Blank Check Companies Lead List of IPOs Last Week

​The list of initial public offerings (IPOs) completed last week includes two “blank check” companies.  These entities typically raise a pool of capital to acquire a yet-to-be determined business or group of businesses, often within a specified industry.

• Platinum Eagle Acquisition Corp (NASDAQ: EAGLU) listed on the NASDAQ at $10 per share, offering a total of $300 million. The company is a blank check company that has not yet designated a particular focus yet.
• San Francisco-based blank check company Nebula Acquisition Corp (NASDAQ: NEBUU) raised $250 million at $10 per share. The company, which intends to acquire a tech business, was formed by executives at True Wind Capital.
• Industrial Logistics Properties Trust (NASDAQ: ILPT), which leases and owns industrial and logistics properties throughout the US, listed on the NASDAQ at $24 per share, raising approximately $480 million. The company will use the proceeds to reduce outstanding debt.
• Denver-based Liberty Oilfield Services (NYSE: LBRT), which offers fracking contractor services, priced 12.73 million shares at $17 per share on Thursday. Shares were up as much as 30% on Friday before closing at $21.75, or a first-day gain of 27.9%.