In the shortened post-holiday week, just two companies are on the calendar. Both were scheduled to price two weeks ago, but each delayed their IPOs through last week and into next week. Despite that these delays could be taken as a bad sign, filing activity, especially with larger, non-biotech companies, has picked up recently, meaning that July could see a pick-up in IPOs.
Tactile Systems Technology (TCMD), which has been day-to-day for two weeks, is expected to raise $60 million at a market cap of $262 million. The company markets pneumatic compression devices for lymphedema and, unlike the year's other four medical device IPOs, Tactile boasts meaningful sales ($67 million LTM), growth (+35% in MRQ) and profitability (three consecutive years).
After delaying its IPO a week and a half ago, Gemphire Therapeutics (GEMP) plans a $45 million IPO at a market cap of $125 million. The delay have been partly driven by close peer Esperion Therapeutics falling over 35% in the last week after regulatory roadblocks changed its timeline to commercialization by several years. Led by the former CEO of ProNAi Therapeutics (DNAI; -88%), Gemphire is developing a drug first discovered in 1998, which it believes can be an effective treatment with statins for high cholesterol. Insiders plan to invest $10 million on the IPO (22% of the deal).
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| Renaissance Capital's IPO Calendar - Week of 7/4/2016 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Manager(s) |
| Tactile Systems Technology Minneapolis, MN |
TCMD Nasdaq |
$60 | $14.00 - $16.00 4,000,000 |
Piper Jaffray William Blair Canaccord Genuity |
| Sells at-home compression therapy devices for vascular swelling. | ||||
| Gemphire Therapeutics Northville, MI |
GEMP Nasdaq |
$45 | $11.00 - $13.00 3,750,000 |
Jefferies RBC Capital Markets |
| Developing a novel nonstatin therapy to treat high cholesterol. | ||||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 7% year-to-date, while the S&P 500 up 3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Alibaba (BABA), Synchrony Financial (SYF) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 9.9% year-to-date (as of Thursday's close), compared to -1.6% (also as of Thursday) for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Recruit Holdings, NN Group and Aena S.A. To find out if this is the best ETF for you, visit our IPO Investing page.
