Mar 5, 2017

The coming week in IPOs

Mark Lennihan / AP

The Snap IPO is now behind us, but two less-hyped companies are planning to test the public markets this week:

J. Jill: The Quincy, Mass.-based women's apparel retailer plans to offer 11.67 million shares at between $14 and $16 per share, and would have an initial market cap of around $656 million were it to price in the middle of its range. This one could be interesting, as its improving performance runs counter to broader trends in the bricks-and-mortar retail sector. J. Jill was acquired less than two years by private equity firm TowerBrook Capital Partners, and plans to trade on the NYSE under ticker symbol JILL.

Presidio: The New York-based IT services provider plans to offer 16.67 million shares at between $14 and $16 per share, and would have an initial market cap of approximately $1.33 billion were it to price in the middle of its range. The offering is basically designed to repay debt taken on when Apollo Global Management acquired Presidio in early 2015 from another private equity firm. The company will trade on the NASDAQ under ticker symbol PSDO.

Go deeper

Sanders: "While this campaign is coming to an end, our movement is not"

Addressing his supporters via livestream after suspending his campaign, Bernie Sanders congratulated Joe Biden on his presumptive victory in the 2020 Democratic presidential primary while making clear that his fight for progressive ideas will not end with his candidacy.

What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.