IPOs, Initial Public Offerings: pre & post IPO

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Friday, Nov 7, expected openings posted about 10 minutes before trading

Nasdaq

  • Freshpet (FRPT) Priced at $14, range top. Will be released on NASDAQ today for quotation at 9:45 ET and trading at approximately 10:00am eastern.  Expected to open at $19.35.  Opens at $19.75
  • Triumph Bancorp (TBK) Priced at $12, 20% below midrange. Will be released on NASDAQ today for quotation at 10:35 ET and trading at approximately 10:50am eastern.  Expected to open at $12.  Opens at $12.18
  • INC Research Holdings (INCR) Priced at $18.50, midrange. Will be released on NASDAQ today for quotation at 11:00 ET and trading at approximately 11:15am eastern.  Expected to open at $20.16

Joint Corp (JYNT) next week
Sky Solar Holdings, Ltd. (SKYS) postponed

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CNBC interviews Gaskins

  • Can KING Digital pick itself up after poor Q2 profits?
  • See Gaskins' comments here

Performance check:

Friday, July 25
LOCO  recommendation.  Nibble around $19+.  Doubled in the next week. 
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Analyst Reports/Lockups

Oct/Nov analyst reports expected             Oct/Nov lockup expiration dates

Quiet period explained                               Lockup date explained

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ARCHIVES

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Nov 10 wk:  AXTA    EHIC    FGEN    LMRK    NAP    NDRM    PLPD    PRAH    SXB    VA
(reports in process of posting)
$2bb of new IPO recommendations posted, $181mm remaining

Ratings subject to change, depending on market conditions & further research
IPO Calendar Manager Exp    Price Range Est$ Exptd Smry
. . shares . . IPO size date
. . . . . ($mm)
Week of Nov 10
ranked by IPO size
Coating Systems . . . . . . Neutral, C, 6.5
Axalta Coating Systems Ltd (AXTA) Citigroup; Goldman; Deutsche; J.P. Morgan; BofA Merrill; Barclays; Credit; Morgan 45 $18 $21 $878 Wed 100% to shareholders
. . . . . . . P/E 38, price-to-sales 1.0
. . . . . . . Rev  +3%, gross profit +12%
. . . . . . . 8.2% operating profit, 2.7% after-tax profit
. . . . . . . Operating profit +45%, proforma, means the PE firm has squeezed the income statement pre-IPO
Contract research . . . . . . Neutral, C, 7
PRA Health Sciences (PRAH) Jefferies; Citigroup; KKR; UBS; Credit; Wells Fargo 18.6 $20 $23 $400 Thurs Annualized rev growth of 105% based on Sept '13 acquisition
. . . . . . . P/E of -71
. . . . . . . Per share dilution -$38, 77% higher than IPO price
. . . . . . . Price-to-tangible bk of -1.3
. . . . . . . Pre-IPO debt/equity ratio is 1.3, means high interest payments
. . . . . . . Price-to-bk of 1.7
Low cost airline . . . . . . Neutral plus
Virgin America (VA) Barclays; Deutsche 13.3 $21 $24 $299 Fri Rev +5%
. . . . . . . P/E of 13
. . . . . . . Price-to-book 2.1
. . . . . . . Operating income +51%
. . . . . . . Aircraft fuel -1%, lower oil prices expected to be a plus
Oil tanker LP . . . . . . Neutral plus
Navios Maritime Midstream Partners LP (NAP) BofA Merrill; Citigroup; J.P. Morgan 8.1 $19 $21 $162 Thurs Expected yield of 8.25%
. . . . . . . Key strenghs wth NM and NNA
. . . . . . . Price-to-fk of .8, price-to-tangible bk of 1.8
Car service/rental in China . . . . . . Neutral, C, 7
eHi Car Services Ltd (EHIC) J.P. Morgan; Goldman (Asia) 10 $12 $14 $130 Fri 6x sales, still losing money, P/E  of -112
. . . . . . . rev +48%
. . . . . . . Price-to-book is 1.8
Biopharma . . . . . . Neutral plus
FibroGen (FGEN) Goldman; Citigroup; Leerink 7.1 $16 $19 $124 Fri Rev +35%. 87% of rev from licenses/milestone  paymnts
. . . . . . . Almost breakeven
. . . . . . . Price-to-bk of 4
. . . . . . . AstraZeneca, collaboration prtnr, to buy $20mm private placement on closing
. . . . . . . One product in Phase 3, one in Phase 2
Pharma . . . . . . in process
NeuroDerm, Ltd. (NDRM) Jefferies; Cowen 4.5 $13 $16 $65 Thurs
Real estate . . . . . . in process
Landmark Infrastructure Partners LP (LMRD) Baird; Raymond James; RBC 3 $19 $21 $60 Fri
Bio[harma . . . . . . in process
S1 Biopharma (SXB) MLV & Co. LLC 2.8 $12 $14 $36 wk of
Specialy pharma . . . . . . in process
PolyPid Ltd. (PLPD) Aegis Capital 1.8 $10 $12 $20 Fri

