The following IPOs are expected to price this week:
City Office REIT (CIO), a REIT formed to acquire and operate office properties in the US, plans to raise $100 million by offering 6.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, City Office REIT would command a market value of $190 million. City Office REIT, which was founded in 2013, booked $20 million in sales over the last 12 months. The Vancouver, Canada-based company plans to list on the NYSE under the symbol CIO. Janney Montgomery Scott, Wunderlich Securities and Oppenheimer & Co. are the joint bookrunners on the deal.
Leju Holdings (LEJU), a Chinese online-to-offline real estate information and services platform, plans to raise $195 million by offering 17.7 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Leju Holdings would command a market value of $1.6 billion. Leju Holdings, which was founded in 2008, booked $335 million in sales over the last 12 months. The Beijing, China-based company plans to list on the NYSE under the symbol LEJU. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
Moelis & Company (MC), a global independent investment bank and financial advisor, plans to raise $201 million by offering 7.3 million shares at a price range of $26.00 to $29.00. At the midpoint of the proposed range, Moelis & Company would command a market value of $1.6 billion. Moelis & Company, which was founded in 2007, booked $411 million in sales over the last 12 months. The New York, NY-based company plans to list on the NYSE under the symbol MC. Goldman Sachs, Morgan Stanley, Moelis & Company and J.P. Morgan are the joint bookrunners on the deal.
Opus Bank (OPB), a California-chartered regional commercial bank, plans to raise $187 million by offering 5.8 million shares at a price range of $31.00 to $34.00. At the midpoint of the proposed range, Opus Bank would command a market value of $1.1 billion. Opus Bank, which was founded in 2010, booked $145 million in sales over the last 12 months. The Irvine, CA-based company plans to list on the NASDAQ under the symbol OPB. J.P. Morgan, Credit Suisse, Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal.
Paycom Software (PAYC), which provides on-demand payroll and human capital management software, plans to raise $126 million by offering 6.6 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, Paycom Software would command a market value of $1.1 billion. Paycom Software, which was founded in 1998, booked $108 million in sales over the last 12 months. The Oklahoma City, OK-based company plans to list on the NYSE under the symbol PAYC. Barclays and J.P. Morgan are the joint bookrunners on the deal.
Quotient (QTNT), which is developing a comprehensive diagnostic test for blood grouping and disease screening, 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, Quotient would command a market value of $225 million. Quotient, which was founded in 2007, booked $19 million in sales over the last 12 months. The Midlothian, United Kingdom-based company plans to list on the NASDAQ under the symbol QTNT. UBS Investment Bank, Baird and Cowen & Company are the joint bookrunners on the deal.
Sabre (SABR), which operates the second-largest Global Distribution System for the travel industry, plans to raise $850 million by offering 44.7 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, Sabre would command a market value of $4.9 billion. Sabre, which was founded in 1996, booked $3.0 billion in sales over the last 12 months. The Southlake, TX-based company plans to list on the NASDAQ under the symbol SABR. Morgan Stanley, Goldman Sachs, BofA Merrill Lynch and Deutsche Bank are the joint bookrunners on the deal.
Sportsman's Warehouse (SPWH), a largest outdoor sporting goods specialty retailer in the Western US, plans to raise $150 million by offering 12.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Sportsman's Warehouse would command a market value of $510 million. Sportsman's Warehouse was founded in 1986. The Midvale, UT-based company plans to list on the NASDAQ under the symbol SPWH. Credit Suisse and Goldman Sachs are the joint bookrunners on the deal.
TriVascular Technologies (TRIV), which markets the smallest and most versatile stent grafts for endovascular aortic repair, plans to raise $91 million by offering 6.5 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, TriVascular Technologies would command a market value of $284 million. TriVascular Technologies, which was founded in 1998, booked $20 million in sales over the last 12 months. The Santa Rosa, CA-based company plans to list on the NASDAQ under the symbol TRIV. J.P. Morgan and Credit Suisse are the joint bookrunners on the deal.
Vital Therapies (VTL), which is developing bio-artificial liver cells for treatment of acute liver failure, plans to raise $63 million by offering 4.5 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Vital Therapies would command a market value of $319 million. Vital Therapies was founded in 2003. The San Diego, CA-based company plans to list on the NASDAQ under the symbol VTL. BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal. (Revised terms on 4/7/14. Previously planned to offer 4.4mm shares at $16-$18.)
Weibo (WB), China's largest microblogging service, plans to raise $360 million by offering 20.0 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Weibo would command a market value of $4.0 billion. Weibo, which was founded in 2009, booked $188 million in sales over the last 12 months. The Beijing, China-based company plans to list on the NASDAQ under the symbol WB. Goldman Sachs, Credit Suisse, Morgan Stanley and Piper Jaffray 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 10 IPO pricings. Zoe's Kitchen (ZOES), which operates 113 fast-casual restaurants serving Mediterranean-inspired comfort food, was the week's winner, ending up 65% from its IPO price.
