IPOs this week : April 13 - 17, 20 (wk 16)

IPO lockup expirations

• Owl Rock Capital (NYSE:ORCC) is up 33% over the last week just ahead of the 270-day lockup period expiring for sales of blocks of two-thirds of positions. 
• Former Post Holdings (NYSE:POST) subsidiary BellRing Brands (NYSE:BRBR) has an IPO share lockup expiration date of April 15. Shares of BRBR trade 21% above where the IPO was priced. 

Upcoming IPOs
As the pandemic continues on, it appears more unlikely that some of the blockbuster IPOs expected this year will fire off. That list includes

• Cole Haan (CLHN), Airbnb (AIRB), Postmates (POSTM), Robinhood (HOOD), Snowflake (SNOW), DoorDash (DASH), Asana (ASAN) Instacart (CART), Wish, Palantir (PLTR), Rackspace [owned by Apollo Global Management (NYSE:APO)], Didi Chuxing (DIDI), Topgolf [Callaway Golf (NYSE:ELY) has a stake], Stripe (STRIP), Madewell (MDWL) [a Nordstrom (NYSE:JWN) retail partner] and McAfee [Intel (NASDAQ:INTC) has a stake].

IPOs this week : Nov 11 - 15, 19 (wk 46)

IPOs expected to price
No pricings are expected this week,

IPO quiet period expirations
Quiet period expirations arriving for BellRing Brands (NYSE:BRBR) and Innate Pharma (NASDAQ:IPHA) on November 11.

IPO lockup expirations

• Postal Realty Trust (NYSE:PSTL) and Applied Therapeutics (NASDAQ:APLT) on November 11, as well as 
• Avantor (NYSE:AVTR), Luckin Coffee (NASDAQ:LK) and Fastly (NYSE:FSLY) on November 13.

BellRing Brands (BRBR) began trading on the NYSE on Thur 17 Oct 2019

• BellRing Brands upsized offering by 4.3 mln shares and priced 34.3 mln share IPO at $14.00 per share, below the expected range of $16-19
• Opened for trading at $15.60  
• Ticker: BRBR

 

Post +3% after subsidiary BellRing Brands (BRBR) successfully prices IPO

Overnight, BellRing priced an IPO consisting of 34.29 mln shares at $14.00. The company had initially expected to offer 30 mln shares between $16.00-19.00. Compared to these earlier expectations, gross proceeds are roughly 9% less than initially projected. The IPO is currently indicating $16/16.50, and should be opening for trade shortly.

Upon completion of the offering, Post is expected to own approximately 74% of BellRing, or approximately 71% if the underwriters exercise their option in full.

BellRing Brands is a holding company operating in the global convenient nutrition category, whose primary brands include Premier Protein, Dymatize and PowerBar.

IPOs this week : Oct 14 - 18, 19 (wk 42)

IPOs expected to price
The only IPO expected to price next week is BellRing Brands (BRBR). The company set an initial range of $16 to $19 for the 30M-share offering.

IPO quiet period expirations
Analyst quiet periods expire on October 14 for

• Datadog (NASDAQ:DDOG),
• Ping Identity (NYSE:PING), 
• Exagen (NASDAQ:XGN), 
• IGM Biosciences (NASDAQ:IGMS) and 
• Envisa (NYSE:NVST). 

IPO lockup expirations
IPO share lockups expire late next week on Pinterest (NYSE:PINS), Zoom Video (NASDAQ:ZM), Brigham Minerals (NYSE:MNRL),Greenlane (NASDAQ:GNLN), Hookipa Pharma (NASDAQ:HOOK) and Genmab (NASDAQ:GMAB).

PowerBar maker Bellring Brands (BRBR) files for IPO

• BellRing primarily sells ready-to-drink protein shakes (71% of FY18 sales), powders (14%), and nutrition bars (11%). The company's core brands are Premier Protein (77%), Dymatize (13%), and PowerBar (7%).
• Parent Post Holdings plans to sell 20% of its stake on the IPO.
• Ticker: BRBR

Bellring Brands Inc. (BRBR), a spinoff of Post Holdings (POST), has filed for an initial public offering, according to a Friday filing. The maker of PowerBar seeks to sell $100 million worth of shares, although that's often a placeholder used to calculate filing fees.

Cereal maker Post will own a majority of the combined voting power of the new company and "will have the ability to control the direction of our business," Bellring said in its prospectus. Bellring listed net earnings of $40.3 million in the fiscal third quarter, compared with net earnings of $29 million in the year-ago period. Sales grew to $828 million in fiscal 2018 from $575 million in fiscal 2016, Bellring said. In the fiscal third quarter of 2019, sales rose to $238 million, from $216 million in the fiscal third quarter of 2018. Underwriters include Morgan Stanley, Citigroup, and J.P. Morgan. Bellring filed to trade on the New York Stock Exchange under the symbol BRBR. Last month, Hershey (HSY) said it had agreed to buy nutrition-bar maker One Brands LLC for $400 million, and Simply Good Food (SMPL) announced its intention to buy Quest Nutrition LLC, another maker of protein bars, among other items, for $1 billion.