There are six new IPOs this week on the April IPO calendar. According to Renaissance Capital, a manager of IPO-focused ETFs, they're expected to raise a combined $875 million.
Last week saw only two out of three scheduled IPOs hit the market. Both of those deals disappointed.
Colorado-based REIT National Storage Affiliates Trust (NYSE: NSA) priced 19% below the midpoint and only gained 1% on its first day. Software firm Apigee Corp. (Nasdaq: APIC) priced at the midpoint but fell 2% in its debut.
The largest new IPOs this week are both limited partnerships. Black Stone Minerals LP (NYSE: BSM) and Enviva Partners LP (NYSE: EVA) are expected to bring in 74% of this week's total funds.
Here's a look at each of the new IPOs this week...
Six New IPOs This Week
Black Stone Minerals LP (NYSE: BSM) is a master limited partnership (MLP) that owns interests in oil and gas production assets across the United States. The Houston-based company owns 16.7 million acres in 41 states. It also owns land on every large producing basin in the U.S., including the Permian Basin and Appalachian Basin. Black Stone was founded in 1998 and posted $548 million in sales last year. It hopes to raise $450 million by selling 22.5 million shares at a price range of $19 to $21. It commands a market valuation of $4 billion and will debut on Friday, May 1.
MLP IPOs have been on a tear in the last year. Columbia Pipeline Partners LP (NYSE: CPPL) raised $1.1 billion in its February debut and became the largest MLP IPO ever. CPPL stock is up 15.3% since then. Last October, Shell Midstream Partners LP (NYSE: SHLX) raised $920 million and has soared 70.3% since hitting the market.
Enviva Partners LP (NYSE: EVA) is the world's largest supplier of wood pellets used for power generation. Founded in 2010, Enviva sells wood pellets and other wood-based biomass fuels to firms looking to decrease their fossil fuel consumption. The company owns and operates five plants that account for 15% of the world's capacity. It earned $290 million in sales in 2014. Enviva is set for a $200 million deal by offering 10 million shares at a $19 to $21 price range. It is valued at $476 million and will begin trading on Wednesday, April 29.
Money Morning Members: Continue reading for four more new IPOs this week. For those new to Money Morning, sign up to keep reading - it's completely free...
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Blueprint Medicines Corp. (Nasdaq: BPMC) is a preclinical firm developing treatments for cancer and genetic diseases. It is specifically developing kinase inhibitors, which can be used to treat a range of inflammatory diseases. The company has two drugs set to enter clinical trials sometime this summer. Blueprint plans to raise $115 million by offering 7.2 million shares at a $15 to $17 price range. The company sits on a market valuation of $421 million. BPMC stock will hit the market on Thursday, April 30.
CoLucid Pharmaceuticals Inc. (Nasdaq: CLCD) is a late-stage biotech company working on treatments and medications for migraines. Its lead drug is oral lasmiditan, an acute migraine treatment discovered by Eli Lilly and Co. (NYSE: LLY) and now being developed by CoLucid. It passed phase II trials and will begin phase III this summer. CoLucid is set to raise $75 million by selling 5.4 million shares at a price range of $13 to $15. The company is valued at $215 million and will debut on Friday, May 1.
Viking Therapeutics Inc. (Nasdaq: VKTX) originally filed for its IPO last September but pushed back its deal to last week. The company delayed the IPO again to this week. It's expected to raise $20 million by offering 2.5 million shares at a $7 to $9 price range. VKTX shares will begin trading on Wednesday, April 29.
OpGen Inc. (Nasdaq: OPGN) hopes to raise $15 million by selling 2.5 million shares at a price range of $5.50 to $6.50. It will hit the market sometime this week.
More on IPOs: The IPO roadshow - or "dog and pony show" - is the most important step that a company takes to market its new stock. In fact, 82% of institutional investors cite the roadshow as a key component of their buying decision. Here's the one thing that ensures a successful IPO roadshow...
Thoughts on the new IPOs this week? Tweet at @AlexMcGuire92 or @moneymorning.