Updated Monday, 12/9.
Two IPOs are currently scheduled in the week ahead, although smaller issuers may join the calendar throughout the week.
Trades-focused business management platform ServiceTitan (TTAN) plans to raise $480 million at a $5.6 billion market cap. ServiceTitan provides an end-to-end, cloud-based software platform that connects and manages a wide array of business workflows for the trades industry. The company serves many trades, including plumbing, electrical, HVAC, garage door, pest control, landscaping, and others, and its customers range in size from family-owned contractors to large franchises. In the 12 months ended July 31, 2024, ServiceTitan processed $62 billion of Gross Transaction Volume (+23% y/y), and as of January 31, 2024, it had approximately 8,000 Active Customers, or customers with over $10,000 of annualized billings. The company boasts a high retention rate and strong revenue growth, but operates in a fragmented industry with a focus on smaller customers.
Australia-listed Anteris Technologies Global plans to raise $100 million at a $244 million market cap. Anteris is a structural heart company focused on patients with aortic stenosis. Its lead product, the DurAVR transcatheter heart valve (THV) system, consists of a single-piece, biomimetic valve made with its proprietary ADAPT tissue-enhancing technology and deployed with its ComASUR balloon-expandable delivery system. To date, a total of 73 patients have been treated with the DurAVR THV system across the US, Canada, and Europe.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ServiceTitan (TTAN) Glendale, CA | $480M $5,587M | $52 - $57 8,800,000 | Goldman Morgan Stanley |
| Provides business management software for services contractors. | |||
| Anteris (AVR) Toowong, Australia | $100M $244M | $6.78 14,800,000 | TD Cowen Barclays |
| Australia-based maker of artificial heart valves. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/05/2024, the Renaissance IPO Index was up 23.6% year-to-date, while the S&P 500 was up 29.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was down 9.1% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Galderma.
