The IPO market remains in the doldrums this week, but the Renaissance IPO Index's 10% gain in the past two weeks suggests that the IPO train could start rolling again in March.
Second time's a charm
After a scrapped IPO attempt in June 2014, Syndax Pharmaceuticals (SNDX) has shifted its business focus after discovering new indications for its immuno-oncology drug; it is looking to raise $66 million. Syndax most recently raised $80 million in an August 2015 Series C round.
SPAC Attack
Jensyn Acquisition (JSYNU) is set to raise $40 million and will be focused on acquiring an IT consulting business. KLR Energy Acquisition (KLREU), which originally expected to price its $130 million offering last week, moved to day-to-day status. The KLR delay comes on the heels of Silver Run Acquisition’s successful IPO this past week.
| Renaissance Capital's IPO Calendar - Week of 2/29/2016 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Managers |
| KLR Energy Acquisition Houston, TX |
KLREU Nasdaq |
$130 | $10 13,000,000 |
EarlyBird Capital |
| Blank check company formed by KLR Group to acquire a US oil and gas E&P. | ||||
| Syndax Pharmaceuticals Waltham, MA |
SNDX Nasdaq |
$66 | $14 - $16 4,400,000 |
Morgan Stanley Citi |
| Developing a therapy that enhances checkpoint immuno-oncology drugs. | ||||
| Jensyn Acquisition Freehold, NJ |
JSYNU Nasdaq |
$40 | $10 4,000,000 |
Chardan Capital Markets |
| Blank check company formed to acquire an IT consulting business. | ||||
IPO Pipeline Update
While February is known to be slow for IPO pricings, it is unusually quiet as not a single company submitted an initial filing this past week. Mapi-Pharma (MAPI) is still day-to-day.
IPO Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -5% for the S&P 500. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Synchrony Financial (SYF), Alibaba (BABA) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 12% year-to-date, compared to -8% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF Holdings include NN Group and Recruit Holdings.
