A fertility benefits management company is among eight deals on this week’s IPO Calendar. Bankers expect to raise $830.5 million.
Progyny (PGNY proposed) manages fertility benefits for some of the country’s most prominent employers, its prospectus says. Some would say that Progyny’s IPO is a sign of the times. More employers are offering insurance coverage for IVF, egg freezing and other fertility benefits as they compete to hire and retain the best talent, especially millennials, who were born in the years 1981-1996.
October Traffic
Nine IPOs have been priced so far in October. If every deal on this week’s calendar gets done, that will bring the total for October 2019 so far to 17 – a figure that lags slightly behind the month’s historic average.
IPOScoop records show that for the 18 years from 2001 through 2018, the month of October produced 19.8 IPOs on average.
Most of the action this week will take place on Thursday night, when five IPOs are scheduled to be priced. There’s one deal scheduled for “the week of Oct. 21st” while the other two IPOs are set for pricing on Wednesday night. Let’s take a look.
“Week of Oct. 21st”
Hylete(HYLT proposed), based in Solana Beach, California, designs, makes and sells premium performance fitness apparel, including shorts, pants, tops and jackets, as well as shoes and gear for men and women, the prospectus says.
The company had a net loss of $7.5 million on revenue of $12.3 million for the last 12 months, according to the prospectus.
This is an IPO of 1.7 million shares at $8 to $10 each on the New York Stock Exchange.
Wednesday night pricing for Thursday trading:
BRP Group (BRP proposed), based in Tampa, Florida, is an insurance holding company. Its subsidiary, Baldwin Risk Partners, was ranked as the 43rd largest independent insurance broker in the United States in 2018, according to Insurance Journal.
BRP Group reported net income of $2.05 million on revenue of $102.3 million for the last 12 months, according to the prospectus.
This is an IPO of 16.4 million shares at $14 to $16 each on the NASDAQ.
OneWater Marine (ONEW proposed), based in Buford, Georgia, says it is “one of the largest and fastest-growing premium recreational boat retailers in the United States with 60 stores comprising 20 dealer groups in 11 states.”
OneWater Marine reported net income of $32.7 million on revenue of $718.98 million for the last 12 months, according to the prospectus.
This is an IPO of 3.2 million shares at $18 to $20 each on the NASDAQ.
Thursday night pricing for Friday trading:
Aesthetic Medical International Holdings Group (AIH proposed), based in Shenzhen, China, says it is a leading provider of aesthetic medical services (eye surgery, rhinoplasty, breast augmentation and liposuction, to name a few) in China.
The company reported a net loss of $26.5 million on revenue of $111.6 million for the last 12 months, according to the prospectus.
This is an IPO of 2.5 million American Depositary Shares at $11 to $13 each on the NASDAQ.
Cabaletta Bio (CABA proposed), based in Philadelphia, is a clinical-stage biotech company focused on the discovery and development of engineered T cell therapies for B cell-mediated autoimmune diseases.
The company reported a net loss of $23.4 million on no revenue for the last 12 months, according to the prospectus.
This is an IPO of 5.8 million shares at $14 to $16 each on the NASDAQ.
Phathom Pharmaceuticals (PHAT proposed), based in Buffalo Grove, Illinois, is a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. Its initial drug product candidate targets gastroesophageal reflux disease, or GERD.
The company reported a net loss of $89.8 million on no revenue for the last 12 months, according to the prospectus.
This is an IPO of 7.9 million shares at $18 to $20 each on the NASDAQ.
Progyny(PGNY proposed), based in New York, says it is a leading benefits management company specializing in fertility benefits and family-building benefits solutions in the United States. The company said it launched its fertility benefits solution in 2016 with its first five employer clients, and it now has over 80 clients.
The company reported a net loss of $2.7 million on revenue of $160.4 million for the last 12 months, according to the prospectus.
This is an IPO of 10 million shares at $14 to $16 each on the NASDAQ.
Youdao (DAO proposed), based in Hangzhou, China, is a leading provider of online learning content. Its products include the Youdao Dictionary, as well as Youdao Cloudnote, a notetaking tool, and NetEase Cloud Classroom, a platform offering online courses intended mostly for adults in China.
The company reported a net loss of $47.5 million on revenue of $134.6 million for the last 12 months, according to the prospectus.
This is an IPO of 5.6 million American Depositary Shares at $15 to $18 each on the NYSE.
(For more information about these companies, please check the IPO Profiles on IPOScoop.com.)
Week of Oct. 28th
Only one IPO is scheduled for the last week of October, and it’s set to start trading on Oct. 31st, which is Halloween. But more IPOs could pop onto the calendar after the U.S. Securities and Exchange Commission’s filing window opens again for business on Monday morning.
Stay tuned.
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.