IPO Offerings | Form Type | Initial Filing Date | Offer Date | |
---|---|---|---|---|
Vantage Energy Acquisition Corp. | 424B4 | Citigroup Global Markets Inc. | 2/17/17 | 4/10/17 |
Netshoes (Cayman) Limited | 424B4 | Goldman, Sachs & Co. | 3/15/17 | 4/11/17 |
Cadence Bancorporation | 424B4 | Goldman, Sachs & Co. | 3/17/17 | 4/12/17 |
Tocagen Inc. | 424B4 | Leerink Partners LLC | 3/9/17 | 4/12/17 |
Warrior Met Coal, Inc. | 424B4 | Credit Suisse Securities (USA) | 3/7/17 | 4/12/17 |
Yext, Inc. | 424B4 | Morgan Stanley & Co. LLC | 3/13/17 | 4/12/17 |
Initial IPO Filings | Form Type | 1st Lead Manager
Listed |
Initial Filing Date | |
---|---|---|---|---|
Ovid Therapeutics Inc. | S-1 | Citigroup Global Markets Inc. | 4/10/17 | |
Safety, Income and Growth, Inc. | S-11 | BofA Merrill Lynch | 4/10/17 | |
Vine Resources Inc. | S-1 | Credit Suisse Securities (USA) | 4/10/17 | |
Altice USA, Inc. | S-1 | JPMorgan Securities LLC | 4/11/17 | |
G1 Therapeutics, Inc. | S-1 | JPMorgan Securities LLC | 4/13/17 | |
Tapstone Energy Inc. | S-1 | BofA Merrill Lynch | 4/13/17 |
IPO Withdrawals | Form Type | 1st Lead Manager
Listed |
Initial Filing Date | Withdrawal Date |
---|---|---|---|---|
No IPO Withdrawals | -- | -- | -- | -- |
Use IPO Vital Sign #320 to…
Click on blue numbers to drill down for more information. Once in the drill down, click column headings to sort the data in an order more useful for answering your questions.
The PCAOB’s Office of Research and Analysis recently issued a white paper on the characteristics of emerging growth companies to help inform the Board in its rulemaking releases about the impact of applying new standards to their audits. The JOBS Act generally provides that new PCAOB standards will not apply to the audits of EGCs unless the SEC determines that it is necessary or appropriate in the public interest. When the Board adopts a rule subject to this determination, it makes a recommendation to the SEC about whether the rule should apply to the audits of EGCs and submits information and analysis to assist the SEC in making its determination.
The information for the paper was obtained from SEC filings and third-party vendors through November 15, 2016. To qualify as an EGC, a company must have less than $1 billion in annual revenues in its most recently completed fiscal year and must not have sold common equity securities on or before December 8, 2011 pursuant to a Securities Act registration statement.
The company retains its EGC status until the earliest of the first day of the fiscal year in which its annual gross revenues are $1 billion or more; the date on which it is deemed to be a large accelerated filer under the Exchange Act; the date on which it has issued more than $1 billion in non-convertible debt during the prior three-year period; or the last day of the fiscal year after the fifth anniversary of its first sale of common equity securities under an effective Securities Act registration statement.
2017 EGC IPOs—To date in 2017, 33 of the 39 IPO companies have claimed EGC status. Similarly, of the 117 deals completed in 2016, 101 (86%) were completed by companies claimed to be EGCs. In 2015, 185 new issues were completed and 173 (94%) of those IPO companies identified as EGCs.
The six new issuers in 2017 that are not EGCs already have annual revenues well over $1 billion. Leading the way is Luxembourg-based Ardagh Group, which completed its IPO on March 14th. The provider of rigid packaging solutions reported revenues of $6.7 billion. Both Laureate Education and Schneider National already generate revenues of more than $4 billion. The other three non-EGC IPO issuers so far this year are REV Group, JEKLD-WEN Holding and Presidio.
