Three companies are set to close out the 2016 IPO class in the upcoming week. Hotel search aggregator trivago, oil and gas E&P Wildhorse Resource Development and stemcell therapy company TiGenix are set to push the number of IPOs to 105 for the year representing proceeds of $19.5 billion. These are the lowest number of IPOs since 2009 and the lowest amount of proceeds since 2003.
| Renaissance Capital's IPO Calendar - Week of 12/12/2016 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Manager(s) |
| WildHorse Resource Development Houston, TX |
WRD NYSE |
$550 | $19.00 - $21.00 27,500,000 |
Barclays BofA Merrill Lynch BMO Capital Markets |
| Oil and gas E&P backed by Natural Gas Partners operating in TX and LA. | ||||
| trivago Düsseldorf, Germany |
TRVG Nasdaq |
$399 | $13.00 - $15.00 28,527,148 |
J.P. Morgan Goldman Sachs Morgan Stanley |
| Online global hotel search aggregator being spun out of Expedia. | ||||
| TiGenix Leuven, Belgium |
TIG Nasdaq |
$53 | $19.20 - $19.20 2,750,000 |
BofA Merrill Lynch Cowen & Company |
| Developing injectable stem cell therapies for the treatment of perianal fistulas. | ||||
trivago (TRVG), a German startup acquired by Expedia in 2013, trivago operates a leading hotel metasearch website and mobile app that allows users to search and sort room rates across the globe. The company has had significant revenue growth in an increasingly competitive market, and has been break even with that growth.
WildHorse Resource Development (WRD) is backed by PE firm Natural Gas Partners and led by a team from Memorial Resource Development, this oil and gas E&P operates in the Terryville Complex of Lousiana and the Eagle Ford Shale of Texas. Wildhorse is planning on investing in the Eagle Ford and restarting rigs with rebounding oil prices after halting production earlier this year.
TiGenix (TIG) is developing stem cell treatments for perianal fistulas in patients with Crohn's disease. Founded in 2000, TiGenix is hoping to finish Phase III trials in the US after having success with Phase III in Europe. It previously sold its first commercial product in 2014.
Two smaller deals are day-to-day and could price in the next week. Eagleline Acquisition (IGLEU), a health care-focused blank check company looking to raise $150 million and Accelerated Pharma (ACCP) which is developing a chemotherapy optimized by genomic screening hoping to raise $17 million.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 2% year-to-date, while the S&P 500 is up almost 11%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Citizens Financial Group (CFG) and Alibaba (BABA). The Renaissance International IPO Index is down 6% year-to-date, while the ACWX is up 4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Recruit Holdings and Samsung C&T.
