The shortened holiday week will only see Keane Group's (FRAC) IPO, which is expected to price on Thursday to be the first IPO of 2017.
Next week could also see the launches of three biotechs: Jounce Therapeutics (JNCE), a clinical-stage biotech developing targeted T-cell immunotherapies with Celgene, is planning to raise $75 million, Braeburn Pharmaceuticals (BBRX) is hoping to raise $150 million to commercialize an implant that delivers long-acting treatment for opioid addiction and ObsEva (OBSV) is looking to raise $86 million to develop therapies for women’s reproductive health and common pregnancy complications.
| IPO Calendar Week of January 16* | |||||
| Issuer Business |
Symbol |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Pricing Date |
Top 3 Bookrunners |
| Keane Group Houston, TX |
FRAC | $301 $1,851 |
$17 - 19 16,700,000 |
Thu 1/19 |
Citi Morgan Stanley BofA Merrill Lynch |
| Provides hydraulic fracturing well completion services for the oil and gas industry. |
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| ObsEva Switzerland |
OBSV | $86 | TBA | Jan 2016 |
Credit Suisse Jefferies Leerink Partners |
| Clinical-stage biotech developing therapies for women's reproductive health. |
|||||
| Braeburn Pharmaceuticals Princeton, NJ |
BBRX | $150 |
TBA | Jan 2016 |
J.P. Morgan BofA Merrill Lynch Deutsche Bank |
| Commercializing an implant that delivers long-acting treatment for opioid addiction. |
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| Jounce Therapeutics Cambridge, MA |
JNCE | $75 |
TBA | Jan 2016 |
J.P. Morgan Cowen & Co Wells Fargo |
| Early-stage biotech developing T-cell immuno-oncology therapies with Celgene. |
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| *Notes: BBRX, JNCE, OBSV: January 2017 deal timing is RC estimate; IPOs have not officially launched. |
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Keane Group (FRAC), a Cerberus-backed oil well completions company, set terms for a $301 million IPO. Its proposed market cap of $1.8 billion is over 3 times larger than last year’s oilfield services IPO, Mammoth Energy (TUSK). Since Cerberus's 2011 acquisition it has invested to expand the business, positioning itself to take advantage of a rebound in E&P spending.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 3.9% year-to-date, while the S&P 500 is up 1.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include First Data (FDC) and TransUnion (TRU). The Renaissance International IPO Index is up 2.1% year-to-date, while the ACWX is up 3.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro.
