The following IPOs are expected to price this week:
Chimerix (CMRX), which is developing a potent antiviral drug for use in stem cell transplants, plans to raise $85 million by offering 6.1 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Chimerix would command a market value of $325 million. Chimerix, which was founded in 2000, booked $34 million in sales over the last 12 months. The Durham, NC-based company plans to list on the NASDAQ under the symbol CMRX. Morgan Stanley and Cowen & Company are the joint bookrunners on the deal.
EVERTEC (EVTC), a leading full-service transaction processor in Puerto Rico and Latin America, plans to raise $400 million by offering 21.1 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, EVERTEC would command a market value of $1.6 billion. EVERTEC, which was founded in 1988, booked $342 million in sales over the last 12 months. The San Juan, Puerto Rico-based company plans to list on the NYSE under the symbol EVTC. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal.
Harvard Apparatus Regenerative Technology (HART), a Harvard Bioscience carve-out focusing on regenerative medicine, plans to raise $19 million by offering 1.7 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Harvard Apparatus Regenerative Technology would command a market value of $107 million. Harvard Apparatus Regenerative Technology, which was founded in 2009, booked no revenue over the last 12 months. The Holliston, MA-based company plans to list on the NASDAQ under the symbol HART. Summer Street Research Partners and Maxim Group LLC are the joint bookrunners on the deal.
KNOT Offshore Partners LP (KNOP), an LP that owns shuttle tankers under long-term charters, plans to raise $149 million by offering 7.5 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, KNOT Offshore Partners LP would command a market value of $350 million. KNOT Offshore Partners LP, which was founded in 2011, booked $66 million in sales over the last 12 months. The Aberdeen, United Kingdom-based company plans to list on the NYSE under the symbol KNOP. BofA Merrill Lynch, Citi and Barclays are the joint bookrunners on the deal.
Omthera Pharmaceuticals (OMTH), which has developed a prescription fish oil capsule that reduces triglyceride levels, plans to raise $75 million by offering 5.8 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Omthera Pharmaceuticals would command a market value of $287 million. Omthera Pharmaceuticals was founded in 2008. The Princeton, NJ-based company plans to list on the NASDAQ under the symbol OMTH. BofA Merrill Lynch, Barclays and Leerink Swann are the joint bookrunners on the deal.
Rally Software (RALY), which provides cloud software to manage Agile-based software development, plans to raise $69 million by offering 5.8 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Rally Software would command a market value of $287 million. Rally Software, which was founded in 2001, booked $57 million in sales over the last 12 months. The Boulder, CO-based company plans to list on the NYSE under the symbol RALY. Deutsche Bank and Piper Jaffray are the joint bookrunners on the deal.
Taylor Morrison Home Corporation (TMHC), a leading homebuilder in the US and Canada backed by Oaktree and TPG, plans to raise $500 million by offering 23.8 million shares at a price range of $20.00 to $22.00. At the midpoint of the proposed range, Taylor Morrison Home Corporation would command a market value of $2.6 billion. Taylor Morrison Home Corporation, which was founded in 1936, booked $1.4 billion in sales over the last 12 months. The Scottsdale, AZ-based company plans to list on the NYSE under the symbol TMHC. Credit Suisse and Citi are the joint bookrunners on the deal.
Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.
Last week, there was one IPO pricing. Independent Bank Group (IBTX), a Texas-based bank with 30 offices primarily in the Dallas/Fort Worth MSA ended up 10% from its IPO price.
