Renaissance Capital says that the 5 initial public offerings this week will raise a total of $5.1 billion. This is the most money that has been raised in a single week this year.
There is a lot going on because the market is very unstable. Both the S&P 500 and the Nasdaq had their worst one-day percentage drops since 2022 on Wednesday.
Another big deal this week is the price setting for Lineage’s shares on Wednesday. Lineage is a cold storage warehouse company. That’s how much money it wants to get. Trading could begin as early as Thursday.
Lineage wants to sell 47 million shares at prices between $70 and $82 each. According to a regulatory filing, Norway’s sovereign wealth fund wants to buy $900 million, or 25% of the offering. Lineage would be worth about $18.1 billion after the deal.
OneStream shares of the financial software company
OS 34.25% gained almost 35% in its first day of trading on Wednesday, ending at $26.93, a lot more than its $20 IPO price. The Nasdaq fell more than 650 points, or 3.6%.
OneStream, which is backed by the private equity firm KKR
KKR -1.89%, sold 24.5 million shares at a price above its planned range and raised $490 million. In 2023, the business made $374.92 million.
KKR & Co. owns most of OneStream, and Bradley Brown and John Kinzer, both from KKR, are on the board of OneStream. The registration statement for OneStream says that its founder Thomas Shea has about 7.9% of the voting power. The Morgan Stanley
MS (-1.48%), JPMorgan (-0.83%), and KKR were the main banks that backed the deal.
Renaissance Capital said that Novi, Michigan-based Lineage runs 482 warehouses in North America, Europe, and Asia Pacific for more than 13,000 companies, such as food retailers, food service distributors, manufacturers, and processors. Lineage calls itself the world’s largest temperature-controlled warehouse REIT.
Morgan Stanley, Goldman Sachs, and BofA Securities are the lead banks on the Lineage IPO.
This week also saw the IPOs of health services company Concentra, which wants to raise $551 million at a market value of $3.1 billion, and LATAM Airlines Group from South America.
Among them are LTM-2.59%, which wants $533 million at a market value of $8.5 billion; Actuate Therapeutics, a cancer biotech company, which wants $25 million at a value of $180 million; and BloomZ, a Japanese company.
I want to get $5 million from BLMZ, which is worth $53 million.
Blank M3-Bridge Acquisition V, a company that buys things for specific reasons, wants to raise $250 million to buy energy in North America.
Bloomberg reported that IPOs on U.S. exchanges have raised more than $22 billion this year, which is 60% more than this time last year but still less than what they raised before the pandemic.
