PlayAGS, a maker of electronic gaming machines and other products and services for the gaming industry, has priced its IPO of 10.25 million shares at between $16 and $18 per share. The stock will trade on the New York Stock Exchange under the ticker symbol "AGS." Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital are the lead underwriters. PlayAGS is owned by Apollo Global Management.
Xiaomi has hired Goldman Sachs and Morgan Stanley to lead a flotation later this year, the Financial Times reported Jan. 15. The IPO could value Xiaomi at up to $100 billion, making it the biggest new issue since Alibaba went public in 2014. Xiaomi, of Beijing, makes smartphones.
Gates Industrial Corp, a maker of products for the industrial and consumer markets, has priced its IPO of 38.5 million shares at between $18 and $21 per share. The stock will trade on the New York Stock Exchange under the ticker symbol "GTES." Citigroup, Morgan Stanley and UBS Investment Bank are the lead underwriters. Gates is backed by Blackstone.
Victory Capital Holdings Inc has filed to go public on the Nasdaq, according to a Jan. 11 regulatory filing. Joint book runners on the deal include JP Morgan, BofA Merrill Lynch, and Morgan Stanley. Victory Capital, an investment management firm, is backed by Crestview Partners and Reverence Capital Partners. Victory Capital, of Brooklyn, Ohio, did not disclose how many shares it would sell or their price. That information will come in future filings.
Pinnacle Renewable Energy Group, an industrial-wood-pellet maker and distributor, this week priced its recently filed initial public offering in Canada. The Richmond, British Columbia, company is seeking to raise $175 million by selling common shares at $13 to $15 per unit, the updated prospectus shows. The issue’s greenshoe option, if fully exercised, would bring the total raised to more than $200 million. Pinnacle has been majority owned by ONCAP, the mid-market private equity arm of Onex Corp, since 2011. Its IPO is 2018’s first in Canada backed by a PE firm. PE and venture capital firms looking to monetize their investments played a key role in the domestic IPO market last year, raising a combined $2.3 billion.
Neo Performance Materials Inc, an advanced materials supplier, has wrapped up the greenshoe option of its recent initial public offering in Canada. The option generated an additional $19.8 million, bringing the issue's total proceeds to about $220 million. The company's majority owner, U.S. distressed investor Oaktree Capital Management, accounted for the entire amount, leaving it with 65.7 percent of issued and outstanding shares. Toronto-based Neo Performance, which emerged from bankruptcy in 2016, commenced trading on the Toronto Stock Exchange under the symbol “NEO” in December.
ADT, a provider of security and automation solutions for homes and businesses in North America, has priced its IPO of over 111 million shares at between $17 and $19 per share. ADT is planning on trading the stock on the New York Stock Exchange under the symbol "ADT.” Morgan Stanley, Goldman Sachs, Barclays, Deutsche Bank Securities and RBC Capital Markets are the lead underwriters. ADT is backed by Apollo Global Management.
Initial public offerings by Canadian companies are expected to increase in 2018, driven by activity in industrials, alternative energy and base metals sectors, banking advisers told Reuters. Companies raised $4.6 billion (US$3.7 billion) through IPOs in 2017, marking a surge in activity following a lull the previous year, according to numbers from Thomson Reuters that were released on Thursday. There were 22 IPOs, the highest for Canada since 2013. With asset valuations at elevated levels, private equity firms are looking to monetize their investments, often choosing between an IPO and a sale. PE Hub Canada in December estimated that a dozen Canadian private equity- and venture-backed IPOs raised $2.3 billion last year.
Canada’s initial public offering (IPO) market set a five-year record in 2017, with a total of $5.1 billion in proceeds raised by 38 new equity issues, according to a survey by PwC. Activity was supported by an especially strong fourth quarter that saw $1.7 billion raised, in large part due to revived mining IPOs. Private equity- and venture-backed IPOs also played a key role in 2017 trends and could continue to exert influence in 2018, PwC National IPO Leader Dean Braunsteiner said. PE Hub Canada in December estimated that a dozen private equity- and venture-backed IPOs raised $2.3 billion last year.
Pinnacle Renewable Holdings Inc, a Richmond, British Columbia-based industrial wood pellet manufacturer and distributor, has filed a preliminary prospectus with Canadian securities regulators for an initial public offering of common shares. The IPO has not yet been priced; however, Reuters reported the company is looking to raise about $175 million. The offering contemplates a secondary sale of shares by ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp. ONCAP acquired a majority stake in Pinnacle in 2011, investing $71 million in the deal. The IPO is being co-led by CIBC Capital Markets and RBC Capital Markets.