The IPO Buzz: Money on their Minds

Two IPOs attracting attention this week are in the money game – EVO Payments, a global payment processor, and GreenSky, a digital lending platform. Those names are among eight deals aiming to raise over $1.26 billion on this week’s IPO calendar. That’s about normal for today’s IPO traffic.

The U.S. capital markets closed on Friday, May 18, with 20 weeks salted away in the history books. Wall Street bankers have priced 65 deals so far this year, according to the U.S. Securities and Exchange Commission filings. That works out to slightly over three deals per week. Those 65 deals raised almost $22.2 billion – or about $1.11 billion per week.

(Note: excludes the following “IPOs” from its head count: Bank conversions, “best efforts” offerings, Regulation A+ offerings (which are usually “best efforts” offerings), “blank checks” or special-purpose acquisition companies (SPACs), closed-end funds, companies trading on the Pink Sheets moving up to the NASDAQ, and those foreign-traded securities making their debuts in the U.S. capital markets. The securities of the latter are public offerings. Investors can buy the underlying shares on foreign exchanges before their U.S. pricing dates.)

Eight on the IPO Runway

This week’s eight initial public offerings range in size from as large as $750 million down to as small as $6 million. These deals are listed below in their batting order – by pricing and trading dates.

Tuesday evening for Wednesday’s trading:

Ambow Education Holding (AMBO proposed), based in Beijing, is a provider of education and career enhancement in China. The company offers K-12 schools, tutoring centers, colleges and career enhancement centers. Note: Before this offering, the company’s American Depositary Shares traded in the Over the Counter Market in the U.S. under the symbol “AMBOY.”

(For more information about the above company and others on the IPO calendar, please check the profiles found on’s website.)

EVO Payments (EVOP Proposed), based in Atlanta, is a global merchant acquirer and payment processor. The company services about 525,000 merchants in North America and Europe. EVO Payments annually processes more than 900 million transactions in North America and 1.7 billion transactions in Europe.

Wednesday evening for Thursday’s trading:

CLPS Incorporation (CLPS proposed), based in Shanghai, is an information technology, consulting and solutions service provider delivering services to global institutions in banking, insurance and financial sectors, both in China and globally.

GreenSky (GSKY proposed), based in Atlanta, provides technology to banks and merchants to make loans to consumers for home improvement, solar, healthcare and other purposes.

Kiniksa Pharmaceuticals (KNSA proposed), based in Lexington, Massachusetts, is a clinical-stage biopharmaceutical company developing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical need. A leading product candidate targets a rare inflammatory cardiovascular disease.

Scholar Rock Holding (SRRK proposed), based in Cambridge, Massachusetts, is discovering and developing a pipeline of innovative new medicines to treat a range of serious diseases, including spinal muscle atrophy, with high unmet medical need.

Thursday evening for Friday’s trading:

Hancock Jaffe Laboratories (HJLI/HJLIW proposed), based in Irvine, California, is a medical device company developing bioprosthetic devices, including a heart valve and a coronary artery graft, for cardiovascular surgeries.

Iterum Therapeutics plc (ITRM – proposed), based in Dublin, Ireland, is a pharmaceutical firm developing oral and intravenous antibiotics for drug-resistant bacterial infections.

May’s Final Week

The week of May 28, 2018, features Memorial Day on Monday and a blank slate so far for Wall Street’s four-day work week. That’s right. The IPO calendar was clean and green at press time. But anything can happen when the SEC’s filing window opens again for business on Monday morning.

Stay tuned.

Disclosure: Neither the author nor anyone else on the staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and staff do not issue advice, recommendations or opinions.