Three IPOs debuted this past week. Three IPOs and one SPAC submitted initial filings this week.
Product assessment services provider UL Solutions (ULS) priced its upsized IPO above the midpoint to raise $946 million at a $5.7 billion market cap. UL Solutions provides testing, inspection, and certification (TIC) services and related software and advisory offerings. UL Solutions states that it is the largest TIC services provider headquartered in North America by revenue, spanning across more than 110 countries in 2023. The company is highly profitable, with a significant amount of recurring revenue, although it has recently posted inconsistent EBITDA margins. UL Solutions finished the week up 25%.
Post-acute healthcare provider PACS Group (PACS) priced its upsized IPO at the midpoint to raise $450 million at a $3.2 billion market cap. The company provides nursing care through a portfolio of independently operated facilities, and is one of the largest skilled nursing providers in the US by number of facilities. The company has increased occupancy in its facilities in 2023, and is set to benefit from a growing elderly population in the US, but operates in a highly regulated field subject to shifting legislation. PACS Group finished the week up 14%.
Singapore-based telehealth platform Mobile-health Network Solutions (MNDR) priced its US IP at the low end to raise $9 million at a $135 million market cap. The Singapore-based telehealth company provides services through its MaNaDr platform, where users throughout the APAC region can access a range of telehealth solutions, comprising teleconsultation services and personalized services. The company also operates one brick-and-mortar GP clinic in Singapore. It finished the week up 275% after a 68% first-day pop.
| 3 IPOs During the Week of April 8th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/12 |
| Mobile-health Network (MNDR) | $9M | $136M | -11% | +68% | +275% |
| Provides a platform for telehealth and other healthcare services in the APAC region. | |||||
| UL Solutions (ULS) | $946M | $5,652M | 2% | +25% | +25% |
| Provides product testing, inspection, and certification services. | |||||
| PACS Group (PACS) | $450M | $3,203M | 0% | +10% | +14% |
| Post-acute care provider with more than 200 nursing facilities across the US. | |||||
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Three IPOs submitted initial filings this past week. Auto transport roll-up Proficient Auto Logistics (PAL), specialty property and casualty insurer Bowhead Specialty (BOW), and design software provider Silvaco Group (SVCO) all filed to raise $100 million. One blank-check company submitted initial filings, Mission Space Acquisition (MISNU), which filed to raise $100 million to target aerospace and defense.
| 4 Filings During the Week of April 8th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Bowhead Specialty (BOW) | $100M | Financials | JP Morgan |
| Specialty property & casualty insurer. | |||
| Silvaco (SVCO) | $100M | Technology | Jefferies |
| Provides design automation software and semiconductor IP solutions. | |||
| Mission Space Acquisition (MISNU) | $100M | SPAC | B. Riley |
| Blank check company targeting the aerospace and defense services industries. | |||
| Proficient Auto Logistics (PAL) | $100M | Industrials | Stifel |
| Roll-up of auto transportation and logistics services providers. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/11/2024, the Renaissance IPO Index was up 7.1% year-to-date, while the S&P 500 was up 9.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Coinbase (COIN) and Kenvue (KVUE). The Renaissance International IPO Index was up 2.0% year-to-date, while the ACWX was up 3.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
