With the final month of 2016 underway, a few more companies are set to join the IPO class of 2016 next week, closing in on 100 offerings this year. Among them: both fixed annuities-provider Athene and semiconductor capital equipment supplier Ichor.
| IPO Pricings Week of November 21 |
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| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Pricing Date |
Bookrunners |
| Accelerated Pharma Westport, CT |
ACCP Nasdaq |
$17 $93 |
$8.00 - 10.00 1,888,889 |
Wk of 12/5 | Rodman & Renshaw, Maxim Group |
| Developing a chemotherapy optimized by genomic screening. | |||||
| Eagleline Acquisition Radnor, PA |
IGLEU Nasdaq |
$150 $188 |
$10.00 - 10.00 15,000,000 |
Wk of 12/5 |
Stifel, FBR Capital, Stephens Inc. |
| Blank check company formed by Formation Capital and focused on health care. | |||||
| SenesTech Flagstaff, AZ |
SNES Nasdaq |
$20 $115 |
$9.00 - 11.00 2,000,000 |
Wk of 12/5 |
Roth Capital |
| Commercializing a non-lethal rodent control chemical that lowers rat fertility. | |||||
| Polar Power Gardena, CA |
POLA Nasdaq |
$15 $70 |
$7.00 - 8.00 2,000,000 |
Wk of 12/5 |
Roth Capital, Joseph Gunnar |
| Manufactures DC power generators for off-grid commercial applications. | |||||
| Athene Holding Bermuda |
ATH NYSE |
$950 $7,803 |
$38.00 - 42.00 23,750,000 |
Wk of 12/5 |
Goldman Sachs, Barclays, Citi, 13 more... |
| Apollo-backed provider of fixed annuities with $87 billion in assets. | |||||
| Ichor Holdings Fremont, CA |
ICHR Nasdaq |
$75 $319 |
$12.00 - 14.00 5,750,000 |
Wk of 12/5 |
Deutsche Bank, Stifel |
| Provides fluid delivery subsystems for semiconductor equipment manufacturers. | |||||
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Athene Holding (ATH), which was formed by industry veterans in partnership with Apollo, is a leading fixed annuities provider following several acquisitions. It focuses on the fastest growing segments of the life insurance market, positioning it well to benefit from growing demand for principal-protected products from an aging US population. Recently, the sector has rallied thanks to a rising interest rate environment and a changing political landscape.
Ichor Holdings (ICHR) is a designer and manufacturer of critical fluid delivery subsystems, which are sold primarily to large semiconductor capital equipment OEMs Lam Research and Applied Materials. The company currently benefits from demand for more complex chips, which require multiple processes that utilize Ichor's fluid delivery subsystems. While the industry is cyclical, growth is expected to continue due to tailwinds in cloud computing, mobility, connectivity and big data.
Next week could also see the pricing of several smaller deals that are currently day-to-day. Eagleline Acquisition (IGLEU), a health care-focused blank check company looking to raise $150 million and SenesTech (SNES), which is producing a rodent control chemical looking to raise $20 million, have both been on the calendar since mid-November. Joining them are Polar Power (POLA), a manufacturer of DC power generators, looking to raise $15 million and Accelerated Pharma (ACCP), which is developing a chemotherapy optimized by genomic screening and hopes to raise $20 million.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 2% year-to-date, while the S&P 500 is up 7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Citizens Financial Group (CFG) and Alibaba (BABA). The Renaissance International IPO Index is down 7% year-to-date, while the ACWX is up 1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Recruit Holdings and Samsung C&T.
