We are approaching the end of the year for the IPO business with a bang.
Overnight, OnDeck priced 10 million shares at $20, above the price talk of $16 to $18. Alternative lenders are hot. Last week's LendingClub IPO was also successful. LendingClub, however, is a peer-to-peer lender in the consumer space, while OnDeck is a lending platform for small businesses. Unlike LendingClub, it lends using its own money.
Rice Midstream Partners, a limited partnership that owns natural gas pipelines in the Marcellus Shale, priced 25 million shares at $16.50, below the price talk of $19 to $21. Energy prices are down, and all the Marcellus shale plays are falling. In theory, companies like Rice Midstream just collect a toll for moving oil through their pipelines. But the concern is that less oil might flow, and they may have to drop their prices.
By the way, there is one final IPO pricing tomorrow night for trading Friday. Juno Therapeutics is looking to price 9.3 million shares at $21 to $23, from price talk of $15 to $18. The company specializes in cancer immunotherapy, and what makes it interesting is it's proposed market cap: $2 billion. That would make it the most highly valued biotech IPO ever.
This has been quite a year for the IPO business. It's been the busiest since the record year of 2000. On Friday morning, I will have a summary of this year's IPO activity and a look ahead at 2015.