It's been a mixed bag for initial public offerings in 2017.
From Snap Inc.'s (SNAP) precipitous decline to Blue Apron Holdings Inc.'s (APRN) disappointing public debut that has now been further sullied by Amazon.com Inc. (AMZN) , to successful fundraising for lesser-known companies such as Mulesoft Inc. (MULE) and Carvana Co. (CVNA) , 2017 has seen its fair share of good, bad and ugly IPOs.
With eight companies pricing in the last week of June (raising $761.9 million in total proceeds, according to IPreO research) and a host of IPOs on the horizon (everything from yoga studios to genetically engineered food), there should be plenty of choices going forward for those looking to wade into freshly public companies. And now with rumors now rumbling that over-the-top television company Roku Inc. could be prepping for an IPO, as well, it got us thinking: What are the IPOs that will actually make it to market?
"The current six-month IPO backlog at the close of 2017's second quarter stands at a total of 29 deals for anticipated total proceeds of $5.6B," iPreO noted in its July 7 recap of the second quarter. "Comparably, the backlog at the close of 2017's first quarter stood at 33 deals ... but for $4.5B, representing a quarterly proceeds increase of 25.0%."
But before you wade into the IPO waters in the second half, lets take a look at some of the candidates for your future portfolio in 2017:
YogaWorks Inc. operates 50 yoga studios in major U.S. metropolitan markets and brought in $55.1 million in revenue in 2016, compared with $48.5 million in the same period of 2015. The Culver City, Calif., company is set to offer 5 million shares at a range of $12 to $14 apiece.
Boston private equity firm Great Hill Partners LP controls 99.9% of shares through its $1.1 billion Great Hill Equity Partners V LP fund, which would be cut to 64% after the offering. The amended Form S-1 filed with the Securities and Exchange Commission, however, said Great Hill had expressed interest at purchasing up to $10 million in shares through the IPO, which would boost its stake to a potential 70.3%. Great Hill also has invested in online retailer WayFair.com and as well as gaming news website IGN, which was sold to News Corp. (NWSA) in 2005 for $650 million.
YogaWorks plans to list its shares on Nasdaq as YOGA. Cowen and Co. LLC, Stephens Inc. and Guggenheim Securities LLC are the lead underwriters.
Government IT contractor Vencore Holding Corp. plans to list on the New York Stock Exchange under the symbol VNCR, according to an S-1 filed on June 21. Vencore is the former enterprise integration group of Lockheed Martin Corp. (LMT) ; New York PE firm Veritas Capital Management acquired the company in 2010, and it's subsequently grown through acquisitions.
For the year ended Jan. 30, 2010, the Chantilly, Va., company had $626 million in revenue; in contrast, in 2016, Vencore recorded about $1.1 billion in revenue.
Vencore provides services and solutions to U.S. government customers in systems engineering and integration, cybersecurity, big-data analytics and applied research.
The seeds of Vencor were established in 1972 by General Electric Co. (GE) as The SI to create a comprehensive, space-based national intelligence system. In the early 1990s the business was acquired by Lockheed Martin's predecessor, Martin Marietta Corp., before being sold to Veritas for $815 million.
Goldman, Sachs & Co. and Well Fargo Securities LLC are underwriting the offering, which carries a $250 million placeholder figure for now.