Last week’s two scheduled initial public offerings (IPOs) succeeded in reaching completion, and neither was a smashing success. The calendar for the coming week lists just three IPOs, all micro-caps.
GDS Holdings Ltd. (NASDAQ: GDS) priced at $10, below is expected range of $12 to $14. The company raised $146 million and closed the week flat after rising 4% on its first day of trading.
Smart Sand Inc. (NASDAQ: SND) raised $129 million after pricing at $11, well below the expected range of $15 to $18. The stock closed flat on Friday, its first day of trading.
Through the week ending November 4 IPO ETF manager Renaissance Capital reported that 96 IPOs have priced in the U.S. so far this year, down nearly 39% from a year ago. Total proceeds raised through last week equaled $17.2 billion, down more than 39% compared with the same period in 2015. Of the 96 IPOs that have gone off this year, 40 have come from the healthcare sector. Last year’s IPO total came in at $30 billion on 170 offerings. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.
Here are the three IPOs on the coming week’s calendar.
SenesTech Inc. has developed and is seeking to commercialize a proprietary technology for managing animal pest populations through fertility control. The company plans to offer 2 million shares in an expected price range of $12 to $14 to raise $26 million at an implied market cap of $133 million. Shares are scheduled only for the week of November 7 and will trade on the Nasdaq under the ticker symbol SNES.
Motif Bio plc is a U.K.-based late-stage biotech focused on producing antibiotics for multi-drug resistant bacteria. The firm already trades on London’s AIM and plans to offer 2.125 million American Depositary Shares (ADS) to raise $26 million at an offering price of $12.36 per ADS. The offering includes warrants and a concurrent European placement. No firm date is given. Shares will trade on the Nasdaq under the ticker symbol MTFB.
PetroShare Corp. is an oil & gas exploration and production company operating in the Denver-Julesburg Basin. The company plans to offer 6 million shares at $4.63 per share to raise about $28 million. Shares will trade on the New York Stock Exchange ARCA under the ticker symbol PRHR.