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Nov 3wk, 11 new:  AM    CHRS    FRPT    INCR   JAGX    JYNT   NVRO    RADB    SKYS    TBK   UPLD

Thurs, Nov 6:  UPLD priced at $12 range bottom.  Expected to open at $12.  Opened at $11, traded down.  Probably expected to have a not good Dec qtr.

Tuesday, Nov 4:  XENE to price tonight.  Priced at $9, 25% below mid-range.  Postponed from Oct 13wk, a down stock market week.

Monday, Nov 3: demand is tightening for CHRS, NVRO and RADB which have been upgraded to neutral plus from neutral.
CHRS opened & traded late, not a good sign.

.

Ratings subject to change, depending on market conditions & further research
IPO Calendar Manager Exp    Price Range Est$ Exptd Smry
. . shares . . IPO size date
. . . . . ($mm)
Week of Nov 3
ranked by IPO size
Midstream energy assets . . . . . . Positive, C+, 7
Antero Midstream Partners LP (AM) Priced at $25, 25% above mid-range, 40mm shrs Barclays; Citigroup; Wells Fargo Securities 37.5 $19 $21 $750 Wed Projected yld of 3.4%
. . . . . . . Non public stock 100% owned by AR, $13bb mrk cap
. . . . . . . 308% projected rev growth
Clinical development  for biopharmaceutical & medical devices . . . . . . Neutral plus, C+,7
INC Research Holdings (INCR) Priced at $18.50, midrange Goldman Sachs; Credit Suisse 8.1 $17 $20 $150 Fri Top line service rev up 25%
. . . . . . . On a proforma basis profitable for Sept 9 mos
. . . . . . . Priced at a discount to Q
Non-US solar distributor . . . . . . Avoid, C, 5.5
Sky Solar Holdings, Ltd. (SKYS) postponed FBR;  Cowen 12.5 $10 $12 $138 Fri Losing related party revenue
. . . . . . . Sales down -35%
. . . . . . . Japan not accepting new applications
Fresh foods for dogs & cats . . . . . . Neutral plus, C, 7
Freshpet (FRPT)  Priced at $14, range top Goldman Sachs; Credit Suisse 10.4 $12 $14 $135 Fri Sept rev +56% based on acquisition
. . . . . . . Distribution in 13,000 stores, most of the majors
. . . . . . . Market potential of 35,000 stores
. . . . . . . June 6 mos P/E of -27 adjusted loss
Financial holding co . . . . . . Neutral
Triumph Bancorp (TBK)  Priced at $12, 20% below midrange Sandler Oneill; Evercore Group; Wells Fargo 6.7 $14 $16 $101 Fri P/E pf 13.1
. . . . . . . 1.1 times book
. . . . . . . Price to net interest income of 3.9
Medical device . . . . . . Neutral,C, 6.5
Nevro (NVRO)  Priced at $18 midrange J.P. Morgan; Morgan Stanley 6.3 $15 $17 $101 Thurs Has overseas presence
. . . . . . . Introducing product in US
. . . . . . . Rev +28%
. . . . . . . Gross profit +30%
. . . . . . . Lost -102% of rev
. . . . . . . P/E of -12, Price to book of 2.6
Blank ch co . . . . . . (*)
Harmony Merger (HRMNU) Cantor Fitzgerald & Co. 10 $10 $10 $100 wk of
(*) no operations to analyze
Direct selling/micro-enterprise . . . . . . Traded on OTC
CVSL (CVSL) Cantor Fitzgerald; JMP Securities; Janney Montgomery Scott 6.7 $13 $13 $87 Wed
Not an IPO
Clinical biologics platform . . . . . . Neutral, C, 6
Coherus BioSciences (CHRS)  Priced at $13.50 midrange, opened late & traded down J.P. Morgan; Credit Suisse 6.3 $12 $15 $85 Thurs Very competitive market
