GE spins out Synchrony in a whirl of 22 IPOs

We have counted 22 initial public offerings (IPOs) on the schedule for this week, including just two holdovers from last week. Of the dozen companies that actually made it to the markets last week, Friday’s IPO of El Pollo Loco Holdings Inc. (NASDAQ: LOCO) led the charge, going out at $15 and closing the day at $24.03, up 60%.

This week’s most closely watched IPO will be General Electric Co.’s (NYSE: GE) spin-off of its North American financial business into a new company called Synchrony Financial. GE plans to offer 125 mln shares in Synchrony at an IPO price of $23 to $26. The IPO shares represent a stake of 15% in the company and is expected to raise $3 bln in gross proceeds, valuing the new company at $20 bln. Joint book-running managers are Goldman Sachs, J.P. Morgan, Citigroup, Morgan Stanley, Barclays, Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank Securities. The underwriters have an option on an additional 18.75 mln shares. Shares are expected to price on Wednesday and begin trading Thursday on the New York Stock Exchange (NYSE) under the ticker symbol SYF.

A second large IPO is planned by medical delivery technology firm Catalent Inc. which plans to offer 42.5 mln shares of common stock in a price range of $19 to $22. The company expects to raise $871 mln with shares expected to price on Wednesday and begin trading Thursday on the NYSE under the ticker symbol CTLT.

Another IPO looking at a big payday is Mobileye N.V., which designs and develops software and other technologies for advanced driver assistance systems, one of the major building blocks of driverless cars, or as some now call it “autonomous driving.” The Israelbased company plans to offer 27.8 mln shares in an IPO price range of $17 to $19, raising a total of nearly $500 mln. The shares are set to price on Thursday and begin trading Friday on the NYSE under the ticker symbol MBLY.

Transocean Partners LLC is a spin-off from Switzerland-based Transocean Ltd. (NYSE: RIG). The company plans to sell 17.5 mln common units in a price range of $19 to $21, raising $350 mln. Shares are expected to price on Wednesday and begin trading Thursday on the NYSE under the ticker symbol RIGP. The company will be domiciled in Scotland.

London-based VTTI Energy Partners L.P. plans to sell 17.5 mln common units in an IPO range of $19 to $21 to raise about $350 mln. The company is among the world’s largest energy terminals businesses and is majority owned by global commodity trader Vitol and Malaysia International Shipping Corp. Common units in the master limited partnership (MLP) are expected to price on Thursday and begin trading Friday on the NYSE under the ticker symbol VTTI.

Here is a rundown of the other IPOs on tap next week:

Zosano Pharma Corp. is a clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its existing drugs through the skin. The company plans to offer 6.4 mln shares in a price range of $10-12 and expects to raise $70 mln. The pricing and trading dates are not set. The stock will trade on the Nasdaq (ticker symbol: ZSAN).

ContraFect Corp. is a biotech company developing treatments for drug-resistant infectious diseases. It plans to issue 5.5 mln units consisting of one share of common stock, one Class A warrant to purchase one additional share of common stock, and one Class B warrant to purchase one-half additional share of common stock. The expected price range is $5-6, raising $30 mln. The stock will trade on the Nasdaq (CFRX, CFRXW, CFRXZ and CFRXU) and are expected to price on Tuesday and begin trading Wednesday.

Lantheus Holdings Inc. makes imaging agents for medical diagnostics. The company plans to offer 9.3 mln shares in a price range of $12-15, raising $125 mln. The shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq (LNTH).

Westlake Chemical Partners L.P. is a spinoff MLP from Westlake Chemical Corp. (NYSE: WLK) that will acquire and develop ethylene production facilities and assets. The company plans to offer 11.3 mln common units in a price range of $19-21, raising $225 mln. Shares are expected to price on Tuesday and begin trading Wednesday on the NYSE (WLKP).

Avalanche Biotechnologies Inc. is a clinical stage biotech developing therapies for ophthalmic diseases. It plans to offer 5.4 mln shares in a price range of $13-15, raising $76 mln. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq (AAVL).

HealthEquity Inc. provides a software platform that helps consumers make health care savings and spending decisions. It plans to offer 9.1 mln shares in an IPO price range of $10-12, raising $100 mln. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq (HQY).

Macrocure Ltd. is an Israel-based regenerative medicine company that plans to offer 5.4 mln shares in a price range of $1315, raising $75 mln. Shares are set to price on Wednesday and begin trading Thursday on the Nasdaq (MCUR).

Marinus Pharmaceuticals Inc. is a clinical stage biopharma company developing neuropsychiatric therapies which plans to offer 4 mln shares in a price range of $12-14, raising $52 mln. The stock is set to price on Wednesday and begin trading Thursday on the Nasdaq (MRNS).

Tobira Therapeutics Inc. is a clinical stage biopharma developing therapies for liver disease and HIV, among others. It plans to offer 4.6 mln shares in a price range of $1214, raising $60 mln. Shares are scheduled to price on Thursday and begin trading Friday on the Nasdaq (TBRA).

Vascular Biogenics Ltd. is an Israel-based clinical stage biopharma company working on treatments for cancer and other diseases which plans to sell 5.4 mln shares in a price range of $13-15, raising $76 mln. The shares are set to price on Wednesday and begin trading Thursday on the Nasdaq (VBLX).

Auris Medical Holding AG is a Switzerland-based clinical-stage biopharma focused on treatment of inner ear disorders that plans to sell 6.9 mln shares in a price range of $10-12 to raise $76 mln. The shares are set to price on Thursday and begin trading Friday on the Nasdaq (EARS).

Bio Blast Pharma Ltd. is an Israel-based development stage biopharma working on rare and ultra-rare genetic diseases. It plans to sell 3.3 mln shares in a price range of $1113, raising $40 mln. The shares are scheduled to price on Thursday and begin trading Friday on the Nasdaq (ORPN).

FCB Financial Holdings Inc. is a bank holding company that owns a single bank with 54 branches in Florida. It plans to sell 8.8 mln shares in a price range of $24-27, raising $223 mln. The shares are expected to price on Thursday and begin trading Friday on the NYSE (FCB).

Loxo Oncology Inc. is developing cancer treatments for genetically defined patient populations and plans to sell 4.4 mln shares in a price range of $12-14, raising $57 mln. The shares are set to price on Thursday and begin trading Friday on the Nasdaq (LOXO).

Sirva Inc. provides mobility services to multinational corporations and government institutions. It plans to sell 11.6 mln shares in an IPO price range of $15-17, raising $186 mln. The shares are expected to price on Thursday and begin trading Friday on the Nasdaq (SRVA).

Delayed from last week was Mapi-Pharma Ltd., a development stage pharma company that is engaged in developing high barrier to entry and high value-added generic drugs. The Israel-based firm plans to offer 2.3 mln shares in an IPO price of $8 to raise $18 mln. The shares are expected to price and begin trading this week on the Nasdaq (MAPI). The per share price was cut from an original range of $13 to $15, and the number of shares was cut back by about 400,000.

Also delayed from last week is Spark Energy Inc., an independent retail natural gas and electricity services provider. The company plans to offer 3 mln shares in a price range of $19-21, raising a total of $60 mln. Shares are set to price on Monday and begin trading Tuesday on the Nasdaq (SPKE). There were no changes to the terms of this IPO.

One of last week’s scheduled IPOs has been postponed. Atara Biotherapeutics Inc. is a clinical stage biopharma firm that is developing novel therapeutics for muscle wasting conditions and oncology.