No. 5: Health Catalyst Inc. (HCAT)
Health Catalyst is a Utah-based data company that provides software solutions to healthcare organizations. It has over 125 U.S. customers ranging from community hospitals, physician practices, and medical centers, 50 of which rank among the biggest healthcare organizations in the country. The company earned $127 million in sales from March 2018 to March 2019 and saw sales climb 71% in the first quarter of 2019.
The deal is set to raise $129 million by selling 6 million shares between $20 and $23 apiece. At the midpoint of that range, Health Catalyst would command a market cap of $826 million. The head underwriters include JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), and the firm will trade on the Nasdaq under the ticker “HCAT.”
No. 4: ProSight Global (PROS)
Backed by Goldman and private equity giant TPG Capital, ProSight offers specialty property and casualty insurance services. The firm’s mission is to deliver a more personalized insurance experience that goes against the traditionally inefficient model where “carriers have little direct connectivity to their customers and as a result, often have a limited ability and incentive to understand and service customers’ needs.” ProSight raked in revenue of $818 million in the 12 months ended March 2019.
The company is expected to generate $150 million by offering 8.82 million shares at a price range of $16 to $18 each, targeting a $756 million market cap. Goldman and Barclays Plc. (BCS) are the primary bookrunners. ProSight will debut on the New York Stock Exchange (NYSE) under the ticker “PROS.”
No. 3: Livongo Health (LVGO)
The third health-related IPO of the week comes from Livongo, which provides and operates a management platform for patients with diabetes. It’s a top deal to watch this week, as it’s targeting a $2.4 billion market cap compared to a measly $88 million in sales during the most recent reporting period. However, the diabetes market is rapidly growing, with the firm’s sales exploding 157% to $32 million in Q1 2019.
Livongo is set for a $230 million deal by selling 10.7 million shares anywhere between $20 and $23 each. If the stock prices at the $21.50 midpoint, the company would achieve that lofty $2.4 billion market cap. Morgan Stanley (MS) and Goldman are underwriting the deal, which will list the stock as “LVGO” on the Nasdaq.
No. 2: Sunnova Energy International (NOVA)
Sunnova is a solar and renewable energy company that serves over 63,000 customers across 20 U.S. states and territories. The firm primarily sells energy storage systems and services through its residential dealer model in which “we work hand-in-hand with local dealers who originate, design and install our customers’ solar energy and energy storage systems on our behalf.” It booked sales of $111 million during the 12 months ended March 31, 2019.
The company will sell 17.65 million shares between $16 and $18 apiece, totaling a $300 million deal size and a $1.48 billion market cap at the range’s midpoint. Bookrunners include JPMorgan and Bank of America Merrill Lynch. Sunnova will trade on the NYSE under the ticker “NOVA.”
No. 1: Wanda Sports Group (WSG)
The biggest deal of the week comes from Wanda Sports Group, which is being spun off from the Beijing-based conglomerate Wanda Group. The sports and fitness subsidiary operates a portfolio of sporting events, media, and marketing assets, including the well-known Ironman triathlon. While Wanda has proven strong at generating cash flow, it has varied from quarter to quarter recently, with Q1 2019 earnings declining 43% year-over-year to $27 million in Q1 2019.
Wanda is expected to raise $450 million by offering 33.3 million shares at a price range of $12 to $15 each. That would give the company a target market cap of $1.89 billion. Morgan Stanley and Deutsche Bank AG (DB) are the lead underwriters. Wanda Sports stock will trade on the Nasdaq under the ticker “WSG.”