivo applications to treat hemoglobin disorders, including beta thalassemia and sickle cell disease. Other ex vivo programs are Hurler syndrome (mucopolysaccharidosis type 1), severe combined immunodeficiency and various indications in immuno-oncology. In vivo programs include glycogen storage disease, hemophilia, Duchenne muscular dystrophy and cystic fibrosis. All are in the research phase.
    • 2016 Financials (6 mo.)($M): Collaboration revenue: 1.3; Operating Expenses: 29.5 (+300.5%); Net Loss: (25.6) (-272.0%); Cash Burn: (23.6) (-454.0%).
    • Related tickers: (NASDAQ:EDIT)(NASDAQ:NTLA)
    • Forterra (FRTA) plans to offer 18.4M shares in its IPO.
    • The concrete and bricks manufacturer expects to price its IPO between $19 and $21 per share. The company will raise $368M at the midpoint of the range.
    • SEC Form S-1
  • Thursday, October 6, 2016
    • Camping World Holdings (NYSE:CWH) priced its initial public offering at $22 a share -- the midpoint of its range as expected, CNBC says.
    • With 11.4M shares for sale, the company raised $251M in the offering.
    • The company, a national network of RV-focused retail locations numbering 120 nationwide, had $3.33B in revenues last year and noted net income of $120.5M for the six months ended June 30, up 10.9% Y/Y.
    • AquaVenture Holdings (Pending:WAAS) closed at $22.05 after the company priced its IPO at $18.
    • The wastewater services company raised $117M through the public offering of shares.
    • Seeking Alpha contributors Don Dion and Donovan Jones both have articles in which they outline the upside for early AquaVenture investors.