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Microcap IPOs on tap in coming weeks; several billion-dollar IPOs could follow
Analyst IPO Market Commentary
The Fed's decision not to raise rates could pave the way for several billion-dollar IPOs.
), which could be the largest IPO of the year,
) have all been said to be eyeing late September or October offerings after filing in August or earlier. Other highly anticipated deals, like
), could also be gearing up to launch. While market volatility remains high, the Fed's decision results in one less point of uncertainty that we believe was extending the usual end-of-summer lull in the IPO market.
), which is developing microRNA replacement therapies for liver cancer, became the first deal to launch following the Fed decision and could be followed by others next week.
Seven microcap companies and a blank check company are on
. Two of the microcap companies,
), and the blank-check company,
Boulevard Acquisition II
), hope to price this week. Four other microcap companies expect to price before September ends, and another has pushed back to October.
Health care and biotech
This year has already seen 61 health care IPOs, so it is not surprising that a few microcap health care companies are on the calendar. It is more surprising during what has otherwise proven to be a relatively quiet IPO market. Next week,
, which is developing formulations of widely-used cancer drugs for humans and dogs, looks to raise $20 million in its IPO. It amended its filing last Tuesday, setting an IPO date for the week of September 13, only to push it back on Wednesday to this week. It already trades on Nasdaq Stockholm and the Frankfurt Stock Exchange.
) is developing and commercializing the SynCardia temporary Total Artificial Heart, or TAH-t, the only total artificial heart commercially available in the US, European Union and Canada. It hopes to raise $28 million.
), led by a strong management team and developing adjunctive treatment for major depressive disorder, is on the calendar for a $27 million October IPO.
Despite the recent turmoil in Chinese markets, three Chinese manufacturers are on the calendar to IPO before the end of September.
, which originally set terms on July 28, hopes to raise $10 million. It sells display products, including standard projectors, interactive projectors and interactive LED flat panels, as well as audio systems, mounting devices and mobile stands. Founder-led
Sole Elite Group
) is a profitable designer and producer of foam and rubber shoe soles used to manufacture sports shoes. It expects to raise $33 million in its IPO.
) is a manufacturer of disposable plastic products for US quick service restaurants (QSRs) that supplies four of the five largest fast food chains: Wendy’s, McDonald’s, Subway and Burger King. It plans to raise $30 million.
Boulevard Acquisition II
is set to raise $350 million next week - more than double every other IPO on the calendar combined ($148 million). As we've noted, more SPACs have gone public in 2015 than any year since 2007.
Renaissance Capital's IPO Calendar - Week of
Boulevard Acquisition II
New York, NY
$10.00 - $10.00
Second blank check company formed by the co-founders of Avenue Capital Management.
$5.75 - $7.75
Ladenburg Thalmann & Co.
Developing formulations of widely-used cancer drugs for humans and dogs.
$8.00 - $10.00
Aegis Capital Corp.
Manufactures interactive projectors and other classroom materials.
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IPO Market Snapshot
Strong IPO volume in the fourth quarter will in part hinge on improved returns for recent IPOs. The Renaissance IPO Index has traded down 5% year-to-date, compared to -4.9% for the S&P 500. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
), Hilton Worldwide (
) and Twitter (
). In the past month, Alibaba and Twitter fell below their IPO prices for the first time. The Renaissance International IPO Index has traded down 0.6% year-to-date, compared to -6.6% for the ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF Holdings
include Recruit Holdings and Cheil Industries. In May 2015, the US IPO Index was up 9% year-to-date and the International IPO Index was up 15%.
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