The following IPOs are expected to price this week:
Aldeyra Therapeutics (ALDX), a clinical-stage biotech developing treatments for rare skin and eye diseases, plans to raise $13 million by offering 1.2 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Aldeyra Therapeutics would command a market value of $63 million. Aldeyra Therapeutics, which was founded in 2004, booked $0 million in sales over the last 12 months. The Burlington, MA-based company plans to list on the NASDAQ under the symbol ALDX. Aegis Capital is the lead bookrunner on the deal. (Previously filed to raise $25mm offering 2.3 million shares at the same price range.)
Ares Management, LP (ARES), an alternative asset management firm with $74 billion in AUM, plans to raise $400 million by offering 18.2 million shares at a price range of $21.00 to $23.00. At the midpoint of the proposed range, Ares Management, LP would command a market value of $4.7 billion. Ares Management, LP, which was founded in 1997, booked $693 million in sales over the last 12 months. The Los Angeles, CA-based company plans to list on the NYSE under the symbol ARES. J.P. Morgan, BofA Merrill Lynch, Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.
Papa Murphy's (FRSH), the fifth largest pizza chain in the US, plans to raise $70 million by offering 5.8 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Papa Murphy's would command a market value of $204 million. Papa Murphy's, which was founded in 1981, booked $80 million in sales over the last 12 months. The Vancouver, WA-based company plans to list on the NASDAQ under the symbol FRSH. Jefferies & Co., Baird and Wells Fargo Securities are the joint bookrunners on the deal.
SCYNEXIS (SCYX), a biotech developing treatments for life-threatening fungal infections, plans to raise $55 million by offering 7.3 million shares at a price range of $7.00 to $8.00. At the midpoint of the proposed range, SCYNEXIS would command a market value of $143 million. SCYNEXIS, which was founded in 1999, booked $17 million in sales over the last 12 months. The Durham, NC-based company plans to list on the NASDAQ under the symbol SCYX. RBC Capital Markets and Canaccord Genuity are the joint bookrunners on the deal. (Revised terms on 4/2/14. Previously planned to offer 4.2mm shares at $12-$14.)
Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.
Last week, there were 3 IPO pricings. None of last week's IPOs ended in positive territory. Quotient (QTNTU), which is developing a diagnostics test for grouping and disease screening blood samples, was the best of the group, ending the week down 7% from its IPO price.
