May 3, 2018 / 5:44 PM / 5 months ago

BUZZ-IFR's upcoming US IPOs, follow-ons + convertibles

Near term pipeline of notable IPOs, follow-ons and convertible offerings, from IFR and other sources:

** May 3: Carbon Black (US, cybersecurity) – $152m IPO. 8m shs (100% prim), range $17-$19. MS, JPM. Price range increased from $15-$17

** May 3: Construction Partners (US, construction) – $191 IPO. 11.25m shs (60% prim), range $15-$17. BAIRD, RJ, STPH

** May 3: BayCom (US, regional bank) – $52 IPO. 2.3m sh (100% prim), range $21-$23. FIG, DAD. Nasdaq “BCML”

** May 3: Aslan Pharmaceuticals (Taiwan, biotech) – $60m IPO. 7.5m ADS (100% prim) vs adj $8.05 per ADS. LEER, PJ. Delayed from May 2 pricing

** May 3: Five9 (US, cloud software) – $200m CVT. 5-yr conv notes, px talk 0%-0.125%, up 30%-35%. JPM GS

** May 3: Teladoc (US, telehealth) – $225m CVT. 7-yr conv notes, px talk 0.875%-1.375%, up 27.5%-32.5%. JEFF, JPM, PJ

** May 3: InflaRx (Netherlands, biotech) – $124m FO. 3m shs (50% prim) vs $41.46 last sale @ launch. JPM, LEER, BMO, STRH

** May 8: Evelo Biosciences (US, biotech) – $87m IPO. 5.1m shs (100% prim), range $15-$17. MS, COWN, BMO. Nasdaq “EVLO”

** May 8: Origin Bancorp (US, community bank) – $90m IPO. 3.64m shs (100% prim), range $33-$35. STPH, RJ

** May 9: AXA Equitable (US, insurance) - Combined $4.5bn IPO & CVT. $3.7bn IPO, 137.25m shs (100% sec), range $24-$27. NYSE “EQH”; $750m 3-yr mand exhangeable bonds, px talk 6.75%-7.25%, up 17.5-22.5%. MS, JPM, BARC, CITI

** May 10: Abpro (US, biotech) – $64m IPO. 4m shs (100% prim), range $14-$16. UBS, WF. Nasdaq “ABP”

** May 10: Huya (China, online gaming) – $180m IPO. 15m ADS (100% prim), range $10-$12. CS, GS, UBS. NYSE “HUYA”

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