. . . . . . . 4,7 price to book
. . . . . . . Accumulated deficit of -$148mm
. . . . . . . Six month reported loss was -$50mm, Operating loss of -$32mm
Bank hollding co . . . . . . Neutral, C+, 6.5
Radius Bancorp (RADB) postponed Baird; Sandler O’Neill 5 $11.8 $13.8 $64 Thurs P/E of 27
. . . . . . . 1 times book
. . . . . . . Price to net interest income of 3.6
. . . . . . . Bank conversion, selling 91% on the IPO
Cloud-based enterprise work management software. . . . . . . Positive, C, 7
Upland Software (UPLD) Priced at $12 range bottom.  Opened late, trade down, may be expecting bad Dec qtr William Blair/ Raymond James 3.9 $12 $14 $51 Thurs Small cloud software co
. . . . . . . Rev up 70% for June 6 mos
. . . . . . . Loss dropped to -$2.4 for Q3
. . . . . . . Deferred rev is 63% of sales
. . . . . . . Price to sales of 2.9
Gastrointestinal products for animals . . . . . . Neutral, C, 5
Jaguar Animal Health JAGX) postponed BMO; Guggenheim Securities 5 $7 $9 $40 Wed Introducing new product for diatrectic dogs
. . . . . . . No rev, P/E of -10.3
Chiropractic clinic franchisor . . . . . . Neutral, C, 6.5
Joint Corp. (JYNT) Roth; Feltl 3 $9 $11 $30 Fri Top line rev +15%
. . . . . . . Franchise rev -28%
. . . . . . . 14 times rev
. . . . . . . -8% loss

.

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Oct 27wk, new IPOs:  BOOT     SHLX     SIEN

Tues, Oct 28:  institutional investors like BOOT's potential growth to 400 stores, in spited of the negatives.  BOOT is worth a shot on the IP

Ratings subject to change, depending on market conditions & further research
IPO Calendar Manager Exp    Price Range Est$ Exptd Smry
. . shares . . IPO size date
. . . . . ($mm)
Week of Oct 27
ranked by IPO size
Oil & refined products midstream, NYSE . . . . . . Positive, C+, 7
Shell Midstream Partners, L.P. (SHLX) Barclays/ Citigroup/ Morgan Stanley/ UBS Investment Bank 37.5 $19 $21 $750 Wed SHLX's general partner is Shell's principal mid-stream sub in the US
. . . . . . . SHLX's partnership is a growth vehicle for Shell's US midstream assets
. . . . . . . Projected yield for Sept '15 12 mos is 3.25%, at $20
Western retail, NYSE . . . . . . Neutral plus,C+, 7
Boot Barn Holdings (BOOT) J.P. Morgan/ Piper Jaffray/ Jefferies 5 $14 $16 $75 Thurs 67 P/E based on annualizing June qtr, seems high
. . . . . . . Dilution of $-16.74 more than IPO mid-range of $15
. . . . . . . Rev rate of change slowed in Sept  qtr
. . . . . . . +12% Sept qtr; +28 June 6 mos compared to year earlier results
. . . . . . . Same store sales increase of 7%
. . . . . . . 158 stores, 400 potential
Breast & other implants ,Nasdaq . . . . . . Neutral, C, 6.5
Sientra (SIEN) Piper Jaffray/ Stifel 5 $14 $16 $75 Thurs P/E of -89 annualizing June 6 mos
. . . . . . . Rev +23%, gross profit 72%
. . . . . . . Operating expenses 83% of rev
. . . . . . . 2.4 times book
. . . . . . . No  patents
Blank check co
Harmony Merger (HRMNU) Cantor Fitzgerald & Co. 10 $10 $10 $100 Thurs (*)
(*) nothing to analyze

