The following IPOs are expected to price this week:
Applied Optoelectronics (AAOI), a leading fiber-optic networking products provider, plans to raise $50 million by offering 3.6 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Applied Optoelectronics would command a market value of $182 million. Applied Optoelectronics, which was founded in 1997, booked $69 million in sales over the last 12 months. The Sugar Land, TX-based company plans to list on the NASDAQ under the symbol AAOI. Raymond James and Piper Jaffray are the joint bookrunners on the deal.
Covisint (COVS), which provides a data sharing platform primarily to the auto and health care industries, plans to raise $64 million by offering 6.4 million shares at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Covisint would command a market value of $395 million. Covisint, which was founded in 2000, booked $94 million in sales over the last 12 months. The Detroit, MI-based company plans to list on the NASDAQ under the symbol COVS. Credit Suisse, Pacific Crest and Evercore Partners are the joint bookrunners on the deal.
Enzymotec (ENZY), which develops lipid-based nutritional ingredients and medical foods, plans to raise $75 million by offering 4.4 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Enzymotec would command a market value of $391 million. Enzymotec, which was founded in 1998, booked $51 million in sales over the last 12 months. The Migdal Ha'Emeq, Israel-based company plans to list on the NASDAQ under the symbol ENZY. BofA Merrill Lynch and Jefferies & Co. are the joint bookrunners on the deal.
Evoke Pharma (EVOK), which is developing drugs to treat gastrointestinal disorders and diseases, plans to raise $27 million by offering 2.1 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Evoke Pharma would command a market value of $75 million. Evoke Pharma, which was founded in 2007, booked $0 million in sales over the last 12 months. The San Diego, CA-based company plans to list on the NASDAQ under the symbol EVOK. Aegis Capital is the lead bookrunner 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.
Foundation Medicine (FMI), which offers diagnostic cancer analyses that provide patient specific data for physicians, plans to raise $75 million by offering 5.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Foundation Medicine would command a market value of $421 million. Foundation Medicine, which was founded in 2009, booked $19 million in sales over the last 12 months. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol FMI. Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal.
Montage Technology Group (MONT), a China-based fabless provider of chips for set-top boxes and memory computing, plans to raise $92 million by offering 7.1 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Montage Technology Group would command a market value of $364 million. Montage Technology Group, which was founded in 2004, booked $90 million in sales over the last 12 months. The Shanghai, China-based company plans to list on the NASDAQ under the symbol MONT. Deutsche Bank, Barclays and Stifel are the joint bookrunners on the deal.
Ophthotech (OPHT), a clinical-stage biotech developing novel therapeutics for eye diseases, plans to raise $100 million by offering 5.7 million shares at a price range of $16.00 to $19.00. At the midpoint of the proposed range, Ophthotech would command a market value of $494 million. Ophthotech, which was founded in 2007, booked $0 million in sales over the last 12 months. The New York, NY-based company plans to list on the NASDAQ under the symbol OPHT. Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal.
Pattern Energy Group (PEGI), which owns and operates eight wind power projects in the US, Canada and Chile, plans to raise $320 million by offering 16.0 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, Pattern Energy Group would command a market value of $1.0 billion. Pattern Energy Group, which was founded in 2009, booked $154 million in sales over the last 12 months. The San Francisco, CA-based company plans to list on the NASDAQ under the symbol PEGI. BMO Capital Markets, RBC Capital Markets and Morgan Stanley are the joint bookrunners on the deal. (Please note: Dual listing on the NASDAQ and the Toronto Stock Exchange.)
Premier (PINC), a member-owned healthcare alliance offering supply chain and performance services, plans to raise $690 million by offering 28.2 million shares at a price range of $23.00 to $26.00. At the midpoint of the proposed range, Premier would command a market value of $3.4 billion. Premier, which was founded in 1996, booked $869 million in sales over the last 12 months. The Charlotte, NC-based company plans to list on the NASDAQ under the symbol PINC. J.P. Morgan, BofA Merrill Lynch and Wells Fargo Securities are the joint bookrunners on the deal.
RingCentral (RNG), which provides cloud-based phone systems to small businesses, plans to raise $90 million by offering 7.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, RingCentral would command a market value of $808 million. RingCentral, which was founded in 1999, booked $136 million in sales over the last 12 months. The San Mateo, CA-based company plans to list on the NYSE under the symbol RNG. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal.
Tecogen (TGEN), which sells and services commercial natural gas-powered cogeneration systems, plans to raise $20 million by offering 3.0 million shares at a price range of $5.50 to $7.50. At the midpoint of the proposed range, Tecogen would command a market value of $113 million. Tecogen, which was founded in 2000, booked $15 million in sales over the last 12 months. The Waltham, MA-based company plans to list on the NASDAQ under the symbol TGEN. Northland Securities and Scarsdale Equities are the joint bookrunners on the deal.
Violin Memory (VMEM), which manufactures enterprise flash-based storage arrays, plans to raise $162 million by offering 18.0 million shares at a price range of $8.00 to $10.00. At the midpoint of the proposed range, Violin Memory would command a market value of $874 million. Violin Memory, which was founded in 2005, booked $95 million in sales over the last 12 months. The Mountain View, CA-based company plans to list on the NYSE under the symbol VMEM. J.P. Morgan, Deutsche Bank, BofA Merrill Lynch and Barclays 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.
