Seven deals are on the IPO calendar to raise $1.7 billion in week ahead. Industrial parts manufacturer Gardner Denver leads the pack with a $1.0 billion offering, while California real estate developer Five Point and oilfield equipment provider Solaris Oilfield Infrastructure also stand out from the four smaller deals.
Appian (APPN), which can launch on Friday, is the only software IPO in the pipeline, meaning it is unlikely that May can maintain the level of tech IPO activity seen in March (4) and April (5). Now that the IPO market approaches its more-active summer session and companies get 1Q17 financials in, we are expecting new filings from the tech sector to pick up.
Find out why institutional investors rely on Renaissance Capital's Pre-IPO Research for these IPOs. Follow us on Twitter (@IPOtweet) for IPO news as it happens and register for our updates on the IPO market.
| US IPO Calendar | |||||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Pricing Date |
Top Bookrunners |
| Guaranty Bancshares Mount Pleasant, TX |
GNTY Nasdaq |
$54 $292 |
$26 - 28 2,000,000 |
Wk of 5/8 | Sandler O'Neill |
| Texas bank with 26 locations and $1.8 billion in assets. | |||||
| Five Point Holdings Aliso Viejo, CA |
FPH NYSE |
$399 $2,674 |
$18 - 20 21,000,000 |
Wk of 5/8 | Citi, J.P. Morgan |
| Owns and develops master-planned communities in coastal California. | |||||
| Gardner Denver Holdings Milwaukee, WI |
GDI NYSE |
$1,012 $4,952 |
$23 - 26 41,300,000 |
Wk of 5/8 | Goldman Sachs Citi |
| Engineers and manufactures industrial systems and parts. | |||||
| Solaris Oilfield Infrastructure Houston, TX |
SOI NYSE |
$175 $715 |
$15 - 18 10,600,000 |
Wk of 5/8 | Credit Suisse Goldman Sachs |
| Provides mobile frac sand storage silos used in oil and gas production. | |||||
| ASV Holdings Grand Rapids, MN |
ASV Nasdaq |
$34 $88 |
$8 - 10 3,800,000 |
Wk of 5/8 | Roth Capital |
| Designs and manufactures loader equipment under ASV, Terex and CAT brands. | |||||
| Accelerated Pharma Westport, CT |
ACCP Nasdaq |
$12 $57 |
$4 - 6 2,400,000 |
Wk of 5/8 | Rodman & Renshaw Joseph Gunnar |
| Developing a chemotherapy optimized by genomic screening. | |||||
| Veritone Newport Beach, CA |
VERI Nasdaq |
$19 $216 |
$14 - 16 1,250,000 |
Wk of 5/8 | Wunderlich Craig-Hallum |
| Developing a platform that analyzes unstructured media data. | |||||
Gardner Denver Holdings (GDI), a manufacturer of flow control and compression equipment LBO'd by KKR, plans to raise $1.0 billion, more than the other six deals combined. The company has strong cash flow and leading market positions in highly cyclical industries. Energy exposure contributed to a 25% decline in sales over the past two years, but should also help the company recover in 2017-2018.
Five Point Holdings (FPH) plans to raise almost $400 million in an IPO, plus $100 million in a private placement from parent and homebuilder Lennar (NYSE: LEN), as it develops master-planned communities in San Francisco, Los Angeles and Irvine. The company owns attractive land in supply-constrained housing markets, though its early stage and capital-intensive business will require investors to wait years before it can generate consistent earnings.
Solaris Oilfield Infrastructure (SOI), which provides mobile frac sand silos for frackers, is targeting a $175 million IPO at a market cap of $715 million. With 2016 sales of just $18 million, Solaris believes that its solution will see rapid adoption, and plans to double its fleet size to keep up with demand. Its near-term growth and potentially high EBITDA margins should get it attention, but others may be turned off by customer concentration and an IPO-funded distribution to insiders. It must also contend with the fact that some investors are wary of any energy story embarking on a rapid expansion ahead of oil's uncertain rebound, which likely contributed to last week's postponement of fracking IPO Liberty Oilfield (BDFC).
Guaranty Bancshares (GNTY), a Texas bank with $1.8 billion in assets, plans to raise $54 million. The regional bank has consistently grown assets, kept charge-offs low and developed a strong market share in its local counties, though its return metrics lag behind several key peers.
ASV Holdings (ASV), a manufacturer of loader equipment, plans to raise $34 million at a market cap of $88 million. In 2016, sales declined 11% to $104 million, and adj. EBITDA fell by about 17% to $9.4 million (9% margin). Primary shareholder Manitex (Nasdaq: MNTX) is selling 53% of the IPO.
Veritone (VERI) is seeking $19 million at a fully diluted market cap of $216 million. The company is shifting from its legacy media agency business to the development of an AI platform for analyzing unstructured data. It is led by serial entrepreneurs Chad and Ryan Steelberg, with backing from Acacia Research (Nasdaq: ACTG).
Accelerated Pharma (ACCP), which is developing an optimized chemotherapy, is looking to raise $12 million at a market cap of $57 million. Since December 2016, the company has lowered its range twice and added warrants.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 18.7% year-to-date, far ahead of the S&P 500, up 7.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Ferrari (RACE) and TransUnion (TRU). The Renaissance International IPO Index is up 13.3% year-to-date, while the ACWX is up 12.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include ABN Amro and Covestro. To find out if this is the best ETF for you, visit our IPO Investing page.
