The tide of 2014 initial public offerings (IPO) may be hitting a high-water mark this week with 14 IPOs scheduled to price and begin trading on U.S. markets. According to Renaissance Capital 124 IPOs have priced in the U.S. so far this year, up 57% from a year ago. Total proceeds raised come to $25.8 billion, up almost 41% from 2013. Here’s a look at the coming week’s crop.
Markit Ltd. is a London-based financial information and research firm. The company claims more than 3,000 institutional customers around the world. About half of Markit’s 2013 revenue came from U.S. customers and total worldwide revenue amounted to $762.5 million. The company plans to offer 45.7 million shares on behalf of selling shareholders. Markit will not receive any proceeds from the IPO. Underwriters have a 30-day option on an additional 6.86 million shares.
The expected price range for the shares is $23 to $25 which would raise $1.1 billion for the selling shareholders. Markit’s market cap would be about $4.3 billion at the mid-point of the range. The Canadian Pension Plan Investment Board (CPPIB) has “indicated” an interest in purchasing $450 million of Markit’s common shares at the IPO price, although that is not a firm commitment to purchase the shares. Markit is expected to price shares on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol “MRKT”.
Eclipse Resources Corp. is an independent oil and gas exploration and production company with leases on about 96,000 net acres in the Utica shale play and more than 25,000 in the Marcellus shale play in eastern Ohio. The company is offering 30.3 million shares of which 8.8 are being sold on behalf of selling stockholders. Underwriters have an option on an additional 4.55 million shares from the selling stockholders. Shares are expected to price in a range of $27 to $30 and the total raised is forecast at $863.5 million at the mid-point of that range. Eclipse’s market cap would be about $3.7 billion. Shares are expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol “ECR”.
Bauer Performance Sports Ltd. is maker of sports equipment under brands such as Bauer (hockey) and Easton (baseball and softball). The company will change its name to Performance Sports Group Ltd. before the IPO. The company has not specified either an expected price range or a number of shares to offer but expects gross proceeds of $110 million. Bauer shares already trade on the Toronto Stock Exchange and will also trade on the New York Stock Exchange under the ticker symbol “PSG”.
Other IPOs on tap next week:
Century Communities Inc., a Colorado-based homebuilder, plans to offer 4.5 million shares in a price rage of $23 to $26. Shares are expected to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol “CCS”.
Foresight Energy LP is an Illinois Basin coal mining company that plans to offer 17.5 million common units in a price range of $19 to $21. Shares are expected to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol “FELP”.
Microlin Bio Inc. is a development stage diagnostics and therapeutic company that expects to offer 2.7 million shares in a price range of $10 to $12. The company plans to price the shares on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol “MCLB”.
Parnell Pharmaceuticals Holdings Ltd. is an Australian firm that makes and sells animal health products and plans to sell 3.6 million shares in an IPO price range of $17 to $19. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol “PARN”.
Signal Genetics Inc. is an emerging commercial stage molecular diagnostic firm that is offering 1.5 million shares in an expected IPO range of $10 to $12. The IPO was delayed from last week. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol “SGNL”.
Viper Energy Partners LP is an oil and gas exploration MLP being spun out of Diamondback Energy Inc. (FANG). Viper plans to issue 5 million common units in an expected price range of $19 to $21. Units are set to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol “VNOM”.
ZS Pharma Inc. is a development stage biopharmaceutical company that plans to offer 5 million shares in an expected IPO price range of $15 to $17. Shares are expected to price Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol “ZSPH”.
Ardelyx Inc. is a clinical stage biopharmaceutical company that plans to offer 3.6 million shares in an expected price range of $13 to $15. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol “ARDX”.
Syndax Pharmaceuticals Inc. is a late-stage biopharmaceutical company that expects to offer 4.3 million shares at an IPO price in the range of $13 to $15. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol “SNDX”.
Zafgen Inc. is a biopharmaceutical company focused on treatments for obesity and expects to offer 5 million shares at a price in the range of $14 to $16. Shares are set to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol “ZFGN”.
Kite Pharma is a clinical stage biopharmaceutical company that expects to sell 6 million shares in an IPO price range of $12 to $14. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol “KITE”.
