As Wall Street’s IPO calendar cruises into July’s final week, five deals are lined up to make it out the door. If everything gets done, July 2017 will come in with 13 IPOs – a baker’s dozen of initial public offerings. Believe it or not, that would be an “average July” based on records dating back to 2001.
Let’s take the months of July starting with 2001 and running through 2016, a 16-year period. The calendar priced 240 IPOs, according to the U.S. Securities and Exchange Commission filings. The median average, the middle point between the highest (July 2014 with 34 IPOs) and the lowest (July 2009 with 2 IPOs), was 12.5 IPOs. If July 2017 comes in with 13, it is right on target to be an “average” July.
An IPO Variety Show
This week’s pending traffic shows Wall Street is looking to price three IPOs and two special purpose acquisition company (SPAC) offerings, also known as “blank check” offerings. They are: RBB Bancorp (RBB – proposed), Redfin (RDFN – proposed) and Sienna Biopharmaceuticals (SNNA – proposed). The SPAC or blank check offerings are: Pensare Acquisition (WRLSU – proposed) and Industrea Acquisition (INDUU – proposed).
RBB Bancorp, based in Los Angeles, is a regional bank holding company formed to provide commercial banking services to first- generation immigrants, concentrating on Chinese immigrants, as well as Koreans and other Asian ethnicities.
Note: The bank is offering about 2.1 million shares and selling shareholders are offering about 892,000 shares.
Redfin, based in Seattle, is a technology-powered residential real estate brokerage service. The company provides services to people buying and selling homes in over 80 markets throughout the United States.
Sienna Biopharmaceuticals, based in Westlake Village, California, is a clinical-stage biopharmaceutical company focusing on developing products in medical dermatology and aesthetics. The company is developing a pipeline of topical therapies that enhance the health, appearance and quality of life of dermatology patients.
Note: Certain existing investors have indicated an interest in buying up to $25 million worth of common stock in this IPO.
Pensare Acquisition, based in Atlanta, is a newly organized SPAC or “blank check” company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its initial focus will be on the wireless telecommunications industry in the United States.
Industrea Acquisition, based in New York City, is a newly organized SPAC or “blank check” company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its initial focus will be on identifying, negotiating and executing an initial business combination with an industrial manufacturing or service company.
(For more information about these companies, please check the IPO profiles found on IPOScoop.com’s website.)
This takes us to July 31 and the first week of August. The IPO calendar has one deal on tap. Nevertheless, a lot could happen when the SEC’s filing window opens again on Monday morning.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinion.