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June could be the busiest month for IPOs in 3 years

June 19, 2018

Getting in ahead of the July 4th holiday, nine companies launched IPOs on Monday.

Excluding SPACs, 22 deals are now on the IPO calendar for June (IPO Pro only: Master Calendar). If these are completed, June 2018 will have 28 IPOs, making it the busiest month since June 2015, a 36-month high in terms of IPO count.

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All nine are coming next week, and combined they expect to raise $1.9 billion.

The new launches include two LBOs planning to raise over $500 million each: CVC/Leonard Green-backed retailer BJ's Wholesale (BJ) and KKR-backed landscaper BrightView (BV). IPO Pro only: View 2018 IPOs backed by private equity.

Adding to the biotech surge in the week ahead, three large biotechs set terms, each raising $100+ million: late-stage kidney disease biotech Tricida (TCDA), immuno-oncology developer Forty Seven (FTSV), and early-stage mRNA developer Translate Bio (TBIO).

Technology saw two launches. Tech is by far the hottest sector in the IPO market, with this year's offerings averaging a 91% return. Business intelligence provider Domo (DOMO) is a "fallen unicorn" being pitched at valuation of roughly one-quarter what it achieved privately three years ago. EverQuote (EVER) also has an unusual profile, operating an online auto insurance marketplace that grew 3% in 2017 and 28% in the 1Q18.

Dry bulk shipping company GoodBulk (GBLK) and micro-cap furniture company Lovesac (LOVE) round out the group.

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