 

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Oct 20wk:  ABCW   CAPNU    FSAM    PRTO    STIM

Ratings subject to change, depending on market conditions & further research
IPO Calendar Manager Exp    Price Range Est$ Exptd Smry
. . shares . . IPO size date
. . . . . ($mm)
Week of Oct 20
ranked by IPO size
Alternative asset mgr . . . . . . Neutral, C+, 6.5
Fifth Street Asset Management (FSAM) Postponed Morgan Stanley/ J.P. Morgan/ Goldman Sachs/ RBC Capital Markets/ Credit Suisse 8 $24 $26 $200 Wed Proceeds to founding shareholder.
. . . . . . . Per share dilution same as IPO price
. . . . . . . 4.8% yield on class A stock
. . . . . . . Dual stock structure, class A has 3.8% of votes
. . . . . . . P/E of 29, price-to-book 35
Biopharma . . . . . . Neutral, C, 6.5
Proteon Therapeutics (PRTO) Price at $10, 23% below mid-range Stifel/ JMP Securities 4.7 $12 $14 $61 Wed Targets kidney failure
. . . . . . . Initiated 2 Phase 3 trials
. . . . . . . Price-to-book 2.4
. . . . . . . P/E -17, no revenue
. . . . . . . Stockholders indicate interest in $30mm, 50% of the IPO
Medical device . . . . . . Neutral, C, 5.5
EndoStim (STIM) Postponed Wedbush PacGrow 3.2 $10 $12 $35 Thurs 2.4 times book
. . . . . . . Small rev, large losses
. . . . . . . No stockholder interest in the IPO
Bank Neutral, C+, 6.5
Anchor BanCorp Wisconsin (ABCW) Priced at $26, mid-range Sandler ONeill & Partners/ Baird 0.4 $25 $27 $10 wk of Rev -12%
. . . . . . . Price-to-book of 1.1
. . . . . . . P/E of 27
. . . . . . . Only selling 4% on the IPO
Medical diagnostics
Capnia (CAPNU) Maxim Group LLC 1.9 $6.5 $6.5 $12 wk of Neutral, C,
. . . . . . . No revenue
. . . . . . . High cash burn rate relative to market cap, indicated by P/E of -6
. . . . . . . Price-to-book of 4.3
. . . . . . . Warrants priced at $5
Not an IPO
Electronic Cigarettes International Group, Ltd. (ECIG) Wells Fargo Securities/ Canaccord Genuity 33.3 $4.2 $4.2 $139 Fri (*)
(*) has traded OTC symbol ECIG
Not an IPO
DBV Technologies S.A. (DBV) Citigroup; Leerink; Bryan, Garnier 4.3 $23 $23 $99 Wed (*)
(*) Listed on Euronext Paris, ticker DBV

.

Day-to-day:  Viking Therapeutics (VKTX), Virobay (VBAY)

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Disclaimer:  Our work is based on SEC filings and what we’ve learned as analysts and financial journalists. It may contain errors.  You shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility.  We don’t trade IPOs because that would be an ethical conflict with our service.
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