US IPO Week Ahead: One biotech IPO scheduled for the short holiday week
As always, the US IPO market begins the third quarter with a hush, as millions of Americans turn their attention from the pop of IPOs to the pop of fireworks. Just one biotech, a holdover from last week, is on the IPO calendar to raise $125 million in the week ahead.
US IPO Calendar - Week of July 3
Deal Size($m)Market Cap($m)
Price RangeShares Filed
Akcea TherapeuticsCambridge, MA
$12 - 149,620,000
Cowen & Co.StifelWells Fargo
Late-stage biotech developing therapies for rare lipid disorders.
Akcea Therapeutics ( AKCA ), which was originally scheduled to price this past Thursday, will again attempt its $125 million IPO in the week ahead. Being spun out of Ionis Pharmaceuticals (Nasdaq: IONS), Akcea has completed a Phase 3 trial for a rare lipid disease, hoping that a successful launch will enable it to target broader cardiovascular diseases. Partner Novartis will invest up to $50 in a concurrent private placement at the IPO price, but only if Akcea raises over $100 million in its offering.
Possible 3Q17 IPOs
July is often a relatively active month for IPO pricings. While the 2Q ended with a below-average number of IPOs on file, that number can quickly change, and our 2Q17 US IPO Review contains a number of deals we expect to launch in the coming months. These include US airline Frontier Group ( FRNT ), yoga studio chain YogaWorks ( YOGA ) and marketing firm Advantage Solutions (ADV). Online real estate company Redfin (RDFN) filed for a $100 million IPO on Friday, ahead of a possible July listing.
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