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IPO Roundup: New Fortress Energy, Pivotal Acquisition to tap capital markets despite US government shutdown

New Fortress Energy was founded by Wesley Edens, co-owner of the NBA's Milwaukee Bucks, while Pivotal Acquisition Corp is run by Jonathan Ledecky, co-owner of the New York Islanders hockey team
New Fortress Energy liquified natural gas containers
Liquified natural gas company New Fortress Energy's paperwork is up to date, but it may not actually debut this week because of the shutdown

Despite the US government shutdown putting a staff strain on the Securities and Exchange Commission, New Fortress Energy, a liquified natural gas company, is tentatively on tap to debut on the Nasdaq.

New Fortress Energy was founded by Wesley Edens, the co-owner of the NBA's Milwaukee Bucks. Edens is also the co-CEO of private equity firm Fortress Investment Group, which famously dove back into subprime lending in 2010, just a few years after the financial crisis.

The company has filed to sell 22.2 million shares in a range of $17 and $19. The final price will be set just before the initial public offering.

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New Fortress Energy's paperwork with the SEC is in and up to date, but it may not actually debut this week because of the shutdown, according to media reports.

According to the SEC filing, New Fortress Energy posted a loss of $43.4 million in the first nine months of 2018, which was a bigger loss than the first three quarters of 2017.

Revenue was up just 12.3% from a year ago as well. The company is also saddled with $122 million in debt.

Investors may look beyond the shaky financials as New Fortress Energy does have the backing of the Fortress Investment Group, which is the company's majority owner.

Jonathan Ledecky's Pivotal Acquisition

Meanwhile, Pivotal Acquisition Corp which designs information technology solutions plans to tap the IPO market. The company run by Jonathan Ledecky, a co-owner of the New York Islanders hockey team, plans to raise nearly $200 million through a special purpose acquisition company.

Ledecky, whose niece is multiple Olympic gold medalist swimmer Katie Ledecky, plans to use the money from the IPO to invest in e-commerce and other tech initiatives.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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