initial public offerings (IPOs) trading on American exchanges

Saturday, June 21, 2014

IPOs this week : June 23 - 27, 2014

There are currently 17 IPOs on the calendar to price and begin trading in the week beginning June 23.

According to Renaissance Capital, 134 IPOs have priced in the United States so far this year, up 63.4% from a year ago. Total proceeds raised come to $28.9 billion, up almost 55% from 2013. Last week alone, $3.1 billion poured into IPOs.

The most closely watched of the coming week’s IPOs will be GoPro Inc., maker of a hands-free, high-definition video camera that can be attached to a variety of objects, animals or people in motion. The company is looking to raise about $400 million at a valuation north of $2.78 billion.

The company will have both Class A and Class B shares, with Class B shares entitled to 10 votes per share and Class A shares one vote per share. Holders of Class B shares will hold more than 98% of the voting power, and nearly 73% of the Class B shares will be held by executive officers and directors. The CEO will hold 47.7% of the voting power in the company.

GoPro plans to offer 17.8 million shares of stock in an IPO range of $21 to $24. Half the shares are being sold by the company and half by selling shareholders. Underwriters, including J.P. Morgan, Citigroup and Barclays, have a 30-day option on an additional 2.67 million shares. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GPRO.

ServiceMaster Global Holdings Inc. owns or franchises more than 7,000 residential and commercial services locations that provide disaster restoration, home inspections and termite and pest control services, among other things. The company has filed sell 35.9 million shares in an expected price range of $18 to $21. All shares are being sold by the company. At the midpoint of that range, the company expects to raise $700 million at a valuation of $2.5 billion. Shares are expected to price on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol SERV.

Arts and craft retailer The Michaels Companies has filed to sell 27.8 million shares in an expected price range of $17 to $19. The company expects to raise $500 million at a valuation of $3.66 billion. The company owns 1,263 stores under the Michaels and Aaron Brothers brands and generated about $4.6 billion in sales in its most recent fiscal year, which ended February 1, 2014. The company posted a net profit of $243 million last year. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol MIK.

Alternative energy spin-off NextEra Energy Partners L.P. is being carved out of NextEra Energy Inc. (NYSE: NEE). The new limited partnership plans to sell 16.3 million shares in an expected range of $19 to $21 to raise $325 million at a valuation of $1.52 billion. We covered the structure of this company last week. NextEra Energy Partners is planning to price the offering on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol NEP.

Adeptus Health Inc. is a private emergency room operator that plans to offer 4.9 million shares in an expected range of $19 to $22. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ADPT.

Ambrx Inc. is a biotechnology company developing protein therapeutics. The company plans to offer 5.4 million shares in an IPO price range of $12 to $14. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol AMBX.

Amphastar Pharmaceuticals Inc., a specialty pharmaceuticals maker, plans to offer 7.4 million shares in a price range of $10 to $12, raising $81 million at a valuation of $470 million. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol AMPH.

Imprivata Inc. is a health care technology solutions company that plans to offer 5 million shares in a price range of $14 to $16, raising $75 million at a valuation of $342 million. Shares are expected to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol IMPR.

KineMed Inc. is a commercial stage biotech firm that plans to offer 4.5 million shares in an IPO range of $6.50 to $7.50. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol KNMD.

Materialize N.V. is a Belgium-based company that provides 3D printing software and services. The company plans to offer 8 million American Depositary Shares (ADSs) in an expected price range of $12 to $14. Each ADS represents one ordinary share, and the ADSs are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol MTLS.

Microlin Bio Inc. delayed its offering from last week. It is a development stage diagnostics and therapeutic company that expects to offer 4.3 million shares in a price range of $6.50 to $7.50. The company plans to price the shares on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol MCLB.


Xunlei Ltd. claims to be China’s 12th-largest Internet company. The company plans to offer 7.3 million shares in a price range of $9 to $11. The company plans to price the shares on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol XNET.


Minerva NeuroSciences Inc. is a clinical-stage biopharma company that plans to offer 5.5 million shares in a price range of $10 to $12. The company plans to price the shares on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol NERV.

TCP International Holdings Ltd. is a Switzerland-based maker of LED and CFL lighting technologies. The company plans to offer 7.1 million shares in an IPO price range of $13 to $15, and it plans to price the shares on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol TCPI.

GlobeImmune Inc. is a biopharma firm developing treatments for cancer and other diseases. The company plans to offer 1.6 million shares at a price range of $15 to $17. It plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol GBIM.

Moko Social Media Ltd. is an Australia-based developer of mobile social community platforms. Shares trade in Australia and have traded over-the-counter in the United States. The company plans to offer 1.2 million ADSs in an IPO price range of $7.50 to $9.00. Each ADS represents 40 ordinary shares. The company plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol MOKO.

Taggares Agriculture Corp. plans to acquire, redevelop and operate profitable farmland in the Pacific Northwest. The company aims to sell 7 million shares in a price range of $6 to $7. And it plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol TAG.

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