Proactive Investors - Run By Investors For Investors
Markets

IPO Roundup: Avantor Inc, Guardion Health Sciences and ShockWave Medical to tap capital markets

Avantor has a conservative $100 million as a placeholder in its filing, but Renaissance Capital says it could raise $1.5 billion from the markets
A chemical manufacturing facility
Philadelphia-based Avantor provides products and services to the life sciences, biotech, education and advanced technology industries

Avantor Inc, which develops chemicals, reagents, lab products and services has filed with the US Securities and Exchange Commission to raise $100 million through an initial public offering (IPO).

The $100 million figure is just a placeholder, with Renaissance Capital even speculating that the company could finally raise $1.5 billion.   

The Radnor, Philadelphia-based company provides products and services to the life sciences, biotech, education and advanced technology industries.

READ: Pinterest files confidentially for stock listing in June

While filing the S-1 form, the company said some of the services it performs are conducted by 1,400 associates that are co-located with customers in 180 countries, working side-by-side with their scientists.

The company said it provides approximately six million products, including 4,000 products it gets from core suppliers across the globe.

Avantor was founded as JT Baker in 1904 and later acquired in 2010 by private equity firm New Mountain for $280 million. It booked $5.1 billion in sales for the 12 months ended September 30, 2018.

The company appears to have solid opportunities for growth and is focused on expanding overseas, particularly in China, Southeast Asia, and Eastern Europe.

Goldman Sachs and JP Morgan are the joint bookrunners on the deal. The company did not disclose a proposed ticker or exchange.

Guardion Health Sciences

San Diego, California-based Guardion Health Sciences, which sells medical food and devices for retinal diseases, filed new terms for its upcoming IPO. The deal is expected to price in March.

The company’s flagship Lumega-Z is a medical food and requires customers to fill out a doctor authorization code to buy it. The company says it “replenishes and restores” the macular protective pigment, simultaneously delivering critical and essential nutrients to the eye.

Guardion Health Sciences now plans to raise $7.5 million by offering 1.875 million shares at a price of $4 per share, where it would command a market cap of $90 million. The company previously filed in January to raise $8.7 million by offering 2.2 million shares at the same price.

In its latest filing, Guardion Health Sciences said it booked $1 million in sales for the 12 months ended September 30, 2018.

It added joint bookrunner WestPark Capital and co-manager Univest Securities. The company plans to list on the New York Stock Exchange under the symbol “GHSI.”

ShockWave Medical

ShockWave Medical, which sells various types of catheters for treating coronary artery disease, announced terms for its IPO.

The Santa Clara, California-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16.

Founded in 2009, fast-growing ShockWave booked $12 million in sales for the 12 months ended December 31, 2018.

It plans to list on the tech-laden Nasdaq under the ticker symbol “SWAV.” Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of March 4.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

 

 


Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use