Eight companies are preparing initial public offerings worth an estimated $2.5 billion this week, making it the biggest week for new offerings this year, analysts say.
Pinterest, Zoom Video Communications, and Greenlane Holdings are expected to be the top new listings.
Pinterest is set to offer 75 million shares Thursday, expected to price in the $15 to $17 range for a valuation of about $11.3 billion. The company had a loss of $63 million in 2018 and was reportedly valued at $12.3 billion in its last private financing.
Tom Forte, an analyst at D.A. Davidson, gave Pinterest a neutral rating and $16.50 price target.
Zoom is set to offer 20.9 million shares in the $28 to $32 range. The company had revenue of $330.5 million for fiscal 2019, up from $151.5 million the year before. It posted net income of $7.5 million.
Greenlane, a supplier of vaping and smoking accessories, is offering 5.3 million shares at $14 to $16 per share.
Biotech companies Hookipa Pharma and Turning Point Brands are also planning IPOs this week, along with insurer Palomar Holdings, medical-device maker Brainsway, and Brigham Minerals.
According to Kathleen Smith, a principal at Renaissance Capital, said there have been 26 IPOs year-to-date, raising $6.6 billion. That’s a decline from 45 deals and $15.7 billion at the same point last year. Markets were effectively closed in January and February 2019 due to the federal government shutdown.
Uber Technologies, the ride-sharing company, is expected to sell about $10 billion in shares in its IPO in May, though the company has not offered specifics.
“We’re still below last year but that should change once we get the Uber deal in May,” Smith told Marketwatch.