2017 IPO Companies
Not Claiming EGC
Status
(*Data through April 9, 2017)
IPO
Vital Signs Subscribers see,
#809. Emerging Growth Company
Status
No longer qualify—The PCAOB staff found that the overwhelming majority of registrants that ceased to qualify as EGCs did so because their annual revenue exceeded $1 billion or they became a large accelerated filer, rather than as a result of issuing more than $1 billion in non-convertible debt.
As of November 15, 2016, 1,951 registrants identified themselves as EGCs in at least one SEC filing and had filed audited financial statements with the SEC in the preceding 18 months. Of these, 742 had common equity securities listed on a U.S. national securities exchange. The number of EGC filers grew after the enactment of the JOBS Act but has recently stabilized, according to the white paper, while the number of inactive EGCs has grown.
The staff found that 465 companies that had
previously identified as EGCs had ceased to be SEC registrants
by either terminating their Exchange Act registration, having
their registration revoked, or withdrawing their registration
before effectiveness. The staff found that many EGC filers were
not exchange-listed and had limited operations.
Going concern—About 50 percent of the non-listed filers had no revenue to report in their most recent filing with audited financial statements, and 23 percent disclosed that they were shell companies. Approximately 51 percent of EGC filers had explanatory paragraphs in their auditor’s reports expressing substantial doubts about their ability to continue as a going concern (IPO Vital Signs subscribers see #807. Going Concern Disclosure).
Of the 1,262 EGCs that provided a management
report on internal control over financial reporting in their
most recent annual filing, approximately 47 percent reported
material weaknesses. Thirteen percent of the exchange-listed
filers reported material weaknesses. EGCs are not required to
obtain auditor attestations on the effectiveness of their ICFR,
but two percent voluntarily provided an auditor’s report on
ICFR.
(Ranked by Initial Filing Date)
The IPO Line-Up contains IPO Registrants that have had filing activity in the last 8 weeks
and have not gone public or withdrawn from registration.
IPO Registrants that are red and bold indicate that a filing with the initial IPO price range has been filed with the SEC.
IPO Registrant | Form Type | 1st Lead Mgr Listed | Initial Filing Date | Filing w/ Initial Price Range | 2/20 - 2/24 | 2/27 - 3/3 | 3/6 - 3/10 | 3/13 - 3/17 | 3/20 - 3/24 | 3/27 - 3/31 | 4/3 - 4/7 | 4/10 - 4/14 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Tapstone Energy Inc. | S-1 | BofA Merrill Lynch | 4/13/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
G1 Therapeutics, Inc. | S-1 | JPMorgan | 4/13/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
Altice USA, Inc. | S-1 | JPMorgan | 4/11/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
Vine Resources Inc. | S-1 | Credit Suisse | 4/10/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
Safety, Income and Growth, Inc. | S-11 | BofA Merrill Lynch | 4/10/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-11 |
Ovid Therapeutics Inc. | S-1 | Citigroup | 4/10/17 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
UroGen Pharma Ltd. | F-1 | Jefferies | 4/7/17 | -- | -- | -- | -- | -- | -- | -- | F-1 | -- |
Five Point Holdings, LLC | S-11 | Citigroup | 4/7/17 | -- | -- | -- | -- | -- | -- | -- | S-11 | -- |
Biohaven Pharmaceutical Holding Co. Ltd. | S-1 | Morgan Stanley | 4/7/17 | -- | -- | -- | -- | -- | -- | -- | S-1 | -- |
