September 2019’s IPO Calendar came together very quickly after the Labor Day break. Seven deals are scheduled to be priced this week and bankers expect to raise $2.36 billion. That is a lot of traffic.
Consider the following: September’s median average from 2001 through 2018 is 8.5 IPOs per month, according to the U.S. Securities and Exchange Commission filings. The busiest September was 25 IPOs in 2018 and the slowest September a big flat zero in four other years. They were 2001, 2002, 2008 and 2011. But 2019 is looking a lot better than those four years.
In addition to this week’s traffic, the IPO Calendar already lists another three for the week of Sept. 16. Bankers are expecting to raise $1 billion. To date, Wall Street already has 10 IPOs on tap for September 2019 and that is above the September average of 8.5 IPOs over the last 18 years.
Additionally, IPOScoop.com’s sources say that a few of this week’s deals are drawing investors’ interest. The details will be reported to subscribers in our “IPO Alert” email reports that go out the day of pricing.
Now let’s take a look at the seven deals on this week’s IPO Calendar, organized by pricing and trading dates.
Week of Sept. 9th
New Providence Acquisition (NPAU proposed), based in Austin, Texas, is a blank check offering engaged in capital stock exchange, asset acquisition, stock purchase, reorganization, share reconstruction, asset management and other financial services. This is a unit offering.
Wednesday evening pricing for Thursday morning’s trading
10x Genomics (TXG proposed), based in Pleasanton, California, is a life science technology company (essentially a biotech-plus) that develops solutions – specifically, lab instruments, consumables and software – for analyzing biological systems, such as the company’s Single Cell Gene Expression solution to measure gene activity on a cell-by-cell basis, and its Single Cell Immune Profiling Solution for measuring the activity of immune cells and their targets, the prospectus says. The company’s research is focused on cancer, immunology and neuroscience.
Alerus Financial (ALRS), based in Grand Forks, North Dakota, is a diversified financial services company offering through its subsidiary, Alerus Financial, N.A., comprehensive financial solutions to businesses and consumers through four distinct business lines —banking, retirement and benefit services, wealth management and mortgages.
In addition to Grand Forks, Alerus Financial is active in the Minneapolis-St. Paul-Bloomington area and in the Phoenix-Mesa-Scottsdale area, the prospectus says.
SmileDirectClub (SDC proposed), based in Nashville, Tennessee, designs and supplies invisible aligners to help consumers get straight teeth – at a much lower price point than braces prescribed, fitted and adjusted by an orthodontist during office visits.
Worth noting: Bloomberg BusinessWeek reported that “regulators and dentists have doubts, and some customers have complaints” about SmileDirectClub, according to this story published online on Aug. 22nd:
Thursday evening pricing for Friday morning trading
Cloudflare (NET proposed) is a San Francisco-based SaaS cloud platform that simplifies content delivery and network security services for businesses of all sizes around the world. About 10 percent of the Fortune 1,000 companies pay to subscribe to Cloudflare’s services, according to the prospectus. (SaaS stands for “software as a service.”)
Satsuma Pharmaceuticals (STSA proposed), based in South San Francisco, California, is developing a fast-acting dry powder nasal spray for migraines. Note: Insiders are in for $25 million of the $75 million IPO.
SpringWorks Therapeutics (SWTX proposed), based in Stamford, Connecticut, is a Phase 3 clinical-stage biopharmaceutical company developing and commercializing medicines for patients suffering from cancer and severe rare diseases.
(For more information about these companies, please check the IPO Profiles on IPOScoop.com.)
Week of Sept. 16th
The IPO Calendar has three IPOs for the week of Sept. 16th. But that could change when the SEC’s filing window opens again for business 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 opinions.