Five IPOs and two SPACs plan to raise $634 million in the week ahead.
The following IPOs are expected to price this week:
One of the leading makers of cryptocurrency mining equipment, Canaan (CAN) plans to raise $100 million at a $1.6 billion market cap. It originally filed to raise $400 million (and in 2018 was rumored to be targeting over $1 billion). The #2 player in the space, Canaan has shown that it’s capable of being highly profitable, with a 61% net margin in the 1Q18. However, its performance is heavily influenced by Bitcoin prices; a price slump earlier in the year caused Canaan’s sales to fall 96% in the 1Q19.
Alpine Income Property Trust (PINE), a single-tenant commercial net lease REIT formed by Consolidated-Tomoka, plans to raise $150 million by offering 7.5 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, Alpine Income Property Trust would command a market value of $182 million. Alpine Income Property Trust, which was founded in 2019, booked $14 million in revenue over the last 12 months. The Daytona Beach, FL-based company plans to list on the NYSE under the symbol PINE. Raymond James, Baird, B. Riley FBR, and BMO Capital Markets are the joint bookrunners on the deal. Please note: Parent CTO has agreed to invest $7.5 million in a concurrent private placement.
Amplitude Healthcare Acquisition (AMHCU), a blank check company formed by Metalmark Capital and Avego Healthcare Capital targeting healthcare in the US or Europe, plans to raise $100 million by offering 10.0 million units at $10.00 to command a market value of $125 million. Amplitude Healthcare Acquisition was founded in 2019. The New York, NY-based company plans to list on the Nasdaq under the symbol AMHCU. BMO Capital Markets and SVB Leerink are the joint bookrunners on the deal.
Canaan (CAN), a leading maker of cryptocurrency mining equipment, plans to raise $100 million by offering 10.0 million ADSs at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Canaan would command a market value of $1.6 billion. Canaan, which was founded in 2013, booked $1.2 billion in sales over the last 12 months. The Hangzhou, China-based company plans to list on the Nasdaq under the symbol CAN. Citi, China Renaissance, and CMB International Capital are the joint bookrunners on the deal.
LMP Automotive Holdings (LMPX), which operates an e-commerce site where users can buy, sell, and rent cars, plans to raise $18 million by offering 3.2 million shares at a price range of $5.00 to $6.00. At the midpoint of the proposed range, LMP Automotive Holdings would command a market value of $51 million. LMP Automotive Holdings, which was founded in 2017, booked $14 million in revenue over the last 12 months. The Plantation, FL-based company plans to list on the Nasdaq under the symbol LMPX. ThinkEquity is the lead bookrunner on the deal. Please note: Founder, CEO, and Chairman Samer Tawfik intends to purchase up to $3 million of the IPO (15% of the deal).
SiTime (SITM), the fabless producer of silicon timing systems being spun out of MegaChips, plans to raise $60 million by offering 4.3 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, SiTime would command a market value of $200 million. SiTime, which was founded in 2003, booked $79 million in sales over the last 12 months. The Santa Clara, CA-based company plans to list on the Nasdaq under the symbol SITM. Barclays and Stifel are the joint bookrunners on the deal.
Software Acquisition Group (SAQNU), a blank check company led by former Ooyala officers targeting a software company, plans to raise $125 million by offering 12.5 million units at $10.00 to command a market value of $156 million. Software Acquisition Group was founded in 2019. The Las Vegas, NV-based company plans to list on the Nasdaq under the symbol SAQNU. B. Riley FBR is the lead bookrunner on the deal.
YX Asset Recovery (YXR), which provides delinquent consumer debt collection services in China, plans to raise $81 million by offering 9.3 million ADSs at a price range of $7.75 to $9.75. At the midpoint of the proposed range, YX Asset Recovery would command a market value of $541 million. YX Asset Recovery, which was founded in 2015, booked $980 million in revenue over the last 12 months. The Changsha, China-based company plans to list on the NYSE under the symbol YXR. Deutsche Bank, CMB International Capital, Raymond James, AMTD Global Markets, and SunTrust Robinson Humphrey are the joint bookrunners on the deal. Please note: Vice Chairman Joe Zhang intends to purchase up to $5 million of the IPO (6% of the deal).