Three $100+ million deals are lined up for this next week. Global packaging company Mauser Group and building products distributor Foundation Building Materials are headlining the week. NYC REIT Clipper Realty and micro-cap mortgage REIT Sachem Capital are also scheduled to price. Flu vaccine developer Visterra is listed as day-to-day.
| Renaissance Capital's IPO Calendar - Week of 2/6/2017 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Manager(s) |
| Mauser Group Amsterdam, Netherlands |
MSR NYSE |
$265 | $20.00 - $22.00 12,620,000 |
BofA Merrill Lynch Citi Credit Suisse |
| CD&R-backed global supplier of industrial rigid packaging products. | ||||
| Foundation Building Materials Tustin, CA |
FBM NYSE |
$230 | $17.00 - $19.00 12,800,000 |
Deutsche Bank Barclays RBC Capital Markets |
| North American distributor of wallboard and ceiling systems. | ||||
| Clipper Realty New York, NY |
CLPR NYSE |
$103 | $13.50 - $15.50 7,109,851 |
FBR Capital Markets Raymond James |
| REIT focused on multi-family and commercial properties in NYC. | ||||
| Visterra Cambridge, MA |
VIST Nasdaq |
$50 | $12.00 - $14.00 3,850,000 |
Leerink Partners Stifel |
| Developing vaccines for influenza A, Dengue, Zika and multiple myeloma. | ||||
| Sachem Capital Branford, CT |
SACH NYSE MKT |
$15 | $5.00 - $5.00 3,000,000 |
Joseph Gunnar & Co. |
| Mortgage REIT focused on short-term loans secured by property in Connecticut. | ||||
2 LBOs and 2 REITs
Mauser Group (MSR), a 2014 CD&R LBO, is a global leader in industrial packaging with top positions in each of its product categories. It is targeting above-market growth in higher margin segments, which should help to raise its already strong EBTIDA margins. The company is looking to raise $265 million to pay down some of its debt ($1.3 billion net; 4.9x LTM EBITDA), a portion of which was used to pay a €185 dividend to CD&R.
Foundation Building Materials (FBM), an October 2015 Lone Star LBO, is a leading North American distributor of building products. Foundation has grown rapidly driven by acquisitions, 34% of pro forma 9mo16 sales were acquired in 2016, and hopes to follow the success of its peer Gypsum Management and Supply (GMS), a May 2016 IPO which is up 44% from its offering.
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Clipper Realty (CLPR) holds a portfolio of six properties in Manhattan and Brooklyn totaling 3 million square feet. It hoping to raise $103 million to purchase the 107 Columbia Heights building in Brooklyn and for improvements to its existing holdings.
Sachem Capital (SACH) is a micro-cap REIT that has a portfolio of short-term loans in Connecticut.
Visterra (VIST), a biotech developing treatments for infectious diseases, was originally expected to price on January 26, but is now day-to-day.
IPO Market Snapshot
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