In the week ahead, two recent IPO filers become eligible to launch roadshows, including tech unicorn AppDyanamics on Thursday. The provider of cloud-based enterprise software is a high profile name that could set the tone for venture-backed tech deals in 2017, testing investor appetite for high-growth, large-loss businesses. Metallurgical coal producer Ramaco Resources can file IPO terms on Friday at the earliest. Several others have been on file for longer, and are able to launch as early as Monday, including JELD-WEN, CBS Radio, Jagged Peak Energy, Keane Group and AnaptysBio.
| Potentially Imminent IPO Launches | ||||||
| Issuer Business |
Symbol |
Estimated Deal Size($m) |
Earliest Launch Date |
Top 2 Bookrunners |
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| AppDynamics San Francisco, CA |
APPD |
$150 | Thur 1/12 | Morgan Stanley Goldman Sachs |
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| Provides application performance management software for business-critical apps. |
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| Ramaco Resources Lexington, KY |
METC |
$100 | Fri 1/13 | TBA | ||
| Recently-formed metallurgical coal provider with reserves in Appalachia. |
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| JELD-WEN Holding Charlotte, NC |
JELD |
$500 | Able to launch | Barclays Citi |
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| Global manufacturer of windows, doors and treated composite trim and panels. |
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| CBS Radio New York, NY |
CBSR | $500 | Able to launch | Citi Guggenheim |
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| Second-largest US radio station operator being spun out of CBS. |
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| Jagged Peak Energy Denver, CO |
JAG |
$300 | Able to launch | Citi Credit Suisse |
||
| Oil and gas E&P operating in the Delaware Basin in West Texas. | ||||||
| Keane Group Houston, TX |
FRAC |
$288 | Able to launch | Citi Morgan Stanley |
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| Provides well completion services for the hydraulic fracturing. |
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| AnaptysBio San Diego, CA |
ANAB |
$86 | Able to launch | Credit Suisse Stifel |
||
| Early-stage biotech developing antibodies for peanut allergy and asthma. |
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Six more IPOs become eligible to launch later in the month, including three early-stage healthcare companies, specialty vehicle manufacturer REV Group, Blackstone REIT Invitation Homes and oil and gas company Kimbell Royalty Partners LP.
| Six More IPOs Can Launch Later in January | ||||||
| Issuer Business |
Symbol |
Estimated Deal Size($m) |
Earliest Launch Date |
Top 2 Bookrunners |
||
| ObsEva Switzerland |
OBSV |
$86 | Mon 1/16 | Credit Suisse Jefferies |
||
| Clinical-stage biotech developing therapies for women's reproductive health. |
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| Jounce Therapeutics Cambridge, MA |
JNCE | $75 | Mon 1/16 | JP Morgan Cowen |
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| Early-stage biotech developing T-cell immuno-oncology therapies with Celgene. |
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| Braeburn Pharmaceuticals Princeton, NJ |
BBRX | $150 | Mon 1/16 | JP Morgan BofA Merrill Lynch |
||
| Commercializing an implant that delivers long-acting treatment for opioid addiction. | ||||||
| REV Group Milwaukee, WI |
REVG | $200 | Mid January | Goldman Sachs Morgan Stanley |
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| Manufactures emergency and specialty vehicles. |
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| Invitation Homes Dallas, TX |
INVH | $1,500 | Mon 1/23 | Deutsche Bank J.P. Morgan |
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| Blackstone REIT owning the largest portfolio of single-families houses. |
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| Kimbell Royalty Partners LP Fort Worth, TX |
KRP | $100 | Mon 1/23 | Raymond James RBC Capital Markets |
||
| Owns 3.7 million acres of oil and gas mineral interests across the US. |
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In addition to these potential January IPO launches, five recent filers were non-emerging growth companies, and become eligible to launch in February and March.
| Recent IPO Filers - Potential Launches in February and March |
||||||
| Issuer Business |
Symbol | Estimated Deal Size($m) |
Earliest Launch Date |
Top 2 Bookrunners |
||
| JBS Foods International Greeley, CO |
JBS | $2,500 | Late February | TBA | ||
| World's leading processor of beef, poultry, lamb and other meat proteins. |
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| Ardagh Group United Kingdom |
ARD | $1,500 | Early February | Citi | ||
| Global provider of metal and glass containers for consumer packaged goods. |
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| Schneider National Green Bay, WI |
SNDR | $1,000 | Mid March | Morgan Stanley UBS |
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| Leading US trucking company with over 11,000 vehicles. |
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| Presidio New York, NY |
PSDO | $400 | Mid February | JP Morgan Citi |
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| Provides IT infrastructure services to middle-market businesses. |
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| Klöckner Pentaplast Luxembourg |
KP |
$300 | Mid March | Citi Credit Suisse |
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| Global manufacturer of plastic films for packaging. |
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has gained 3.2% year-to-date, while the S&P 500 is up 1.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include First Data (FDC) and TransUnion (TRU). The Renaissance International IPO Index is up 1.4% year-to-date, while the ACWX is up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro.
