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IPO Roundup: It’s a big week for tech IPOs, raising up to a combined US$2.5bn

Chinese shopping app Pinduoduo may be the largest IPO of the week, raising up to US$1.5bn
Shopping app
The app has nearly 350 million users, making it second only to Alibaba in customers

Wednesday

Bloom Energy Corp (NYSE:BE) is one of the first companies going public this week. The Silicon Valley start-up makes solid oxide fuel cells for servers that convert natural gas into low-emission electricity. The clean-energy company claims that each server can provide enough power for 160 US homes. The California-based company will issue 18 million shares priced between US$13 and US$15, raising as much as US$270mln.

Aquestive Therapeutics Inc (NASDAQ:AQST) will also be pricing shares this week. The pharmaceutical company develops treatments for central nervous system disorders. The New Jersey-based company will issue 4 million shares priced between US$14 and US$16. The offering could raise as much as US$64mln.

Thursday

Focus Financial Partners Inc (NASDAQ:FOCS) will price its shares Thursday. The wealth management company operates a network of RIAs, or registered independent advisors. The New York-based company advises customers on money matters for a fee. The advisory service will price more than 16 million shares priced between US$35 and US$39, raising as much as US$632.4mln.

Cango Inc (NYSE:CANG) is the second company pricing shares on the New York Stock Exchange this week. The company develops software for car dealerships to buy and sell vehicles. The service also connects financial institutions with buyers looking to finance their purchase. The Shanghai-based company will issue 12.5 million shares priced between US$10 and US$12, raising as much as US$150mln.

READ: IPO Roundup: Canadian cannabis company Tilray’s IPO could raise more than US$140mln

Aurora Mobile Ltd (NASDAQ:JG) is another China-based company listing on a US exchange this week. The analytics platform, also known as Jiguang, collects data that provides information to mobile app developers. The company has access to real-time device-level mobile behavioral data, using AI and machine learning. The company will issue 12 million shares priced between US$8.50 and US$10.50, raising as much as US$126mln.

Berry Petroleum Corp (NASDAQ:BRY) also makes its public debut this week. The oil and gas exploration and production company will issue 12.2 million shares, priced between US$15 and US$17. The offer could raise more than US$207mln. A portion of the money raised will be used to purchase more than 4 million shares of its common stock owned by funds affiliated with Benefit Street Partners and Oaktree Capital Management.

READ: Nasdaq is king of the tech IPO with 151 new listings in the first half of 2018

Pinduoduo Inc (NASDAQ:PDD) has hit some rough waters ahead of its IPO. The Chinese shopping app is facing a trademark infringement lawsuit from Daddy’s Choice, a diaper maker accusing the e-commerce platform of knowingly selling knockoffs of the brand, as per a New York Times report. Nearly 350 million customers used the app in the past year, making it second only to Alibaba Group Holding Limited (NYSE:BABA) in customers. The company will issue 85.6 million shares priced between US$16 and US$19, raising as much as US$1.6bn.

Liquidia Technologies Inc (NASDAQ:LQDA) joins the long list of companies going public this week. The late-stage clinical biopharma develops human therapeutics using its proprietary PRINT technology to create an inhalable version of a drug. Its lead candidate LIQ861 is a dry powder designed to treat pulmonary arterial hypertension. The North Carolina-based biopharma will issue more than 4.5 million shares priced between US$10 and US$12, raising as much as US$54.5mln.

Tenable Holdings Inc (NASDAQ:TENB) is another software company pricing shares this week. The tech company provides cybersecurity tools, including network monitoring services, to around 24,000 organizations. More than half of its customer base consists of Fortune 500 companies. The Maryland-based company will issue 9.2 million shares priced between US$17 and US$19, raising as much as US$174.8mln.

Friday

Opera Ltd (NASDAQ:OPRA) will price its shares at the end of the week. The Norwegian company created a browser for desktop and mobile devices. There are currently 182 million monthly active mobile users and 57.4 million monthly active desktop users. The company will issue 9.6 million shares priced between US$10 and US$12, raising as much as US$115.2mln.

Endava Ltd (NYSE:DAVA) is the last on the IPO list and one of many tech companies pricing shares this week. The company provides IT services, including application development and cloud services. The London-based company will issue 5.6 million shares priced between US$17 and US$19. The offering could raise as much as US$106.4mln.

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