There are no IPOs expected to price in the week ahead. To date, six IPOs have raised a combined $1.1 billion this month, the lowest number since 2011, when four IPOs raised $937 million. Although deal volume is up +64% YTD, July 2017 deal flow came in at a 5-year low with twelve IPOs coming to market.
We expect to see filing activity pick back up starting Monday, which marks the beginning of the minimum 15-day filing window companies have if they plan to launch IPOs immediately following Labor Day weekend. Looking at our Private Company Watchlist, database provider MongoDB (MNGO.RC) and clothing subscription service Stitch Fix (STCH.RC) are likely fall IPO candidates following recent news that the companies filed confidentially.
Quiet Period
Three companies are expected to have quiet period expirations this upcoming week. Internet-driven discount real estate broker Redfin (RDFN) is expected to be published on Tuesday August 22. The company went public in late July, popped +45% on its first day, and finished Friday up +78% from its IPO price. Street research for California commercial bank RBB Bancorp (RBB) and dermatological biotech Sienna Biopharmaceuticals (SNNA) is expected on Monday, August 21; the two stocks have returned -4.8% and +27.0% from their IPO prices, respectively.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up +22.3% year-to-date, ahead of the S&P 500, which is up +8.34%. 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 +22.0% year-to-date, while the ACWX is up +15.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include ABN AMRO Group and Worldpay.
