Three IPOs are looking to raise $1 billion in combined proceeds to kick off 2018. Spun out from Select Income REIT (Nasdaq: SIR), Industrial Logistics Properties Trust targets $590 million in the largest deal of the week. Other deals include fracking services provider Liberty Oilfield Services and tech-focused SPAC Nebula Acquisition.
16 companies have filed to go public since December 1, representing an estimated $6 billion in total proceeds. Several notable IPOs are eligible to launch in the coming week, including Brazilian payment service provider PagSerguro Digital (PAGS) and Blackstone-backed Gates Industrial (GTES), each of which could raise over $500 million.
| US IPO Calendar | |||||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Bookrunners | |
| Nebula Acquisition San Francisco, CA |
NEBU.U Nasdaq |
$250 $313 |
$10 - $10 25,000,000 |
Deutsche Bank, Goldman Sachs |
|
| Blank check company formed by the executives of True Wind Capital to acquire a technology business. | |||||
| Industrial Logistics Properties Trust Newton, MA |
ILPT Nasdaq |
$590 $1,918 |
$28 - $31 20,000,000 |
UBS Investment, Citi, RBC Capital, 3 more... |
|
| Industrial REIT spun out of Select Income REIT. | |||||
| Liberty Oilfield Services Denver, CO |
LBRT NYSE |
$161 $1,743 |
$14 - $16 10,714,286 |
Morgan Stanley, Goldman Sachs, Wells Fargo, 3 more... |
|
| Provides hydraulic fracturing services for the oil and gas industry. | |||||
Industrial Logistics Properties Trust (ILPT) is being spun out of Select Income REIT (Nasdaq: SIR) in a $590 million IPO and will focus on industrial properties poised to benefit from the growth in e-commerce. Like its parent, the company will be externally managed by The RMR Group (Nasdaq: RMR). Industrial Logistics plans to pay an initial quarterly dividend of $0.33/share (4.5% yield) beginning in the 2Q18.
Now that oil prices have stabilized, Liberty Oilfield Services (LBRT) is looking to raise $161 million in its second attempt at going public. Backed by Riverstone and Carlyle, the company originally set terms for a $400 million IPO in April 2017 before cutting the range and eventually postponing the deal.
Nebula Acquisition (NEBU.U), a blank check company formed to acquire a technology business, is looking to raise $250 million. It will be the first SPAC to list in 2018, following the most active year for SPACs in a decade. The company is sponsored by tech-focused PE firm True Wind Capital and led by the firm's Founding Partners, both former executives at KKR.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 1.0% year-to-date, while the S&P 500 is up 1.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (SNAP) and Invitation Homes (INVH). The Renaissance International IPO Index is up 1.5% 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 Orsted (DONG Energy) and ASR Nederland.
