GE spins out Syn­chrony in a whirl of 22 IPOs

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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