Two small deals are are on the calendar for the holiday week ahead, including Chinese education provider Ambow Education and development stage medical device company Hancock Jaffe Laboratories. Both are holdovers from the prior week.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Ambow Education (AMBO) Beijing, China |
$6M $85M |
$3.50 - $4.50 1,500,000 |
Benchmark |
| Provides education, test prep and IT career training services in China. | |||
| Hancock Jaffe Labs (HJLI) Irvine, CA |
$8M $71M |
$6 - $8 1,142,857 |
Network 1 |
| Developing bioprosthetic devices for cardiovascular surgeries. | |||
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Chinese education and test prep provider Ambow Education (AMBO) plans to raise $6 million at an $85 million valuation. In 2010, the Beijing, China-based company raised $107 million in a US IPO, but was later delisted; it currently trades by appointment on the OTC markets under the symbol AMBOY.
Hancock Jaffe Laboratories (HJLI), which is developing implantable devices for cardiovascular diseases, plans to raise $8 million at a $71 million valuation. The company develops and manufactures implantable cardiovascular bioprosthetic devices for patients with cardiovascular disease, peripheral arterial and venous disease and end stage renal disease.
Six or More IPOs Can Launch, Kicking Off an Active June
Six companies will become eligible to launch their deals in the upcoming week, including cloud-based software providers Avalara (AVLR) and Adaptive Insights (ADIN), warehouse club operator BJ's Wholesale Club (BJ) and Taiwan-based live music streaming platform M17 Entertainment (YQ).
| 6 Recent Filings Could Launch in the Coming Weeks | ||||
|---|---|---|---|---|
| Issuer Business |
Estimated Deal Size |
Sector | Able to Launch |
Lead Underwriter |
| M17 Entertainment (YQ) | $115M | Technology | Tuesday, 5/29/18 |
Citi |
| Taiwan-based live music streaming platform and dating app. | ||||
| Avalara (AVLR) | $150M | Technology | Monday, 5/29/18 |
Goldman Sachs |
| Cloud-based sales tax and compliance solutions provider. | ||||
| MeiraGTx Holdings (MGTX) | $86M | Health Care | Monday, 5/29/18 |
BofA Merrill Lynch |
| Developing gene therapies for disorders of the eye and salivary gland. | ||||
| SharedLabs (SHLB) | $27M | Technology | Wednesday, 5/30/18 |
ThinkEquity |
| Provides outsourced IT services. | ||||
| BJ's Wholesale Club (BJ) | $400M | Consumer Staples |
Friday, 6/1/18 |
BofA Merrill Lynch |
| Warehouse membership club operating over 215 stores across the East Coast. | ||||
| Adaptive Insights (ADIN) | $100M | Technology | Friday, 6/1/18 |
Morgan Stanley |
| Provides cloud-based software for financial planning. | ||||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has returned 3.3% year-to-date, while the S&P 500 is up 2.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Snap (SNAP). The Renaissance International IPO Index is down -1.1% year-to-date, while the ACWX is down -0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and Samsung BioLogics.
