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IPO Roundup: Florida real estate trust completes $143 million IPO; Chinese debt collector calls it quits

Also going public this week were cryptocurrency mining machine maker Canaan and semiconductor producer SiTime

Forklift lifting the final wooden block to create the word 'IPO'
Alpine Income Property Trust offered 7.5 million shares at $19 per share, the low end of its $19 to $21 range

A trio of companies went public this week, led by a nine-figure public offering from a real esate trust. 

Alpine Income Property Trust Inc (NYSE:PINE), a single-tenant real estate investment trust based in Daytona Beach, Florida, raised $143 million in a public offering.

The company offered 7.5 million shares at $19 per share, the low end of its $19 to $21 range. The company commands a market value of $173 million, according to research firm Renaissance Capital.

All the properties in its portfolio are leased on a long-term basis, and are primarily located in or near major metropolitan statistical areas in the US. Its initial portfolio includes 20 single-tenant retail and office properties located in 15 markets in ten states.

Trading opened at $19 on Friday and slipped slightly to $18.61, 2% below its IPO price.

Canaan Inc (NASDAQ:CAN), the world’s second largest maker of cryptocurrency mining equipment in the first half of 2019, raised $90 million in its IPO.

The Hangzhou, China-based company offered 10 million shares at a price of $9 per share, the low end of its $9 to $11 per projected range.

Canaan offers supercomputing solutions through its proprietary high performance computing application-specific integrated circuits (ASICs). In the first six months of 2019, its Bitcoin mining machines accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally, the company said.

The stock opened at $9 on Wednesday but has dropped to $8.07, 10% below its IPO price.

SiTime Corp (NASDAQ:SITM), the silicon timing system solutions company being spun out of MegaChips Corporation, went public with a $56 million offering.

The Santa Clara, California-based company expects to offer 4.3 million shares at a price of $13 per share, the low end of its $13 to $15 range.

SiTime’s products include oscillator systems, resonators and clock ICs, the integrated circuits that control the timing signals electronic systems. 

The company debuted at $13 on Wednesday and have since risen to $17.58, 35% above its IPO price.

Withdrawn

YX Asset Recovery Ltd (NYSE:YXR), a Chinese consumer debt collection service, withdrew its planned $81 million IPO, a day after announcing its postponement. 

The company had expected to offer 9.3 million shares at a price between $7.75 and $9.75 per share.

YX Asset Recovery is the largest provider of delinquent credit card receivables recovery service in China, according to data from iResearch, and the company claims to have serviced seven of the 10 biggest commercial banks in China last year, as measured by outstanding balance of credit cards.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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