The biggest headline from the IPO market this week came from a company who has not “officially” filed for its initial public offering with the SEC. Roku Inc., the maker of devices and software for streaming services, wants to go public by the end of 2017 according to the Wall Street Journal. The journal states that the company has hired Morgan Stanley and Citigroup and is seeking a $1bn valuation.
It will be interesting to see how IPO investors welcome this company as the trend has been for companies with large private valuations to have a ‘down-round’ to go public. See Cloudera and Blue Apron.
The good news coming from the Roku news…companies are being pushed toward the public markets fully accepting a lower valuation may be the answer. But one has to ask…is Roku coming to market because they can’t grow anymore? The forces of other over-the-top cable providers with Hulu, YouTube or Sling…not to mention the advances that Amazon and Apple are likely making…are becoming too great to spoil a Roku IPO.
Stay tuned.
IPO Boutique keeps apprised of the active pipeline. Currently there are 58 active IPOs in the pipeline as of July 14, 2017. No SPACs or Unit Offerings are included.
NEW FILINGS
Company: Tremont Mortgage Trust
Symbol: TRMT
Description: They are a real estate finance company that plans to focus primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate, or CRE.
Trade Date: TBD
Underwriter(s): UBS Investment Bank, Citigroup, RBC Capital Markets
Filed: 7-7-17
Listed Cash Raise: $100 million
Company: Torrid, Inc.
Symbol: CURV
Description: Torrid is the industry-leading and fastest growing branded omni-channel retailer of apparel, intimates and accessories for young, plus-size women in North America.
Trade Date: TBD
Underwriter(s): BofA Merrill Lynch, Morgan Stanley, Goldman Sachs & Co., J.P. Morgan, Jefferies
Co-Manager(s): Baird, Telsey Advisory Group, William Blair
Filed: 7-10-17
Company: Bicapital Corporation
Symbol: BICA
Description: They are the largest financial services group in Guatemala, with a growing presence in other underpenetrated and fast-growing Central American countries.
Trade Date: TBD
Underwriter(s): BofA Merrill Lynch, Citigroup
Filed: 7-11-17
Company: BJ Services, Inc.
Symbol: BJS
Description: They are the largest North American-focused, pure-play pressure pumping services provider.
Trade Date: TBD
Underwriter(s): Goldman Sachs & Co., Morgan Stanley, Credit Suisse
Filed: 7-14-17
Listed Cash Raise: $100 million
TERMS ADDED
Company: Calyxt, Inc.
Symbol: CLXT
Description: They are a consumer-centric, food- and agriculture-focused company. By combining our leading gene-editing technology and technical expertise with our innovative commercial strategy, we are pioneering a paradigm shift to deliver healthier specialty food ingredients, such as healthier oils and high fiber wheat, for consumers and agriculturally advantageous crop traits, such as herbicide tolerance, to farmers.
Shares: 6.06 million
Price Range: $15.00-$18.00
Trade Date: 7/20
Underwriter(s): Citigroup, Credit Suisse, Jefferies, Wells Fargo Securities
Co-Manager: BMO Capital Markets, Ladenburg Thalmann
Terms Added: 7-10-17
Company: TPG RE Finance Trust, Inc.
Symbol: TRTX
Price: $20.00-$21.00
Shares: 11 million
Trade Date: 7/20
Description: They are a commercial real estate finance company sponsored by TPG. We directly originate, acquire and manage commercial mortgage loans and other commercial real estate-related debt instruments for our balance sheet.
Underwriter(s): BofA Merrill Lynch, Citigroup, Goldman Sachs & Co., Wells Fargo Securities, Deutsche Bank Securities,J.P. Morgan, Morgan Stanley, Barclays
Co-Manager(s): TPG Capital BD, LLC, JMP Securities
Terms Added: 7-10-17
Company: Kala Pharmaceuticals, Inc.
Symbol: KALA
Price: $14.00-$16.00
Shares: 6 million
Trade Date: 7/20
Description: They are a biopharmaceutical company focused on the development and commercialization of therapeutics using our proprietary nanoparticle-based Mucus Penetrating Particles, or MPP, technology, with an initial focus on the treatment of eye diseases.
Underwriter(s): J.P. Morgan, BofA Merrill Lynch, Wells Fargo Securities
Co-Manager: Wedbush PacGrow
Terms Added: 7-10-17
Company: YogaWorks, Inc.
Symbol: YOGA
Price Range: $12.00-$14.00
Shares: 5 million
Trade Date: 7/20
Description: They are one of the largest and fastest growing providers of high quality yoga instruction in the U.S., with almost 3 million student visits in 2016 and 50 company-owned studios as well as our Internet-based digital media service, MyYogaWorks.com
Underwriter(s): Cowen and Company, Stephens Inc., Guggenheim Securities
Co-Manager(s) Roth Capital Partners, Imperial Capital
Terms Added: 7-10-17
Company: PetIQ, Inc.
Symbol: PETQ
Price Range: $14.00-$16.00
Shares: 5.67 million
Trade Date: 7/21
Description: PetIQ is a rapidly growing distributor and manufacturer of veterinarian-grade pet prescription medications, over-the-counter flea and tick preventatives and health and wellness products for dogs and cats.
Underwriter(s): Jefferies, William Blair
Co-Manager(s): Oppenheimer & Co., Raymond James, SunTrust Robinson Humphrey
Terms Added: 7-11-17
Company: RBB Bancorp
Symbol: RBB
Price Range: $22.00-$24.00
Shares: 3 million
Trade Date: Week of 7/24
Description: RBB Bancorp adopted a strategic plan focused on providing commercial banking services to first generation immigrants, initially concentrating on Chinese immigrants, and now including Koreans and other Asian ethnicities.
Underwriter(s): Sandler O’Neill & Partners, Keefe, Bruyette & Woods, Stephens Inc.
Co-Manager: FIG Partners, LLC
Terms Added: 7-12-17
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