The 2024 IPO market is here, and it’s kicking off the new year with a large deal. Smith Douglas Homes (SDHC) is scheduled to go public in the week ahead in what could be the year’s first US IPO.
Georgia-based homebuilder Smith Douglas plans to raise $150 million at a $1.0 billion market cap. Operating in the Southeastern and Southern US, the company builds and sells single-family homes, catering to first-time home buyers and empty nesters. The company saw solid growth in home sales in 2022, and elevated home prices helped its gross margin. Its business is fairly concentrated, with nearly half of 2022 revenue coming from Atlanta.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Smith Douglas Homes (SDHC) Woodstock, GA | $150M $1,009M | $18 - $21 7,692,308 | JP Morgan BofA |
| Homebuilder in the southeastern US focused on single-family homes. | |||
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This past week, we updated our 2023 US IPO market review, and published our annual rankings for the Big Four accounting firms.
- 2023 US IPO Market Review
- 2023 IPO Rankings for the Big Four Accounting Firms
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/4/2024, the Renaissance IPO Index was down 6.8% year-to-date, while the S&P 500 was down 1.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index was down 3.1% year-to-date, while the ACWX was down 1.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Kuaishou.
