The initial public market is bracing for its biggest week of the year so far with eight deals on tap expected to raise $2.5 billion in proceeds.
With the market closed for deals in January and February partly due to the government shutdown, there have been just 26 IPOs in the year to date to raise $6.6 billion, according to Kathleen Smith, Principal at Renaissance Capital, a provider of institutional research and IPO exchange-traded funds.
That’s 42% below the 45 deals that were conducted in the same period of 2018 to raise $15.7 billion.
“We’re still below last year but that should change once we get the Uber deal in May,” said Smith.
Uber UBER, +0.00% , which filed its S-1 last week, is expected to raise about $10 billion in a deal that could value it at $100 billion, but the ride-sharing giant has not yet provided any details of size.
Read more: Uber IPO: 5 things you need to know about potentially the biggest IPO in years
Related: Uber, 2 years after getting spanked, acts like a grown-up in its IPO
This week’s deals will be led by online imaging site Pinterest Inc. PINS, +0.00% which has said it plans to offer 75 million shares priced at $15 to $17 each. That price range gives the company a valuation of up to $11 billion, which is a discount to its last private financing round in 2017 that valued it as $12.3 billion.
See: PagerDuty stock skyrockets nearly 60% on first trading day after IPO
D.A. Davidson analyst Tom Forte initiated coverage of Pinterest on Monday with a neutral rating and $16.50 price target. The company “provides consumers an impressive visual-based discovery platform for merchandise and advertisers a large and growing global base of consumers with purchase intent,” wrote Forte, which is a “powerful combination” that could drive revenue and profit growth over the long run, in his view.
However, Forte argued that the midpoint of the company’s expected price range “already reflects our favorable view of Pinterest including its growth prospects.”
Read now: Pinterest’s IPO filing: 5 things investors should know
Zoom Video Communications Inc. ZM, +0.00% a videoconferencing company, is expected to be the second-biggest deal of the week. Zoom is offering 20.9 million shares priced at $28 to $32 each and will trade on Nasdaq under the ticker symbol “ZM.”
Zoom is growing at a 100% rate, it’s profitable and it has a business that is easy to understand, said Smith. “It’s a nice business model, and people apparently love the product,” she said.
Zoom had an adjusted profit of 3 cents a share for its more recent fiscal year and revenue of $330.5 million, roughly double the year-earlier’s $151.5 million.
Don’t miss: Zoom Video IPO: 5 things to know about the videoconferencing company
One deal that is generating excitement is that of Greenlane Holdings Inc. GNLN, +0.00% a maker of vapes and other accessories that will be the closest thing to a U.S.-based cannabis company trading on a major U.S. exchange. The federal ban on cannabis prevents companies that “touch the plant” from listing on an exchange, sending most U.S. players to the Canadian Securities Exchange or over-the-counter market.
Tilray Inc. TLRY, -6.94% which already trades on Nasdaq, is allowed because it operates in Canada, which has fully legalized cannabis for adult recreational use. Two other cannabis-related companies, Innovative Industrial Properties Inc. IIPR, -1.59% a marijuana real-estate investment trust, and Turning Point Brands Inc. TPB, +1.19% which owns the Zig-Zag rolling papers brand and vaporizer products, trade on the New York Stock Exchange. Turning Point has signaled that it is pursuing products in Canada that are specifically designed for cannabis use while watching the U.S. closely.
Greenlane is planning to offer 5.3 million shares priced at $14 to $16 each. The stock will trade on Nasdaq under the ticker symbol “GNLN.”
Don’t miss: Greenlane IPO: 5 things to know about the closest thing to a U.S. cannabis company to go public on Nasdaq
Rounding out the list are Palomar Holdings Inc. PLMR, +0.00% a specialty insurer, that is offering 5.6 million shares priced at $15 to $17 each. Palomar will trade on Nasdaq under the ticker symbol “PLMR.”
Biotech Hookipa Pharma Inc. HOOK, +0.00% is planning to offer 6.7 million shares priced at $14 to $16 each. The company is using arenavirus-based platforms to develop treatments targeting infectious diseases and cancers and has applied to list on Nasdaq under the ticker symbol ‘HOOK.”
See now: 5 things to know about Hookipa Pharma ahead of its IPO
Turning Point Therapeutics TPTX, +0.00% a biotech that is developing small molecule, targeted oncology therapies, is planning to offer 7.4 million shares priced at $16 to $18 each. The company will trade on Nasdaq under the ticker symbol “TPTX.”
Brigham Minerals Inc. MNRL, +0.00% is planning to offer $13.5 million shares priced at $15 to $18 each. The stock will trade on the New York Stock Exchange under the ticker symbol “MNRL.”
Brainsway Ltd. BWAY, +0.00% an Israeli medical device maker, is planning to offer 2.5 million American Depositary Shares, priced at $11.94 per ADS. That company will list on Nasdaq under the ticker symbol “BWAY.”
The Renaissance IPO ETF IPO, -0.77% has gained 32% in the year to date, while the Renaissance International IPO ETF IPOS, +0.00% has gained 16%. The S&P 500 SPX, -0.06% has gained 16% and the Dow Jones Industrial Average DJIA, -0.10% has added 13%.