Guaranty Bancshares, Inc. | S-1 | Sandler O'Neill | 4/6/17 | -- | -- | -- | -- | -- | -- | -- | S-1 | -- |
Verona Pharma plc | F-1 | Jefferies | 4/3/17 | -- | -- | -- | -- | -- | -- | -- | F-1 | -- |
KKR Real Estate Finance Trust Inc. | S-11 | Wells Fargo | 4/3/17 | -- | -- | -- | -- | -- | -- | -- | S-11 | 4/13 |
Zymeworks Inc. | F-1 | Citigroup | 3/31/17 | -- | -- | -- | -- | -- | -- | F-1 | -- | -- |
Frontier Group Holdings, Inc. | S-1 | Citigroup | 3/31/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | -- |
Emerald Expositions Events, Inc. | S-1 | BofA Merrill Lynch | 3/31/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | 4/10 |
Cloudera, Inc. | S-1 | Morgan Stanley | 3/31/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | 4/10;4/11 |
China Rapid Finance Limited | F-1 | Morgan Stanley | 3/31/17 | 4/14/17 | -- | -- | -- | -- | -- | F-1 | -- | 4/14 |
Carvana Co. | S-1 | Wells Fargo | 3/31/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | 4/10 |
National Energy Services Reunited Corp. | S-1 | Maxim Group | 3/29/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | -- |
Antero Midstream GP LP | S-1 | Morgan Stanley | 3/27/17 | -- | -- | -- | -- | -- | -- | S-1 | 4/7 | -- |
Akcea Therapeutics, Inc. | S-1 | Cowen and Co. | 3/27/17 | -- | -- | -- | -- | -- | -- | S-1 | -- | 4/10 |
ASV Holdings, Inc. | S-1 | Roth Capital | 3/24/17 | -- | -- | -- | -- | -- | S-1 | -- | -- | -- |
WideOpenWest, Inc. | S-1 | UBS | 3/23/17 | -- | -- | -- | -- | -- | S-1 | -- | -- | -- |
Veritone, Inc. | S-1 | Wunderlich | 3/15/17 | -- | -- | -- | -- | S-1 | -- | -- | -- | -- |
Solaris Oilfield Infrastructure, Inc. | S-1 | Credit Suisse | 3/15/17 | -- | -- | -- | -- | S-1 | -- | -- | 4/6 | 4/14 |
NCS Multistage Holdings, Inc. | S-1 | Credit Suisse | 3/9/17 | -- | -- | -- | S-1 | -- | -- | -- | -- | -- |
Modern Media Acquisition Corp. | S-1 | Macquarie Capital | 3/8/17 | 3/8/17 | -- | -- | S-1 | -- | 3/24 | -- | 4/4 | -- |
Select Energy Services, Inc. | S-1 | Credit Suisse | 3/2/17 | 4/12/17 | -- | S-1 | -- | -- | 3/20 | -- | 4/7 | 4/10;4/12 |
Gardner Denver Holdings, Inc. | S-1 | KKR | 2/28/17 | -- | -- | S-1 | -- | -- | -- | -- | 4/4 | -- |
Liberty Oilfield Services Inc. | S-1 | Morgan Stanley | 2/14/17 | -- | -- | -- | 3/10 | -- | -- | -- | -- | 4/10 |
FTS International, Inc. | S-1 | Credit Suisse | 2/10/17 | -- | -- | 2/28 | -- | -- | -- | -- | -- | 4/11 |
Floor & Decor Holdings, Inc. | S-1 | BofA Merrill Lynch | 2/10/17 | -- | -- | -- | -- | -- | 3/20 | -- | 4/7 | -- |
Immuron Limited | F-1 | Joseph Gunnar | 12/21/16 | -- | -- | -- | -- | -- | -- | -- | 4/7 | -- |
ENDRA Life Sciences Inc. | S-1 | Dawson James | 11/18/16 | 12/6/16 | -- | -- | -- | -- | -- | 3/27 | -- | 4/14 |
Accelerated Pharma, Inc. | S-1 | Rodman Renshaw | 10/11/16 | 10/11/16 | -- | -- | -- | -- | -- | 3/28 | -- | -- |
Plymouth Industrial REIT, Inc. | S-11 | D.A. Davidson | 6/16/14 | -- | -- | -- | -- | -- | -- | 3/29 | -- | -- |
IPO Line-Up includes all IPO registrants that have filed to go public in the U.S., have neither gone public nor formally withdrawn their offering by filing a Form RW with the SEC, and have had filing activity in the most recent eight week period. IPO Line-Up includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets, except for 1) closed-end funds; 2) best-efforts, self-underwritten, and direct offerings; and 3)small business IPOs with an offering amount of less than $5 million. IPO Line-Up: Recent SEC IPO Filing Activity is based on information provided from the IPO Vital Signs System located at https://www.ipovitalsigns.com/