Three IPOs and three SPACs listed this week. Three IPOs and two SPACs submitted initial filings.
Trades-focused business management platform ServiceTitan (TTAN) priced above the range to raise $625 million at a $7.2 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. ServiceTitan finished the week up 41%.
Australia-listed Anteris Technologies Global (AVR) raised $89 million at a $214 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. Anteris finished the week down 7%.
Chinese edtech NetClass Technology (NTCL) priced at the midpoint to raise $9 million at an $88 million market cap. The company provides smart education IT solutions to schools, training institutions, corporations, government agencies, and other institutions and corporate customers in China. Its services include SaaS subscription services and application software development, and its products include modules such as teaching management, campus management, and online teaching, among others. NetClass Technology finished flat.
Three SPACs priced this week. Mountain Lake Acquisition (MLACU), led by the Chairman of Axos Financial, raised $210 million. Roman DBDR Acquisition II (DRDBU) raised $200 million to target cybersecurity, AI, and fintech. Jackson Acquisition II (JACS.U) raised $200 million to target healthcare.
| 6 IPOs During the Week of December 9th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/13 |
| ServiceTitan (TTAN) | $625M | $7,151M | 30% | +42% | +41% |
| Provides business management software for services contractors. | |||||
| Jackson Acquisition II (JACS.U) | $200M | $257M | 0% | +0% | +0% |
| Blank check company targeting healthcare. | |||||
| NetClass Technology (NTCL) | $9M | $88M | -9% | +0% | +0% |
| Provides professional education software and services in China. | |||||
| Mountain Lake Acquisition (MLACU) | $210M | $283M | 0% | +0% | +0% |
| Blank check company led by the Chairman of Axos Financial. | |||||
| Roman DBDR Acquisition II (DRDBU) | $200M | $267M | 0% | -1% | -1% |
| Blank check company targeting cybersecurity, AI, and fintech. | |||||
| Anteris (AVR) | $89M | $216M | 0% | -7% | -7% |
| Australia-based maker of artificial heart valves. | |||||
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Three small APAC issuers submitted initial filings this week. Malaysia-based fuel bunkering services provider TMD Energy (TMDE) filed to raise $11 million at an $81 million market cap. Hong Kong-based financial advisory services provider Grande Group (GRAN) filed to raise $10 million at a $113 million market cap. Japan-based sports class provider Leifras (LFS) filed to raise $7 million at a $119 million market cap.
Two SPACs also submitted initial filings this week. ChampionsGate Acquisition (CHPGU), led by SPAC veteran Bala Padmakumar, filed to raise $200 million. Gansu Yunzhao Ruyi Technology Development (YZRY) filed to raise $60 million to target tech and energy in the APAC region.
| 5 Filings During the Week of December 9th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Gansu Yunzhao Ruyi Tech (YZRY) | $60M | SPAC | |
| Blank check company targeting tech and energy in China and the APAC region. | |||
| Grande Group (GRAN) | $10M | Financials | Cathay Securities |
| Hong Kong-based provider of financial advisory and IPO sponsorship services. | |||
| Leifras (LFS) | $7M | Consumer Discretionary | Kingswood |
| Offers sports classes for children in Japan. | |||
| TMD Energy (TMDE) | $11M | Energy | Maxim |
| Malaysian provider of fuel bunkering services being spun out of Straits Energy Resources. | |||
| ChampionsGate Acquisition (CHPGU) | $200M | SPAC | Clear Street |
| Blank check company led by SPAC veteran Bala Padmakumar. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/12/2024, the Renaissance IPO Index was up 23.4% year-to-date, while the S&P 500 was up 28.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was down 6.4% year-to-date, while the ACWX was up 9.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Galderma.
