IPO market gears up for another busy week with 8 deals expected to raise $2 billion

The U.S. initial public offering market is gearing up for another busy week with eight deals on tap expected to raise about $2 billion, led by Azek Co., a maker of materials for outdoor living products.

The market went through a sleepy period during the coronavirus pandemic before last week’s reawakening. While the secondary market has been on fire — May’s dollar volume of share offerings is the biggest since 2014, according to BTIG, as companies moved to bolster liquidity positions after the pandemic set in — new issuers have had to wait for an equity-market recovery from its pandemic lows.

“We are an industry-leading designer and manufacturer of beautiful, low-maintenance and environmentally sustainable products focused on the highly attractive, fast-growing Outdoor Living market,” the company says in its prospectus. The company's main peer is Trex Inc. TREX, -3.59%, which is profitable. Trex had net income of $42.4 million in the first quarter on sales of $200 million. That was up from net income of $31.6 million a year ago and sales of $179.6 million. Trex stock has held up through the pandemic, and is up 38% in the year to date, outperforming the S&P 500, which is down 0.8%.

Vaccine maker Vaxcyte PCVX, is aiming to raise $210 million at the top end of its price range and will use the proceeds to fund clinical research. • Avidity Biosciences Inc. RNA, , which specializes in muscle disorders, plans to offer 10 million shares priced at $14 to $16 each to raise up to $160 million. The company has applied to list on Nasdaq, under the ticker symbol “RNA.” Cowen, SVB Leerink, Credit Suisse and Wells Fargo are underwriters on the deal, with proceeds earmarked for the development of treatments for DMD and muscle atrophy, as well as for working capital.

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