With two weeks left until the holidays, IPOs looking to launch this year need to get going. Historically the second week before the holiday is the last real week for IPOs. Most names will not try to grab the attention of the IPO investor just five days before the break, so this is the week to make it happen.
The number of filings says that there could be as many as 12 IPOs available this week, but so far we only have confirmation that three will officially launch. This could be a very fluid week where unexpected names price, so don't take your eyes off the IPO markets if you're looking to invest.
Officially, this week we have a real estate company, a broadband company, and a biotech looking to price. In total, the names will be looking for $763 million.
First up, the largest offering of the week is Newmark Group (NASDAQ: NMRK) which is looking for $615 million. The company is a commercial real estate brokerage firm which was a former division of BGC Partners. They will offer 31.25 million shares at a range of $19 - 22 in hopes of expanding their "geographical reach."
Next we have broadband operator, Casa Systems (NASDAQ: CASA). The company is looking for $134 million to fuel their expected growth in the near term. They will offer 8.4 million shares at a range of $15 - 17, though analysts are a little concerned with their customer base. The company currently has two customers that makeup almost 50% of their total sales. Wall Street likes to see a wide customer base.
Lastly we have Adial Pharmaceuticals (NASDAQ: ADIL), a biotech company looking for $14 million. They will offer 1.4 million shares at a range of $9 - 11 to continue to develop their genetically targeted therapy for alcohol use disorder. They are hoping to start phase 3 trials by the end of 2018.