One blank check company, Capitol Investment Corp. IV, is on the IPO calendar for the week ahead to raise $350 million. The slowdown in IPO activity marks the start of the annual August lull. Aside from the one SPAC, there will likely be no IPOs for the next four weeks.
Quiet periods for four recent IPOs are set to expire next week. Street research is expected on Monday for gene-edited crop developer Calyxt (CLXT; +48% from IPO), nanoparticle biotech Kala Pharmaceuticals (KALA; +31%) and mortgage REIT TPG RE Finance Trust (TRTX; -1%). Street research for pet meds distributor PetIQ (PETQ; +39%) should arrive on Tuesday.
| US IPO Calendar | ||||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Bookrunners |
| Capitol Investment Corp. IV Washington, DC |
CIC.U NYSE |
$350 $438 |
$10.00 35,000,000 |
Citi Deutsche Bank J.P. Morgan |
| Blank check company formed and led by Mark Ein. | ||||
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Capitol Investment Corp. IV (CIC.U), the fourth blank check company to be led by private equity investor Mark Ein, is the only company on the calendar for the week ahead. It aims raise $350 million at a market value of $438 million. His prior SPACs acquired Two Harbors Investment Corp. (NYSE: TWO), Lindblad Expeditions (Nasdaq: LIND) and Cision (NYSE: CISN).
Year-to-date, 18 SPACs have IPO'd; 2017 is on track for the most active year for SPAC IPOs since 2007. Unsurprisingly, the average first-day pop for 2017 SPACs has been muted at 0.8%; average aftermarket return is 1.8%.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 21.9% year-to-date, ahead of the S&P 500, which is up 9.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Ferrari (RACE) and First Data (FDC). The Renaissance International IPO Index is up 20.7% year-to-date, while the ACWX is up 15.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include ABN AMRO Group and Worldpay. Worldpay agreed to be acquired by Vantiv for over $10 billion this past week.
To find out if this is the best ETF for you, visit our IPO Investing page.
