Six IPOs are scheduled to list in the week ahead, and are set to raise a combined $5.1 billion, the most for any week so far this year. One SPAC is also set to debut.
Leading temp-controlled warehouse REIT Lineage (LINE) plans to raise $3.6 billion at an $18.1 billion market cap. At that proposed deal size, Lineage would be the largest IPO of the year to date, surpassing the current leaders both in the US (VIK; $1.5B) and internationally (PUIG.SM; $2.8B). The company states that it is the world's largest global temperature-controlled warehouse REIT, with over 84.1 million square feet and 3.0 billion cubic feet of capacity. Its network comprises 482 warehouses predominantly located in densely populated critical-distribution markets, with 312 in North America, 82 in Europe, and 88 in Asia-Pacific. Lineage currently serves a diversified customer base of more than 13,000 of the largest food retailers, manufacturers, processors, and food service distributors in the industry. However, it is highly levered at 7.2x net debt to TTM adjusted EBITDA.
Health services provider Concentra (CON) plans to raise $551 million at a $3.1 billion market cap. The company states it is the US’ largest provider of occupational heath services by number of locations. As of March 31, 2024, the company operated 547 stand-alone occupational health centers in 41 states, and 151 onsite health clinics at employer worksites in 37 states. It also offers telemedicine services in 43 states and the District of Columbia. Concentra boasts a network of approximately 11,000 colleagues and affiliated physicians and clinicians, who served more than 50,000 patients on average each business day in 2023. Its leading position, however, may subject it to limited future growth, and it only recorded a 2% increase in revenue in the 1Q24.
South American airline group LATAM Airlines Group (LTM) plans to raise $533 million at an $8.5 billion market cap. The company is the largest airline group in South America, with over twice the number of flights of any other airline group in the region, and one of the 10 largest airline groups in the world by the number of flights operated in the twelve months ended March 31, 2024. It is also the largest air cargo group carrier in South America by cargo fleet. It provides passenger transport services to 148 destinations in 26 countries, and cargo services to 166 destinations in 33 countries. In 2022, the company completed a reorganization process under Chapter 11.
Financial software provider OneStream (OS) plans to raise $441 million at a $4.4 billion market cap. The company offers a platform that unifies core financial and broader operational data and processes within a single space. Its client base includes global enterprises, mid-market organizations, and government entities, and as of March 31, 2024, it had over 1,400 customers across a variety of industries, including industrials, healthcare, and consumer. The company has posted substantial revenue growth lately, driven by higher margin subscription revenue. Despite this, it remains slightly unprofitable on an EBITDA basis.
Cancer biotech Actuate Therapeutics (ACTU) plans to raise $25 million at a $180 million market cap. Actuate Therapeutics is focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (GSK-3). The company has exclusively licensed a portfolio of GSK-3 inhibitors. Its lead candidate, elraglusib (9-ING-41), is being evaluated in a Phase 2 trial in patients with metastatic pancreatic cancer, with top line results expected in the 1Q25.
Japan-based BloomZ (BLMZ) plans to raise $5 million at a $53 million market cap. Operating through its subsidiary BloomZ Japan, the company is currently engaged in three lines of business: audio production, management of virtual animated characters known as “VTubers”, and voice actor workshops.
Blank check company M3-Bridge Acquisition V (MBAVU), led by turnaround veteran Mohsin Meghji, plans to raise $250 million to target energy in North America.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Actuate Therapeutics (ACTU) Fort Worth, TX | $25M $180M | $8 - $10 2,777,778 | Titan Partners |
| Phase 2 biotech developing an inhibitor therapy for difficult to treat cancers. | |||
| OneStream (OS) Birmingham, MI | $441M $4,434M | $17 - $19 24,500,000 | Morgan Stanley JP Morgan |
| Provides enterprise software for financial management and reporting. | |||
| Concentra (CON) Addison, TX | $551M $3,102M | $23 - $26 22,500,000 | JP Morgan Goldman |
| Occupational health services provider being spun out of Select Medical. | |||
| LATAM Airlines Group (LTM) Santiago, Chile | $533M $8,480M | $28.06 19,000,000 | Goldman Barclays |
| Largest airline group in South America. | |||
| Lineage (LINE) Novi, MI | $3,572M $18,122M | $70 - $82 47,000,000 | Morgan Stanley Goldman |
| Leading US temperature-controlled warehouse REIT with a global presence. | |||
| BloomZ (BLMZ) Tokyo, Japan | $5M $53M | $4.30 1,250,000 | Network 1 |
| Japanese audio production and voice actor management company. | |||
| M3-Brigade Acquisition V (MBAVU) New York, NY | $250M $313M | $10 25,000,000 | Cantor Fitz. |
| Blank check company led by turnaround veteran Mohsin Meghji targeting energy in North America. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/18/2024, the Renaissance IPO Index was up 9.4% year-to-date, while the S&P 500 was up 17.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Kenvue (KVUE). The Renaissance International IPO Index was down 3.5% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Barito Renewables Energy.
