IPO News and Updates

9/16/14


Live Oak Bancshares, which lends to small businesses in niche industries across the country, withdrew its plans for an initial public offering on Tuesday citing a successful private placement to institutional investors.

Live Oak originally filed for an $86 million IPO in April 2014. At the time of its filing, primary shareholders had included Chairman and CEO James Mahan, William Williams and Neil Underwood.

Unlike Live Oak, most bank IPOs this year have been regional. The group of 9 bank IPOs has averaged a 7% gain from the IPO price, underperforming the broader group. The year's largest finance IPO, Citizen's Financial Group (CFG), is expected to price next week in a deal that could raise over $3 billion.

The Wilmington, NC-based company was founded in 2008 and booked $58 million in revenue for the 12 months ended December 31, 2013. It hand planned to list on the NASDAQ under the symbol LOB. Keefe Bruyette Woods was set to be the sole bookrunner on the deal.


Keywords: LOB

9/15/14


NeuroDerm, an Israeli biotech developing continuous-release formulations of existing treatments for Parkinson's disease, filed on Monday with the SEC to raise up to $65 million in an initial public offering.

The company's lead candidates are in Phase 2a trials for moderate and severe Parkinson's disease. These subcutaneous drugs offer a 24-hour adjustable dose of levodopa-carbidopa (LD/CD), the current standard treatment. NeuroDerm claims that oral LD/CD's biggest limitation is its inconsistent absorption.

Primary shareholders include Chairman Robert Taub, Director Uwe Wascher, Director Shmuel Cabilly and Israel-based Capital Point.

Civitas Therapeutics (CVTS), another biotech working to reduce the "off" time experienced by Parkinson's disease patients via 505(b)(2) approval, set terms on Monday to price during the week of September 22.

The Rehovot, Israel-based company, which was founded in 2003, plans to list on the NASDAQ under the symbol NDRM. NeuroDerm initially filed confidentially on April 11, 2014. Jefferies and Cowen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.


Keywords: NDRM, CVTS

9/15/14


Isola Group, which manufactures copper-clad laminate and printed circuit boards used in semiconductors and other electronics, withdrew its plans for an initial public offering on Monday. The company did not disclose a reason for its withdrawal. Isola originally filed for a $100 million IPO on October 31, 2011 and last updated its filing in March 2013. TPG and Oaktree Capital are its controlling shareholders.

The year's other semiconductor-related IPO, SunEdison Semiconductor (SEMI), trades 30% above its IPO price after it posted a healthy 15% first-day pop on its May offering.

The Chandler, AZ-based company was founded in 1912 and Isola booked $556 million in sales for the 12 months ended December 29, 2012. It planned to list on the NASDAQ under the symbol ISLA. UBS Investment Bank and Piper Jaffray were set to be the joint bookrunners on the deal.


Keywords: ISLA, SEMI

9/15/14


Alibaba, the largest e-commerce company in the world with more than $296 billion in annual gross merchandise volume (GMV), raised the price range for its upcoming IPO on Monday. The Hangzhou, China-based company now plans to raise $21.8 billion by offering 320.1 million shares (62% insider) if it prices at the high end of its new price range of $66 to $68.

Alibaba had previously filed to offer the same number of shares at a range of $60 to $66. At the high end of the revised range, Alibaba will raise 8% greater proceeds than previously anticipated, and command a fully diluted market cap of $175.5 billion and an enterprise value of $166.5 billion.

Alibaba is the first of five global internet IPOs that could join the billion-dollar club. The Chinese e-commerce behemoth is expected to price along 6 health care IPOs this week.

Alibaba Group Holding, which was founded in 1999 and booked $9.4 billion in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol BABA. Alibaba Group Holding initially filed confidentially on n/a. Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi are the joint bookrunners on the deal. It is expected to price on September 18, 2014.


Keywords: BABA, Alibaba

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