A wave of new filings this past week sets March up to be a busy month for IPOs, with Snap leading the charge.
Snap (SNAP) set its proposed valuation at $21 billion this past week; the $15 midpoint is just under its last private round. Aiming to raise $3 billion, the social media giant will be the first US tech IPO of the year, and the largest since Alibaba. Alternative asset manager Hamilton Lane (HLNE) also joined the IPO calendar, seeking $190 million. Both deals are scheduled for the week of February 27.
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Micro-cap beverage maker New Age Beverages (NBEV) set terms and priced on Monday; it raised $15 million in its Nasdaq uplisting and finished the week up 17%.
| IPO Filings Week of February 13-17, 2017 | ||||||
| Issuer Business |
Deal Size ($mm) |
Sector | LTM Sales |
EBIT% | ||
| MuleSoft (MULE) |
$100 | Technology | $188 | -26% | ||
| Provides a platform that connects Saas, mobile and on-premise systems. |
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| Canada Goose (GOOS) | $300 (est.) | Consumer Disc. | $302 | 15% | ||
| Makes and sells trendy, high-end down-filled parkas. |
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| Consumer Capital Group (CCGN) | $40 | Financials | $9 | 49% | ||
| Provides micro-lending and financial advisory services to Chinese SMEs. |
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| Liberty Oilfield Services (BDFC) | $300 (est.) | Energy | $321 | -19% | ||
| Provides hydraulic fracturing services for the oil and gas industry. |
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| Boston Omaha Corporation (BOMN) | $46 | Real Estate | $3 | -91% | ||
| Owner of billboards and real estate, provides surety insurance. |
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IPO pipeline fills: Tech unicorn MuleSoft and parka maker Canada Goose
Five companies and two SPACs submitted new filings, and several updated financial results. Fourteen IPOs have already filed in February, up from just three in January. MuleSoft (MULE) filed to raise $100 million; the high-growth (70%), high-loss (-21% EBIT) enterprise software unicorn should be the year's first such IPO following AppDynamics' (APPD) acquisition. For IPO investors looking for growth and profitability, Bain Capital-backed Canada Goose (GOOS) filed this past week, looking to raise an estimated $300 million. Liberty Oilfield Services (BDFC) filed for an estimated $300 million IPO, one of three hydraulic fracturing companies to join the pipeline across one week. Two micro-cap finance companies also filed, while Presidio (PSDO) and Hess Midstream LP (HESM) updated financials.
Vantage Energy Acquisition (VEACU), a blank check company sponsored by National Gas Partners, filed to raise $400 million. Distressed debt investor David Matlin is behind a new SPAC, Matlin & Partners Acquisition (MPACU), which filed to raise $300 million this week.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 9.4% year-to-date, while the S&P 500 is up 5.0%. 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 5.0% year-to-date, while the ACWX is up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro. To find out if this is the best ETF for you, visit our IPO Investing page.
