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US IPO Week Ahead: 4 micro-cap companies make second attempts at IPOs
Analyst IPO Market Commentary
Apart from the three companies that were on
the IPO calendar
last week, the only new addition is micro-cap biotech Accelerated Pharma.
US IPO Calendar - Week of 11/14/16
New York, NY
Wk of 11/14
Late-stage biotech developing antibiotics for multi-drug resistant bacteria.
Wk of 11/14
Oil and gas E&P operating in Colorado's Denver-Julesburg Basin.
$12 - 14
Wk of 11/14
Commercializing a non-lethal rodent control chemical that lowers rat fertility.
$8 - 10
Wk of 11/14
Roadman & Renshaw
Developing a chemotherapy optimized by genomic screening.
), which is developing a chemotherapy optimized by genomic screening, plans to raise $17 million by offering 1.9 million shares at a price range of $8.00 to $10.00. At the midpoint of the proposed range, the Westport, CT-based company would command a market value of $93 million. Rodman & Renshaw and Maxim Group LLC are the joint bookrunners on the deal.
) plans to raise $26 million at a diluted market cap of $152 million. Founded by its CEO in 2004, the company is raising IPO proceeds to launch ContraPest, a chemical designed to decrease rat fertility in places like subways and food production facilities, following its recent EPA approval. It would be the only product of its kind on the market, but the pre-revenue company faces competition from widely-available poisons offered by Bayer, Syngenta and others.
) hopes to raise about $26 million. Since its initial launch, the antibiotic biotech has lowered its share offering, added warrants and disclosed a concurrent European placement. Listed on London's AIM market (MTFB), Motif plans to raise capital to finish Phase 3 trials and avoid running out of cash. Shareholder Invesco plans to invest $8.6 million on the IPO.
), which is also listed (OTCQB: PRHR), plans to raise close to $28 million and begin trading on the NYSE MKT. PetroShare owns wells in Colorado's Denver-Julesburg Basin. However, the company has not yet produced revenue, and carries $2 million in pre-IPO cash and $4.6 million in debt.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. While the IPO Index outperformed the S&P 500 in the past week, it is down 2% year-to-date, compared to the S&P's +6%. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Citizens Financial Group (
) and Alibaba (
). The Renaissance International IPO Index is down 5% year-to-date, compared to 0% for the ACWI ex-US Index. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF holdings
include Recruit Holdings and Cheil Industries.
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