After four weeks without much IPO action, the US IPO market is back from from its summer break and ready to go! This week we have four deals scheduled for release and combined the companies are looking to raise $690 million. If you have been waiting for a diverse selection of IPO's then this is your week. We have the first energy IPO in over a year, a tech company( which remember that the tech IPO space is up over +100% on average this year). Also we have a large Bermuda bank, a small but fast-growing regional bank in Tennessee , and if we're lucky we may even see an offering from a small biotech.
Noble Midstream Partners LP (NYSE: NBLX) is the first energy company to attempt an IPO since its last attempt in November 2015. The last US oil and gas IPO was PennTex Midstream Partners LP (NASDAQ: PTXP). Noble will look to raise $250 million at a range of $19-21. 12.5 million shares will be offered.
Everbridge (NASDAQ: EVBG) is hoping to raise $90 million by offering 7.5 million shares at a range of $11-13. They will be the first in a string of tech IPO's anticipated in the coming weeks. The company offers a platform for organizations to send mass communications during critical situations (e.g. cyber attacks, earthquakes, etc.). According to their filings the company grew sales by 30% in the first half of 2016 to $36 million.
The Bank of N.T. Butterfield & Son (NYSE: NTB) plans to raise $250 million by offering 10.6 million shares at a range of $22-25. The bank boasts more than one-third of the deposit share in Bermuda and the Cayman Islands, balanced by a large asset management and trust services business. Its total revenue growth was just 2% in 2015 ($379 million) and tax havens have recently faced scrutiny from US regulators.
FB Financial (NYSE: FBK) is looking to raise $100 million by offering 5.8 million shares at a range of $16-18. The Tennessee bank shows net income growth of +33% from 2011-2015. As a comparison, two Tennessee banks went public in 2015, outperforming the the year's financial IPO's. Franklin Financial Network (NYSE: FSB), currently 77% above its March 2015 IPO price, and Avenue Financial (NASDAQ: AVNU) was acquired 79% above its February 2015 IPO price.
AzurRx Biopharma (NASDAQ: AZRX), a gastrointestinal biotech, is again on the IPO calendar this week, but with new terms: It recently reduced its share offering by 21%, and now intends to raise $12 million.