• With the SEC open, a wave of biotech IPOs may try price before mid-February
• Two blank check companies are scheduled to raise a combined $300 million
• Gossamer Bio and New Fortress Energy are set for mid-February IPOs, but could come sooner
IPOs are back in business. The government is fully funded until February 15, which means a wave of IPOs should begin launching on Monday. We expect that wave to be mostly biotechs, based on recent filings, and the fact that investors don't need to see their 4Q18 financials.
Seven sizable ($86m+) biotechs are eligible to begin marketing their IPOs on Monday: Harpoon Therapeutics (HARP), TCR2 Therapeutics (TCRR), Poseida Therapeutics (PSTX), Stealth BioTherapeutics (MITO), Kaleido Biosciences (KLDO), Cirius Therapeutics (CSTX), and Alector (ALEC).
Biotechs seem the most likely, but we could see launches from Rattler Midstream (RTLR), Gateway Casinos & Entertainment (GTWY), Virgin Trains USA (VTUS), Futu Holdings (FHL), and Exeter Finance (XTF).
Two blank check companies are scheduled to list in the week ahead. Led by veteran SPAC manager and NY Islanders co-owner Jon Ledecky, Pivotal Acquisition (PVT.U) is raising $200 million. Colombia-based Andina Acquisition III (ANDAU), led by Luke Weill and Julio Torres, plans to raise $100 million and acquire a target in Latin America.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Andina Acquisition III (ANDAU) Bogota, Colombia |
$100M $129M |
$10 10,000,000 |
Cowen Craig-Hallum |
| Blank check company formed to acquire a business in Latin America. | |||
| Pivotal Acquisition (PVT.U) New York, NY |
$200M $250M |
$10 20,000,000 |
Cantor Fitz. |
| Blank check company led by Jonathan Ledecky targeting the entertainment, logistics, and business tech industries. | |||
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While Gossamer Bio (GOSS) and New Fortress Energy (NFE) are on track to go public in mid-February under the 20-day rule, either company could accelerate the process now that the SEC is re-opening.
