The IPO market continued at its snail's pace with only two pricing dates set and one initial filing for an up-listing this past week.
The slowdown is to be expected around this time of year as companies update their year-end financials.
Papa's special
Silver Run Acquisition (SRAQU), a blank check company formed by Mark Papa and Riverstone to acquire an energy business, set a pricing date next week for its $400 million IPO. Silver Run joins KLR Energy Acquisition (KLREU) as the second energy-focused SPAC looking to take advantage of depressed asset prices in the energy sector.
Financial updates
Over the past week, there have been seven companies to update their financials.
| Companies Updating Financials Since February 12th | ||||
| Issuer |
Symbol |
Industry | Deal Size($m) |
|
| Oncobiologics | ONS |
Biotech | $115 |
|
| Developing extended-release formulations of existing drugs and generics. | ||||
| Spring Bank Pharmaceuticals | SBPH |
Biotech | $58 | |
| Developing a protein-modulating small molecule platform to treat viral diseases. |
||||
| AnaptysBio | ANAB |
Biotech | $86 |
|
| Preclinical biotech developing antibodies for severe adult asthma and peanut allergies. |
||||
| Exagen | EXDX | Biotech | $69 |
|
| Sells diagnostic blood tests that detect lupus and rheumatoid arthritis. |
||||
| Senseonics Holdings | SENS |
Biotech | $52 |
|
| Developing a long-lasting implantable glucose monitor for diabetics. |
||||
| Red Rock Resorts | RRR |
Consumer | $400* |
|
| Operates 21 casino and entertainment properties in Las Vegas. |
||||
| Intrepid Aviation | INTR |
Transport. | $150 |
|
| Aircraft lessor with a total portfolio of 35 modern widebody aircraft. | ||||
IPO Pipeline update
Yangtze River Development (YERR), an OTC traded stock with a relatively unknown underwriter, filed to raise $50 million to construct a port logistics facility along the Yangtze River. The state of Mapi Pharmaceuticals (MAPI), which launched over a month ago, continues to be day-to-day.
This year has seen eight other companies update financials, which could mean that they are the most likely to go public in the near-term.
| Other Companies Updating Financials in 2016 | ||||
| Issuer |
Symbol |
Industry | Deal Size($m) |
|
| Syndax Pharmaceuticals | SNDX |
Biotech | $86 |
|
| Developing a therapy that enhances checkpoint immuno-oncology drugs. |
||||
| Sancilio Pharmaceuticals | SPCI |
Biotech | $86 |
|
| Markets, licenses and develops products based on its lipid drug delivery technology. |
||||
| Corvus Pharmaceuticals | CRVS |
Biotech | $115 |
|
| Preclinical biotech developing checkpoint immunotherapies for solid tumors. |
||||
| Reata Pharmaceuticals | RETA |
Biotech | $80 |
|
| Developing protein-based antioxidant inflammation modulators for life-threatening diseases. |
||||
| Merus | MRUS |
Biotech | $60 |
|
| Developing bispecific antibody treatments for solid tumors. |
||||
| Gypsum Management and Supply | GMS |
Cap. Goods | $200 |
|
| Leading North American distributor of wallboard and ceiling systems. |
||||
| Albertsons Companies | ABS |
Consumer | $1,600 |
|
| Third-largest US grocer operating under Albertsons, Safeway and other banners. |
||||
| Patheon | PTHN |
Health Care | $700* |
|
| Provides outsourced contract drug manufacturing and development services. |
||||
IPO Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -6% for the S&P 500. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Synchrony Financial (SYF), Alibaba (BABA) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 11% year-to-date, compared to -8% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
