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U.S. IPO Week Ahead: 3 IPOs To Kick Off 2018

Three IPOs are looking to raise $1 billion in combined proceeds to kick off 2018. Spun out from Select Income REIT, Industrial Logistics Properties Trust targets $590 million in the largest deal of the week. Other deals include fracking services provider Liberty Oilfield Services and tech-focused SPAC Nebula Acquisition.

16 companies have filed to go public since December 1, representing an estimated $6 billion in total proceeds. Several notable IPOs are eligible to launch in the coming week, including Brazilian payment service provider PagSerguro Digital (Pending:PAGS) and Blackstone-backed Gates Industrial (Pending:GTES), each of which could raise over $500 million.

US IPO Calendar

Issuer
Business

Symbol
Exchange

Deal Size($m)
Market Cap($m)

Price Range
Shares Filed

Bookrunners

Nebula Acquisition
San Francisco, CA

NEBU.U
Nasdaq

$250
$313

$10 – $10
25,000,000

Deutsche Bank,
Goldman Sachs

Blank check company formed by the executives of True Wind Capital to acquire a technology business.

Industrial Logistics Properties Trust
Newton, MA

ILPT
Nasdaq

$590
$1,918

$28 – $31
20,000,000

UBS Investment,
Citi,
RBC Capital,
3 more…

Industrial REIT spun out of Select Income REIT.

Liberty Oilfield Services
Denver, CO

BDFC
NYSE

$161
$1,743

$14 – $16
10,714,286

Morgan Stanley,
Goldman Sachs,
Wells Fargo,
3 more…

Provides hydraulic fracturing services for the oil and gas industry.

Industrial Logistics Properties Trust (Pending:ILPT) is being spun out of Select Income REIT (Nasdaq: SIR) in a $590 million IPO and will focus on industrial properties poised to benefit from the growth in e-commerce. Like its parent, the company will be externally managed by The RMR Group (Nasdaq: RMR). Industrial Logistics plans to pay an initial quarterly dividend of $0.33/share (4.5% yield) beginning in the 2Q18.

Now that oil prices have stabilized, Liberty Oilfield Services (Pending:BDFC) is looking to raise $161 million in its second attempt at going public. Backed by Riverstone and Carlyle, the company originally set terms for a $400 million IPO in April 2017 before cutting the range and eventually postponing the deal.

Nebula Acquisition (NEBU.U), a blank check company formed to acquire a technology business, is looking to raise $250 million. It will be the first SPAC to list in 2018, following the most active year for SPACs in a decade. The company is sponsored by tech-focused PE firm True Wind Capital and led by the firm’s Founding Partners, both former executives at KKR.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 1.0% year-to-date, while the S&P 500 is up 1.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (NYSE:SNAP) and Invitation Homes (NYSE:INVH). The Renaissance International IPO Index is up 1.5% year-to-date, while the ACWX is up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.

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U.S. IPO Week Ahead: 3 IPOs To Kick Off 2018

Three IPOs are looking to raise $1 billion in combined proceeds to kick off 2018. Spun out from Select Income REIT, Industrial Logistics Properties Trust targets $590 million in the largest deal of the week. Other deals include fracking services provider Liberty Oilfield Services and tech-focused SPAC Nebula Acquisition.

16 companies have filed to go public since December 1, representing an estimated $6 billion in total proceeds. Several notable IPOs are eligible to launch in the coming week, including Brazilian payment service provider PagSerguro Digital (Pending:PAGS) and Blackstone-backed Gates Industrial (Pending:GTES), each of which could raise over $500 million.

US IPO Calendar

Issuer
Business

Symbol
Exchange

Deal Size($m)
Market Cap($m)

Price Range
Shares Filed

Bookrunners

Nebula Acquisition
San Francisco, CA

NEBU.U
Nasdaq

$250
$313

$10 – $10
25,000,000

Deutsche Bank,
Goldman Sachs

Blank check company formed by the executives of True Wind Capital to acquire a technology business.

Industrial Logistics Properties Trust
Newton, MA

ILPT
Nasdaq

$590
$1,918

$28 – $31
20,000,000

UBS Investment,
Citi,
RBC Capital,
3 more…

Industrial REIT spun out of Select Income REIT.

Liberty Oilfield Services
Denver, CO

BDFC
NYSE

$161
$1,743

$14 – $16
10,714,286

Morgan Stanley,
Goldman Sachs,
Wells Fargo,
3 more…

Provides hydraulic fracturing services for the oil and gas industry.

Industrial Logistics Properties Trust (Pending:ILPT) is being spun out of Select Income REIT (Nasdaq: SIR) in a $590 million IPO and will focus on industrial properties poised to benefit from the growth in e-commerce. Like its parent, the company will be externally managed by The RMR Group (Nasdaq: RMR). Industrial Logistics plans to pay an initial quarterly dividend of $0.33/share (4.5% yield) beginning in the 2Q18.

Now that oil prices have stabilized, Liberty Oilfield Services (Pending:BDFC) is looking to raise $161 million in its second attempt at going public. Backed by Riverstone and Carlyle, the company originally set terms for a $400 million IPO in April 2017 before cutting the range and eventually postponing the deal.

Nebula Acquisition (NEBU.U), a blank check company formed to acquire a technology business, is looking to raise $250 million. It will be the first SPAC to list in 2018, following the most active year for SPACs in a decade. The company is sponsored by tech-focused PE firm True Wind Capital and led by the firm’s Founding Partners, both former executives at KKR.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 1.0% year-to-date, while the S&P 500 is up 1.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (NYSE:SNAP) and Invitation Homes (NYSE:INVH). The Renaissance International IPO Index is up 1.5% year-to-date, while the ACWX is up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.

