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Watchlist: Five IPOs Scheduled for April 10-14, 2014

March 31, 2014 | About:
Karen Rogers

Karen Rogers

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Political and economic woes haven’t slowed Wall Street’s appetite for new offerings. Five companies, three in the health care industry and two in the real estate sector, are scheduled to go public during the second week of April.

April 10, 2014 Scheduled IPOs

Adamas Pharmaceuticals Inc. is looking to raise $62 million by offering 3 million shares priced between $16.00 and $18.00 per share. The company will trade on the Nasdaq under the symbol ADMS. Adamas specializes in developing treatments for central nervous system afflictions such as Parkinson’s Disease, moderate to severe dementia stemming from Alzheimer's and behavioral disorders resulting from traumatic brain injuries.

Adamas raised over $87 million from private equity offerings beginning in 2004 and received $105 million from their Forest Laboratories partnership. The company has 22 employees and is headquartered in Emeryville, Calif.

Ally Financial Inc. is selling 95 million shares at $25 to $28 a share to raise $3.059 billion. The company will trade on the NYSE under the symbol ALLY. The IPO is underwritten by Citi and Goldman Sachs. Ally Financial provides wholesale and retail automobile loans for dealership customers. The company plans to increase its dealership customer base and boost the presence of its subsidiary, Ally Bank, in the financial community.

Ally Financial posted a net profit of $296 million in 2012 and a net loss of $509 million in 2013. For 2013, the company posted an ROA of .27% and an ROE of 2.22%. Ally Financial employs approximately 7,100 people and has its principal headquarters in Detroit, Mich.

Farmland Partners Inc. is offering 4.7 million shares at $14 to $16 a share to raise $86 million. The company will trade on the NYSE under the symbol FPI. Baird is the lead underwriter followed by BMO Capital Markets. Farmland Partners is real estate company that is buying up prime farmland throughout North America. The company plans to earn rental income by leasing out acreage to farmers. The remaining farmland will be held aside to appreciate in value as farmland becomes increasingly scarce. Virtually all the farmland currently held in the portfolio will be leased when the IPO is completed.

The company’s unaudited financial statements report net income of $390,191 for 2012 and $569,159 for 2013. Total assets for 2013 are $39,813,149, total liabilities are $43,680,347 and the equity deficit is $3,867,198. The total capitalization as of Sept. 2013 is $39,312,706.

Farmland Partners has two employees and is headquartered in Westminster, Colo.

April 11, 2014 Scheduled IPOs

Aldeyra Therapeutics Inc. will trade on the Nasdaq Smallcap Market under the symbol ALDX. The company is offering 2.275 million shares between $10.00 to $12.00 a share to raise $31,395,000. Aegis Capital Corp is the lead underwriter of the IPO. Aldeyra intends to develop niche drugs targeting autoimmune conditions affecting the eyes and skin. The company has one drug, NS2, in Phase I and II clinical trials.

The company reported a net loss of $39,125,900 in 2012 and net profit of $1,109,910 in 2013. Total assets as of Dec. 31, 2013 are $3,743,233 and a stockholders’ equity deficit of $40,221,326. Aldeyra has two employees and is headquartered in Burlington, Mass.

City Office Reit Inc. is looking to raise $122.7 million by offering 6.7 million shares between $14 to $16 a share. The company will trade on the NYSE under the symbol CIO. Janney Montgomery Scott and Wunderlich Securities are the primary underwriting managers. City Office Reit was formed to purchase high-quality office property located in 12 target markets throughout the Southern and Western U.S. When the IPO is completed, the company plans to own one business office complex consisting of 16 buildings each in Boise, Idaho; Denver, Colo.; Portland, Ore.; Tampa, Fla.; Orlando, Fla.; and Allentown, Penn. The company plans to primarily rent office space to federal and state government agencies.

Unaudited financial statements report the company’s net income as $20,490,578 in 2013 and $11,516,458 in 2012. The total assets are $143,639,341, total liabilities are $115,931,226 and total stockholders’ equity is $27,708,115. The company’s total capitalization as of Dec. 31, 2013 is $184,416,887. City Office Reit was incorporated in Maryland in 2007 and is located in Vancouver, British Columbia, Canada.


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