Securities Regulation Daily Wrap Up, IPO TRACKER—Home security monitoring giant ADT files IPO, (Dec 27, 2017)
Organizations Mentioned:ADT Inc. | ADT, LLC | Apollo Global Management, LLC | Dundon Capital Acquisition Corp. | Eagle Acquisition Corp. | Eyenovia, Inc. | Golden Bull Ltd. | Gordon Pointe Acquisition Corp. | LexinFintech Holdings Ltd. | Nebula Acquisition Corp. | One Stop Systems, Inc. | Platinum Eagle Acquisition Corp. | PlayAGS, Inc. | Roth Capital Partners, LLC | iClick Interactive Asia Group Ltd.
ADT, the national provider of home and business security monitoring services, has filed an IPO registration. The company has enlisted Morgan Stanley and Goldman Sachs as joint book-running managers for the deal. After the public offering, ADT will continue to be controlled by funds affiliated with Apollo Global Management. The IPO market logged two more offerings last week, both completed by non-U.S. companies. Online marketing platform operator iClick Interactive Asia, which is based in Hong Kong, completed a deal that was led by Roth Capital Partners. The company initially registered with Network 1 Financial as its lead underwriter, but changed managers a few days before the IPO. LexinFintech Holdings also went public last week in a $108 million offering. The number of Chinese issuers that have completed IPOs in the U.S. this year is now up to 19. Six SIC 6199 companies (Finance Services) have gone public in 2017, four of which are based in China.
New registrants. The week’s activity included eight new registrations, including the one by ADT. PlayAGS, which also is controlled by affiliates of Apollo, was the second Las Vegas-based new registrant in as many weeks. The company designs and supplies electronic gaming machines and other products and services for the gaming industry. PlayAGS reincorporated from Delaware to Nevada in mid-December, and plans to reclassify and split its shares in connection with the IPO. Three blank checks companies filed new registrations, bringing the 2017 filing total for that industry to 36. Nebula Acquisition is seeking a target in the technology industry. Gordon Pointe Acquisition is looking to raise funds to pursue a combination with a company in the financial services technology sector. The other blank checks new registrant was Platinum Eagle Acquisition, which will pursue an acquisition in industries in which its management has experience, including media and entertainment. Golden Bull, an operator of an online peer-to-peer lending marketplace in China, registered an $11 million offering last week. In preparation for the IPO, the company completed a forward split as part of a share recapitalization. Golden Bull has raised $8 million through four private placements in China. One Stop Systems and Eyenovia also filed new registrations. One Stop Systems designs computing systems for applications that require fast processing and storage of large data sets. Eyenovia is a biopharmaceutical company that is developing ophthalmology products that deliver micro-doses of medicines topically to the eye.
Withdrawals. November 2015 registrant, Dundon Capital Acquisition, was the only company to withdraw its IPO registration statement last week. The blank checks company never amended its initial public registration.
The information reported in IPO Tracker is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.
Companies: LexinFintech Holdings Ltd.; iClick Interactive Asia Group Ltd.; Nebula Acquisition Corp.; One Stop Systems, Inc.; Eyenovia, Inc.; PlayAGS, Inc.; ADT Inc.; Golden Bull Ltd.; Gordon Pointe Acquisition Corp.; Platinum Eagle Acquisition Corp.; Dundon Capital Acquisition Corp.
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