Two sizable IPOs are currently scheduled for the week ahead, led by another large tech deal.
Digital rebate platform Ibotta (IBTA) plans to raise $450 million at a $2.8 billion market cap. The company's platform allows CPG brands to deliver digital promotions to consumers through a single network, and as of 12/31/23, it worked directly with over 850 different clients representing over 2,400 different brands. While it depends on consumption and promotion levels, Ibotta has delivered solid growth and turned profitable in 2023.
Carve-out Centuri Holdings (CTRI) plans to raise $242 million ($293 million incl. concurrent private placement) at a $1.7 billion market cap. Centuri is a pure-play North American utility infrastructure services company, focused on the modernization of utility infrastructure. The company has over 400 customers throughout North America, with a project backlog of more than $5 billion. It will be leveraged post-IPO.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Centuri (CTRI) Phoenix, AZ | $242M $1,694M | $18 - $21 12,400,000 | UBS BofA |
| Carve-out of Southwest Gas providing infrastructure services to utilities. | |||
| Ibotta (IBTA) Denver, CO | $450M $2,859M | $76 - $84 5,625,000 | Goldman Citi |
| Provides a digital marketing platform that offers consumers cash rebates. | |||
This past week, we released our report on the most active law firms in the 1Q IPO market. Check it out here, as well as our other quarterly content.
Street research is expected for four companies in the week ahead, and lock-up periods will be expiring for two companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
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 Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index was up 2.0% year-to-date, while the ACWX was up 4.6%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
