The first week of the second quarter got off to a nice start. We had one pricing, three new launches, and three initial filings / updates. This level of activity hasn't been seen since early 2016.Aeglea BioTherapeutics (NASADAQ: AGLE), raised $50 million by offering 5.0 million shares at $10. The company, which is developing enzymes for rare genetic metabolic diseases and tumors, ended up offering the shares significantly below the $16 to $18 range. This would normally worry investors but remember, like all biotechs so far this year, much of the deal was supported by insiders. In this case, over 60% of the deal.
Coming up:
This will be the first time in almost 2 months that we can say we had three companies set terms for their IPO's. The most exciting part is that, unlike previous names, all three of these companies are profitable!
First up was Bats Global Markets (BZX: BATS), an operator of securities exchanges in the US and Europe, set terms to raise $202 million, MGM Growth Properties
Sign of good times to come?
If all three of these names eventually price successfully, this would represent over $1.3 billion in proceeds. This total would represent nearly double this year's total.
Company details:
Bats Global Markets was founded in 2005 and operates equities and options exchanges in the US and Europe. The company booked $1.8 billion in sales for the 12 months ended December 31, 2015. It plans to list on its own Bats BZX Exchange under the symbol BATS.
MGM Growth Properties is a REIT with an initial portfolio of 10 gaming properties founded in 2015. It plans to list on the NYSE under the symbol MGP.
American Renal Associates Holdings, which operates 192 kidney dialysis clinics through joint ventures with physicians, was founded in 1999 and booked $658 million in sales for the 12 months ended December 31, 2015. It plans to list on the NYSE under the symbol ARA.
