The following IPOs are expected to price this week:
Acceleron Pharma (XLRN), a clinical stage biotech developing protein therapeutics for cancer and rare diseases, plans to raise $65 million by offering 4.7 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Acceleron Pharma would command a market value of $370 million. Acceleron Pharma, which was founded in 2003, booked $49 million in sales over the last 12 months. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol XLRN. Citi and Leerink Swann are the joint bookrunners on the deal.
Benefitfocus (BNFT), which provides a cloud-based platform for employee benefits management, plans to raise $104 million by offering 4.5 million shares at a price range of $21.50 to $24.50. At the midpoint of the proposed range, Benefitfocus would command a market value of $552 million. Benefitfocus, which was founded in 2000, booked $91 million in sales over the last 12 months. The Charleston, SC-based company plans to list on the NASDAQ under the symbol BNFT. Goldman Sachs, Deutsche Bank and Jefferies & Co. are the joint bookrunners on the deal.
BIND Therapeutics (BIND), a biotech developing targeting mechanisms to enhance existing therapeutics, plans to raise $71 million by offering 4.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, BIND Therapeutics would command a market value of $237 million. BIND Therapeutics, which was founded in 2006, booked $5 million in sales over the last 12 months. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol BIND. Credit Suisse and Cowen & Company are the joint bookrunners on the deal.
ClubCorp Holdings (MYCC), which operates 152 golf and country, business, sports and alumni clubs, plans to raise $306 million by offering 18.0 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, ClubCorp Holdings would command a market value of $1.1 billion. ClubCorp Holdings, which was founded in 1957, booked $770 million in sales over the last 12 months. The Dallas, TX-based company plans to list on the NYSE under the symbol MYCC. Goldman Sachs, Jefferies & Co., Citi and BofA Merrill Lynch are the joint bookrunners on the deal.
Fate Therapeutics (FATE), an early clinical-stage biotech developing stem cell treatments for orphan diseases, plans to raise $60 million by offering 4.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Fate Therapeutics would command a market value of $219 million. Fate Therapeutics, which was founded in 2007, booked $2 million in sales over the last 12 months. The San Diego, CA-based company plans to list on the NASDAQ under the symbol FATE. Cowen & Company and BMO Capital Markets are the joint bookrunners on the deal.
FireEye (FEYE), which provides virtual machine-based IT security software to enterprises, plans to raise $182 million by offering 14.0 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, FireEye would command a market value of $1.7 billion. FireEye, which was founded in 2004, booked $115 million in sales over the last 12 months. The Milpitas, CA-based company plans to list on the NASDAQ under the symbol FEYE. Morgan Stanley, Goldman Sachs, J.P. Morgan and Barclays are the joint bookrunners on the deal.
Five Prime Therapeutics (FPRX), which is developing protein therapeutics for cancers and autoimmune diseases, plans to raise $52 million by offering 4.0 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Five Prime Therapeutics would command a market value of $198 million. Five Prime Therapeutics, which was founded in 2001, booked $12 million in sales over the last 12 months. The South San Francisco, CA-based company plans to list on the NASDAQ under the symbol FPRX. Jefferies & Co., BMO Capital Markets and Wells Fargo Securities are the joint bookrunners on the deal.
Intercloud Systems (ICLD), which provides telecom infrastructure staffing and management services, plans to raise $20 million by offering 2.0 million shares at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Intercloud Systems would command a market value of $73 million. Intercloud Systems, which was founded in 1999, booked $41 million in sales over the last 12 months. The Red Bank, NJ-based company plans to list on the NASDAQ under the symbol ICLD. Aegis is the lead bookrunner on the deal. (Please note: Shares already trade on the OTC markets. Share count is based on stated deal size of $20mm and $10 midpoint.)
Pioneer Power Solutions (PPSI), which provides electrical equipment and services in the utility, industrial and commercial markets, plans to raise $8 million by offering 1.0 million shares at a price range of $7.00 to $8.00. At the midpoint of the proposed range, Pioneer Power Solutions would command a market value of $52 million. Pioneer Power Solutions, which was founded in 1995, booked $86 million in sales over the last 12 months. The Fort Lee, NJ-based company plans to list on the NASDAQ under the symbol PPSI. Roth Capital is the lead bookrunner on the deal. (Please note: Shares currently traded on the OTCQB.)
Rocket Fuel (FUEL), which provides an automated platform to optimize real-time digital ad buying, plans to raise $102 million by offering 4.0 million shares at a price range of $24.00 to $27.00. At the midpoint of the proposed range, Rocket Fuel would command a market value of $981 million. Rocket Fuel, which was founded in 2008, booked $160 million in sales over the last 12 months. The Redwood City, CA-based company plans to list on the NASDAQ under the symbol FUEL. Credit Suisse and Citi are the joint bookrunners on the deal.
ROI Acquisition Corp II (ROIQU), a blank check company focused on acquiring businesses in the consumer products, retail, and restaurant industries, plans to raise $125 million by offering 12.5 million shares at a price range of $10.00 to $10.00. At the midpoint of the proposed range, ROI Acquisition Corp II would command a market value of $156 million. ROI Acquisition Corp II was founded in 2013. The New York, NY-based company plans to list on the NASDAQ under the symbol ROIQU. Deutsche Bank is the lead bookrunner on the deal.
Volaris Aviation Holding (VLRS), a Mexican airline that provides low-cost service to 30 Mexican and 10 US cities, plans to raise $375 million by offering 28.8 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Volaris Aviation Holding would command a market value of $1.3 billion. Volaris Aviation Holding, which was founded in 2005, booked $1.0 billion in sales over the last 12 months. The Mexico City, Mexico-based company plans to list on the NYSE under the symbol VLRS. Deutsche Bank, Morgan Stanley and UBS Investment Bank are the joint bookrunners on the deal. (Please note: Dual listing on the NYSE and Mexican Stock Exchange. Filed with SEC under the name Controladora Vuela Compañía de Aviación.)
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. OCI Resources LP (OCIR), the North American soda ash production business of Korea's OCI Chemical ended down 5% from its IPO price.
