Credit: Shutterstock photoAfter a short holiday break, the IPO market has resumed being on fire.
11 deals launched their offerings. 10 are on the calendar for next week, including 7 that plan to price on the night of Wednesday, July 18.
As expected, the biotech surge has continued into the third quarter with five new launches. 2018 healthcare IPOs have performed well, with biotech IPOs averaging a 21% return from the offer price. At a proposed $1.8 billion valuation, preclinical Rubius Therapeutics ( RUBY ) is the largest company scheduled to go public. Two more healthcare companies also set terms: marijuana supplier Tilray ( TLRY ) and breast implant maker Establishment Labs ( ESTA ).
The largest upcoming IPO by deal size, oil and gas OEM AFG Holdings ( AFGL ), plans to raise $300 million. With just one energy IPO in the 2Q18, AFG could signal a more active energy sector in the 3Q.
Two regional banks are the smallest IPOs on the calendar. WA-based Coastal Financial ( CCB ) and CO-based First Western Financial (MYFW) are each raising less than $40 million. The 21 regional bank IPOs since the start of 2016 average a 37% return, with 19 trading above issue.
Bloom Energy (BE), valued at $3 billion in 2011, is going public at a proposed $1.7 billion valuation following a strong 2017 and 1Q18 for the fuel cell supplier. It plans to raise $252 million (20% from insiders).
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Side note
"Growth is good" has been the IPO market's mantra in recent months. That partly explains the initial 30% pops from growth deals Domo (DOMO) and electroCore (ECOR). However, both broke issue on Monday. The article The IPO market has resumed being on fire with 11 new deals originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
