The following IPOs are expected to price this week:
Ardelyx (ARDX), a biotech developing small molecule treatments for kidney and gastrointestinal diseases, 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, Ardelyx would command a market value of $252 million. Ardelyx, which was founded in 2007, booked $31 million in sales over the last 12 months. The Fremont, CA-based company plans to list on the NASDAQ under the symbol ARDX. Citi and Leerink Partners are the joint bookrunners on the deal.
Century Communities (CCS), a single-family homebuilder primarily in Colorado, as well as Texas and Nevada, plans to raise $110 million by offering 4.5 million shares at a price range of $23.00 to $26.00. At the midpoint of the proposed range, Century Communities would command a market value of $526 million. Century Communities, which was founded in 2002, booked $287 million in sales over the last 12 months. The Greenwood Village, CO-based company plans to list on the NYSE under the symbol CCS. FBR Capital Markets, J.P. Morgan and Deutsche Bank are the joint bookrunners on the deal.
Eclipse Resources (ECR), an oil and natural gas E&P operating in the Appalachian Basin, plans to raise $864 million by offering 30.3 million shares at a price range of $27.00 to $30.00. At the midpoint of the proposed range, Eclipse Resources would command a market value of $4.6 billion. Eclipse Resources, which was founded in 2010, booked $45 million in sales over the last 12 months. The State College, PA-based company plans to list on the NYSE under the symbol ECR. Citi, Goldman Sachs, Morgan Stanley and Barclays are the joint bookrunners on the deal.
Foresight Energy LP (FELP), an Illinois Basin coal producer backed by billionaire Christopher Cline, plans to raise $350 million by offering 17.5 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, Foresight Energy LP would command a market value of $2.6 billion. Foresight Energy LP, which was founded in 2005, booked $968 million in sales over the last 12 months. The St. Louis, MO-based company plans to list on the NYSE under the symbol FELP. Barclays, Citi, Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal.
Kite Pharma (KITE), a biotech developing an immunotherapy cancer treatment, plans to raise $78 million by offering 6.0 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Kite Pharma would command a market value of $548 million. Kite Pharma, which was founded in 2009, booked $0 million in sales over the last 12 months. The Santa Monica, CA-based company plans to list on the NASDAQ under the symbol KITE. Jefferies & Co., Credit Suisse and Cowen & Company are the joint bookrunners on the deal.
Markit (MRKT), the largest provider of bond information and derivatives trade processing, plans to raise $1.1 billion by offering 45.7 million shares at a price range of $23.00 to $25.00. At the midpoint of the proposed range, Markit would command a market value of $4.4 billion. Markit, which was founded in 2003, booked $980 million in sales over the last 12 months. The London, United Kingdom-based company plans to list on the NASDAQ under the symbol MRKT. BofA Merrill Lynch, Barclays, Citi and Credit Suisse are the joint bookrunners on the deal.
Microlin Bio (MCLB), a diagnostic and therapeutics biotech focusing on microRNA and its role in oncology, plans to raise $30 million by offering 2.7 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Microlin Bio would command a market value of $76 million. Microlin Bio, which was founded in 2013, 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 MCLB. Brean Capital and Summer Street Research Partners are the joint bookrunners on the deal.
Parnell Pharmaceuticals Holdings (PARN), an Australian maker of osteoarthritis and reproductive drugs for dogs, horses and cows, plans to raise $65 million by offering 3.6 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Parnell Pharmaceuticals Holdings would command a market value of $207 million. Parnell Pharmaceuticals Holdings, which was founded in 1986, booked $12 million in sales over the last 12 months. The Alexandria, Australia-based company plans to list on the NASDAQ under the symbol PARN. Jefferies & Co. and Piper Jaffray are the joint bookrunners on the deal.
Syndax Pharmaceuticals (SNDX), a late-stage biotech developing a novel therapy for treatment-resistant breast cancer, plans to raise $60 million by offering 4.3 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Syndax Pharmaceuticals would command a market value of $179 million. Syndax Pharmaceuticals, which was founded in 2005, booked $0 million in sales over the last 12 months. The Waltham, MA-based company plans to list on the NASDAQ under the symbol SNDX. Deutsche Bank and Jefferies & Co. are the joint bookrunners on the deal.
Viper Energy Partners LP (VNOM), an oil and gas E&P in the Permian Basin spun out of Diamondback Energy, plans to raise $100 million by offering 5.0 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, Viper Energy Partners LP would command a market value of $1.5 billion. Viper Energy Partners LP, which was founded in 2013, booked $31 million in sales over the last 12 months. The Midland, TX-based company plans to list on the NASDAQ under the symbol VNOM. Barclays, Credit Suisse and Wells Fargo Securities are the joint bookrunners on the deal.
Zafgen (ZFGN), a biotech developing a treatment for severe obesity and hunger-related disorders, 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, Zafgen would command a market value of $330 million. Zafgen was founded in 2005. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol ZFGN. Leerink Partners and Cowen & Company are the joint bookrunners on the deal.
ZS Pharma (ZSPH), a late-stage biotech developing a treatment for excess potassium (hyperkalemia), plans to raise $80 million by offering 5.0 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, ZS Pharma would command a market value of $351 million. ZS Pharma, which was founded in 2008, booked $0 million in sales over the last 12 months. The Coppell, TX-based company plans to list on the NASDAQ under the symbol ZSPH. J.P. Morgan and Credit Suisse 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 7 IPO pricings. Abengoa Yield (ABY), which owns renewable and conventional power and electric transmission assets, was the week's winner, ending up 28% from its IPO price.