SeekingAlphaAbout this article:ExpandTagged: Investing Ideas, IPO AnalysisWant to share your opinion on this article? Add a comment.Disagree with this article? Submit your own.To report a factual error in this article, click here

U.S. IPO Week Ahead: Quiet Holiday Week With No IPOs

There are no deals set to price in the upcoming week; however, we expect to begin to see filings from companies targeting January 2018 IPOs. We rounded out 2017 at an even 160 IPOs, raising $35.5 billion in total proceeds, nearly double that of 2016.

Six Lock-Up Expirations, Including Blue Apron

Six 2017 IPOs will have lock-ups released this week, including US meal-kit delivery service Blue Apron Holdings (NYSE:APRN). The company recently announced that one of its co-founders would step down as CEO and be replaced by the current CFO Brad Dickerson. Down 60% from its offer price, Blue Apron hit operational challenges immediately after coming public, and fell short of revenue and margin targets.

Tintri (NASDAQ:TNTR), which sells all-flash storage arrays and software to create enterprise clouds, also has a lock-up expiration in the week ahead. Shares are down 25% from the offer price, with high cash burn putting stress on its balance sheet.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 35.9% year-to-date, ahead of the S&P 500, which is up 19.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (NYSE:SNAP) and Invitation Homes (NYSE:INVH). The Renaissance International IPO Index is up 30.4% year-to-date, while the ACWX is up 26.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.

SeekingAlphaAbout this article:ExpandTagged: Investing Ideas, IPO Analysis, TechnologyWant to share your opinion on this article? Add a comment.Disagree with this article? Submit your own.To report a factual error in this article, click here

U.S. IPO Week Ahead: Quiet Holiday Week With No IPOs

There are no deals set to price in the upcoming week; however, we expect to begin to see filings from companies targeting January 2018 IPOs. We rounded out 2017 at an even 160 IPOs, raising $35.5 billion in total proceeds, nearly double that of 2016.

Six Lock-Up Expirations, Including Blue Apron

Six 2017 IPOs will have lock-ups released this week, including US meal-kit delivery service Blue Apron Holdings (NYSE:APRN). The company recently announced that one of its co-founders would step down as CEO and be replaced by the current CFO Brad Dickerson. Down 60% from its offer price, Blue Apron hit operational challenges immediately after coming public, and fell short of revenue and margin targets.

Tintri (NASDAQ:TNTR), which sells all-flash storage arrays and software to create enterprise clouds, also has a lock-up expiration in the week ahead. Shares are down 25% from the offer price, with high cash burn putting stress on its balance sheet.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 35.9% year-to-date, ahead of the S&P 500, which is up 19.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (NYSE:SNAP) and Invitation Homes (NYSE:INVH). The Renaissance International IPO Index is up 30.4% year-to-date, while the ACWX is up 26.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.

SeekingAlphaAbout this article:ExpandTagged: Investing Ideas, IPO Analysis, TechnologyWant to share your opinion on this article? Add a comment.Disagree with this article? Submit your own.To report a factual error in this article, click here

US IPOs Up 50% in 2017

With just a small number of initial public offerings (IPOs) on the calendar for this week, IPO ETF manager Renaissance Capital has issued its review of the 2017 market for IPOs. Volume rose from 105 IPOs in 2016 to 160 this year and proceeds nearly doubled, from $18.8 billion a year ago to $35.6 billion in 2017.

Even though volume improved year over year, 2017’s 160 IPOs is the second-lowest total of the past five years and more than 100 below the 2014 high of 275 new issues. The IPO market raised $85.3 billion that year, the most in the 14 years tracked by Renaissance Capital.

Health care IPOs continued to lead in volume with 47 IPOs in 2017, 29% of the total volume. Tech offerings totaled 37 (23% of the total) but posted the largest capital raise, $9.9 billion.

The year’s 10 largest IPOs raised $12.5 billion (35% of the total) and three raised more than $1 billion in their IPOs: Snap Inc. (NYSE: SNAP) raised $3.4 billion; telecom and media firm Altice USA (NYSE: ATUS) raised $1.98 billion; and real-estate home rental firm Invitation Homes Inc. (NYSE: INVH) raised $1.54 billion. Snap’s first-day pop of 44% was the year’s best, but the firm’s return through last Friday is 7.4%. Altice got a first-day pop of 9% and traded down 36.6% on Friday. Invitation homes had no first-day pop but the shares are up 20.5%.

Overall, the top 10 IPOs posted an average first-day gain of 9%, but by last Friday the overall return was a 5%. Of the 10, an unusually high total of seven have dropped below their issue price.

Of the year’s best performing IPOs, four of the top five were biotechs, and the other was streaming video hardware maker Roku Inc. (NASDAQ: ROKU). The stock with the best return through last Friday is AnaptysBio Inc. (NASDAQ: ANAB), which traded up more than 500% on Friday. Roku had the best first-day pop at nearly 68%.

The worst performing IPOs through Friday were led by medical tech firm Valeritas Holdings Inc. (NASDAQ: VLRX), which traded down more than 67%. Technology management services firm Ameri Holdings Inc. (NASDAQ: AMRH) is down about 63%, coal miner Ramaco Resources Inc. (NASDAQ: METC) is down nearly 63% and meal delivery service Blue Apron Holdings Inc. (NYSE: APRN) closed Friday down nearly 58%.

We’ll have more from the Renaissance Capital review in a later story.

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