Of seven initial public offerings (IPOs) scheduled for last week, four priced and began trading, two postponed their planned IPOs, and one will remain on the calendar listed as day-to-day.
The big IPO news last week was Snap Inc.'s initial filing for an IPO of some $3 billion at a market value of $18.3 billion according to a note from Manhattan Venture Research. The company said it estimates 2017 sales of around $1 billion and is hoping for a valuation nearer $25 billion. It's early days yet on this one.
Of the four IPOs that hit the public markets, Kimball Royalty Properties LP (KRP) raised $90 million with a 15% jump on its first day of trading after pricing the IPO 10% below the expected range, and Invitation Homes Inc. (INVH) raised $1.54 billion but traded flat on its first day after pricing slightly above the midpoint of its expected range.
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Ramaco Resources Inc. (METC) raised $81 million after pricing at the midpoint of its expected range, but, like Invitation Homes, got no first day pop. Laureate Education Inc. (LAUR) upsized the share offering and lowered the price to $14 a share, well below the expected range. Shares closed their first day's trading down 5.4%.
Braeburn Pharma and Singapore-based IC Power Ltd. postponed their planned IPOs.
Through the week ending January 27, IPO ETF manager Renaissance Capital reported that 11 IPOs have priced in the U.S. so far this year, compared with none a year ago. Total proceeds raised through last week equaled $4.3 billion. For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 billion. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.
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In the coming week, four firms are planning IPOs: two REITs, a Dutch packaging firm, and a building materials supplier.
Here's a look at the companies scheduled to test the market this week:
Mauser Group NV is a Netherlands-based supplier of rigid packaging products and services for industrial use. The company plans to offer 12.6 million shares to raise $265 million at an implied market cap of $1 billion. Joint bookrunners for the offering are BofA/Merrill Lynch, Citi, Credit Suisse, Baird, Deutsche Bank, and Jefferies. Co-managers are BNP Paribas, ING, Natixis, and Nomura Securities. Shares are expected to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol MSR.