Three IPOs each raised less than $50 million during the shortened holiday week. Two biotechs and one regional bank all priced below their proposed ranges, but finished the week above the IPO price. Last week's IPO activity continues what we saw in the second quarter: Deals are still being completed if companies are willing to adjust valuations. Not all deals go through though, as Taggares Agriculture, which operates vineyards and apple orchards in the Pacific…
1) World Cup moves the world. Traders are again arranging their evening social plans around the U.S.—Belgium soccer game, scheduled to start at 4 PM Eastern. One trader friend refused to have dinner with me unless I could demonstrate that the place had a TV that would carry the game (I am working on a sworn affadvavit from the head bartender).
The following IPOs are expected to price this week : Ambrx ( AMBX ), a biotech developing bio-conjugates to treat solid tumors and other diseases, plans to raise $70 million by offering 5.4 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Ambrx would command a market value of $246 million.
A nephew of Duck Dynasty patriarch Phil Robertson says he is running for the Louisiana congressional seat held by Vance McAllister, who was elected with the support of the reality TV show family and later was wrapped up in scandal when video surfaced showing him kissing a married staffer. Zach Dasher, a 36-year-old Republican who never has run for office, said in a statement Monday announcing his candidacy for the Nov.
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