IPO News and Updates

8/27/14


Paramount Group, a REIT owning 12 premier office buildings in New York, Washington, DC and San Francisco, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate the company could raise as much as $2.5 billion, which would make it the largest REIT IPO ever. 

The New York, NY-based company, which was founded in 1978 and booked $374 million in revenue for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol PGRE. Paramount Group initially filed confidentially on May 14, 2014. BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: PGRE, REIT

8/27/14


LendingClub, which operates a website that facilitates over $3 billion of annual peer-to-peer lending, filed on Wednesday with the SEC to raise up to $500 million in an initial public offering. In the most recent quarter, over $1 billion worth of loans were made through its website. The company generates most of its revenue from transaction fees, and first achieved a positive cash flow from operations last year.

LendingClub's primary shareholders include Norwest Venture Partners, Canaan, Foundation Capital and Morgenthaler. It intends to use its IPO proceeds for general corporate purposes and to pay down debt (currently $50 million).

Revenue increased 134% to $87 million for the six months ended June 30, 2014 compared to the prior year period as the company saw higher loan originations transacted through LendingClub.com. Its average transaction fee was 4.5%. Adjusted EBITDA grew 55% to $6 million as the company ramped up sales and marketing and stock-based compensation.

The San Francisco, CA-based company, which was founded in 2007 and booked $148 million in sales for the 12 months ended June 30, 2014. It has not selected a ticker symbol or an exchange. Morgan Stanley, Goldman Sachs and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: LEND.RC, LendingClub

8/27/14


Jaguar Animal Health, a biotech developing gastrointestinal treatments for companion and production animals, filed on Wednesday with the SEC to raise up to $70 million in an initial public offering. The company's lead drug candidate is for the treatment of watery diarrhea in dogs. 

The San Francisco, CA-based company, which was founded in 2013, plans to list on the NASDAQ under the symbol JAGX. BMO Capital Markets and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: JAGX

8/26/14


NeuroSigma, which develops electrical devices used to treat drug-resistant epilepsy and depression, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering. The company is in pivotal trials to have its bioelectronic products approved in the US, and has received marketing approval in Australia, Canada and the EU.

Recent epilepsy IPOs include biotechs Marinus Pharmaceuticals (MRNS) and Sage Therapeutics (SAGE).

The Los Angeles, CA-based company, which was founded in 2008 and booked $52,000 in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol NSIG. NeuroSigma initially filed confidentially on November 27, 2013. Jefferies is the sole bookrunner on the deal. No pricing terms were disclosed.


Keywords: NSIG, SAGE, MRNS

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