As always, the US IPO market begins the third quarter with a hush, as millions of Americans turn their attention from the pop of IPOs to the pop of fireworks. Just one biotech, a holdover from last week, is on the IPO calendar to raise $125 million in the week ahead.
| US IPO Calendar - Week of July 3 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Bookrunners |
| Akcea Therapeutics Cambridge, MA |
AKCA Nasdaq |
$125 $692 |
$12 - 14 9,620,000 |
Cowen & Co. Stifel Wells Fargo |
| Late-stage biotech developing therapies for rare lipid disorders. | ||||
Akcea Therapeutics (AKCA), which was originally scheduled to price this past Thursday, will again attempt its $125 million IPO in the week ahead. Being spun out of Ionis Pharmaceuticals (Nasdaq: IONS), Akcea has completed a Phase 3 trial for a rare lipid disease, hoping that a successful launch will enable it to target broader cardiovascular diseases. Partner Novartis will invest up to $50 in a concurrent private placement at the IPO price, but only if Akcea raises over $100 million in its offering.
Possible 3Q17 IPOs
July is often a relatively active month for IPO pricings. While the 2Q ended with a below-average number of IPOs on file, that number can quickly change, and our 2Q17 US IPO Review contains a number of deals we expect to launch in the coming months. These include US airline Frontier Group (FRNT), yoga studio chain YogaWorks (YOGA) and marketing firm Advantage Solutions (ADV). Online real estate company Redfin (RDFN) filed for a $100 million IPO on Friday, ahead of a possible July listing.
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