After seeing just one IPO price in the past month, and five this year, there are three IPOs on the calendar next week.
The increased activity comes on the heels of IPO index outperformance. Since the February 11 lows, the IPO index has nearly doubled the S&P, returning 19.3% versus 10.6%.
Another large Chinese biotech...Currently listed on the AIM in London with a $1.4 billion market cap,Hutchison China MediTech (Pending:HCM) is a Chinese pharmaceutical with a pipeline of oncology drugs. Hutchison is looking to raise $100 million, more than all 2016 IPOs except fellow Chinese biotech BeiGene(NASDAQ:BGNE), which raised $158 million and has traded up 16% since its offering.
...and two small healthcare co's
Pre-revenue glucose device maker Senseonics Holdings (Pending:SENS), backed by NEA, is set to price its $60 million IPO. Micro-cap biotech Spring Bank Pharmaceuticals (Pending:SBPH) is set to price its $40 million IPO.
Pre-revenue glucose device maker Senseonics Holdings (Pending:SENS), backed by NEA, is set to price its $60 million IPO. Micro-cap biotech Spring Bank Pharmaceuticals (Pending:SBPH) is set to price its $40 million IPO.
Renaissance Capital's IPO Calendar - Week of 3/14/2016
| ||||
Issuer
Business |
Symbol
Exchange |
Deal Size
$mil |
Price Range
Shares Filed |
Lead Manager(s)
|
Hutchison China MediTech
Hong Kong, Hong Kong |
HCM
Nasdaq |
$100
|
$16.33 - $16.33
6,123,698 |
BofA Merrill Lynch
Deutsche Bank |
CK Hutchison-backed pharmaceutical with a pipeline of oncology candidates.
| ||||
Senseonics Holdings
Germantown, MD |
SENS
NYSE MKT |
$60
|
$3.10 - $3.50
18,200,000 |
Leerink Partners
Canaccord Genuity |
Developing a long-lasting implantable glucose monitor for diabetics.
| ||||
Spring Bank Pharmaceuticals
Milford, MA |
SBPH
Nasdaq |
$40
|
$13.00 - $15.00
2,858,000 |
William Blair
Wedbush PacGrow |
Early-stage biotech developing targeted therapies for viral diseases.
| ||||
IPO Pipeline Update
Corvus Pharmaceuticals (Pending:CRVS), co-founded by former Pharmacyclics executives, is expected to price its $75 million IPO the week of March 21; insiders have indicated interest for $25 million. BATS Global Markets (Pending:BATS) updated financials ahead of its estimated $300 million IPO.
Corvus Pharmaceuticals (Pending:CRVS), co-founded by former Pharmacyclics executives, is expected to price its $75 million IPO the week of March 21; insiders have indicated interest for $25 million. BATS Global Markets (Pending:BATS) updated financials ahead of its estimated $300 million IPO.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 10% year-to-date, compared to -1% for the S&P 500. Renaissance Capital's IPO ETF (NYSE:IPO) tracks the index, and top ETF holdings include Synchrony Financial (NYSE:SYF), Alibaba (NYSE:BABA) and Citizens Financial Group (NYSE:CFG). The Renaissance International IPO Index is down 6% year-to-date, compared to -1% for ACWX. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 10% year-to-date, compared to -1% for the S&P 500. Renaissance Capital's IPO ETF (NYSE:IPO) tracks the index, and top ETF holdings include Synchrony Financial (NYSE:SYF), Alibaba (NYSE:BABA) and Citizens Financial Group (NYSE:CFG). The Renaissance International IPO Index is down 6% year-to-date, compared to -1% for ACWX. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
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, the Renaissance IPO ETF, the Renaissance International IPO ETF, or the Global IPO Fund (MUTF:IPOSX), may have investments in securities of companies mentioned.
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