The following IPOs are expected to price this week:
China Commercial Credit (CCCR), a microcredit lender to small businesses in the Jiangsu Province of China, plans to raise $13 million by offering 1.9 million shares at a price range of $6.00 to $7.00. At the midpoint of the proposed range, China Commercial Credit would command a market value of $71 million. China Commercial Credit, which was founded in 2008, booked $13 million in sales over the last 12 months. The Wujiang, China-based company plans to list on the NASDAQ under the symbol CCCR. Burnham Securities and Axiom Capital Management are the joint bookrunners on the deal.
Envision Healthcare (EVHC), a leading US provider of outsourced medical and ambulance services, plans to raise $753 million by offering 35.0 million shares at a price range of $20.00 to $23.00. At the midpoint of the proposed range, Envision Healthcare would command a market value of $3.9 billion. Envision Healthcare, which was founded in 2011, booked $3.5 billion in sales over the last 12 months. The Greenwood Village, CO-based company plans to list on the NYSE under the symbol EVHC. Goldman Sachs, Barclays, BofA Merrill Lynch and Citi are the joint bookrunners on the deal.
Independence Realty Trust (IRT), a REIT that owns eight properties in GA, AZ, CO, IN, TX and VA, plans to raise $42 million by offering 4.0 million shares at a price range of $10.00 to $11.00. At the midpoint of the proposed range, Independence Realty Trust would command a market value of $101 million. Independence Realty Trust, which was founded in 2009, booked $17 million in sales over the last 12 months. The Philadelphia, PA-based company plans to list on the NYSE under the symbol IRT. Ladenburg Thalmann & Co., William Blair, JMP Securities and Compass Point are the joint bookrunners on the deal.
Sophiris Bio (SPHS), which is developing a biologic to treat an enlarged prostate, plans to raise $65 million by offering 5.0 million shares at a price range of $13.00 to $13.00. At the midpoint of the proposed range, Sophiris Bio would command a market value of $106 million. Sophiris Bio, which was founded in 2002, booked $0 million in sales over the last 12 months. The La Jolla, CA-based company plans to list on the NASDAQ under the symbol SPHS. Citi and Leerink Swann are the joint bookrunners on the deal.
Third Point Reinsurance (TPRE), a Bermuda-based specialty property and casualty reinsurer, plans to raise $300 million by offering 22.2 million shares at a price range of $12.50 to $14.50. At the midpoint of the proposed range, Third Point Reinsurance would command a market value of $1.4 billion. Third Point Reinsurance, which was founded in 2011, booked $397 million in sales over the last 12 months. The Pembroke, Bermuda-based company plans to list on the NYSE under the symbol TPRE. J.P. Morgan, Credit Suisse, Morgan Stanley and BofA Merrill Lynch 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 were 9 IPO pricings. Intrexon (XON), which is developing synthetic biology technologies to improve drugs and food, was the week's winner, ending up 82% from its IPO price.
