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US IPO Weekly Recap: Roadshows begin on three significant IPOs
Analyst IPO Market Commentary
Just one week old, the 2Q has already seen one pricing, three launches, three initial filings and significant filings updates. This represents the most IPO-related activity since early in the 1Q.
A familiar move from the biotech playbook
), which is developing enzymes for rare genetic metabolic diseases and tumors, raised $50 million by offering 5.0 million shares at $10, significantly below the $16 to $18 range. Keeping with this year’s trend in biotech IPOs, 64% of the deal was taken down by insiders.
One biotech IPO during the week of April 4, 2016
Deal size ($mm)
IPO price vs. midpoint
Return at 4/8
Aeglea BioTherapeutics (
Enzymes for rare genetic diseases and tumors
Three established, profitable operating companies launch
Breaking a two month drought for operating company launches, the week saw three profitable companies with established operating histories set terms for their IPOs:
Bats Global Markets
), an operator of securities exchanges in the US and Europe, set terms to raise $202 million,
MGM Growth Properties
), the MGM Resorts-backed REIT, set terms to raise $975 million, and
American Renal Associates Holdings
), an operator of 192 kidney dialysis clinics, set terms to raise $161 million. If all three price successfully, the aggregate $1.3 billion in proceeds would represent nearly double this year’s total.
IPO pipeline expands
inVentiv Group Holdings
) filed to raise an estimated $500 million, China-based online metals brokerage
) filed to raise $80 million, Novartis-backed biotech
) refiled to raise $100 million and soft drink producer
Long Island Iced Tea Corp.
) filed to raise $11.5 million. High-growth software-defined storage provider
), building materials distributor
), Novartis-backed biotech
) and health care REIT
MedEquities Realty Trust
) all updated financials.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 8% year-to-date, while the S&P 500 is flat. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
), Synchrony Financial (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 4% year-to-date, compared to -2% for ACWX. Renaissance Capital’s International
(NYSE: IPOS) tracks the index, and
top ETF Holdings
include NN Group and Aena S.A.
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