IPO News and Updates


Vivint Solar, a Blackstone-backed installer of residential solar energy systems, raised $330 million by offering 20.6 million shares at $16, the low end of the range of $16 to $18. Vivint Solar plans to list on the NYSE under the symbol VSLR. Vivint Solar initially filed confidentially on 5/14/2014. Goldman Sachs, BofA Merrill Lynch, Credit Suisse, Citi, Deutsche Bank, Morgan Stanley and Barclays acted as lead managers on the deal.

Keywords: VSLR

9/30/14 Analyst IPO Blog

The global IPO market continued its fast start of 2014 in the third quarter. Thanks to Alibaba Group’s historic $21.7 billion IPO, quarterly proceeds were up nearly 200% year-over-year. Excluding Alibaba, quarterly IPO proceeds were led by the North American and Asian regions, which accounted for 40% and 30% of quarterly proceeds, respectively. European issuance slowed from the rapid 2Q14 pace as the region faced challenges to its economic recovery. Due to the disappearance of A-share IPOs and poor aftermarket performance, the Asia Pacific region’s market share continued to contract in the 3Q14 to just 19%. Despite turbulent equity markets, IPOs generated a 19.3% average return thanks to the strong performance of North American IPOs. With IPOs outperforming the broader market and economic conditions improving in developed markets, we expect to see strong issuance continue for the remainder of 2014.

View the entire 3Q14 Global IPO review here.



EndoStim, which is developing a neurostimulator that treats gastroesophageal reflux disease (GERD), announced terms for its IPO on Tuesday. The St. Louis, MO-based company plans to raise $35 million by offering 3.2 million shares at a price range of $10 to $12. At the midpoint of the proposed range, EndoStim would command a fully diluted market value of $99 million. 

EndoStim has entered pivotal-stage trials in the US for its device, which stimulates a patient's dysfunctional lower esophageal sphincter to reduce GERD, which causes stomach contents to enter the esophagus. It received the CE Mark in 2012 and the next year began commercializing its devices in Europe. EndoStim will initially target a subset of GERD patients who experience symptoms while on medication, which the company claims represents 5% of all GERD patients, or 21 million people worldwide.

Primary shareholders include Chairman Douglas French, Director Jeffrey McDonnell and Prolog Capital.

EndoStim, which was founded in 2009 and booked $520,000 in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol STIM. Wedbush PacGrow is the sole bookrunner on the deal.

Keywords: STIM, GERD


PennTex Midstream Partners LP, an NGP-backed MLP owning midstream assets contracted to Memorial Resource, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.

PennTex Midstream operates as a growth-oriented fee-based MLP in Norther Louisiana supported by 15-year contract agreements with Memorial Resource Development (MRD). Memorial Resource, also an affiliate of NGP, has traded up went public in June and has gained 44% since its June 2014 IPO.

Natural Gas Partners owns a 95% pre-IPO stake in PennTex.

The IPO candidate will use IPO proceeds to pay a dividend and to acquire its initial assets, which are being constructed in the Cotton Valley formation. As such, PennTex Midstream has no operating history.

The Houston, TX-based company, which was founded in 2014 and booked n/a in sales for the 12 months ended , plans to list on the NYSE under the symbol PTXP. PennTex Midstream Partners LP initially filed confidentially on August 27, 2014. Citi, Barclays, RBC Capital Markets and Tudor, Pickering, Holt & Co. are the joint bookrunners on the deal. No pricing terms were disclosed.

Keywords: PTXP, MRD

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